News and event information for Williams Lake, BC - as it happens.

Taseko Mines Limited reports the results for the three and twelve months ended December 31, 2009.

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

For the year ended December 31, 2009, Taseko had operating profit of $48.3 million and earnings before tax and other items of $27.0 million, compared to an operating profit of $28.1 million for the 15 months year ended December 31, 2008. For the quarter ended December 31, 2009, the operating profit was $15.7 million and earnings before tax and other items was $3 million. Other items include an unrealized (non cash) loss attributable to derivative instruments.

Annual revenue was $188.9 million from the sale of 68.1 million pounds of copper and 0.7 million pounds of molybdenum at average realized prices of US$2.31 per pound and US$11.02 per pound, respectively.

Russell Hallbauer, President and CEO of Taseko commented, "The significant increase in metal prices in 2009, combined with steadily improving operational performance at our Gibraltar Mine, contributed to the strong earnings and cash flow for the year. Financially, we are in excellent shape with sufficient cash on hand to fund all capital expenditures at Gibraltar in 2010. Our Gibraltar team is making steady progress on construction projects and the new in-pit crusher/conveyor system, which is expected to begin its commissioning phase later this month."

Mr. Hallbauer continued, "Public hearings regarding the federal environmental assessment review of our Prosperity Project will commence on March 22 in Williams Lake. These hearings will take place in the local communities and are expected to last six weeks. Local support remains very strong and we are confident that all the hard work undertaken will create positive consequences through this final phase of the environmental assessment.

The financing elements of the $815 million Prosperity Project are being advanced with the timing of these initiatives aligned with the overall project schedule. In addition to the approximately $180 million from the sale of 25% of Gibraltar, which is expected to close imminently, we continue to work towards the sale of 20-25% of Prosperity's gold production for proceeds of approximately $350 million. Including Gibraltar cash flow, we anticipate having at least 75% of the cash requirements to build Prosperity committed by the time we receive federal approval."

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