BRITISH COLUMBIA - The results are positive of a feasibility study conducted on the Prosperity gold-copper project, 125 km southwest of Williams Lake. The project is 100%-owned by TASEKO MINES of Vancouver. The study confirms the project is technically and economically feasible, with an IRR of 12% using a foreign exchange assumption of US$0.80/Cdn$1.00 and long-term metals prices of US$1.50/lb for copper and US$575/oz for gold.
The feasibility study examined a 70,000-tonne/d mine and concentrator facility with average annual production of 108 million lb of copper and 247,000 oz of gold over a 20-year mine life. Prosperity would employ approximately 500 people full-time during operations. Estimated total pre-production capital cost would be Cdn$800 million.
The study included 480 million tonnes of proven and probable reserves grading 0.22% Cu and 0.43 g/t Au. The property also contains measured and indicated resources of 1.0 billion tonnes grading 0.24% Cu and 0.41 g/t Au.
Taseko president and CEO Russell Hallbauer announced the results of the feasibility study on Sept. 24, and said, Taking Prosperity from a project on paper through to an operating mine will require a thoughtful examination of all impacts - community, social, environmental - and everyone affected by the project will need to work towards building a successful mining operation that will provide the outcomes most important to society.
Visit www.TasekoMines.com for detailed information about the Prosperity project and the companys Gibraltar copper-molybdenum mine.