We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Taseko Mines Limited | TSX:TKO | Toronto | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.09 | 2.71% | 3.41 | 3.37 | 3.41 | 3.42 | 3.32 | 3.33 | 419,206 | 21:10:15 |
VANCOUVER, Jan. 16, 2017 /PRNewswire/ - Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") is pleased to announce that recently completed technical work on the Florence Copper Project has resulted in a significant improvement in project economics.
Russell Hallbauer, President and CEO of Taseko, stated, "In addition to the permitting milestones achieved over the past months, we are very pleased with the outcome of the latest engineering work which has increased the net present value (NPV) of the project to US$920 million. Contributing to the higher NPV is an 11% increase in average annual copper production, combined with slightly lower operating costs and pre-production capital. With annual copper production of 81 million pounds and pre-production capital of US$200 million, Florence Copper is one of the least capital intensive copper projects in the world."
Project Highlights:
"Two important parameters for any copper leaching process are copper recovery and acid consumption," continued Mr. Hallbauer. "The copper recovery estimate of 70% from the 2013 technical report as well as the acid consumption estimate have both been confirmed with the more detailed testing."
"As we continue to perform additional technical work on our Florence Copper Project, the project is not only being de-risked, but operational and environmental attributes which were already very strong, are improving. It is our goal to commence construction on the production test facility in 2017 and advance this project towards being a second cash-flowing asset for Taseko," concluded Mr. Hallbauer.
Since Taseko's acquisition of the Florence Copper Project, two important project development initiatives have been finalized which verify and expand upon the extensive technical work undertaken by the previous owners. A two-year long in-series pressurized cell leach test was completed. This test was designed to more closely replicate in-situ leaching conditions and provide information on a larger scale than previous leach tests. The results have verified and greatly increased the confidence in the metallurgical input data used to simulate the performance of the project once it reaches production. In parallel with the leach test, an optimization of the project well field development sequence was performed. The entire project was then re-simulated and re-costed using updated inputs including the verified leach performance data.
The well field sequence developed for the optimized project plan increases copper production in the first five years of operations by 50%, compared with the previous project plan, and requires less pre-production capital than previously estimated.
The changes to the development plan have also resulted in an increase in the Florence Copper ore reserves. There was no change to the mineral resources.
Mineral Reserves
(0.05% Total Copper Cut-off)
Category |
Tons |
Total Cu |
Recoverable |
Probable |
345 |
0.36 |
1.7 |
The reserve estimate takes into consideration all geologic, well field, process facility, and economic factors, and is stated according to Canadian standards (NI43-101). (Under US standards no reserve declaration is possible until a full feasibility study is completed and financing and permits are acquired.)
The Mineral Reserves above are included in the following Measured and Indicated Mineral Resources.
Mineral Resources
(0.05% Total Copper Cut-off)
Category |
Tons |
Total Copper |
Total Copper |
Measured |
296 |
0.35 |
2.1 |
Indicated |
134 |
0.28 |
0.7 |
Total |
429 |
0.33 |
2.8 |
The updated Mineral Reserves are based on engineering performed by SRK Consulting incorporating the measured and indicated resources established in 2010, metallurgical work completed by SGS Inc. and T. McNulty and Associates, process facility designs by M3 Engineering as well as well field designs by Haley and Aldrich Inc.
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 will be filed on www.sedar.com within 45 days.
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" 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.
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:
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.
SOURCE Taseko Mines Limited
Copyright 2017 PR Newswire
1 Year Taseko Mines Chart |
1 Month Taseko Mines Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions