TASEKO MINES ANNOUNCES "AT-THE-MARKET" ISSUANCE PROGRAM

Oct 19, 2010, 12:05 ET from Taseko Mines Limited

VANCOUVER, Oct. 19 /PRNewswire/ - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") announced today that it has filed a prospectus supplement to its final base shelf prospectus, dated October 12, 2010, with the British Columbia Securities Commission, and a supplement to its U.S. prospectus, dated October 18, 2010, forming part of its U.S. registration statement, with the United States Securities and Exchange Commission.

Taseko has entered into an At the Market Issuance Agreement, dated October 18, 2010, with McNicoll, Lewis & Vlak LLC (MLV), under which Taseko  may, at its discretion, from time to time sell up to a maximum of 18,600,000, of its common shares through "at-the-market" ("ATM") issuance. MLV will act as sales agent for any sales made under the ATM. The common shares will be sold at market prices prevailing at the time of a sale (if any) of the common shares, and, as a result, prices may vary. The Company is not required to sell any of the reserved shares at any time during the term of the ATM, which extends until November 1, 2012, and there are no fees for having established the arrangement. The ATM Issuance Agreement does not prohibit the Company from conducting other financings.

The Canadian prospectus and prospectus supplement have been filed on SEDAR and the U.S. prospectus and the supplement thereto have been filed on the SEC's website ( href="http://www.sec.gov/">www.sec.gov). Alternatively, MLV will provide any of those documents upon request. Such requests may be made by contacting McNicoll, Lewis & Vlak LLC, Attention: Roman Friedrich, 420 Lexington Avenue, New York, NY 10170, or by calling 212-580-5881.

This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy any of the common shares, nor shall there be any sale of the common shares in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of such state or jurisdiction.

Russell Hallbauer 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 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 our ability to complete the mill upgrade on time estimated and at the scheduled cost;
  • uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition; 
  • 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; and
  • 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 or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.

For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission href="http://www.sec.com/">www.sec.com and home jurisdiction filings that are available at href="http://www.sedar.com/">www.sedar.com

SOURCE Taseko Mines Limited