This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Taseko Comments On Recent Court Decision Regarding New Prosperity Work Permits

VANCOUVER, Dec. 5, 2011 /PRNewswire/ - On December 2, 2011 Justice Grauer of the BC Supreme Court suspended two of Taseko's work permits for a period of up to 90 days to allow time for the Court to hear a judicial review brought by the Tsilhqot'in Nation.  The judicial review challenges the adequacy of the consultation performed by the British Columbia provincial government before the permits were issued.

In making his decision Justice Grauer made it clear that the New Prosperity project represented significant value and opportunity for British Columbia and that the case has nothing to do with whether or not the project should proceed, and that he expects the authorized work will be done after the judicial review is heard.

Background

When Taseko was granted legal permission to undertake this routine exploration work on the New Prosperity site the Tsilhqot'in Nation filed for a judicial review challenging the granting of that permission alleging the Provincial government had failed to adequately consult with them as required by law.

Taseko, while attempting to undertake the work it was duly authorized to perform, was obstructed from doing so by First Nation individuals.  Wishing to avoid a confrontation, the Company sought the assistance of the Court and filed an injunction application to prohibit further obstruction of its authorized work.  In response the Tsilhqot'in Nation filed their own injunction application seeking to prohibit the Company from proceeding with its work pending the outcome of the judicial review.

Decision

Justice Grauer has suspended Taseko's permits for up to 90 days to allow the Tsilhqot'in Nation to have the judicial review heard on an expedited basis during this 90 day period.   He also encouraged the respective parties to meet and talk about the nature of the work to be done and any concerns related to it.  Taseko is receptive to engaging in those talks.

Justice Grauer found that the conduct of the Company was entirely lawful at every point.  He was also critical of the individuals who obstructed the work of the Company, and awarded the Company court costs, to be paid forthwith.

Commentary by Taseko   

Taseko will be carefully reviewing the written reasons of Justice Grauer when they are made available later this week and will take the steps it considers most prudent to secure the balance of the approvals necessary to put New Prosperity into production as soon as possible.

Through no fault of its own Taseko is caught in the middle of a dispute between the provincial government and the Tsilhqot'in Nation concerning the role of the Tsilhqot'in Nation in land use decisions.   The judicial review will focus on whether the consultation process conducted by the provincial government in relation to the permits was appropriate.  The Company's assessment is that the government did conduct itself appropriately, and expects that issue will soon be decided in the judicial review.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,563.30 -317.06 -1.88%
S&P 500 1,930.67 -39.40 -2.00%
NASDAQ 4,369.7730 -93.1290 -2.09%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs