November 20, 2013, Vancouver, BC— Taseko Mines Limited (TSX: TKO NYSE MKT: TGB) (“Taseko” or the “Company”) announces that it has entered into an agreement to acquire 11,666,667 common shares of Curis Resources Ltd. (“Curis”) at a price of $0.60 per share pursuant to a private placement for subscription proceeds of $7 million.
Upon receipt of TSX approval, Taseko will complete the acquisition of 3,333,333 of these shares, and will complete the acquisition of the remaining 8,333,334 shares at or about January 2, 2014. Taseko currently holds approximately 2% of Curis’ issued shares, prior to the closing of this private placement. After completion of this private placement, Taseko will hold a total of 12,916,667 shares of Curis, representing approximately 17% of the shares of Curis currently issued and outstanding.
Curis Resources is a publicly traded company with a 100% interest in the Florence Copper Project in Arizona. All of these shares of Curis are held directly by Taseko and are being held for investment purposes. Taseko may in the future take such actions in respect of its Curis shares as it deems appropriate in light of the market circumstances then existing, including the potential purchase of additional shares of Curis through open market purchases or privately negotiated transactions, or the sale of all or a portion of such holdings in the open market or in privately negotiated transactions to one or more purchasers. There are no persons acting jointly or in concert with Taseko with respect to Taseko’s shareholdings in Curis, nor has Taseko entered into any agreements in respect of its shareholdings in Curis with any person with which Taseko acts jointly or in concert.
This news release is issued pursuant to Multilateral Instrument 62-104 of the Canadian Securities Administrators, which also requires a report to be filed with the British Columbia, Alberta and Ontario Securities Commissions, and with other Provincial Securities Commissions in Canada, containing information with respect to the foregoing matters. To obtain a copy of the subject report, please go to the Company’s profile on the SEDAR website (www.sedar.com).
For further information on Taseko, please see the Company’s website www.tasekomines.com or contact:
Brian Bergot, Director, Investor Relations - 778-373-4533 or toll free 1-877-441-4533
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 or ongoing 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 www.sec.gov and home jurisdiction filings that are available at www.sedar.com.
Back to the News Releases page