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<SEC-DOCUMENT>0000878518-06-000014.txt : 20060811
<SEC-HEADER>0000878518-06-000014.hdr.sgml : 20060811
<ACCEPTANCE-DATETIME>20060810175311
ACCESSION NUMBER:		0000878518-06-000014
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20060810
FILED AS OF DATE:		20060811
DATE AS OF CHANGE:		20060810

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TASEKO MINES LTD
		CENTRAL INDEX KEY:			0000878518
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		061022481

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1020
		STREET 2:		800 WEST PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2V6
		BUSINESS PHONE:		604-684-6365

	MAIL ADDRESS:	
		STREET 1:		SUITE 1020
		STREET 2:		800 WEST PENDER STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 2V6
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tko6k_081006.htm
<DESCRIPTION>PRESS RELEASE AUGUST 10, 2006 - Q3
<TEXT>
<html>
<head>
<title>Taseko Reports Quarterly Operating Profit of $18.3 Million and Earnings of $4.1 Million for Third Quarter</title>    </head>
<body lang=EN-US link=blue vlink=purple>
<div class=Section1>
  <p align="center"><font size="3" face="Arial, Helvetica, sans-serif"><br>
    &nbsp; <br>
    <strong><font size="4">&nbsp; <br>
    UNITED STATES <br>
    SECURITIES AND EXCHANGE COMMISSION </font></strong><br>
    Washington, DC 20549 <br>
    &nbsp; <br>
    <font size="4">&nbsp; <br>
    <b>FORM 6-K</b> </font><br>
    &nbsp; <br>
    &nbsp; <br>
    Report of Foreign Private Issuer <br>
    Pursuant to Rule 13a-16 or 15d-16 <br>
    of the Securities Exchange Act of 1934 <br>
    &nbsp; <br>
    &nbsp; <br>
    <b>CIK # 878518</b> <br>
    &nbsp; <br>
    &nbsp; <br>
    As at August 10, 2006 <br>
    &nbsp; <br>
    &nbsp; <br>
    <b> <u><font size="4">TASEKO MINES LIMITED</font></u></b> <br>
    <b>800 West Pender Street, Suite 1020</b> <br>
    <b>Vancouver</b> <b>, British Columbia</b> <br>
    <b>Canada</b> <b> V6C 2V6</b> <br>
    &nbsp; <br>
    &nbsp; <br>
    Indicate by check mark whether the registrant files or will file annual reports
    under cover Form 20-F or Form 40-F. <br>
    &nbsp; <br>
    Form 20-F...X.... Form 40-F......... <br>
    &nbsp; <br>
    Indicate by check mark if the registrant is submitting the Form 6-K in paper
    as permitted by Regulation S-T Rule 101(b)(1): ____ <br>
    &nbsp; <br>
    &nbsp; <br>
    Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of
    a Form 6-K if submitted solely to provide an attached annual report to security
    holders. <br>
    &nbsp; <br>
    &nbsp; <br>
    Indicate by check mark if the registrant is submitting the Form 6-K in paper
    as permitted by Regulation S-T Rule 101(b)(7): ____ <br>
    &nbsp; <br>
    &nbsp; <br>
    Indicate by check mark whether by furnishing the information contained in
    this Form, the registrant is also thereby furnishing the information to the
    Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
    1934. <br>
    &nbsp; <br>
    Yes ..... No ..... <br>
    &nbsp; <br>
    If &quot;Yes&quot; is marked, indicate below the file number assigned to the
    registrant in connection with Rule 12g3-2(b): 82- ________ <br>
    &nbsp; <br>
    Signatures <br>
    Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant
    has duly caused this report to be signed on its behalf by the undersigned,
    thereunto duly authorized. <br>
    &nbsp; <br>
    &nbsp; <br>
    By: /s/ Jeffrey R. Mason <br>
    Director and Chief Financial Officer <br>
    &nbsp; <br>
    Date: August 10, 2006 <br>
    &nbsp; <br>
    Print the name and title of the signing officer under his signature. <br>
    &nbsp; <br>
    --------------- <br>
    <b><font size="4">Taseko Mines Limited</font></b> <br>
    <b>&nbsp;</b> <b>1020 - 800 W Pender St.</b> <br>
    <b>Vancouver BC</b> <br>
    <b>Canada V6C 2V6</b> <br>
    <b>Tel 604 684 - 6365</b> <br>
    <b>Fax 604 684 - 8092</b> <br>
    <b>Toll Free 1 800 667 - 2114</b> <br>
    <b>http://www.tasekomines.com</b> <br>
    &nbsp; <br>
    <strong>TASEKO REPORTS QUARTERLY OPERATING PROFIT OF $18.3 MILLION AND <br>
    EARNINGS OF $4.1 MILLION FOR THIRD QUARTER </strong></font> </p>
  <p align="justify"> <b><font size="3" face="Arial, Helvetica, sans-serif">August
    10, 2006, Vancouver, BC </font></b><font size="3" face="Arial, Helvetica, sans-serif">&#45;
    Taseko Mines Limited (TSX: TKO; AMEX: TGB) announces its financial results
    for the quarter ending June 30, 2006, including production and sales for the
    <b>Gibraltar Mine</b> located near Williams Lake in south-central British
    Columbia. </font></p>
  <p align="center"><font size="3" face="Arial, Helvetica, sans-serif"> <strong>Overview
    &amp; Highlights</strong> </font></p>
  <p align="justify"><font size="3" face="Arial, Helvetica, sans-serif">The Company
