Canadian company IAMGOLD Corporation has completed the purchase of a 100% interest in Merrex Gold, making it a fully owned subsidiary.

Under this transaction, IAMGOLD purchased all issued and outstanding common shares of Merrex Gold it did not already own, as well as all outstanding common share purchase warrants of Merrex through a court-approved plan of arrangement under the Business Corporations Act (British Columbia).

IAMGOLD president and CEO Steve Letwin said: “With the acquisition of Merrex, we now own 100% of the Siribaya-Diakha project in Mali and its gold resource, which is estimated to be in excess of one million ounces as reported in our annual reserve and resource news release of 22 February 2017.

“This transaction consummates eight years of excellent work and partnership with the Merrex team that led to the discovery of the Diakha deposit.
"We now own 100% of the Siribaya-Diakha project in Mali and its gold resource, which is estimated to be in excess of one million ounces."

“This project, along with the ongoing exploration and evaluation of our nearby Boto Gold project in Senegal, gives us a significant footprint from which to advance our 2017 goal to expand our current resources in this prolific region of West Africa.”

Merrex owns a 50% interest in the Siribaya Gold Project in West Mali, and a 100% stake in Karita exploration authorisation in Guinea.
The company holds nearly 700km² in permits within an area of approximately 4,100km² of interest in the southern portion of the West Mali Gold Belt.


Renaissance Gold has revealed plans to start drilling in the second week of March on the Arabia project in Pershing County, Nevada, US.

Drilling will be funded by Coeur Mining under an earn-in agreement. This agreement enables Coeur to earn a 70% interest in the project by completing a bankable feasibility study.

The project is 14 miles west of Coeur's Rochester deposit, which has reportedly produced greater than 135 million ounces of silver and 1.5 million ounces of gold.

Renaissance Gold president and CEO Ronald Parratt said: “We're pleased to have Coeur as a partner to support exploration efforts at Arabia. Working with Coeur's team, we've developed an excellent set of drill targets and are excited to see drilling begin.

“This project coupled with the new generative agreement announced 9 February with Coeur is a great start to the new year.”

"The Arabia project is situated on a series of mesothermal quartz veins, cutting a Cretaceous granodiorite sill."

Renaissance Gold has completed 403 surface samples including outcrop and select dump samples at the project that ranges from <0.003g/t to 18.9g/t Au, <1g/t to 1,800g/t Ag, <0.01% to 30.1% Pb, and <0.01% to 0.48% Zn.

Veins of the project exhibit similar mesothermal texture, quartz-sericite pyrite alteration assemblage and structural geometry found in Nenzel Hill above the Rochester deposit.
The 2017 drill programme to be completed by Boart Longyear comprises 2,150m of reverse circulation drilling in eight holes.

This campaign will target Ag-rich polymetallic mineralisation and focus on the structural intersections and dilatational jogs in veins. The programme will also test for additional favourable mineralisation hosts situated below the historically mined veins.

Acacia Mining has announced an initial NI 43-101 compliant inferred mineral resource estimate of 1.31 million ounces of gold at 12.1g/t on the Liranda Corridor within its West Kenya project. The project is primarily located on three main zones of mineralisation at the Acacia prospect with multiple lodes open laterally and at depth.

Acacia Mining CEO Brad Gordon said: “We are delighted to report a maiden high-grade Inferred Mineral Resource on the Liranda Corridor in Kenya of 1.31 million ounces at 12.1 grams per tonne of gold.

“This is one of the highest grade projects in Africa today, and we believe that this initial resource is a first step in the delineation of a multi-million ounce high-grade corridor.

"In addition to the Acacia prospect, which hosts all of this maiden resource, we have known mineralisation on the Bushiangala prospect, 1km away to the west, with a further three prospective lodes in early stage testing.

“Whilst Kenya is a relatively new mining destination, we are very pleased with the relationships we have built and the support we have received and look forward to working closely with all stakeholders as we progress this highly promising project.”

"We believe that this initial resource is a first step in the delineation of a multi-million ounce high-grade corridor." Gold mineralisation at the project is found in the shear zones ranging in width from 0.5m to 10m.

The company has also identified mineralised zones on the Bushiangala prospect, which is situated 1km from Acacia prospect. However, details about this project have not been fully revealed due to drill density and a further study being required.
At Liranda Corridor, the company intends to complete 44 Reverse Circulation holes for 4,438m and 132 diamond core holes for 64,700m.To date, nearly 80% of the target has been drilled.

