Taseko Mines to acquire 12.5% interest in the Gibraltar Mine from Sojitz

Taseko Mines announced that it has entered into a definitive agreement to acquire an additional 12.5% interest in the Gibraltar Mine from Sojitz Corporation. Gibraltar is operated through a joint venture which is owned 75% by Taseko and 25% by Cariboo Copper. Under the terms of the Agreement, Taseko will acquire Sojitz’s 50% interest in Cariboo, and will then hold an effective 87.5% interest in the Gibraltar Mine. The acquisition price consists of a minimum amount of C$60M payable over a five-year period and potential contingent payments depending on Gibraltar mine revenues and copper prices over the next five years. An initial C$10M will be paid to Sojitz upon closing and the remaining minimum amount will be paid in C$10 million annual instalments over the next five years. Closing of the transaction is subject to customary conditions, including regulatory approvals, and is expected to occur in a timely manner.