Resource World Magazine

MiN i N g TASEKO MINES milestone – Environmental Impact Statement submitted for the New Prosperity Project by Kathrine Moore More than a year after work was stopped at Taseko Mines' Ltd. [TKO-TSX; TGBNYSE Amex] New Prosperity Project, 125 miles southwest of Williams Lake, the temporary injunction preventing the company from undertaking routine exploration work on the New Prosperity site pending a BC Supreme Court Judicial Review, was vacated by court order. In February 2012, Taseko recommenced work at the property in order to obtain information required for the federal environmental assessment of the proposed New Prosperity Project. The project, (originally called Prosperity), was approved by the province following a provincial environmental assessment, but it was turned down by the federal government following a separate federal environmental assessment. The federal government said it was not opposed to the mining of the Prosperity deposit; if Taseko addressed the concerns identified in their environmental assessment they would again review the project. On September 26, 2012 Taseko announced a major milestone – the submission of its Environmental Impact Statement for the New Prosperity Project to the three-member review panel established for the federal environmental assessment of the project. Russell Hallbauer, President and CEO of Taseko said, "We are committed to the responsible development of New Prosperity and will invest an additional $300 million to ensure the protection of Fish Lake and address concerns raised by the previous federal review panel in 2010." Taseko reports that, "New Prosperity addresses the federal concerns and Taseko's newly submitted Environmental Impact Statement (EIS) details how those concerns are addressed. The conclusion 44 www.resourceworld.com reached in the EIS is that there will be no significant, adverse, environmental effects from the project. New Prosperity represents an additional $300 million commitment to environmental responsibility." Brian Battison, Vice President, Corporate Affairs, Taseko Mines said, "Completing the EIS represents a significant milestone … the final steps in the review can now be taken." Two steps remain in the EA process. A panel will conduct public hearings and then write and submit a report. When those steps are taken and depending on how that process concludes, it is up to the Federal Government and their Review Panel. Battison said, "Significant community and regional support exists for the project. People want and need this project to succeed. He said New Prosperity has significant value for BC and Canada. New Prosperity represents a $1.1 billion investment; it will increase federal government revenues by $4.30 billion and provincial government revenues by $5.52 billion. The project is expected to generate $11 billion in gross domestic product for Canada and will add 57,000 person years of employment to the economy (cumulative job impact: 71,000). He said that Taseko expects the project to be approved by the federal government The Taseko website describes the EIS. "The 1,500 page volume describes in precise scientific detail every aspect of the company's plans to manage and minimize environmental impacts during the construction, operation, and closure of the proposed $1.1 billion gold-copper mine which would take two years to build and would operate for 20 years. One of the core elements of the Environmental Impact Statement is the $300 million preservation of Fish Lake." This preservation strategy is illustrated in a water management video accessible at newprosperityproject.ca. On September 27, 2012, the New Prosperity federal review panel extended an invitation to the public to comment on the Taseko EIS. During a 45-day comment period, written comments from aboriginal groups, the public, governments and other participants will be accepted. The invitation informs participants that, "all comments will be considered public and posted on the online registry for this project." The public will be given the opportunity to voice their opinions at a public hearing if the federal review panel deems the EIS sufficient based on its review of the study and after reviewing all submitted written comments. The deadline for submitting comments is November 11, 2012. The EIS and the EIS Guidelines, along with more information on this project, are available on the Canadian Environmental Assessment Registry at www.ceaaacee.gc.ca, registry number 63928. Comments on Taseko's EIS can be sent to NewProsperityReview@ceaa-acee.gc.ca. Taseko's operates its (75%-owned) Gibraltar copper-molybdenum mine, located in south-central British Columbia, the second largest open pit copper mine in Canada with an annual copper production capacity of 115 million pounds. In May 2012, Taseko announced the signing of an agreement with the Tsay Keh Dene to support the exploration program and environmental studies for the development of its Aley niobium project in northeastern British Columbia. Taseko also has the Harmony gold project located on Graham Island, Haida Gwaii, British Columbia. n NOVEMBER 2012

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