    had operating profit of $18.3 million for the third quarter and $33.8 million
    for the first nine months of the fiscal year. After tax earnings for the quarter
    and nine-month period were $4.1 million and $13.9 million, respectively. <br>
    &nbsp; <br>
    The following are the third quarter results of operations for the <b>Gibraltar
    Mine</b>. </font></p>
  <div align="justify"><font size="3" face="Arial, Helvetica, sans-serif">- Revenues
    of $54.8 million and $5.2 million realized from the sale of copper and molybdenum.
    <br>
    -</font><font size="3" face="Arial, Helvetica, sans-serif"> Average price
    realized for copper and molybdenum were US$3.08 per pound and US$24.81 per
    pound, respectively. <br>
    - Copper production was 10.1 million pounds in concentrate. </font><br>
    - <font size="3" face="Arial, Helvetica, sans-serif">Copper sales of 16.0
    million pounds in 29,129 wet metric tonnes (WMT) of concentrate. </font><br>
    - <font size="3" face="Arial, Helvetica, sans-serif">Molybdenum production
    was 169 thousand pounds in concentrate. </font><br>
    - <font size="3" face="Arial, Helvetica, sans-serif">Molybdenum sales of 186
    thousand pounds in 185.6 WMT of concentrate.</font></div>
  <p align="justify"><font size="3" face="Arial, Helvetica, sans-serif"> Work
    continued during the quarter on the expansion and upgrade to the concentrator
    facility at Gibraltar with engineering and procurement on schedule. Engineering
    is approximately 30% complete, orders have been placed for the major components,
    and the tendering process is underway for major contractors. The project will
    increase the annual production capacity of the Gibraltar mine from 70 million
    pounds to 100 million pounds of copper by 2008. <br>
    &nbsp; <br>
    Rehabilitation of Gibraltar&#39;s solvent extraction and electrowinning (SX-EW)
    plant began in April. The rehabilitation project is on schedule and on budget.
    The plant is expected to be operational by the fall of 2006, with the capacity
    to produce 7 million pounds of copper in cathode annually. <br>
    &nbsp; <br>
    Since March 2006, 62 diamond drill holes, totalling 18,000 metres, have been
    completed at Gibraltar. The drilling program is designed to expand information
    on the mineral resources located near current mineral reserves in order to
    update the geological and mine models. Work so far is confirming the continuity
    of the mineralization. It is expected that completion of modelling and new
    mine plan development will allow conversion of additional measured and indicated
    resources to proven and probable reserves. <br>
    &nbsp; <br>
    In July 2006, Taseko announced that it had given notice of withdrawal for
    the joint venture established with Ledcor CMI Ltd. Effective November 5, 2006,
    Taseko will assume responsibility for all matters in connection with the Gibraltar
    Mine. <br>
    &nbsp; <br>
    The update of the feasibility study for the <b>Prosperity gold-copper project</b>
    is progressing with the completion of scoping level studies for the mill redesign
    and mill operating and capital costs. Additional scoping studies are underway
    to assess optimal designs of the tailings impoundment system and to review
    mining and infrastructure costs. <br>
    &nbsp; <br>
    The Prosperity Project Environmental Impact Assessment is well underway with
    ongoing ground and research work being performed, designed to complete earlier
    baseline data and studies in the biophysical, socio-economic, archeological,
    and traditional use fields. The Environmental Assessment Report is scheduled
    to be substantially complete by the spring of 2007. <br>
    &nbsp; <br>
    Taseko also announced today that it had agreed to offer approximately US$30
    million in principal amount of five year convertible bonds to accredited institutional
    investors outside of North America. The Bonds will constitute direct, unsubordinated,
    unsecured, interest bearing obligations of Taseko. The net proceeds from the
    issue will be used for investments into its producing assets in order to promote
    further growth of the Company. </font></p>
  <p align="center"><font size="3" face="Arial, Helvetica, sans-serif"> <strong>Gibraltar
    Mine </strong></font> </p>
  <font size="3" face="Arial, Helvetica, sans-serif"><em><strong>Third Quarter
  Production Results</strong></em></font>
  <div align="justify">
    <p><font size="3" face="Arial, Helvetica, sans-serif">The following table
      is a summary of the operating statistics for the current quarter (Q3 - 2006)
      compared to the previous quarter (Q2 - 2006), and the same quarter in the
      previous year (Q3 - 2005). </font></p>
    </div>
  &nbsp;
