Taseko Mines (TGB) Updates on Q2 Production, Sales; Gibraltar Moly Production up 100%

Taseko Mines (NYSE: TGB) announces second quarter 2014 production of 38.5 million pounds of copper and 667 thousand pounds of molybdenum from the Gibraltar Mine, increases of 37% and 100%, respectively, over the same period in 2013. Total production for the first half of 2014 was 73 million pounds of copper and 1.2 million pounds of molybdenum.

In the second quarter 2014, total sales were 38.7 million pounds of copper and 731 thousand pounds of molybdenum.

Concentrator throughput was 7.7 million tons in the second quarter, a 10% increase from the 7.0 million tons achieved in the first quarter. This resulted in average throughput of 85,000 tons per calendar day (design capacity), or 92,700 tons per operating day. Recoveries remain a focus of the operations team and headway is being made towards reaching target levels.

Copper grade for the second quarter remained below the Granite Pit average, roughly in line with the first quarter. As per previous guidance, the copper grade is now returning to the average grade where it is expected to remain for the balance of 2014.

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

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