Mr. Russell Hallbauer reports

TASEKO ANNOUNCES RECORD QUARTERLY COPPER AND MOLYBDENUM PRODUCTION AT GIBRALTAR

Taseko Mines Ltd.'s Gibraltar project had fourth quarter copper production of 40.7 million pounds and 800,000 pounds of molybdenum. Total production for the year was 133.2 million pounds of copper and 900,000 pounds of molybdenum (for the four months the molybdenum plant operated). Total sales for the year were 131.1 million pounds of copper and 900,000 pounds of molybdenum.

Despite challenging weather conditions in the fourth quarter, mill throughput was maintained at a similar level to previous quarters. The 23-per-cent increase in copper production over the third quarter was mainly a result of higher copper grades, as planned, but also from improved copper recoveries. The fourth quarter was the first full quarter the molybdenum plant has operated since it was restarted in September. It operated exceptionally well, with recoveries averaging approximately 50 per cent for the quarter.

Russell Hallbauer, president and chief executive officer of Taseko, stated: "We are extremely happy with copper and molybdenum production in the fourth quarter. It is a quarter that truly demonstrates the production and cash flow capability of Gibraltar. Higher copper and molybdenum production is having a significant positive impact on unit costs.

"Recently, the many factors that affect our profitability have aligned to create an ideal scenario: higher production at a much lower cost, a copper price which has climbed nearly 25 per cent since October and a weak Canadian dollar (which has the Canadian-dollar price of copper back to 2011/2012 levels). Each of these factors has a significant and an immediate financial impact on our business," concluded Mr. Hallbauer.

Note: Gibraltar is a joint venture owned by Taseko Mines (75 per cent) and Cariboo Copper Corp. (25 per cent). All production and sales figures are reported on a 100-per-cent basis, unless otherwise noted.

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