This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
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
TheStreet Open House

Taseko Announces First Quarter Production Results And First Concentrate From GDP3

Stocks in this article: TGB TKO

VANCOUVER, April 4, 2013 /PRNewswire/ - Taseko (TSX: TKO; NYSE MKT: TGB) (the "Company") announces 2013 first quarter production of 23.2 million pounds of copper and 355 thousand pounds of molybdenum (on a 100% basis) at its 75% owned Gibraltar Mine.

Total sales in the first quarter were 21.5 million pounds of copper and 337 thousand pounds of molybdenum. Taseko's 75% share of first quarter sales was 16.1 million pounds of copper and 253 thousand pounds of molybdenum.

Following a planned ten week commissioning schedule, Concentrator #2 (GDP3) was officially turned over to the operations team on March 28 th. Over the first six days of operation, throughput steadily climbed from 500 tons per hour to the present rate of 1,000 tons per hour as ball charge rates are being increased toward design criteria. The new concentrator has averaged 80% availability with copper recoveries over 80%. During this period, the combined throughput of the two concentrators has averaged 74,000 tons per day at an 82% copper recovery.

Russell Hallbauer, President and CEO of Taseko, commented, "We are extremely pleased with how commissioning progressed on the new concentrator, and this is reflected in how well the system is working after only six operating days. Early results from Concentrator #2 performance are as expected and we anticipate advancing to design capacity as expeditiously as the mechanical circuits allow. This is in line with our projections of full design throughput of 30,000 tons per day by mid-year. Additionally, improved operating performance is anticipated from Concentrator #1 as it is now unencumbered by construction activities."

Mr. Hallbauer continued, "We have transformed Gibraltar from 60 million pounds of annual copper production and a 40-month mine plan to a modern 165 million pound per year producer with a 25 year mine life. This was achieved at the lowest capital cost of any major mining project in the world. We look forward to demonstrating both our production and cost capabilities in 2013."

Note: Gibraltar is a Joint Venture owned by Taseko Mines Limited (75%) and Cariboo Copper Corp. (25%). All production figures are reported on a 100% basis.

Russell Hallbauer President and CEO

No regulatory authority has approved or disapproved of the information contained in this news release.

1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

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
Stocks Under $10

Jim Cramer's protégé, 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
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, 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
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

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

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
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!

Markets

DOW 17,187.87 -228.98 -1.31%
S&P 500 2,002.75 -18.50 -0.92%
NASDAQ 4,650.2560 -33.1510 -0.71%

Partners Compare Online Brokers

Free Reports

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