Gibraltar Mine on schedule for copper production by October 2004
Friday March 26, 9:01 am ET
VANCOUVER, March 26 /CNW/ - Ronald W. Thiessen, President and CEO of Taseko Mines Limited - OTCBB: TKOCF - is pleased to announce that the Company is on track to re-start operations at the Gibraltar mine, located near Williams Lake in south-central British Columbia, this summer. It is expected that copper concentrate shipments to customers will commence by October 2004.
Historically a swing producer, Taseko's objective is to re-establish the Gibraltar mine with a competitive and predictable cost structure that is responsive to market conditions, resulting in sustainable operations over the long term. Negotiating competitive prices for equipment purchases and contracts in preparation for re-start is key. The status of these activities is:
- Major mining equipment, in particular a new mining shovel that is
critical for production planning, has been secured for delivery,
ex-factory, in mid June;
- Purchase and treatment terms for mine concentrates have been agreed to
by a major buyer, and detailed contract documents are being finalized;
- Operating and manpower alternatives are being considered and assessed
for direct and/or joint venture operations; and
- Transportation and materials handling arrangements for port and rail
are well advanced, and within necessary lead times.
Mr. Thiessen said, "Gibraltar re-start activities are well underway and have progressed to the point where we are confident that the mine will deliver its first copper concentrate to the market on October 1, 2004. Most of the prerequisites of the re-start and delivery schedules are secure, and operations are proceeding on a normal course basis. We are pleased with the accomplishments to date by our 12-member mine site senior management and technical team."
Gibraltar will be one of the first mine openings in central British Columbia in many years. The mine will employ approximately 290 people and create millions of dollars in economic activity.
ON BEHALF OF THE BOARD OF DIRECTORS
Ronald W. Thiessen
President & CEO
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