VANCOUVER, 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.
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. 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
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $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
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
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.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
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.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV