Vancouver – This year’s drilling by Taseko Mines (TKO-T, TGB-X) at its Gibraltar copper mine in central British Columbia has given reserves a 50% boost.
The drill program has resulted in 116 million tonnes added to the proven and probable reserve category that now stands at 348 million tonnes grading 0.31% copper and 0.009% molybdenum using a 0.2% copper cutoff grade.
In addition to its reserve update, Taseko also tables 481 million tonnes of measured and indicated resources at Gibraltar averaging 0.31% copper and 0.007% molybdenum using the same cutoff grade.
The company is undertaking a major concentrator expansion at Gibraltar expected to be completed by the end of 2008. The boost in reserves will allow expanded milling operations at the mine to continue at the 50,000 tonnes per day rate for about 17 years. Average annual output from Gibraltar will be about 115 million lbs. (52,000 tonnes) of copper and 1.4 million lbs. molybdenum.
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