  <table width=528 border=1 align="center" cellpadding=0 cellspacing=3 class=MsoNormalTable  style=&#39;width:5.5in;margin-left:41.4pt;border:inset 1.0pt&#39;>
    <tr bgcolor="#FFCC66">
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;background:   #E6E6E6;padding:0in 5.4pt 0in 5.4pt&#39;><div align="center"><b>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          &nbsp; </font></b></div></td>
      <td width=96 valign=top style=&#39;width:1.0in;border:outset 1.0pt;background:   #E6E6E6;padding:0in 5.4pt 0in 5.4pt&#39;><div align="center"><b>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          Q3 - 2006 </font></b></div></td>
      <td width=96 valign=top style=&#39;width:1.0in;border:outset 1.0pt;background:   #E6E6E6;padding:0in 5.4pt 0in 5.4pt&#39;><div align="center"><b>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          Q2 - 2006 </font></b></div></td>
      <td width=96 valign=top style=&#39;width:1.0in;border:outset 1.0pt;background:   #E6E6E6;padding:0in 5.4pt 0in 5.4pt&#39;><div align="center"><b>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          Q3 - 2005 </font></b></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Total tons mined (millions)* </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          8.8 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          9.9 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          10.3 </font></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Tons of ore milled (millions) </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          2.4 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          2.7 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          3.1 </font></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Stripping ratio </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          2.68 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          2.80 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          2.38 </font></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Copper grade (%) </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          0.265 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          0.300 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          0.314 </font></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Molybdenum grade (%MoS <sub>2</sub>) </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          0.015 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          0.017 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          0.018 </font></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Copper recovery (%) </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          79.6 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          79.7 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          80.8 </font></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Molybdenum recovery (%) </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          38.3 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          42.7 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          26.5 </font></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Copper production (millions lb) </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          10.1 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          12.8 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          15.5 </font></div></td>
    </tr>
    <tr>
      <td width=240 valign=top style=&#39;width:2.5in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
        <font size="2" face="Arial, Helvetica, sans-serif"><br>
        Molybdenum production (thousands lb) </font></i></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          169 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          231 </font></div></td>
      <td width=96 style=&#39;width:1.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
        <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
          176 </font></div></td>
    </tr>
  </table>
  <div align="justify"><br>
    <font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Total
    tons mined includes sulphide ore, oxide ore, low grade stockpile material,
    overburden, and waste rock which were &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;moved
    from within pit limit to outside pit limit during the period. </font><font size="3" face="Arial, Helvetica, sans-serif"><br>
    &nbsp; <br>
    Total tons mined in the current quarter were lower than the previous quarter
    as a result of low shovel availability in April and an unscheduled five day
    shutdown of mine operations at the end of June as a result of the failure
    of the primary crusher. <br>
    &nbsp; <br>
    Copper produced in concentrate during the third quarter was 10.1 million pounds.
