Taseko's Florence Copper Project Achieves Major Milestone
Russell Hallbauer, President and CEO of Taseko commented, Our preliminary tracer tests of the wellfield in the third quarter 2018 exhibited robust percolation rates through the ore body. These results were as good as, and in some cases better than, modeled in the 2017 technical study. The rate at which the dissolved copper is increasing in the leach solution further confirms historical test work and technical data.
We have always taken a disciplined and measured approach with all of our capital projects. We perform the necessary work to ensure our projects are technically sound, that we understand our capital commitments and that the environment is protected. While it has taken us some time to get to this point with Florence, the additional time taken will ensure that the project generates strong returns for our shareholders and protects the environment to the highest standards for the local community, added Mr. Hallbauer.
With operating costs of US$1.10 per pound of copper, an extremely low capital cost intensity of US$5,200 per tonne of copper capacity and a pre-tax net present value of US$920 million, Florence Copper will bolster the long-term financial returns of the Company, and we are excited about the next step in this process, concluded Mr. Hallbauer.
The content of this release was reviewed and approved by Dan Johnson PE, Vice-President/General Manager for Florence Copper, Inc., and a Qualified Person under National Instrument 43-101.
The NI 43-101 technical report is available on www.sedar.com or the Company's website at www.tasekomines.com.