January 5, 2021, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB; LSE: TKO) (“Taseko” or the “Company”) is pleased to announce that the Florence Town Council has decided it will not appeal the Aquifer Protection Permit (“APP”) which was recently granted by the Arizona Department of Environmental Quality (“ADEQ”).
Stuart McDonald, President of Taseko, commented, “We are very pleased by this decision and believe this change in approach by Council signals a new beginning. Our expectation is that open and productive dialogue will result and that our future together is bright.”
“We believe that two years of operating the test facility within the strict environmental guidelines set out in our current permits, combined with the future economic benefits from the commercial production facility, certainly contributed to Council’s decision. Transitioning Florence Copper to commercial production, which includes expanding the current wellfield and SX/EW plant, will mean an average of 85 million pounds of copper per year for 20 years beginning in late 2022,” concluded Mr. McDonald.
•Pre-tax net present value of US$920 million at a 7.5% discount rate
•After-tax net present value of US$680 million at a 7.5% discount rate
•IRR of 40% and a 2.3 year payback
•20 year mine life with average C1 cash costs of US$1.13 per pound
•At US$5,600 per ton of installed capacity, Florence Copper is one of the lowest capital intensity copper projects in the world
•Reserves of 345 million tons grading 0.36% copper containing 2.5 billion pounds of copper
The Florence Copper NI 43-101 technical report is available on www.sedar.com or the Company’s website at www.tasekomines.com.
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
Chief Executive Officer and Director
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.
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.