This year, the company intends to invest $12m on exploration at the West Kenya project. Most of the funding will be used in the 45,000m-drilling programme on the Liranda Corridor. 
The company also announced that the scoping study on a potential underground operation is expected to begin in the second half of the year.

Northam Platinum’s strategy of buying additional mines, as its strives to become a 1-million ounce a year platinum group metals producer, netted it Glencore’s Eland Platinum mine for R175m cash.

As part of the agreement, Glencore will have exclusive rights to market and sell all the chrome Northam produces in exchange for the sale of its Eland mine and a concentrator that can treat 250,000 tonnes of ore a month. 
It also comes with a 100-piece mining fleet, some of which Northam will divert to its new Booysendal South mine, which was the old Everest South mine it bought from Aquarius Platinum to unlock its large Booysendal tenement near Steelpoort in Limpopo.

The Booysendal mine increased its chrome concentrate output by 45% in the six months to end-December, to 138,635 tonnes.

Eland has a resource of 21.3-million ounces of four platinum group metals near Brits in the North West.

"The Eland transaction provides Northam with a medium-term option over a large, shallow resource with fully developed, world-class surface infrastructure," Northam CEO Paul Dunne said.

Northam reported a narrowing of its loss for the six months to end-December, at R226.6m against a R273m loss in the same period a year earlier. The loss comes despite an uptick in revenue to R3.5bn from R3.2bn and operating profit growing to R352m from R93m. Metal sales fell nearly 10% to 223,705oz during the interim period because of an 18-day stoppage caused by a mill failure at its UG2 concentrator at its Zondereinde mine.

UG2 is a reef that contains platinum group metals and chrome and is one of two reefs that platinum miners target, the other being the sought-after Merensky Reef.

Northam also rearranged its underground working crews after it fired 357 people following labour disruptions at the mine in June last year, which meant fewer tonnes of UG2 and Merensky ore were mined and hoisted.

Northam expects to have full mining teams back underground by March.Booysendal generated 100,021oz of platinum group metals, up from nearly 74,000oz a year earlier.

Wellgreen Platinum Ltd is pleased to announce that its previously announced metallurgical testwork program is now complete. Final metallurgical results will be available this quarter pending completion of reporting by XPS in Falconbridge Ontario.


The Company also announces that, effective February 8, 2017, it has sold (the "Sale") Ursa Major Minerals Inc., formerly a wholly-owned subsidiary, to a private company (the "Purchaser"). URSA holds the Ontario properties, Shakespeare, Shining Tree, Fox Mountain, Stumpy Bay, Porter Baldwin and Porter Option, all of which were considered non-core and non-material to Wellgreen Platinum.

Pursuant to the Sale, the Company will receive total cash and share consideration equivalent to C$200,000 from the Purchaser over the next three years. In addition, the Company will retain a 1.0% NSR royalty interest in the Shakespeare property, and a 0.5% NSR royalty interest in the other properties.

Diane Garrett, President and CEO commented: "This sale allows the Company to divest itself of non-core assets and to reduce the costs associated with care and maintenance activities in respect of these properties. Our strategic focus is the advancement of our flagship Wellgreen Project in Yukon, Canada and the divestiture of URSA allows us to focus 100% of our resources on this world class deposit".

The scientific and technical information disclosed in this news release was reviewed and approved by John Eggert, P. Eng., who is a "Qualified Person" as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects, and an independent technical consultant to the Company.

About Wellgreen Platinum

Wellgreen Platinum is a Canadian mining exploration and development company focused on the active advancement of its 100% owned Wellgreen Ni-PGM Project located in the Yukon Territory of Canada. The 2015 PEA demonstrated that the Wellgreen Project has the potential to become a large, low cost, open pit producer of platinum, palladium, gold, nickel, and copper. The Wellgreen property is accessible from the paved Alaska Highway, which leads to year-round deep sea ports in southern Alaska.

Wellgreen Platinum Contacts:
Diane Garrett, President & Chief Executive Officer,
This email address is being protected from spambots. You need JavaScript enabled to view it. ,
This email address is being protected from spambots. You need JavaScript enabled to view it.

Further to the announcement on 29 December 2015, the Company announces that its South African subsidiaries, International Ferro Metals Limited and International Ferro Metals SA Holdings have entered into a settlement agreement with Rustenburg Platinum Mines Limited ("RPM") regarding its interests under a chromite supply agreement under which RPM is obliged to supply UG2 chrome ore to IFMSA.

