{"id":570,"date":"2017-09-25T21:21:51","date_gmt":"2017-09-25T21:21:51","guid":{"rendered":"https:\/\/florencecopper.com\/?p=570"},"modified":"2024-03-07T16:57:50","modified_gmt":"2024-03-07T16:57:50","slug":"taseko-announces-permitting-success-and-board-approval-for-construction-of-florence-copper-test-facility","status":"publish","type":"post","link":"https:\/\/florencecopper.com\/2017\/09\/25\/taseko-announces-permitting-success-and-board-approval-for-construction-of-florence-copper-test-facility\/","title":{"rendered":"Taseko Announces Permitting Success And Board Approval For Construction Of Florence Copper Test Facility"},"content":{"rendered":"

September 25, 2017, Vancouver, BC<\/strong> \u2013 Taseko Mines Limited (TSX: TKO; NYSE American: TGB) (\u201cTaseko\u201d or the \u201cCompany\u201d) announces that the Environmental Appeals Board (EAB) of the Environmental Protection Agency (EPA) has issued an order denying any further review of the Underground Injection Control (UIC) Permit granted in 2016 for Taseko\u2019s Florence Copper Project. In the September 22, 2017 decision, the EAB found that the petitioners failed to demonstrate any errors were made in issuing the federal permit.<\/p>\n

Coinciding with this permitting decision, Taseko\u2019s Board of Directors has given management approval to move forward with the construction of a Production Test Facility (PTF). Estimated remaining costs to construct the PTF are US$25 million.<\/p>\n

\u201cWe are very pleased with the Environmental Appeals Board decision, which is another significant milestone for our Florence Copper Project. We now have all necessary state and federal permits in place to build and operate the PTF,\u201d commented Russell Hallbauer, President and CEO of Taseko.<\/p>\n

\u201cOur Board of Directors, after a thorough review of current market conditions, the Company\u2019s financial position and the status of permitting in Arizona, have endorsed management\u2019s view that the best course of action is to accelerate the construction of the PTF,\u201d continued Mr. Hallbauer. \u201cOver the past year, Florence personnel have been advancing on-the-ground activities and have spent roughly US$4 million specific to the PTF. With major components already on site, the timeline to having the test facility operational is in the latter half of 2018 and involves the construction of an SX\/EW facility and the drilling of observation, injection and recovery wells.\u201d<\/p>\n

\u201cAt US$4,700 per ton of installed capacity, Florence Copper is one of the lowest capital intensity copper projects in the world. The economics of the Project are too compelling for us to not be rapidly advancing the project towards commercial production, especially as a significant global copper deficit approaches. Successful operation of the PTF will be a major step towards realizing the US$920 million net present value of the project. As we continue to move towards commercial production, we fully expect this value to be reflected in our share price,\u201d concluded Mr. Hallbauer.<\/p>\n

In January of this year, the results from two additional years of engineering work and technical studies were announced, which enhanced project economics even further than the original feasibility study.<\/p>\n

Project Highlights:<\/p>\n