VANCOUVER, Feb. 15, 2019 /CNW/ - Taseko Mines Limited (TSX:
TKO; NYSE American: TGB) ("Taseko" or the "Company") and Yellowhead
Mining Inc. ("Yellowhead") (TSXV: YMI) announce the completion of
the previously announced transaction between Taseko and Yellowhead
whereby Taseko has acquired all of the issued and outstanding
shares of Yellowhead (the "Arrangement").
Russell Hallbauer, President and
CEO of Taseko commented, "We are pleased to have completed the
acquisition of Yellowhead and add its high quality project to our
pipeline of long life assets. This is a meaningful and manageable
transaction for Taseko and will create substantial long-term value
for our shareholders."
"We are already preparing to initiate the provincial and federal
environmental review process. Over the coming months, our technical
team will work on a number of engineering initiatives to improve
the economics of the project. These initiatives include water and
tailings management, pit design, mill capacity, cut-off grade,
metallurgy and processing. Our goal is to issue a new 43-101
technical report by the end of 2019. We believe the project timing
is ideally positioned in the copper price cycle and could follow
the startup of our Florence Copper Project," concluded Mr.
Hallbauer.
Upon completion of the Arrangement, Taseko issued a total of
17,300,385 common shares to Yellowhead shareholders,
representing 1.1484 Taseko common shares for each common share of
Yellowhead not already held by Taseko. Yellowhead's common shares
will be de-listed from the TSX Venture Exchange, and Yellowhead
will apply to cease to be a reporting issuer under applicable
Canadian securities laws.
Former shareholders of Yellowhead who have questions or require
assistance with submitting their Common Shares in connection with
the transaction may direct their questions to Computershare
Investor Services Inc. who is acting as depositary in connection
with the Arrangement:
Telephone: (800) 564-6253
Email: corporateactions@computershare.com.
For more information on the Arrangement, please see the news
releases previously issued by Taseko or Yellowhead along with
Yellowhead's management information circular dated January 4, 2019 prepared in connection with the
Arrangement, all of which are available at www.sedar.com.
Russell Hallbauer
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" within the
meaning of applicable Canadian securities legislation and the
United States Private Securities Litigation Reform Act of 1995
(collectively, "forward looking statements") that were based on
Taseko's expectations, estimates and projections as of the dates as
of which those statements were made. Any statements that express,
or involve discussions as to, expectations, beliefs, plans,
objectives, assumptions or future events or performance that are
not historical facts, are forward-looking statements.
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 timing and results of engineering
initiatives on the Harper Creek project, including whether such
initiatives will improve economics;
- uncertainties with the timing for the delivery of an updated NI
43-101 report for the Harper Creek project;
- 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 the ability to obtain necessary title,
licenses and permits for development projects and project delays
due to third party opposition;
- our ability to comply with the extensive governmental
regulation to which our business is subject;
- uncertainties related to unexpected 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, including in particular the copper price
cycle 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;
- 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,
equipment failure or other events or occurrences, including third
party interference that interrupt the production of minerals in our
mines;
- the availability of, and uncertainties relating to the
development of, infrastructure necessary for the development of our
projects;
- our reliance upon key personnel; and
- uncertainties relating to increased competition and conditions
in the mining capital markets.
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, including the "Risk
Factors" included in our Annual Information Form.
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SOURCE Taseko Mines Limited