The terms of the settlement are that RPM will supply IFMSA with 10,000 tonnes of UG2 per month for calendar year 2016 at no cost and 7,500 tonnes per month from January 2017 to November 2020 at a cost of ZAR170 per tonne. The backlog of approximately 57,000 tonnes at the end of December 2015 will be supplied at a rate of 10,000 tonnes per month from January 2016, also at no cost. The original contract provided for RPM to supply 15,000 tonnes per month until November 2020 at no cost.

The settlement has eliminated the uncertainty surrounding the supply agreement and accordingly will assist the asset sale process currently being conducted. However it has a material impact on the agreement's value and consequently on the value of the assets of IFMSA. As a result, there will be a material impact on the purchase consideration to be payable by Samancor for the assets of IFMSA. The business rescue practitioner will propose an amendment of the business rescue plan to the creditors of IFMSA to take account of the settlement agreement reached in respect of the supply agreement and the impact of the anticipated price adjustment and resultant distribution to creditors. A meeting of creditors will be convened to vote on the proposed amendment to the business rescue plan.

It is not expected that that the timing of the proposed transaction with Samancor will be materially impacted.

Further announcements in relation to the business recue proceedings will be released in due course.

International Ferro Metals Limited

Chris Jordaan, Chief Executive Officer   
Tel: +27 14 574 6302

Numis Securities Limited

James Black / John Prior / Paul Gillam    
Tel: +44 (0) 20 7260 1000

About International Ferro Metals:

International Ferro Metals produces ferrochrome, the essential ingredient in stainless steel, from its integrated chromite mine and ferrochrome processing operations in South Africa. International Ferro Metals is listed on the London Stock Exchange under the symbol IFL.


Platinum Group Metals Ltd has announced that it has entered into an agreement with a syndicate of underwriters led by BMO Capital Markets under which the underwriters have agreed to buy on a bought deal basis 17,125,000 common shares of the Company , at a price of US$1.46 per Common Share for gross proceeds of approximately US$25 million.
The Company has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering to cover over-allotments, if any, and for market stabilization purposes. The Offering is expected to close on or about January 31, 2017 and is subject to customary closing conditions including, but not limited to, Toronto Stock Exchange and NYSE MKT approvals.

The Company intends to use the net proceeds of the Offering (i) for underground development and production ramp-up of the Maseve Mine; (ii) for working capital during start-up; and (iii) for general corporate purposes.

The Offering is being made pursuant to an effective shelf registration statement previously filed with the U.S. Securities and Exchange Commission (the "SEC") and a corresponding Canadian base shelf prospectus filed with the securities regulatory authority in each of the provinces of Canada, except Quebec. A prospectus supplement relating to the Offering has been filed with the SEC and with the securities regulatory authority in each of the provinces of Canada, except Quebec.

A copy of the prospectus supplement and base shelf prospectus relating to the Offering in Canada may be obtained by contacting BMO Capital Markets, Brampton Distribution Centre C/O The Data Group of Companies, 9195 Torbram Road,
Brampton, Ontario, L6S 6H2 or by telephone at (905) 791-3151 Ext 4312 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. .

A copy of the prospectus supplement and base shelf prospectus relating to the Offering in the United States may be obtained by contacting BMO Capital Markets Corp., Attn: Equity Syndicate Department, 3 Times Square, 25th Floor, New York, NY 10036 (Attn: Equity Syndicate), or by telephone at (800) 414-3627 or by email at This email address is being protected from spambots. You need JavaScript enabled to view it. .

This news release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Common Shares in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.

About Platinum Group Metals Ltd.

Platinum Group is based in Johannesburg, South Africa and Vancouver, Canada. The Company's business is currently focused on the operation of the Project 1 "Maseve" platinum mine and the exploration and feasibility engineering on the newly discovered Waterberg platinum and palladium deposit, where the Company is the operator of the Waterberg JV Project with JOGMEC and Mnombo.

The Toronto Stock Exchange and the NYSE MKT LLC have not reviewed and do not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Platinum Group Metals Ltd., Vancouver
R. Michael Jones, President
Platinum Group Metals Ltd., Vancouver
Kris Begic , VP, Corporate Development
(604) 899-5450 / Toll Free: (866) 899-5450

Stillwater Mining Company announced that it has entered into an agreement with Sibanye Gold Limited , under which Sibanye will acquire Stillwater for $18.00 per share in cash representing an aggregate enterprise value of $2.2 billion.

