Taseko and Tŝilhqot'in Nation Extend Standstill to Continue Dialogue

Rhea-AI Summary

Taseko Mines Limited (TGB) announces the extension of its standstill agreement with the Tŝilhqot'in Nation for one additional year. This decision follows a constructive dialogue aimed at resolving ongoing conflicts regarding the New Prosperity gold-copper project. The talks were initially initiated in late 2019, with delays due to the COVID-19 pandemic. The extension allows both parties to continue discussions, reflecting Taseko's commitment to addressing the Nation's concerns while pursuing its commercial interests.

Positive

• Extension of standstill agreement allows for continued dialogue with Tŝilhqot'in Nation.
• Progress made in negotiations regarding the New Prosperity project.

Negative

• Delays in negotiations caused by COVID-19 pandemic.
• Ongoing conflict concerning the New Prosperity project may impact future operations.

VANCOUVER, BC, Dec. 7, 2020 /PRNewswire/ - Taseko Mines Limited (TSX: TKO) (NYSE American: TGB) (LSE: TKO) ("Taseko" or the "Company") is pleased to announce the following:

In late 2019 the Tŝilhqot'in Nation, as represented by Tŝilhqot'in National Government, and Taseko Mines Limited entered into a confidential dialogue, facilitated by the Province of British Columbia, to try to obtain a long-term solution to the conflict regarding Taseko's proposed gold-copper mine currently known as New Prosperity, acknowledging Taseko's commercial interests and the Tŝilhqot'in Nation's opposition to the Project.

The dialogue was supported by the parties' agreement, on December 7, 2019, to a one-year standstill on certain outstanding litigation and regulatory matters that relate to Taseko's tenures and the area in the vicinity of Teztan Biny (Fish Lake).

The Covid-19 pandemic delayed the commencement of the dialogue for several months, but the Tŝilhqot'in Nation and Taseko have made progress in establishing a constructive dialogue. They have agreed to extend the standstill for a further year so they can continue this dialogue.

Russell Hallbauer
Chief Executive Officer and Director

No regulatory authority has approved or disapproved of the information contained in this news release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This document contains "forward-looking statements" that were based on Taseko's expectations, estimates and projections as of the dates as of which those statements were made. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "outlook", "anticipate", "project", "target", "believe", "estimate", "expect", "intend", "should" and similar expressions.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the Company's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These included but are not limited to:

• uncertainties about the effect of COVID-19 and the response of local, provincial, federal and international governments to the threat of COVID-19 on our operations (including our suppliers, customers, supply chain, employees and contractors) and economic conditions generally and in particular with respect to the demand for copper and other metals we produce;
• uncertainties and costs related to the Company's exploration and development activities, such as those associated with continuity of mineralization or determining whether mineral resources or reserves exist on a property;
• uncertainties related to the accuracy of our estimates of mineral reserves, mineral resources, production rates and timing of production, future production and future cash and total costs of production and milling;
• uncertainties related to feasibility studies that provide estimates of expected or anticipated costs, expenditures and economic returns from a mining project;
• uncertainties related to the ability to obtain necessary licenses permits for development projects and project delays due to third party opposition;
• uncertainties related to unexpected judicial or regulatory proceedings;
• changes in, and the effects of, the laws, regulations and government policies affecting our exploration and development activities and mining operations, particularly laws, regulations and policies;
• changes in general economic conditions, the financial markets and in the demand and market price for copper, gold and other minerals and commodities, such as diesel fuel, steel, concrete, electricity and other forms of energy, mining equipment, and fluctuations in exchange rates, particularly with respect to the value of the U.S. dollar and Canadian dollar, and the continued availability of capital and financing;
• the effects of forward selling instruments to protect against fluctuations in copper prices and exchange rate movements and the risks of counterparty defaults, and mark to market risk;
• the risk of inadequate insurance or inability to obtain insurance to cover mining risks;
• the risk of loss of key employees; the risk of changes in accounting policies and methods we use to report our financial condition, including uncertainties associated with critical accounting assumptions and estimates;
• environmental issues and liabilities associated with mining including processing and stock piling ore; and
• labour strikes, work stoppages, or other interruptions to, or difficulties in, the employment of labour in markets in which we operate mines, or environmental hazards, industrial accidents or other events or occurrences, including third party interference that interrupt the production of minerals in our mines.

For further information on Taseko, investors should review the Company's annual Form 40-F filing with the United States Securities and Exchange Commission www.sec.gov and home jurisdiction filings that are available at www.sedar.com, including the "Risk Factors" included in our Annual Information Form.

View original content:http://www.prnewswire.com/news-releases/taseko-and-tilhqotin-nation-extend-standstill-to-continue-dialogue-301187761.html

SOURCE Taseko Mines Limited

FAQ

What is the recent news about Taseko Mines (TGB)?

Taseko Mines announced an extension of the standstill agreement with the Tŝilhqot'in Nation for further dialogue regarding the New Prosperity project.

Why was the standstill agreement extended for Taseko Mines (TGB)?

The agreement was extended to allow Taseko and the Tŝilhqot'in Nation to continue constructive discussions aimed at resolving conflicts over the New Prosperity project.

How has COVID-19 affected Taseko Mines (TGB) negotiations?

The COVID-19 pandemic delayed the commencement of negotiations between Taseko and the Tŝilhqot'in Nation.

When was the original standstill agreement for Taseko Mines (TGB) established?

The original standstill agreement was set on December 7, 2019.

What is the significance of the New Prosperity project for Taseko Mines (TGB)?

The New Prosperity project represents Taseko's commercial interests in gold and copper mining, but it faces opposition from the Tŝilhqot'in Nation.