Taseko receives final approval for Florence copper project in Arizona

Taseko Mines (TSX: TKO; NYSE: TGB) announced that it has received final approval for its greenfield in-situ recycling (ISR) copper project in Florence, Arizona, south of Phoenix.

Florence copper project

The U.S. Environmental Protection Agency confirmed it had no objections to the final issuance of the Underground Injection Control (UIC) permit.

“The successful completion of the UIC permitting process is the result of Taseko’s long-term approach to development and the quality and environmental integrity of its projects,” said Stuart McDonald, President and CEO. “Taseko is now in a unique position to be a One of the few fully licensed mining projects in North America. With final approvals in place, we have a clear vision for commercial production and are closer to realizing the full value of Florence Copper.”

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The project will be highly energy and water efficient and, due to ISR, will have the lowest greenhouse gas intensity per pound of any U.S. producer. When fully operational, the LME’s annual production capacity of Grade A copper will reach 85 million pounds, with a mine life of 22 years.

Taseko awarded a 2.7% streaming deal to Mitsui & Co., which paid $50 million to build a commercial production facility. Mitsui & Co. has also signed an offtake agreement for 81% of the copper cathodes produced during the first year of operations. Mitsui also has the option to invest an additional $50 million for a 10% stake in Fiorentina.

Florence has total proven and probable reserves of 290.2 million tonnes grading 0.36% copper. These reserves are included in proven and indicated resources of 329.2 million tonnes grading 0.35% copper. Inferred resources of 38.1 million tonnes grading 0.32% copper are also described.

Taseko also produces copper from the Gibraltar Mine in British Columbia. Please visit www.TasekoMines.com.

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