March 3 2017, Vancouver, BC – Taseko Mines Limited (TSX: TKO; NYSE MKT: TGB) (“Taseko” or the “Company”) is pleased to announce that it has closed the previously announced US$33 million streaming agreement with Osisko Gold Royalties Ltd (“Osisko”) for Taseko’s 75% share of payable silver production from the Gibraltar Mine.
Under the terms of the silver stream, Taseko has received an upfront deposit of US$33 million (C$44 million) for 100% of its share of Gibraltar payable silver production until 5.9 million ounces have been delivered, which is approximately equivalent to Taseko’s share of the silver in the current proven and probable reserves. After that threshold has been met, 35% of Taseko’s share of all future silver production will be delivered to Osisko. Osisko will pay US$2.75 per ounce for all the silver deliveries made under the contract. Additionally, Osisko has been granted warrants for three million common shares of Taseko with a strike price of C$2.74 per share (based on a 50% premium to the 10-day VWAP prior to closing). The warrants will expire on April 1, 2020.
For further information on Taseko, please visit the Taseko website at www.tasekomines.com or contact:
Brian Bergot, Vice President, Investor Relations – 778-373-4533 or toll free 1-877-441-4533
President and CEO
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:
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.