March 26, 2004, Vancouver, BC - Ronald W. Thiessen, President and CEO of Taseko Mines Limited (TSX Venture: TKO; OTCBB: TKOCF) is pleased to announce that the Company is on track to re-start operations at the Gibraltar mine, located near Williams Lake in south-central British Columbia, this summer. It is expected that copper concentrate shipments to customers will commence by October 2004.
Historically
a swing producer, Taseko's objective is to re-establish the Gibraltar
mine with a competitive and predictable cost structure that is responsive
to market conditions, resulting in sustainable operations over the long term.
Negotiating competitive prices for equipment purchases and contracts in preparation
for re-start is key. The status of these activities is:
- Major mining equipment,
in particular a new mining shovel that is critical for production planning,
has been secured for delivery, ex-factory, in mid June;
- Purchase and treatment terms
for mine concentrates have been agreed to by a major buyer, and detailed contract
documents are being finalized;
- Operating and manpower alternatives
are being considered and assessed for direct and/or joint venture operations;
and
- Transportation and materials
handling arrangements for port and rail are well advanced, and within necessary
lead times.
Mr. Thiessen said, "Gibraltar re-start activities are well underway and have progressed to the point where we are confident that the mine will deliver its first copper concentrate to the market on October 1, 2004. Most of the prerequisites of the re-start and delivery schedules are secure, and operations are proceeding on a normal course basis. We are pleased with the accomplishments to date by our 12-member mine site senior management and technical team."
Gibraltar will be one of the first mine openings in central British Columbia in many years. The mine will employ approximately 290 people and create millions of dollars in economic activity.
For further details on Taseko Mines Limited please visit the Company's website at www.tasekomines.com or contact Investor Services at (604) 684-6365 or within North America at 1-800-667-2114.
ON BEHALF
OF THE BOARD OF DIRECTORS
/s/ Ronald W. Thiessen
Ronald W. Thiessen
President & CEO
No regulatory authority has approved or disapproved the information contained in this news release.
This release includes certain statements that may be deemed
"forward-looking statements". All statements in this release, other
than statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities and events or developments
that the Company expects are forward-looking statements. Although the Company
believes the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from
those in the forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continuing availability of
capital and financing, and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and that actual results or developments may differ materially
from those projected in the forward-looking statements. For more information
on the Company, Investors should review the Company's Annual Information
Form in Canada and its annual filing on Form 20-F with the United States Securities
Commission.