Taseko Mines Ltd. released a new reserves study at the company’s mining properties in Canada, with the results indicating a large increase in mineral reserves at the mine.
Taseko Mines has a 75% interest in the Gibraltar mine located in British Columbia, which the company believes is prospective for both copper and molybdenum.
Taseko Mines said that the new study puts the amount of proved and probable reserves of copper and molybdenum at the mine at 802 million tons, up from 445 million tons in the previous reserves report.
Taseko Mines said that based on the new reserves study, the amount of recoverable copper at the Gibraltar mine increases to 4.3 billion pounds, up from 2.5 billion pounds. The amount of recoverable molybdenum at the mine increases from 30 million to 60 million pounds.
Taseko Mines is currently working on phase 3 of the Gibraltar development plan and estimates that this construction will be complete by December 2012. The company said that the mine will have the capacity to process 30 million tons of ore per year, which will yield annual production of 180 million pounds of copper and 2.2 million pounds of molybdenum.
For more information on the company, go to www.tasekomines.com