The $18.00 per share transaction price represents a 61% premium to Stillwater's volume-weighted average share price over the 52 weeks prior to the announcement of the transaction, a 25% premium to its volume-weighted share price over the 30 trading days prior to the announcement and a 23% premium to its closing share price on December 8, 2016. The transaction also represents a 14.0x multiple of IBES consensus 2017 EBITDA1 estimate.

Following a thorough review of Stillwater's strategic opportunities, including a process in which over 20 parties were contacted, the Company's Board of Directors has unanimously approved the transaction.

Mick McMullen, CEO of Stillwater Mining Company, commented:

"This compelling all-cash transaction delivers immediate value to shareholders and appropriately recognizes the value of Stillwater's high-grade and long-life assets and world-class metallurgical and PGM recycling complex, as well as Stillwater's potential for brown field expansions through the development of our Blitz and Lower East Boulder projects."

"This announcement is a testament to the significant operational and productivity improvements that Stillwater has achieved over the past several years. In particular, Sibanye recognizes the world-class nature of our asset base, our operational excellence, our skilled team, and our strong commitment to the environment and workforce safety. Sibanye has indicated its commitment to maintaining and investing in Stillwater's Montana operations and will look to leverage our best practices, industry leading mining expertise and proven ability to drive improvements and efficiencies whilst improving safety across their entire business. I would like to thank the many Stillwater employees whose hard work has transformed the company into a world-class operator with the assets and team able to deliver value over many future decades."

Transaction Details

Under the terms of the merger agreement, a US subsidiary of Sibanye has agreed to acquire all of the outstanding shares of Stillwater for $18.00 per share in cash.

The closing of the transaction is subject to certain conditions, including (1) approval of the merger agreement by the holders of a majority of Stillwater's outstanding shares, (2) approval of the transaction by the holders of a majority of Sibanye's shares present and voting, (3) the approval of the related issuance of shares by Sibanye in a rights offering by the holders of at least 75% of the shares present and voting, (4) expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 and CFIUS clearance and the approval of the South African Reserve Bank, and (5) other customary conditions. The closing of the transaction is not subject to a financing condition.

Sibanye's two largest shareholders, Gold One International Ltd. and Public Investment Corporation Ltd., which in aggregate represent 29% of Sibanye's issued share capital, have confirmed their support of the Transaction. The parties expect the closing to occur in the second quarter of 2017.

Sibanye has secured bridge financing of $2.7 billion provided by Citi and HSBC to fund the transaction consideration and repay certain existing indebtedness of Stillwater. Stillwater is required to pay a break-up fee of $16.5 million and reimburse Sibanye for up to $10 million of expenses in the event the merger agreement is terminated in certain circumstances, including if Stillwater's Board of Directors changes its recommendation in favor of the transaction and in certain other events. Sibanye is required to pay a reverse break-up fee of $33 million and reimburse Stillwater for up to $10 million of expenses in the event the merger agreement is terminated in certain circumstances, including the failure to obtain Sibanye shareholder or certain other approvals.

BofA Merrill Lynch acted as financial advisor to Stillwater, while Jones Day and Holland & Hart acted as legal counsel. Citigroup Global Markets Limited and HBSC Bank plc acted as financial advisors to Sibanye. Qinisele Resources acted as corporate advisor to Sibanye. ENSAfrica served as South African counsel to Sibanye, while Linklaters LLP served as legal counsel to Sibanye in the United States.

About Stillwater Mining Company

Stillwater Mining Company is the only U.S. miner of platinum group metals (PGMs) and the largest primary producer of PGMs outside of South Africa and the Russian Federation. PGMs are rare precious metals used in a wide variety of applications, including automobile catalysts, fuel cells, hydrogen purification, electronics, jewelry, dentistry, medicine and coinage.

The Company is engaged in the development, extraction and processing of PGMs from a geological formation in south-central Montana recognized as the J-M Reef. The J-M Reef is the only known significant source of PGMs in the U.S. and the highest-grade PGM resource known in the world. The Company also recycles PGMs from spent catalytic converters and other industrial sources. The Company owns the Marathon PGM-copper deposit in Ontario, Canada, and the Altar porphyry copper-gold deposit located in the San Juan province of Argentina. The Company's shares are traded on the New York Stock Exchange under the symbol "SWC". Information about the Company can be found at its website:


Leading platinum group metals producer, Implats, aims to take its Impala Platinum Refinery off the Eskom grid, and power the refinery using fuel cell technology, initially with the installation of an 8 MW Doosan Fuel Cell.

