Taseko Mines Ltd T.TKO

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Panel Findings Consistent With Taseko Expectations and In-Line With Provincial Approval



VANCOUVER, July 5 /CNW/ - The Federal Review Panel, established for the purpose of conducting a review of the environmental effects of Taseko Mines Limited's (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") Prosperity Gold-Copper Project, has submitted its report to the Government of Canada.


The Panel findings are very similar to the conclusions reached in the Provincial environmental assessment process - that the loss of Fish Lake and adjacent meadows constitutes a significant adverse effect. However, the important difference in the Provincial process is that it went on to conclude that the environmental impacts were justified because the lake and the fishery will be replaced and the economic and social benefits generated for British Columbians are so significant. It was on this basis that the Province approved the Project for development.


The Panel was not mandated to assess the economic and social value generated by the project, a consideration which factored prominently in the Provincial approval and will no doubt be given prominence in the final Federal Cabinet decision.


On key environmental factors the Panel findings were entirely consistent with those of the Province, both concluding there are no significant environmental effects to air or water quality, no risk to fish in the Taseko River and no risk to human health associated with the project. Of the 24 potential environmental impacts identified in the conclusion section of the report, the Panel concluded 22 had no significant effect. Just two have a significant environmental effect - the loss of Fish Lake and its associated habitat, and the cumulative effects of human activity on grizzly bear, even though the mine itself has no significant effect on the grizzly population. (The Panel's conclusions can be found on Taseko's website at https://www.tasekomines.com/i/pdf/tko/Section%2011.pdf)


"Submission of the Panel report marks a key milestone for Taseko towards the successful development of Prosperity," says Mr. Hallbauer. "While we are satisfied with the Panel's conclusions, it must be remembered that the report is advisory only; it will help to inform Cabinet but it does not commit Cabinet to a particular course of action."


"The future of Prosperity now rests with the Federal Government," says Russ Hallbauer, President and CEO of Taseko Mines Limited. "It will be up to Cabinet to make the final decision on granting Prosperity Federal approval."

Cabinet has many other factors and considerations to weigh before arriving at a final conclusion. Those factors include:




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- The significant economic value and social benefit generated for
Canadians and the contribution the project will make to the economic
security of the country;

- The project approval by the Provincial Government, following 17 years
of environmental assessment, and the issuance of a long term lease
for the purposes of mining;

- Taseko Mines Limited, successful operators of the Gibraltar Mine
(Canada's second largest open pit copper mine) also located in the
Cariboo, has the expertise and track record needed to operate this
mine and has secured 80% of the $800 million capital required to
build it;

- The broad local and regional support that exists for the project and
the clear economic and social need for it to proceed.

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For these reasons I remain fully confident this mine will be approved by the Federal Cabinet and we look forward to their decision. While the Federal Government undertakes its remaining work, the Company continues to work through the Provincial mine permitting process, completion of project financing arrangements, moving forward with engineering, procurement of long-lead equipment and negotiating concentrate sales agreements." concluded Mr. Hallbauer.




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Taseko will host a conference call on Tuesday, July 6, 2010 at 11:00 a.m.
Eastern Time (8:00 a.m. Pacific) to discuss the Prosperity Project
Environmental Assessment Process. The conference call may be accessed by
dialing [phone], or [phone] internationally. A live and
archived audio webcast will also be available at www.tasekomines.com.

The conference call will be archived for later playback until July 13,
2010 and can be accessed by dialing [phone] in Canada and the
United States, or [phone] internationally and using the passcode
86470725.