Taseko's New Prosperity Project Moving Forward
VANCOUVER, Aug. 26, 2011 /CNW/ --
Federal Government Accepts Project Description
VANCOUVER, Aug. 26, 2011 /CNW/ - The Canadian Environmental Assessment
Agency ('CEAA') has formally accepted Taseko Mines Limited's (TSX:TKO)
(AMEX:TGB) ('Taseko' or the 'Company') project description for its
proposed $1 billion New Prosperity gold-copper mine in British
Columbia's central interior.
'Acceptance of the project description ensures the Federal Government's
environmental assessment of New Prosperity will begin on or before
November 7, 2011. With this decision we have a clear view of the regulatory timeline
ahead. Under a comprehensive study, which is the process we expect for
New Prosperity, CEAA will have 365 days in which to complete its review
and submit a final report to the Federal Minister of the Environment,' said Russell Hallbauer President and CEO of Taseko.
'New Prosperity is a unique opportunity for British Columbia, First
Nations and Canada as a whole. Taseko has made significant efforts to
address the concerns identified during the original Federal review
process. In particular, the preservation of Fish Lake, which adds $300
million in capital and operating expense to the project, is a strong
example of the Company's commitment to the success of New Prosperity
and to the principles of sustainable mining,' added Mr. Hallbauer.
New Prosperity is the largest undeveloped gold-copper deposit in Canada
and the 7th largest in the world. With Taseko's proven leadership and
commitment to excellence in responsible mining, this project promises
to create vital economic and social value for the Province. In
particular, the Cariboo-Chilcotin region will benefit by generating 700
construction jobs for two years and 550 new direct jobs and 1280
indirect jobs during its 20 year operating life.
The complete project description, including an executive summary of New
Prosperity can be viewed at http://www.newprosperityproject.ca, a website built for the express purpose of engaging the community in
conversation around the New Prosperity Gold-Copper Project.
For further information on Taseko, please see the Company's website www.tasekomines.com.
Russell Hallbauer
President and CEO
No regulatory authority has approved or disapproved of the information
contained in this news release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
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 include 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.gov and home jurisdiction filings that are available at www.sedar.com.
To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/August2011/26/c6532.html
For Media contact:
Brian Battison, Vice President Corporate Affairs, 778-373-4543 or 604 961-9170