Taseko Reports Significant Increase in Quarterly Copper Production
VANCOUVER, BC, Oct. 12, 2021 /PRNewswire/ - Taseko Mines Limited (TSX: TKO) (NYSE MKT: TGB) (LSE: TKO) ("Taseko" or the "Company") is pleased to announce the Gibraltar Mine produced 34.5 million pounds of copper and 600 thousand pounds of molybdenum in the third quarter, increases of 29% and 50%, respectively, over the second quarter.
Stuart McDonald, President and CEO, commented, "Gibraltar had another solid operational quarter, with improved copper grades and recoveries resulting in production that was on target and in line with guidance. The mine is well positioned for the year ahead as mining operations are smoothly transitioning into the Gibraltar pit, where grade is meeting expectations and the mills are efficiently processing the new ore."
"We are currently mobilizing a drill crew at Gibraltar to continue the site-wide exploration program that started in spring 2021. A deep-penetrating geophysics survey has identified a number of anomalies outside Gibraltar's current resources and the drill program will further test those areas with the eventual goal of increasing Gibraltar's already large resource base," continued Mr. McDonald.
"The average LME copper price of US$4.25 per pound in the third quarter, combined with increased production volumes and declining unit costs, will translate directly to improved financial performance this quarter. And our growing cash balance along with the recently closed US$50 million Revolving Credit Facility puts us in a strong position to move into construction of the Florence Copper Project upon completion of the permitting process," concluded Mr. McDonald.
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 included but are not limited to:
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, including the "Risk Factors" included in our Annual Information Form.
SOURCE Taseko Mines Limited
Company Codes: AMEX:TGB, Toronto:TKO, LSE:TKO
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