Taseko announces significant increase in quarterly copper production

VANCOUVER, BC, 12 October 2021 / CNW / – Taseko Mines Limited (TSX: TKO) (NYSE MKT: TGB) (LSE: TKO) (“Taseko” or the “Company”) is pleased to announce that the Gibraltar mine has produced 34.5 million pounds of copper and 600,000 pounds of molybdenum in the third quarter, increases of 29% and 50%, respectively, from the second quarter.

Stuart mcdonald, President and CEO, said: “Gibraltar had another strong quarter of operations, with improved copper grades and recoveries, resulting in production on target and plan. The mine is well positioned for the coming year as mining operations transition smoothly to Gibraltar pit, where the grade meets expectations and where the mills efficiently process the new ore. “

“We are currently mobilizing a drilling team to Gibraltar to continue the site-wide exploration program which began in the spring of 2021. A deep geophysical survey has identified a number of anomalies outside that of Gibraltar current resources and the drilling program will further test these areas with the possible goal of increasing that of Gibraltar already large resource base, ”continued Mr. McDonald.

“The average LME copper price of US $ 4.25 per pound in the third quarter, combined with higher production volumes and lower unit costs, will directly translate into improved financial performance this quarter. And our growing cash balance as well as the recent close $ 50 million The revolving credit facility puts us in a strong position to begin construction on the Florence copper project once the approval process is complete, concluded Mr. McDonald.

Stuart mcdonald
President and CEO

No regulatory authority has approved or disapproved of the information contained in this press release.

Note: The Gibraltar mine, 75% owned by Taseko, is located north of the town of Williams Lake in south-central British Columbia. Production volumes shown in this release are on a 100% basis, unless otherwise noted.

ATTENTION REGARDING FORWARD-LOOKING INFORMATION

This document contains “forward-looking statements” based on Taseko’s expectations, estimates and projections as of the dates on which such statements were made. Generally, such forward-looking statements can be identified by the use of forward-looking terms such as “outlook”, “anticipate”, “project”, “target”, “believe”, “estimate”, “expect”, ” intend “,” should “and similar expressions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of the Company to differ materially from those expressed or implied by these forward-looking statements. These included, but are not limited to:

  • uncertainties regarding the effect of COVID-19 and the response of local, provincial, federal and international governments to the threat of COVID-19 on our operations (including our suppliers, customers, supply chain, employees and contractors) and economic conditions in general and in particular with respect to demand for copper and other metals that we produce;

  • uncertainties and costs associated with the Company’s exploration and development activities, such as those associated with the continuity of mineralization or determining the existence of mineral resources or reserves on a property;

  • uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and production schedule, future production and future cash costs and total production and milling costs;

  • uncertainties related to feasibility studies which provide estimates of the costs, expenses and expected or anticipated economic returns of a mining project;

  • uncertainties related to the ability to obtain necessary licenses for development projects and project delays due to third party opposition;

  • uncertainties related to unexpected legal or regulatory proceedings;

  • changes and effects of laws, regulations and government policies affecting our exploration and development activities and our mining operations, in particular laws, regulations and policies;

  • changes in general economic conditions, financial markets and in market demand and price for copper, gold and other minerals and raw materials, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment and exchange rate fluctuations, particularly with respect to the value of the US dollar and Canadian dollar, and the continued availability of capital and financing;

  • the effects of forward selling instruments to protect against fluctuations in copper prices and fluctuations in exchange rates and counterparty default risks, and market valuation risk;

  • the risk of inadequate insurance or the inability to obtain insurance to cover mining risks;

  • the risk of losing key employees; the risk of changes in the accounting policies and methods we use to present our financial condition, including uncertainties associated with critical accounting assumptions and estimates;

  • environmental issues and responsibilities associated with mining, including ore processing and storage; and

  • work strikes, work stoppages or other interruptions or difficulties in the employment of labor in the markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including intervention third parties who interrupt the production of minerals in our mines.

For more information about Taseko, investors should refer to the Annual Form 40-F filed by the Company with the United States Securities and Exchange Commission. www.sec.gov and the files of jurisdiction of origin available on www.sedar.com, including the “risk factors” included in our annual information form.

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SOURCE Taseko Mines Limited

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