Taseko Mines Ltd.
Taseko Mines Ltd.: TASEKO COMMENCES FURTHER EXPANSION TO THE GIBRALTAR MINE
Taseko Mines Limited. / Miscellaneous Release of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. ---------------------------------------------------------------------- May 17, 2007, Vancouver, BC – Taseko Mines Limited ('Taseko' or the 'Company') (TSX: TKO; AMEX:TGB) announces that the Company has commenced a Cdn$40 million Phase II expansion to the Gibraltar Mine to further increase milling capacity that complements the Phase I expansion now underway. Data being generated from ongoing drilling indicates to Taseko management that significant mineral resources will be upgraded to reserves in the near future. As a result, Gibraltar has begun detailed engineering to add capacity to the Phase I expansion ultimately increasing the Gibraltar concentrator throughput to 55,000 tons per day ('tpd') when complete. The Phase II expansion will incorporate added crushing and regrind capacity, additional flotation cells, tailings and ancillary system upgrades and will be developed in conjunction with and as a continuation of the Phase I expansion now underway. The ore processing capacity of the concentrator will increase from 36,750 tpd to 46,000 tpd by the end of calendar 2007 and from 46,000 tpd to 55,000 tpd by late 2008. Early procurement, securing delivery times of key equipment will be essential to ensure timely completion of Phase II expansion. President and CEO, Russell Hallbauer, said 'The continued modernization and expansion of the Gibraltar Mine is a reflection of its long reserve life. We are effectively building a new, modern 55,000 tpd mine and concentrator with our Phase I and Phase II expansions for about Cdn$130 million including equipment and associated infrastructure with no interruption to current copper and molybdenum production. When these two expansions are complete Gibraltar is expected to produce on average 120 million lbs of copper (in concentrate and cathode), and 1.4 million lbs of molybdenum annually over its projected mine life.' 'With conservative metal price assumptions of US$2.30 in 2009, US$2.00 in 2010 and US$1.50 per pound of copper long term, the Phase II expansion is expected to have an Internal Rate of Return of over 30% and a payback of approximately 24 months. We believe this project is the most organic accretive investment opportunity for Taseko shareholders, as it increases near term cash flow by taking advantage of robust metal markets, and reduces long term unit operating costs.' 'With an existing operation and a brownfield expansion, we are extremely confident of completion in terms of timing and costs, and that is what really sets Taseko apart from any Greenfield projects out there at this time.' For further details on Taseko and its properties, please visit the Company’s website at www.tasekomines.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114. Russell Hallbauer President and CEO No regulatory authority has approved or disapproved the information contained in this news release. Forward Looking Statements This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, lack of continuity of mineralization, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's annual Form 20-F filing with the United States Securities and Exchange Commission or the Company’s home jurisdiction filings at www.sedar.com. Contact: Brian Bergot 1020 · 800 W Pender St. Vancouver BC Canada V6C 2V6 Tel 604 684 · 6365 Fax 604 684 · 8092 Toll Free 1 800 667 · 2114 http://www.tasekomines.com DGAP 18.05.2007 ----------------------------------------------------------------------
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