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Taseko Mines' CEO Discusses Q2 2012 Results - Earnings Call Transcript

I would now turn the call over to Russ for his remarks.

Russ Hallbauer

Thank you, Brian. Good morning everyone. Thank you for joining us today to discuss our second quarter results as well as the ongoing status of the Company’s business activities.

Continuing with the formula that we developed for this call last quarter as Brian indicated, we have a slide presentation to help you understand as best as possible where we are technically with our ongoing operations at Gibraltar. Gross profit from our mining operations came in at CAD16 million for the quarter, generating CAD0.02 per share in earnings. Peter will speak in greater detail during his overview about particulars of our financial results in that regard.

Our operating metrics, we are pleased with in terms of where we found ourselves three to four months ago with the mine operating issues. We worked our way through those and are certainly in a better position understanding what went wrong that affected our mine throughput so dramatically and certainly the fact that we have produced over 9 million pounds in July indicates we’re back on track. If you have our slide presentation in front of you, I would like to walkthrough some of the highlights for you.

As discussed last quarter, the SAG Mill Throughput graph, slide one, indicates in a chronological manner how we performed over the last year. Ups and downs heading towards our ultimate goal and targets of achieving 2,450 tons per operating hour. Effectively if we look at the last year, we have cycled through a whole pit development sequence over the year and you can easily see encountering and dealing with various ore types, their hardness, how they react in the recovery circuit and how they ultimately are dealt with in our concentrator in terms of throughput has been challenging.

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