Taseko Mines Ltd.
TASEKO PURCHASES ROYALTY INTEREST, INITIATES DRILLING AT 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. ---------------------------------------------------------------------- TASEKO PURCHASES ROYALTY INTEREST, INITIATES DRILLING AT GIBRALTAR MINE May 1, 2008 – Taseko Mines Limited ('Taseko' or the 'Company') (TSX:TKO; AMEX:TGB) is pleased to announce that it has purchased a 30% Net Profits Interest in claims that are part of the Gibraltar mine property and located adjacent to the Gibraltar East pit. The purchase was structured as the acquisition of a privately held company, Oakmont Ventures Ltd., whose sole asset was the 30% net profits interest. The purchase price was approximately $5 million. A drill program on the Oakmont ground in the 1980’s by a previous operator indicated significant mineralization exists on these claims which adjoin the Gibraltar East pit, the original starter pit of the Gibraltar operation. Geological interpretation from surface and drilling information suggests this mineralization is likely an extension of the Gibraltar East and West deposits. The results of the drilling program are included in the Table of Oakmont Assay Results, as attached. Highlights are as follows:Drill Hole From To Intercept Cu Mo Number (feet) (feet) (feet) (%) (%) 92-28 490 740 250 1.063 0.002 E90-15 430 740 310 0.818 0.004 E90-16 380 780 400 0.671 0.002A historical estimate performed in 1993 by an independent mining consultant indicates there is approximately 70-80 million tons of mineralization on the Oakmont ground at an average grade of 0.40% copper, with minor amounts of silver, gold and zinc. This determination was based on assays from 90 drill holes averaging 850 feet deep.1 Russell E. Hallbauer, President and CEO of Taseko, commented 'The acquisition of the Oakmont interest is very strategic to Gibraltar. Based on our preliminary review of Placer’s drill program, it is apparent that the higher grade mineralization mined in the 1970’s in the Gibraltar East pit continues onto the Oakmont ground. The detailed drilling program we have planned is expected to provide a significant increase in Gibraltar mineral resources with grades comparable to those mined from the Gibraltar East pit.' John McManus, P.Eng., Senior Vice President, Operations for Taseko and a qualified person, has reviewed and approved the contents of this news release. For further details on Taseko and its properties, please visit its 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. (1) The Company believes that the historical information provided herein is reliable and continues to be relevant. The potential quantity and grade estimates set out herein are conceptual in nature and there has been insufficient exploration to define a mineral resource, it is uncertain if further exploration will result in the target being delineated as a mineral resource, and the estimates have been made based on historical information. A qualified person has not done sufficient work to classify the historical estimates as current mineral resources or reserves and the Company is not treating the historical estimates as current mineral resources or mineral reserves as defined in Sections 1.2 and 1.3 of National Instrument 43-101, and therefore the estimates should not be relied upon. A COMPLETE TABLE OF OAKMONT ASSAY RESULTS IS AVAILABLE ON OUR WEBSITE AT: http://www.tasekomines.com/tko/NewsReleases.asp?ReportID=298626 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 02.05.2008 Financial News transmitted by DGAP ----------------------------------------------------------------------
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