Printer Friendly

TASEKO MINES LTD. CONFIRMS QUALITY, LONG-LIFE, LOW-COST DEPOSIT

 VANCOUVER, British Columbia, May 3 /PRNewswire/ -- Robert G. Hunter, chairman of Taseko Mines Ltd. (Vancouver: TKO) announced that Mineral Resources Development Inc. (MRDI) of San Mateo, Calif., has completed initial mine plan studies for the Fish Lake copper-gold deposit, near Williams Lake, British Columbia. MRDI has concluded that the Fish Lake Project is economically viable and recommends that the Project proceed forthwith to detailed prefeasibility planning.
 MRDI has calculated a geological resource for the Fish Lake deposit of 1.41 billion tons, containing 6.2 billion pounds of copper and 17.2 million ounces of gold which makes it one of the largest deposits of its type in the world.
 GEOLOGICAL RESOURCE FISH LAKE PROJECT
 Tons Grade Contained Metal
 Millions Cu percent Au oz/t Cu Au
 Billion Lbs Million ozs
 1,410 0.22 0.0122 6.2 17.2
 Within this overall deposit resource, MRDI has calculated a Base Case mineable reserve. The Base Case mineable reserve is 960 million tons at a grade of 0.23 percent copper and 0.0125 ounces of gold per ton with a life of mine waste-to-ore ratio of 1.96-to-1. The Base Case mineable reserve contains 4.4 billion pounds of copper and 12.0 million ounces of gold. At a milling rate of 66,000 tons per day the mineable reserve provides for a mine life of 40 years.
 DILUTED MINEABLE RESERVE FISH LAKE DEPOSIT
 Tons Grade Contained Metal
 Millions Cu Percent Au oz/t Copper Gold
 Billion Lbs Million ozs
 960 0.23 0.0125 4.4 12.0
 Fish Lake is the largest bulk tonnage deposit ever discovered in British Columbia; even larger than the Valley Copper deposit, the second-largest throughput mine in the world and approximately three times larger than the Mt. Milligan deposit. Average annual metal production is forecast at 96 million pounds of copper and 229,000 ounces of gold. Based on operating costs developed by MRDI and other consultants the cash cost to produce one ounce of gold net of copper revenue is expected to vary from a low $5.01 per ounce in the early years of production, to a 20-year average cost per ounce of $74.04, to a 40-year life of mine average of $147 per ounce. These production costs will make Fish Lake one of North America's lowest cost gold producers.
 Initial plans are to develop the Base Case mine to recover 66,000 tons per day of ore using conventional open pit, truck/shovel technology. The open pit will be circular in shape with the ultimate pit having a diameter of 1.25 miles. In the first 20 years of operation stripping ratios will gradually increase from a very low 0.6:1 in the first years to 1:1 in year 10, and 1.6:1 in years 15 through 20. Mine operations have been scheduled but not planned in any detail for years 21 to 40. Ore grade will average 0.25 percent copper and 0.015 ounces of gold per ton in the early years of mine life while ore grade over the first 20 years of operation will average 0.23 percent copper and 0.013 ounces of gold per ton. Extensive metallurgical testwork completed by Lakefield Research, under the direction of Melis Engineering Ltd., predicts copper recoveries averaging 88 percent and gold recoveries averaging 74 percent. Both metals report to a 25 percent copper concentrate.
 In addition, MRDI has indicated that it may be possible to increase the average ore grade for the initial 20 years of mine life to 0.26 percent copper and 0.015 ounces Au/ton by stockpiling about 17 percent of lower grade ore mined, thereby allowing the pit to deepen more rapidly down a higher grade central core. Under this amended mine plan, metal production could further increase to 109 million pounds of copper and 266,000 ounces of gold annually. Detailed study of the potential amended mine plan will be undertaken within an overall Project Prefeasibility Study which will commence shortly.
 Taseko Mines Ltd. has a current working capital position of CDN $7.0 million, and has 10,701,874 shares outstanding on a fully diluted basis. The Fish Lake deposit's mineable reserve contains 412 pounds of copper and 1.12 ounces of gold per Taseko common share.
 -0- 5/3/93
 /CONTACT: Robert G. Hunter, chairman of Taseko Mines, 604-684-6365/
 (TKO.)


CO: Taseko Mines Ltd. ST: British Columbia IN: MNG SU:

BP -- LA034 -- 4078 05/03/93 21:18 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 3, 1993
Words:754
Previous Article:NWIFC: HOH TRIBE AND DNR TO SIGN HISTORIC AGREEMENT TOWARD FOREST ECOSYSTEM MANAGEMENT
Next Article:DELL PROMOTES EXECUTIVE TO LEAD SALES, MARKETING & SERVICES WORLDWIDE
Topics:


Related Articles
TASEKO MINES LTD. ANNOUNCES DEPOSIT WIDTH DOUBLES, DRILLING CONTINUES AT FISH LAKE
TASEKO MINES REPORTS DRILLING CONTINUES TO DELINEATE IMMENSE GOLD-COPPER DEPOSIT
TASEKO MINES LTD. ANNOUNCES GIANT FISH LAKE GOLD-COPPER DEPOSIT ENTERS MINE DEVELOPMENT PERMITTING PROCESS
TASEKO COMPLETES $25 MILLION BUYOUT OF FISH LAKE GOLD-COPPER DEPOSIT
TASEKO MINES LIMITED - GRADE INCREASE AT FISH LAKE
American Stock Exchange Lists Common Stock of Taseko Mines Limited.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters