Taseko Announces Positive Results of Labour Vote
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22 February 2005, 11:45am ET
VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 22, 2005--Taseko Mines Limited (TSX VENTURE:TKO)(AMEX:TGB) announces the results of a labour representation vote mandated by the British Columbia Labour Relations Board ("BCLRB") for the Gibraltar copper-molybdenum mine in south-central British Columbia.
The Gibraltar mine is operated under a joint venture arrangement between Taseko's subsidiary, Gibraltar Mines Ltd., and Ledcor Mining Ltd. The mine restarted operations in October 2004. Of the 250 people employed at the mine, about 79% are unionized workers.
On February 16, 2005, Taseko and Ledcor received a BCLRB ruling that confirmed the joint venture is the valid successor employer for the Gibraltar operation and, accordingly, the BCLRB directed the parties to count the ballots from a representation vote, originally held in November 2004, to determine which union will represent the employees. The ballots were counted February 21, 2005, and 74% of the workers voted for the Christian Labour Association of Canada ("CLAC") union. In September 2004, CLAC ratified a collective agreement with Ledcor, the operator at the Gibraltar Mine site.
President and CEO Ron Thiessen said "This brings to an end a period of any labour uncertainty and assures a stable and efficient operating environment for the mine. We can now focus the investment community on the significant opportunity which the Gibraltar Mine represents for Taseko."
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Taseko Mines Limited is a copper-molybdenum producer with mining operations as well as exploration properties all located in British Columbia, Canada. The company's principal asset is the Gibraltar mine, a 35,000 tonnes per day open pit operation with a 12-year mine plan and additional estimated mineral resources for further years of production. Taseko is listed on the American Stock Exchange ("TGB") in the U.S.A. and on the TSX Venture Exchange ("TKO") in Canada.
