BRITISH COLUMBIA – The strong price of copper is a boon to Vancouver-based TASEKO MINES, allowing it to announce a 30% increase in the mineral reserves at its Gibraltar copper-molybdenum mine near Williams Lake. Proven and probable reserves now total 194 million tonnes, up from 149 million tonnes. Using a 0.20% Cu cut-off grade, Taseko reports average grades of 0.310% Cu and 0.010% Mo. This has allowed the company to project an increased mine life to 15.5 years.
In addition to reserves, the Gibraltar properties contain 410 million tonnes at 0.286% Cu and 0.008% Mo in the measured resources category and 204 million tonnes at 0.269% Cu and 0.008% Mo classified as indicated resources.
The Gibraltar mine is a joint venture of Taseko and LEDCOR MINING. Production was resumed in October 2004 with a daily ore mining rate of 35,000 tonnes. See also www.TasekoMines.com.