REG-Taseko Mines Limited: 2019 Operational Guidance Achieved at Gibraltar Mine

Taseko MinesAnnouncement

09/01/2020 07:05

Taseko Announces 2019 Operational Guidance Achieved at Gibraltar Mine

VANCOUVER, Jan. 9, 2020 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE American:
TGB; LSE: TKO) ("Taseko" or the "Company") is pleased to announce fourth
quarter and annual production and sales from the Gibraltar Mine.

Total production for the year was 126 million pounds of copper and 2.7 million
pounds of molybdenum, both slightly higher than in 2018. In the fourth
quarter, production totaled 33.4 million pounds of copper and 700 thousand
pounds of molybdenum, similar to the levels achieved in the prior quarter.
Total sales for the year were 122 million pounds of copper and 2.8 million
pounds of molybdenum. Throughput in the fourth quarter was at design capacity
and grade was approximately life of mine average.

Russell Hallbauer, CEO and Director of Taseko, stated, "We are pleased to have
met the annual production guidance that we provided 12 months ago. We achieved
our production target for the year despite the CN Rail strike in November,
which impacted Gibraltar concentrate shipments for 11 days and also forced us
to adjust our mine plan to reduce production due to limited concentrate
storage capacity. As a result, fourth quarter production and sales were
slightly lower than plan. Concentrate inventory at year end remained similar
to the previous quarter level."

"We also issued a new form of reclamation security for Gibraltar, which
resulted in $36 million of cash being released to Taseko in the fourth
quarter. Looking forward, with a stronger copper price than what was averaged
in 2019, combined with lower treatment and refining costs, we expect an
improved operating margin to begin the new year."

Note: Gibraltar is a Joint Venture owned by Taseko (75%) and Cariboo Copper
Corp. (25%). All production and sales figures in this release are reported on
a 100% basis, unless otherwise noted.

Russell Hallbauer
Chief Executive Officer and Director

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" within the meaning of
applicable Canadian securities legislation and the United States Private
Securities Litigation Reform Act of 1995 (collectively, "forward looking
statements") that were based on Taseko's expectations, estimates and
projections as of the dates as of which those statements were made. Any
statements that express, or involve discussions as to, expectations, believes,
plans, objectives, assumptions or future events or performance that are not
historical facts, are forward-looking statements.  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 include
but are not limited to:
* uncertainties and costs related to the Company's exploration and development
activities, such as those associated with continuity of mineralization or
determining whether mineral resources or reserves exist on a property;
* uncertainties related to the accuracy of our estimates of mineral reserves,
mineral resources, production rates and timing of production, future
production and future cash and total costs of production and milling;
* uncertainties related to feasibility studies that provide estimates of
expected or anticipated costs, expenditures and economic returns from a mining
project;
* uncertainties related to the ability to obtain necessary title, licenses and
permits for development projects and project delays due to third party
opposition;
* our ability to comply with the extensive governmental regulation to which
our business is subject;
* 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, particularly laws, regulations and policies;
* changes in general economic conditions, the financial markets and in the
demand and market price for copper, gold and other minerals and commodities,
such as diesel fuel, 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;
* the effects of forward selling instruments to protect against fluctuations
in copper prices and exchange rate movements and the risks of counterparty
defaults, and mark to market risk;
* the risk of inadequate insurance or inability to obtain insurance to cover
mining risks;
* the risk of loss of key employees; 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;
* 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 mines, or
environmental hazards, industrial accidents, equipment failure or other events
or occurrences, including third party interference that interrupt the
production of minerals in our mines;
* the availability of, and uncertainties relating to the development of,
infrastructure necessary for the development of our projects;
* our reliance upon key personnel; and
* uncertainties relating to increased competition and conditions in the mining
capital markets.
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.

please visit the Taseko website at www.tasekomines.com or contact: Brian
Bergot, Vice President, Investor Relations - 778-373-4533 or toll free
1-877-441-4533



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