VANCOUVER, Dec. 2, 2013 /PRNewswire/ - Taseko (TSX: TKO) (NYSE MKT: TGB) (the "Company") has commenced a federal judicial review, seeking to set aside certain findings of a review panel report relating to the Company's New Prosperity Gold-Copper Project environmental assessment.
Taseko is asking the court for a declaration that certain panel findings relating to seepage and water quality be set aside, and that the Panel failed in certain respects to comply with principles of procedural fairness.
The judicial review will address the question of whether Natural Resources Canada ("NRCan") - and in turn the panel - made a fundamental error when determining expected seepage rates from the tailings storage facility. Taseko believes the evidence is clear that NRCan failed to account for a liner that would be part of the tailings storage facility - thus modeling the wrong project design and assuming water would seep into open ground.
The Canadian Environmental Assessment Agency ("CEAA") requested Taseko's response to several questions regarding this matter and the Company has provided that information in letters dated November 8 and November 15, 2013 to the Minister of Environment and to CEAA respectively which are publicly available."Taseko had no choice but to file this application in order to comply with a 30 day time limit," said Taseko President and CEO Russell Hallbauer. "But we remain of the view that the federal government should allow the project to proceed to the next stage of detailed permit-level examination and if so the judicial review would not need to proceed," added Mr. Hallbauer. The panel found that the project was not likely to have significant adverse effects in approximately 30 different areas including human health, salmon habitat and wildlife. Those findings are not being challenged.
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 Plus 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