October 12, 2021, Vancouver, BC – 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.
Note: Taseko’s 75% owned Gibraltar Mine is located north of the City of Williams Lake in south-central British Columbia. Production volumes stated in this release are on a 100% basis unless otherwise indicated.
For further information on Taseko, please visit the Taseko website at www.tasekomines.com or contact:
Brian Bergot, Vice President, Investor Relations – 778-373-4533 or toll free 1-877-441-4533
Stuart McDonald
President and CEO
