REG - Taseko Mines Limited - Update On Florence Permit Public Comment Period

Taseko MinesAnnouncement

20/09/2022 07:00

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RNS Number : 9352Z  Taseko Mines Limited  20 September 2022

TASEKO MINES PROVIDES UPDATE ON PUBLIC COMMENT PERIOD FOR fLORENCE COPPER uic
PERMIT

September 19, 2022, Vancouver, BC - Taseko Mines Limited (TSX: TKO; NYSE
American: TGB; LSE: TKO) ("Taseko" or the "Company") is pleased to provide an
update on the federal permitting process for its Florence Copper Project.

On September 15, the U.S. Environmental Protection Agency ("EPA") held a
virtual public hearing for the draft Underground Injection Control ("UIC")
permit issued for Florence Copper on August 15, 2022.  Twenty-seven
participants provided comment at the hearing, each supporting the project and
calling for a final UIC permit to be issued.  The UIC permit is the last
authorization required to advance the Florence Copper Project to commercial
production.

The EPA public comment period is scheduled to conclude on September 29, 2022.

For further information on Taseko, please see the Company's website at
www.tasekomines.com or contact:

Brian Bergot, Vice President, Investor Relations - 778-373-4533 or toll free
1-877-441-4533

Stuart McDonald

President and CEO

 

No regulatory authority has approved or disapproved of the information
contained in this news release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

 

This document contains "forward-looking statements" that were based on
Taseko's expectations, estimates and projections as of the dates as of which
those statements were made. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as "outlook",
"anticipate", "project", "target", "believe", "estimate", "expect", "intend",
"should" and similar expressions.

 

Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the Company's actual results,
level of activity, performance or achievements to be materially different from
those expressed or implied by such forward-looking statements. These included
but are not limited to:

·      uncertainties about the future market price of copper and the
other metals that we produce or may seek to produce;

·      changes in general economic conditions, the financial markets,
inflation and interest rates and in the demand and market price for our input
costs, such as diesel fuel, reagents, steel, concrete, electricity and other
forms of energy, mining equipment, and fluctuations in exchange rates,
particularly with respect to the value of the U.S. dollar and Canadian dollar,
and the continued availability of capital and financing;

·      uncertainties resulting from the war in Ukraine, and the
accompanying international response including economic sanctions levied
against Russia, which has disrupted the global economy, created increased
volatility in commodity markets (including oil and gas prices), and disrupted
international trade and financial markets, all of which have an ongoing and
uncertain effect on global economics, supply chains, availability of materials
and equipment and execution timelines for project development;

·      uncertainties about the continuing impact of the novel
coronavirus ("COVID-19") and the response of local, provincial, state, federal
and international governments to the ongoing threat of COVID-19, on our
operations (including our suppliers, customers, supply chains, employees and
contractors) and economic conditions generally including rising inflation
levels and in particular with respect to the demand for copper and other
metals we produce;

·      inherent risks associated with mining operations, including our
current mining operations at Gibraltar, and their potential impact on our
ability to achieve our production estimates;

·      uncertainties as to our ability to control our operating costs,
including inflationary cost pressures at Gibraltar without impacting our
planned copper production;

·      the risk of inadequate insurance or inability to obtain insurance
to cover material mining or operational risks;

·      uncertainties related to the feasibility study for Florence
copper project (the "Florence Copper Project" or "Florence Copper") that
provides estimates of expected or anticipated capital and operating costs,
expenditures and economic returns from this mining project, including the
impact of inflation on the estimated costs related to the construction of the
Florence Copper Project and our other development projects;

·      the risk that the results from our operations of the Florence
Copper production test facility ("PTF") and ongoing engineering work including
updated capital and operating costs will negatively impact our estimates for
current projected economics for commercial operations at Florence Copper;

·      uncertainties related to the accuracy of our estimates of Mineral
Reserves (as defined below), Mineral Resources (as defined below), production
rates and timing of production, future production and future cash and total
costs of production and milling;

·      the risk that we may not be able to expand or replace reserves as
our existing mineral reserves are mined;

·      the availability of, and uncertainties relating to the
development of, additional financing and infrastructure necessary for the
advancement of our development projects, including with respect to our ability
to obtain any remaining construction financing potentially needed to move
forward with commercial operations at Florence Copper;

·      our ability to comply with the extensive governmental regulation
to which our business is subject;

·      uncertainties related to our ability to obtain necessary title,
licenses and permits for our development projects and project delays due to
third party opposition, particularly in respect to Florence Copper that
requires one key regulatory permit from the U.S. Environmental Protection
Agency ("EPA") in order to advance to commercial operations;

·      our ability to deploy strategic capital and award key contracts
to assist with protecting the Florence Copper project execution plan,
mitigating inflation risk and the potential impact of supply chain disruptions
on our construction schedule and ensuring a smooth transition into
construction once the final permit is received from the EPA;

·      uncertainties related to First Nations claims and consultation
issues;

·      our reliance on rail transportation and port terminals for
shipping our copper concentrate production from Gibraltar;

·      uncertainties related to unexpected judicial or regulatory
proceedings;

·      changes in, and the effects of, the laws, regulations and
government policies affecting our exploration and development activities and
mining operations and mine closure and bonding requirements;

·      our dependence solely on our 75% interest in Gibraltar (as
defined below) for revenues and operating cashflows;

·      our ability to collect payments from customers, extend existing
concentrate off-take agreements or enter into new agreements;

·      environmental issues and liabilities associated with mining
including processing and stock piling ore;

·      labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we operate our
mine, industrial accidents, equipment failure or other events or occurrences,
including third party interference that interrupt the production of minerals
in our mine;

·      environmental hazards and risks associated with climate change,
including the potential for damage to infrastructure and stoppages of
operations due to forest fires, flooding, drought, or other natural events in
the vicinity of our operations;

·      litigation risks and the inherent uncertainty of litigation,
including litigation to which Florence Copper could be subject to;

·      our actual costs of reclamation and mine closure may exceed our
current estimates of these liabilities;

·      our ability to meet the financial reclamation security
requirements for the Gibraltar mine and Florence Project;

·      the capital intensive nature of our business both to sustain
current mining operations and to develop any new projects, including Florence
Copper;

·      our reliance upon key management and operating personnel;

·      the competitive environment in which we operate;

·      the effects of forward selling instruments to protect against
fluctuations in copper prices, foreign exchange, interest rates or input costs
such as fuel;

·      the risk of changes in accounting policies and methods we use to
report our financial condition, including uncertainties associated with
critical accounting assumptions and estimates; and Management Discussion and
Analysis ("MD&A"), quarterly reports and material change reports filed
with and furnished to securities regulators, and those risks which are
discussed under the heading "Risk Factors".

 

For further information on Taseko, investors should review the Company's
annual Form 40-F filing with the United States Securities and Exchange
Commission www.sec.gov and home jurisdiction filings that are available at
www.sedar.com, including the "Risk Factors" included in our Annual Information
Form.

 

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