To advance the sale of its Fish Lake copper-gold project in British Columbia, Taseko Mines (VSE) has retained Toronto Dominion Securities as financial adviser and agent.
Several international mining companies are being targeted as potential buyers.
The deposit contains a minable reserve of 675 million tonnes grading 0.434 grams gold per tonne and 0.236% copper. The overall stripping ratio is 1.57-to-1.
A prefeasibility study projects annual output of 222,000 oz. gold and 99 million lb. copper over a 31-year mine life. These estimates are based on a dailing milling rate of 60,000 tonnes, and recoveries of 73.2% for gold and 87.3% for copper.
Net of copper credits (assuming a copper price of US$1 per lb. and a 73 cents dollar), cash costs per ounce of gold produced are estimated at US$147.
The mine’s capital cost is projected at US$336 million, including contingency and working capital.
Taseko has 12.3 million shares outstanding, giving it a market capitalization of just over $120 million, based on its recent trading level at $10 per share.
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