The project is at an advanced development stage with Doosan Fuel Cell America, Inc. (Doosan) as th e technology partner, an international equity partner, advised by Fieldstone Africa, and have entered into exclusive discussions with Implats and Pentaquark Energy to come on board as an experienced strategic partner.

The project will be funded on a limited recourse finance basis with financial close aimed at meeting the commercial operations by 1 January 2018,” said Zahed Sibda, Managing Director, Fieldstone Africa. Implats have also negotiated natural gas supply to this facility with Springs Light Gas (Pty) Ltd, a leading supplier of natural gas in Southern Africa.

Mr Nkosinathi Solomon, CEO of Spring Lights Gas (Pty) Ltd said, “We are excited to partner with Implats on this strategic initiative of national economic significance.” Phase one of the project comprising 20 Doosan fuel cells generating 8MW of power will be operational in mid-2017 with the long term goal to generate 22-30MW of power.

“Doosan is excited to be a part of the clean energy evolution in South Africa with its PureCell Model 400 combined heat and power solution,” said Eric Strayer, Vice President of international sales for Doosan. Adding that “South Africa is embracing new ways to solve their energy challenges. By deploying fuel cells as a decentralised power generation, clean energy solution, the country could become the prototype for the future of energy production.”

Commenting on the importance of this project, Fahmida Smith, Fuel Cell Coordinator at Impala Platinum Refinery said: “The development of the 8MW fuel cell is an exciting development in Implats’ move towards a carbon-neutral fuel source at its refinery. The technology uses combined heat and power to capture energy generation resulting in a significant reduction in costs over the 20 years.”

This initiative is the stepping stone of Implats’ strategic objective to fast-track local manufacturing of fuel cells and its componentry within a proposed 16-hectare tributary of the Special Economic Zone (SEZ) in the Springs region. The project in partnership with the Department of Trade and Industry, the Gauteng Industrial Development Zone and supported by the Ekurhuleni Metropolitan Municipality is a longer-term strategic investment to facilitate platinum beneficiation within South Africa.

It is also a collaborative effort by various departments of the South African Government with ties to strategic local and international partnerships through the Impala Roadmap, which aims to develop fuel cell technology to drive knowledge-based skills development and job creation and to increase foreign direct investment in South Africa. This strategy envisages partnerships with international manufacturers and in time, the backward integration of local South African sub-components.

“The Impala Roadmap represents critical steps in support of the fuel cell industry, specifically for development of manufacturing capacity in South Africa, where the predominant supply of the critical platinum componentry is mined. The opportunities identified through local manufacturing are entrenched in the roadmap through extensive collaboration between industry, government and academia in South Africa,” added Smith.

Over the long term, Implats will maintain a strong emphasis on the deployment of fuel cell technology and energy-efficiency projects. The company has invested over R100 million on energy conservation programmes and will continue to work with Eskom while participating in various demand-side management programmes and fulfilling a prominent role in developing the nascent fuel cell industry in South Africa as part of Implats’ strategic objective to demonstrate responsible stewardship.

About Implats Implats is one of the world’s foremost producers of platinum and associated platinum group metals (PGMs), producing approximately a quarter of the world's supply of primary platinum. Implats is structured around five main operations including Impala, Zimplats, Marula, Mimosa and Two Rivers, with headquarters in Johannesburg. The Group’s operations are located on the Bushveld Complex in South Africa and the Great Dyke in Zimbabwe, the two most significant PGM bearing ore bodies in the world.

Johan Theron E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
T: 011 731 9013/43
M: 082 809 0166

Alice Lourens
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
T: 011 731 9033/43
M: 082 498 3608

About Pentaquark PentaQuark Energy
PentaQuark Energy Proprietary Limited (‘PQE’) was established to focus on the execution of energy solutions in Africa with a specific focus on decentralised, distributed and networked solutions. The availability of reliable power is a fundamental requirement of industrial development and economic growth. PQE acts as a key project developer for distributed energy solutions, with specific focus on fuel cell installations. It has a depth of understanding in the execution of fuel cell solutions with the team having in excess of 50 years combined experience in the implementation and delivery and execution of fuel cell solutions, across multiple technologies. The strength in the team of experts in PQE is in the ability to commercially and technically evaluate, design and develop hybrid energy solution configurations, utilising the strengths of the technologies to optimise the economic outcome for the client.

