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
April 15, 2013 /PRNewswire/ - Taseko (TSX: TKO; NYSE MKT: TGB) (the "Company") announces that it has recently added to its copper put option position at its 75% owned Gibraltar Mine. Put options were purchased for approximately 40% of Taseko's share of production for the first quarter 2014 with a strike price of
US$3.00 per pound, at a cost of less than
US$0.14 per pound.
Since 2009, Taseko has maintained a strategy of purchasing adequate put options to cover the cash cost of production, or insuring a minimum quarterly revenue stream, without limiting upside copper pricing exposure. The Company has, and will continue to, opportunistically purchase put options during periods of copper pricing strength, which results in lower cost options. The purchase of these new options coincided with the timing of increased copper production from the newly commissioned concentrator.
Additionally, Taseko has put options in place for approximate 50% of its 2013 production at a strike price of
US$3.00 per pound in the first half of the year and
US$2.75 per pound in the second half.
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 HallbauerPresident 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.