COPPER: Taseko improves Gibraltar economics

BRITISH COLUMBIA – The updated mine plan for the Gibraltar copper-molybdenum mine 65 km north of Williams Lake features a 50% decrease in the strip ratio, says owner Taseko Mines of Vancouver. The new plan is the result of six months of study and forms the basis for an update to the 43-101 reserve estimate.

Results of the study allowed cutting the average strip ratio to 1.9:1 from 4.3:1. "Every point of strip ratio is equal to approximately 31 million tonnes of waste that does not need to be mined annually, and at $1.85 per tonne mined, amounts to roughly $57 million of annual savings," said Taseko president and CEO Russell Hallbauer.

At the end of 2014, total proven and probable reserves for five pits stand at 749 million tonnes at 0.256% Cu and 0.008% Mo, or 0.272% CuEq. These reserves are contained within measured and indicated resources of 1.09 billion tonnes averaging 0.254% Cu and 0.008% Mo. These figures reflect a reduced cut-off grade of 0.15% (from 0.20%).

The new mine plan forecasts recoverable copper at 3.3 billion lb and molybdenum at 62 million lb. Annual production will be approximately 138 million lb of copper and 2.6 million lb of moly at a milling rate of 85,000 t/d. The resources will support 24 more years of operation.

Details of the Gibraltar mine and mill are available at TasekoMines.com.