June 09, 2010 Taseko Receives Long-Term Mining Lease For Its Prosperity Gold-Copper Project
June 9, 2010, Vancouver, BC -- Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") is pleased to announce that the British Columbia Provincial Government has granted Taseko a long-term, renewable, 25-year mining lease for the Prosperity gold-copper project. The mining lease provides the Company with mineral tenure security.
Russell Hallbauer, President and CEO of Taseko commented, "Converting the Prosperity mineral claims to a mining lease is another important milestone in the development of our Prosperity Project and a further endorsement by the British Columbia Government. The mining lease represents a direct interest in land and is the highest attainable form of mineral ownership rights associated with publicly-owned crown land in British Columbia. The mining lease also provides Taseko with the right to use the land for mining purposes."
In January of this year, the British Columbia Government awarded Taseko an Environmental Assessment Certificate for Prosperity. In May, the Company announced a gold stream finance agreement with Franco Nevada which, when combined with the proceeds generated by the sale of 25% of Gibraltar to a Japanese consortium and future Gibraltar cash flow, will give Taseko approximately 80% of the funds required to build Prosperity.
Securing a mining lease is one of the conditions stipulated in the agreement with Franco Nevada. With the issuance of this long-term lease by the Government, an important condition of that agreement has now been met.
The Company has been actively preparing and pursuing other permit applications and requirements, amongst them being the provincial Mines Act Permit.
For further information on Taseko, please see the Company's website www.tasekomines.com or contact Brian Bergot, Investor Relations -- 778-373-4545, Toll Free 1-800-667-2114.
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