VANCOUVER, Dec. 17, 2012 /PRNewswire/ - Taseko (TSX: TKO; NYSE MKT: TGB) (the "Company") is pleased to announce that the commissioning phase of the $325 million Gibraltar Development Project 3 (GDP 3) has begun.
The electrical power distribution and reclaim water systems have been successfully tied in and are now operational and water testing of the new tailings system is underway.
Commissioning will continue into January and it is expected that first ore will be delivered to the new concentrator immediately thereafter, with commercial production targeted by the end of March.
Russell Hallbauer, President and CEO of Taseko, commented, "In the twenty months since awarding the construction management contract, we have successfully built a new 30,000 ton per day concentrator and associated infrastructure, on time and on budget for $235 million. This new concentrator, along with the $90 million of new state-of-the-art mining equipment, will increase Gibraltar's production capabilities to 85,000 tons per day by mid-2013. Gibraltar will have two distinct production trains which will significantly enhance our operational flexibility. As metal production increases over the course of the year while we ramp up our daily mill throughput, operating costs will decline from those experienced over the latter part of 2012."Russell Hallbauer President and CEO 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.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV