Mar. 18, 2010 (PR Newswire) --
For the year ended
Annual revenue was
Mr. Hallbauer continued, "Public hearings regarding the federal environmental assessment review of our Prosperity Project will commence on
The financing elements of the
Highlights
Gibraltar Production and Sales
- In the 12-months ended December 31, 2009 production was 70.3 million
pounds of copper and 0.6 million pounds of molybdenum, 12 percent and
14 percent higher, respectively, than in the same period in 2008.
- In the 12-months ended December 31, 2009, copper in concentrate sales
was 65.9 million pounds and 2.2 million pounds of copper cathode was
sold. Molybdenum in concentrate sales was 0.7 million pounds.
The following table is a summary of operating statistics:
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Three months Twelve months
ending ending
December 31, December 31,
2009 2009
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Total tons mined (millions)(1) 11.3 34.9
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Tons of ore milled (millions) 3.2 13.0
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Stripping ratio 2.2 1.8
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Copper grade (%) 0.319 0.319
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Molybdenum grade (%Mo) 0.010 0.011
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Copper recovery (%) 84.1 82.3
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Molybdenum recovery (%) 20.9 24.4
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Copper production (millions lb)(2) 17.4 70.3
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Molybdenum production (thousands lb) 113 629
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Foreign Exchange ($C/$US) 1.06 1.14
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Copper production costs, net of by-product
credits(3), per lb of copper US$1.67 US$1.24
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Off property costs for transport, treatment
(smelting & refining) & sales per lb of copper US$0.31 US$0.30
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Total cash costs of production per lb of copper US$1.98 US$1.54
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(1) Total tons mined includes sulphide ore, low grade stockpile material,
overburden, and waste rock which were moved from within pit limit to
outside pit limit during the period.
(2) Copper production includes concentrate and cathode.
(3) By-product credit is calculated on a three month total and averaged
over the quarter.
Total cash costs for the quarter ended
The following table illustrates fourth quarter of 2009 copper production and recovery with the results from the first two months of 2010:
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October November December January February
2009 2009 2009 2010 2010
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Mill Throughput
(millions, tons) 1.1 1.1 1.0 1.2 1.2
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Recoveries (%) 79.9 82.8 89.8 88.9 90.1
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Production
(millions, pounds) 4.8 5.7 6.8 8.7 6.8
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Gibraltar Fixed Infrastructure Upgrades and Installations
Improvements to the concentrator and ore handling facilities at
As at
Replacement of the current single-line tailings system with a two line system and substitution of the natural gas fired concentrate dryer with a filter press are planned to be completed in the second and third quarter, respectively. This equipment will reduce operating cost, provide a more stable operating platform, and will be able to manage increased volume as mill throughput increases.
Detailed engineering is near completion on a (SAG) mill direct feed system which is designed to improve mill availability, increase throughput and reduce costs by eliminating the complicated secondary crusher and fine ore feed system. The new direct feed system will also allow larger mill feed more appropriate for autogenous grinding than can be achieved with the current system. Completion of construction of the direct feed system is expected in the fourth quarter of 2010.
Prosperity
Taseko holds a 100% interest in the Prosperity property, located 125 kilometers southwest of the
On
The federal process, conducted by a three-person Panel operating under defined Terms of Reference are required to complete their work in a timely and efficient manner. The hearings are scheduled to commence in late March and be completed in early May of 2010. Following conclusion of the hearings, the Panel will submit their findings to the Federal Minister of Environment for a decision. This process is expected to be completed by mid 2010.
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Taseko will host a conference call on Friday, March 19, 2010 at 11:00
a.m. Eastern Time (8:00 a.m. Pacific) to discuss these results. The
conference call may be accessed by dialing (888) 300-2318, or (719) 325-
2112 internationally. A live and archived audio webcast will also be
available at www.tasekomines.com.
The conference call will be archived for later playback until March 26,
2010 and can be accessed by dialing (888) 203-1112 in Canada and the
United States, or (719) 457-0820 internationally and using the passcode
7449730.
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Russell Hallbauer
President and CEO
No regulatory authority has approved or disapproved of the information in this news release.
Forward Looking Statements
This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology 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 that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:
- uncertainties and costs related to the Company's exploration and
development activities, such as those associated with continuity of
mineralization or determining whether mineral resources or reserves
exist on a property;
- uncertainties related to the accuracy of our estimates of mineral
reserves, mineral resources, production rates and timing of
production, future production and future cash and total costs of
production and milling;
- uncertainties related to feasibility studies that provide estimates
of expected or anticipated costs, expenditures and economic returns
from a mining project;
- uncertainties related to our ability to complete the mill upgrade on
time estimated and at the scheduled cost;
- uncertainties related to the ability to obtain necessary licenses
permits for development projects and project delays due to third
party opposition;
- uncertainties related to unexpected judicial or regulatory
proceedings;
- changes in, and the effects of, the laws, regulations and government
policies affecting our exploration and development activities and
mining operations, particularly laws, regulations and policies;
- changes in general economic conditions, the financial markets and in
the demand and market price for copper, gold and other minerals and
commodities, such as diesel fuel, steel, concrete, electricity and
other forms of energy, mining equipment, and fluctuations in exchange
rates, particularly with respect to the value of the U.S. 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 exchange rate movements and the
risks of counterparty defaults, and mark to market risk;
- the risk of inadequate insurance or inability to obtain insurance to
cover mining risks;
- the risk of loss of key employees; the risk of changes in accounting
policies and methods we use to report our financial condition,
including uncertainties associated with critical accounting
assumptions and estimates;
- environmental issues and liabilities associated with mining including
processing and stock piling ore; and
- labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or
other events or occurrences, including third party interference that
interrupt the production of minerals in our mines.
For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.com and home jurisdiction filings that are available at www.sedar.com.
SOURCE Taseko Mines Limited
