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Taseko Announces Q1 Production Results and First Concentrate from GDP3; Shrs Edge Away From Near Yr Lows

Taseko Mines (TKO.TO, TGB), which moved more than 1% further away from a year low $2.47 on Thursday, announced 2013 first quarter production of 23.2 million pounds of copper and 355 thousand pounds of molybdenum (on a 100% basis) at its 75% owned Gibraltar Mine. It also announced the first throughput from its new concentrator.

Total sales in the first quarter were 21.5 million pounds of copper and 337 thousand pounds of molybdenum. Taseko's 75% share of first quarter sales was 16.1 million pounds of copper and 253 thousand pounds of molybdenum.

Following a planned 10 week commissioning schedule, Concentrator #2 (GDP3) was officially turned over to the operations team on March 28th. Over the first six days of operation, throughput steadily climbed from 500 tons per hour to the present rate of 1,000 tons per hour as ball charge rates are being increased toward design criteria. The new concentrator has averaged 80% availability with copper recoveries over 80%. During this period, the combined throughput of the two concentrators has averaged 74,000 tons per day at an 82% copper recovery.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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