BRITISH COLUMBIA — Vancouver-based Taseko Mines says the reserve numbers at its Prosperity gold-copper project are 70% higher than previously estimated. Located 125 km southwest of Williams Lake, the Prosperity porphyry deposit contains an estimated 1.0 billion tonnes in the measured and indicated resource categories.
Even better, the company estimates a 70% rise in its reserves to 830 million tonnes from 487 million tonnes. Total recoverable metal is now 7.7 million oz of gold and 3.6 billion lb of copper. The increase in reserves will extend the proposed life of the project to 33 years from 20 years.
According to Taseko, Prosperity now has the largest gold-copper reserve base of any mining project in Canada. At present gold and copper prices the projected operating costs per ounce of gold, net of copper credit, will be negative US$330/oz.
The project is currently undergoing environmental review and permitting. Construction may start in mid-2011 and commissioning begin two years later. Please visit www.TasekoMines.com.