Taseko Mines Limited: Gibraltar Copper Concentrate Shipped from Port.VANCOUVER, British Columbia -- Taseko Mines Limited (TSX TSX Toronto Stock Exchange (TSE before April, 2002) TSX Transfer from Stack Pointer to Index TSX True Space Extension VENTURE:TKO)(AMEX AMEX See: American Stock Exchange :TGB TGB Tangentbord (Swedish: keyboard) TGB Très Grande Bibliothèque TGB Tiagabine TGB Telecommunications Grounding Busbar TGB Terrain Vehicle (Swedish military) TGB Taiwan Golden Bee Co Ltd ) Ronald W. Thiessen, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Taseko Mines Limited is pleased to announce that another milestone has been reached in the resumption of operations at the Gibraltar Mine, with approximately 8000 tonnes of copper concentrate ship loaded on December 4 at the Vancouver Wharves Structures erected on the margin of Navigable Waters where vessels can stop to load and unload cargo. Cities located on lakes, rivers, and oceans usually have at least one wharf, where ships can deliver and pick up passengers and load and unload various types of goods. facility in North Vancouver, British Columbia, on route to a smelter in Asia. The Company has received a provisional payment of US$5.49 million for this initial shipment, which represents 90% of the estimated value less treatment and refining charges. Based on the results of independent analysis by SGS SGS Société Générale de Surveillance SGS Symantec Gateway Security (appliance) SGS School of Graduate Studies SGS Subgrid Scale SGS Singapore Government Securities SGS Shell Global Solutions Canada Inc., this shipment has an average copper grade of 28.16%, containing an estimated 4,335,000 pounds of payable copper. Operations at the mine have been underway since October 2004. To the end of November, approximately 12,000 tonnes of copper concentrate have been produced. The copper circuit is now operating at the planned production capacity of 10,000 tonnes of concentrate per month. Upgrades to the molybdenum molybdenum (məlĭb`dənəm) [Gr.,=leadlike], metallic chemical element; symbol Mo; at. no. 42; at. wt. 95.94; m.p. about 2,617°C;; b.p. about 4,612°C;; sp. gr. 10.22 at 20°C;; valence +2, +3, +4, +5, or +6. processing circuit are also nearing completion, with production slated for early December. The planned output of 78,000 pounds of molybdenum in concentrate per month should be achieved by the end of January 2005, adding to the total revenue of the mine. The 35,000 tonnes per day open pit Gibraltar Mine is located near Williams Lake in south-central British Columbia. Under the current plan, the mine and mill complex will produce an average of 70 million pounds of copper and 980,000 pounds of molybdenum in concentrate annually. Taseko acquired the Gibraltar Mine in mid-1999 and maintained the operation for five years until pre-production work began earlier this year. The current operation is a joint venture between Gibraltar Mines Ltd. ("Gibraltar"), a wholly-owned subsidiary company of Taseko, and Ledcor Mining Ltd. ("Ledcor"). Ledcor provided substantial lease financing to acquire essential new mining equipment, and also operates the mine. The joint venture employs more than 220 people at the mine, making a significant contribution to the economy of the Williams Lake area. Gibraltar was recently acknowledged for work completed to improve the sustainability of the operation. The Gibraltar Mine and the Cariboo Regional District received the award in the "Strengthening Communities" category by the Fraser Basin Council for the partnership established to construct a regional landfill at the site. The landfill, located in an area where mining has been completed, has now been in operation for over a year. ON BEHALF OF THE BOARD OF DIRECTORS Ronald W. Thiessen, President & CEO The TSX Venture Exchange TSX Venture Exchange Originally called the Canadian Venture Exchange (CDNX), this was a result of the merger of the Vancouver and Alberta stock exchanges. The goal of TSX Venture Exchange is to provide venture companies with effective access to capital while protecting investors. has neither approved nor disapproved the contents of this press release. The American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. has neither approved nor disapproved of the contents of this press release. Taseko Mines Limited (TSX VENTURE:TKO) (AMEX:TGB) |
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