Taseko Increases Copper, Moly Production During Q1 2014

Taseko Mines Ltd. (TSX:TKO,NYSEMKT:TGB) announced that during the first quarter of 2014, it sold 40 million pounds of copper and 589,000 pounds of molybdenum from the Gibraltar mine, of which it owns 75 percent.

Further, it produced 34.5 million pounds of copper and 566,000 pounds of molybdenum during that period, up 49 and 59 percent, respectively, from the year-ago quarter.

Russell Hallbauer, president and CEO of Taseko, commented:

Our strong copper sales volumes for the quarter are a result of our successful efforts to move concentrate from the mine site to Vancouver for vessel loading prior to quarter end. These results were achieved despite inconsistent rail service due to severe winter weather in the Canadian prairies which impacted all bulk rail shippers throughout the country. Our goal is to maintain minimum inventory levels going forward.

As anticipated, copper grade for the quarter was below the Granite Pit average grade, although slightly higher than predicted. Recoveries for both copper and molybdenum improved significantly in the quarter. Copper recovery improved from the 82% realized in the fourth quarter 2013 to 88% in March. In the first quarter, our new molybdenum separation facility operated exceptionally well with recovery rates improving each month. In March, molybdenum recovery averaged 51%, exceeding design targets.

Click here to read the full Taseko Mines Ltd. (TSX:TKO,NYSEMKT:TGB) press release.