News Release, Taseko Mines, August 26, 2011
Federal Government Accepts Project Description
August 26, 2011, Vancouver, BC - The Canadian Environmental Assessment Agency ("CEAA") has formally accepted Taseko Mines Limited's (TSX:TKO; AMEX:TGB) ("Taseko" or the "Company") project description for its proposed $1 billion New Prosperity gold-copper mine in British Columbia's central interior.
"Acceptance of the project description ensures the Federal Government's environmental assessment of New Prosperity will begin on or before November 7, 2011. With this decision we have a clear view of the regulatory timeline ahead. Under a comprehensive study, which is the process we expect for New Prosperity, CEAA will have 365 days in which to complete its review and submit a final report to the Federal Minister of the Environment," said Russell Hallbauer President and CEO of Taseko.
"New Prosperity is a unique opportunity for British Columbia, First Nations and Canada as a whole. Taseko has made significant efforts to address the concerns identified during the original Federal review process. In particular, the preservation of Fish Lake, which adds $300 million in capital and operating expense to the project, is a strong example of the Company's commitment to the success of New Prosperity and to the principles of sustainable mining," added Mr. Hallbauer.
New Prosperity is the largest undeveloped gold-copper deposit in Canada and the 7th largest in the world. With Taseko's proven leadership and commitment to excellence in responsible mining, this project promises to create vital economic and social value for the Province. In particular, the Cariboo-Chilcotin region will benefit by generating 700 construction jobs for two years and 550 new direct jobs and 1280 indirect jobs during its 20 year operating life.
The complete project description, including an executive summary of New Prosperity can be viewed at http://www.newprosperityproject.ca, a website built for the express purpose of engaging the community in conversation around the New Prosperity Gold-Copper Project.
For further information on Taseko, please see the Company's website www.tasekomines.com.
For Media contact: Brian Battison, Vice President Corporate Affairs, 778-373-4543 or 604 961-9170
Russell Hallbauer President and CEO
