"The project had over
"Based on the new project development plan, our acquisition cost equates to roughly one third of a penny per pound of copper in reserves, or 0.01x NAV. By comparison, acquisitions of other feasibility stage projects in the past have been as high as 1.0x NAV. Given this project's large ore reserves of 820 million tonnes, its geographic location near a major transportation and infrastructure corridor and its compelling copper/gold/silver exposure, this is one of the best acquisitions in the sector," added
"With an average copper equivalent grade of 0.35% combined with a very low onsite operating cost of
"While our primary and near-term focus will remain on the advancement of our
Yellowhead Project Highlights: | First 5 Years | LOM | |
| 0.32% | 0.28% | |
| 0.35% CuEq | 0.29% CuEq | |
| 200 million lbs | 180 million lbs | |
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Some differences from the original 2014 Feasibility Study to the new Technical Report include: a 100 million tonne increase to reserves, an increase in the copper cut-off grade to 0.17%, throughput increase to 90,000 tonnes per day, relocated primary crusher to a 90 meter lower elevation, and an improved water management plan which reduces stored water by 90%."
Note: The study was prepared using long term metal prices of
*Net of byproduct credits
Mineral Reserves and Resources
Reserves
Category (at a | Tonnes (millions) | Cu (%) | Au (g/tonne) | Ag (g/tonne) | Cu Eq. (%)* |
Proven | 458 | 0.29 | 0.031 | 1.3 | 0.31 |
Probable | 359 | 0.26 | 0.028 | 1.2 | 0.28 |
Total | 817 | 0.28 | 0.030 | 1.3 | 0.29 |
Note: Proven and Probable reserves are derived from Measured and Indicated resources, respectively, that are contained within the final ultimate design and are above the stated copper cut-off grade as of |
Resources
Category (at a | Tonnes | Cu (%) | Au (g/tonne) | Ag (g/tonne) | Cu Eq. (%)* |
Measured | 561 | 0.27 | 0.029 | 1.2 | 0.29 |
Indicated | 730 | 0.24 | 0.027 | 1.2 | 0.26 |
M&I | 1,292 | 0.25 | 0.028 | 1.2 | 0.27 |
Inferred | 109 | 0.21 | 0.024 | 1.2 | 0.23 |
Note: Mineral Resource estimate with an effective date of |
*Copper Equivalent is based on 90% copper recovery, |
Qualified Persons and 43-101 Disclosure
This technical content of this news release has been reviewed and approved by
The resource and reserve estimation was completed by Taseko staff and contributing consultants under the supervision of
Additional information regarding data verification procedures, known legal, political, environmental or other risks that could affect development of the Yellowhead project or its mineral resources or reserves, can be found in the Technical Report, which is available on SEDAR.
Chief Executive Officer and Director
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 include but are not limited to:
- uncertainties and costs related to the Company's exploration 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 of 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 economic 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 and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies;
- changes in general economic conditions, the financial markets 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 instruments 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 competition 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
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