For more information, please contact:
Nicola Kotze Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
M: 072 436 4480

About Fieldstone Africa
Fieldstone Africa is the leading independent investment bank and financial services provider in energy and infrastructure in Africa. Fieldstone Africa draws on the global resources and heritage of Fieldstone in providing services to its clients, who range from private developers and large corporations to governments and multilateral institutions. Fieldstone Africa is, by means of its network and global reach, positioned to connect Africa with the world’s capital markets. In every element of its service, Fieldstone Africa provides local insight coupled with product and performance of the highest international standard.

For more information, please contact: Zahed Sibda
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
T: 011 775 2000
M: 074 786 6555

About Spring Lights Gas (Pty) Ltd
Spring Light Gas (Pty) Ltd (SLG) is a black empowered gas trader that commenced its operations in 2002. Over the years the business has grown in leaps and bounds. SLG is the second largest pipedgas traders and the largest supplier of Compressed Natural Gas (CNG) to industrial and commercial companies in Southern Africa. SLG addresses the growing needs for efficient energy solutions. The company also ensures that all customers are adequately served to meet their respective business energy requirements.

For more information, please contact:
E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.
T: 031 812 0558

M: 082 467 6778

About Doosan Fuel Cell America, Inc.
Doosan Fuel Cell America, Inc. (Doosan) is a subsidiary of Doosan Corporation, a South Korea-based industrial company founded in 1896 that has current operations in 38 countries and has been a Fortune Global 2000 company since 2007. Doosan, headquartered in South Windsor, Connecticut, designs, engineers, manufactures and services their fuel cells for commercial and industrial applications. Doosan is the U.S. arm of the Doosan Fuel Cell Business Group and focuses on 440-kilowatt phosphoric acid fuel cells capable of supplying combined heat and power to building and utility systems. With its focus on innovation and technology leadership, Doosan’s stated vision is to be the global leader in the fuel cell industry.

For more information about Doosan, please visit

Taseko Mines Limited is pleased to announce that recently completed technical work on the Florence Copper Project has resulted in a significant improvement in project economics.

Russell Hallbauer, President and CEO of Taseko, stated, “In addition to the permitting milestones achieved over the past months, we are very pleased with the outcome of the latest engineering work which has increased the net present value (NPV) of the project to US$920 million. Contributing to the higher NPV is an 11% increase in average annual copper production, combined with slightly lower operating costs and pre-production capital. With annual copper production of 81 million pounds and pre-production capital of US$200 million, Florence Copper is one of the least capital intensive copper projects in the world.”

Project Highlights:

  1. Pre-tax net present value of US$920 million at a 7.5% discount rate
  2. Pre-tax internal rate of return of 44% with a 2.3 year payback
  3. Operating costs of US$1.10 per pound LME grade cathode copper
  4. Total life of mine production in excess of 1.7 billion pounds of copper
  5. Average annual production of 81 million pounds of copper for the life of mine 21 year mine life
  6. Total pre-production capital cost of US$200 million
  7. Long-term copper price of US$3.00 per pound

“Two important parameters for any copper leaching process are copper recovery and acid consumption,” continued Mr. Hallbauer. “The copper recovery estimate of 70% from the 2013 technical report as well as the acid consumption estimate have both been confirmed with the more detailed testing.”

“As we continue to perform additional technical work on our Florence Copper Project, the project is not only being de-risked, but operational and environmental attributes which were already very strong, are improving. It is our goal to commence construction on the production test facility in 2017 and advance this project towards being a second cash-flowing asset for Taseko,” concluded Mr. Hallbauer.

Since Taseko’s acquisition of the Florence Copper Project, two important project development initiatives have been finalized which verify and expand upon the extensive technical work undertaken by the previous owners. A two-year long in-series pressurized cell leach test was completed. This test was designed to more closely replicate in-situ leaching conditions and provide information on a larger scale than previous leach tests. The results have verified and greatly increased the confidence in the metallurgical input data used to simulate the performance of the project once it reaches production. In parallel with the leach test, an optimization of the project well field development sequence was performed. The entire project was then re-simulated and re-costed using updated inputs including the verified leach performance data.

The well field sequence developed for the optimized project plan increases copper production in the first five years of operations by 50%, compared with the previous project plan, and requires less preproduction capital than previously estimated.

The changes to the development plan have also resulted in an increase in the Florence Copper ore reserves. There was no change to the mineral resources.

For further information on Taseko, please visit the Taseko website at
or contact: 
Brian Bergot,
Vice President,
Investor Relations -
778-373-4533 or
toll free 1-877-441-4533

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