Taseko Announces Permitting Success and Board Approval FOR Construction of Florence Copper Test Facility
TASEKO ANNOUNCES PERMITTING SUCCESS AND BOARD APPROVAL
FOR CONSTRUCTION OF FLORENCE COPPER TEST FACILITY
September 25, 2017, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE American: TGB)
(“Taseko” or the "Company") announces that the Environmental Appeals Board (EAB) of the
Environmental Protection Agency (EPA) has issued an order denying any further review of the
Underground Injection Control (UIC) Permit granted in 2016 for Taseko’s Florence Copper Project.
In the September 22, 2017 decision, the EAB found that the petitioners failed to demonstrate any
errors were made in issuing the federal permit.
Coinciding with this permitting decision, Taseko’s Board of Directors has given management
approval to move forward with the construction of a Production Test Facility (PTF). Estimated
remaining costs to construct the PTF are US$25 million.
“We are very pleased with the Environmental Appeals Board decision, which is another significant
milestone for our Florence Copper Project. We now have all necessary state and federal permits in
place to build and operate the PTF,” commented Russell Hallbauer, President and CEO of Taseko.
“Our Board of Directors, after a thorough review of current market conditions, the Company’s
financial positon and the status of permitting in Arizona, have endorsed management’s view that
the best course of action is to accelerate the construction of the PTF,” continued Mr. Hallbauer.
“Over the past year, Florence personnel have been advancing on‐the‐ground activities and have
spent roughly US$4 million specific to the PTF. With major components already on site, the timeline
to having the test facility operational is in the latter half of 2018 and involves the construction of an
SX/EW facility and the drilling of observation, injection and recovery wells.”
“At US$4,700 per ton of installed capacity, Florence Copper is one of the lowest capital intensity
copper projects in the world. The economics of the Project are too compelling for us to not be
rapidly advancing the project towards commercial production, especially as a significant global
copper deficit approaches. Successful operation of the PTF will be a major step towards realizing
the US$920 million net present value of the project. As we continue to move towards commercial
production, we fully expect this value to be reflected in our share price,” concluded Mr. Hallbauer.
In January of this year, the results from two additional years of engineering work and technical
studies were announced, which enhanced project economics even further than the original
feasibility study.
Project Highlights:
Pre‐tax net present value of US$920 million at a 7.5% discount rate
Pre‐tax internal rate of return of 44% with a 2.3 year payback
Long‐term copper price of US$3.00 per pound
Operating costs of US$1.10 per pound LME grade cathode copper
Average annual production of 81 million pounds of copper
21 year operational life
Total production in excess of 1.7 billion pounds of copper
Total pre‐production capital cost of US$200 million
The content of this release was reviewed and approved by Dan Johnson PE, Vice‐President/General
Manager for Florence Copper, Inc., and a Qualified Person under National Instrument 43‐101.
The NI 43‐101 technical report documenting these results is available on www.sedar.com or the
company’s website at www.tasekomines.com.
For further information on Taseko, please visit the Taseko website at www.tasekomines.com or
contact:
Brian Bergot, Vice President, Investor Relations ‐ 778‐373‐4533 or toll free 1‐877‐441‐4533
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” within the meaning of applicable Canadian securities legislation and
the United States Private Securities Litigation Reform Act of 1995 (collectively, “forward looking statements”) that were
based on Taseko’s expectations, estimates and projections as of the dates as of which those statements were made. Any
statements that express, or involve discussions as to, expectations, believes, plans, objectives, assumptions or future events
or performance that are not historical facts, are forward-looking statements. 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.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the
Company’s actual results, level of activity, performance or achievements to be materially different from those expressed or
implied by such forward-looking statements. These included but are not limited to:
uncertainties and costs related to the Company’s exploratio n and development activities, such as those associated with
continuity of mineralization or determining whether mineral resources or reserves exist on a property;
uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing o f
production, future production and future cash and total costs of production and milling;
uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and econo mic
returns from a mining project;
uncertainties related to the ability to obtain necessary title, licenses and permits for development projects and project delays
due to third party opposition;
our ability to comply with the extensive governmental regulation to which our business is subject;
uncertainties related to unexpected judicial or regulatory proceedings;
changes in, and the effects of, the laws, regulations a nd government policies affecting our exploration and development
activities and mining operations, particularly laws, regulations and policies;
changes in general economic conditions, the financial market s and in the demand and market price for copper, gold and other
minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and
fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued
availability of capital and financing;
the effects of forward selling instrume nts to protect against fluctuations in copper prices and exchange rate movements and
the risks of counterparty defaults, and mark to market risk;
the risk of inadequate insurance or inability to obtain insurance to cover mining risks;
the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial
condition, including uncertainties associated with critical accounting assumptions and estimates;
environmental issues and liabilities associated with mining including processing and stock piling ore;
labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents, equipment failure or other events or occurrences, including
third party interference that interrupt the production of minerals in our mines.;
the availability of, and uncertainties relating to the development of, infrastructure necessary for the development of our
projects;
our reliance upon key personnel; and
uncertainties relating to increased competi tion and conditions in the mining capital markets.
For further information on Taseko, investors should review the Company’s annual Form 40-F filing with the United States
Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com,
including the “Risk Factors” included in our Annual Information Form.