    This decrease from the previous quarter is a result of the mill being shut
    down as the primary crusher was inoperable for fifteen days near the end of
    the quarter as a result of a failure of the main bearing. The mill was able
    to continue to operate for a time by drawing from the fine ore inventory but
    was unable to continue after the fine ore bin was depleted. Copper production
    was also negatively affected as mining occurred in a lower grade portion of
    the pit. <br>
    &nbsp; <br>
    Molybdenum production was similarly affected. Molybdenum produced in concentrate
    during the quarter was 169 thousand pounds, a decrease from that produced
    in the previous quarter. <br>
    &nbsp; <br>
    Cost per pound of copper produced increased for the quarter due to the reduced
    metal production and unplanned expenditures on crusher repairs. The crusher
    down time accounted for an overall delay in production of approximately 2.5
    million pounds of copper and 40 thousand pounds of molybdenum. The lost metal
    production resulted in an increase to unit cost of approximately US$0.37 per
    pound of copper produced, exclusive of repair costs. <br>
    &nbsp; <br>
    On-site costs included higher than deposit average stripping as well as closure
    and reclamation costs. Off-site costs included the disputed price participation
    amount currently being deducted by Glencore Ltd. Price participation for the
    third quarter added approximately US$3.4 million, or roughly an extra US$0.21
    per pound, to off-site costs. The total amount under dispute at quarter end
    is approximately US$9 million. An arbitration hearing was held in London,
    UK during June and the arbitrator&#39;s ruling is expected in August. <br>
    <br>
    There were no lost time accidents during the quarter. At the end of the quarter,
    the operation employed 281 people. <br>
    <b> <i>&nbsp;</i></b> <br>
    <b> <em>Gibraltar</em></b> <em><b> Production and Forecast</b> </em><br>
    &nbsp; <br>
    The forecasted copper and molybdenum production for fiscal 2006 is estimated
    to be between 48-50 million pounds of copper and 820-850 million pounds of
    molybdenum. Forecast production and costs are illustrated below: </font><br>
    &nbsp; </div>
  <div align=center>
    <table class=MsoNormalTable border=1 cellspacing=3 cellpadding=0  style=&#39;border:inset 1.0pt&#39;>
      <tr bgcolor="#FFCC66">
        <td width=288 style=&#39;width:3.0in;border:outset 1.0pt;background:#E6E6E6;   padding:0in 5.4pt 0in 5.4pt&#39;><b>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          &nbsp; </font></b></td>
        <td width=89 valign=top style=&#39;width:67.05pt;border:outset 1.0pt;background:   #E6E6E6;padding:0in 5.4pt 0in 5.4pt&#39;><div align="center"><b>
            <font size="2" face="Arial, Helvetica, sans-serif"><br>
            Q1 (A) </font></b></div></td>
        <td width=89 valign=top style=&#39;width:67.05pt;border:outset 1.0pt;background:   #E6E6E6;padding:0in 5.4pt 0in 5.4pt&#39;><div align="center"><b>
            <font size="2" face="Arial, Helvetica, sans-serif"><br>
            Q2 (A) </font></b></div></td>
        <td width=89 valign=top style=&#39;width:67.05pt;border:outset 1.0pt;background:   #E6E6E6;padding:0in 5.4pt 0in 5.4pt&#39;><div align="center"><b>
            <font size="2" face="Arial, Helvetica, sans-serif"><br>
            Q3 (A) </font></b></div></td>
        <td width=89 valign=top style=&#39;width:67.05pt;border:outset 1.0pt;background:   #E6E6E6;padding:0in 5.4pt 0in 5.4pt&#39;><div align="center"><b>
            <font size="2" face="Arial, Helvetica, sans-serif"><br>
            Q4 (F) </font></b></div></td>
      </tr>
      <tr>
        <td width=288 style=&#39;width:3.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          Copper (millions lb) </font></i></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            13.4 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            12.8 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            10.1 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            12 to 14 </font></div></td>
      </tr>
      <tr>
        <td width=288 style=&#39;width:3.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          Molybdenum (thousands lb) </font></i></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            223 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            231 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            169 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            200 to 225 </font></div></td>
      </tr>
      <tr style=&#39;height:22.9pt&#39;>
        <td width=288 style=&#39;width:3.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt;   height:22.9pt&#39;><i>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          Copper production costs, net of by product credits<sup>1</sup>, per
          lb of copper </font></i></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt;   height:22.9pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$1.10<sup>2</sup> </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt;   height:22.9pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$1.07<sup>2</sup> </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt;   height:22.9pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$1.50<sup>3</sup> </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt;   height:22.9pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$1.00 to US$1.15 </font></div></td>
      </tr>
      <tr>
        <td width=288 style=&#39;width:3.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          Off Property Costs for transport, treatment (smelting &amp; refining)
          &amp; sales per lb of copper<sup>4</sup> </font></i></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$0.33 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$0.43 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$0.50 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$0.50 </font></div></td>
      </tr>
      <tr>
        <td width=288 style=&#39;width:3.0in;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;><i>
          <font size="2" face="Arial, Helvetica, sans-serif"><br>
          Total cash costs of production per lb of copper </font></i></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$1.43 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$1.50 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$2.00 </font></div></td>
        <td width=89 style=&#39;width:67.05pt;border:outset 1.0pt;padding:0in 5.4pt 0in 5.4pt&#39;>
          <div align="right"><font size="2" face="Arial, Helvetica, sans-serif"><br>
            US$1.50 to US$1.65 </font></div></td>
      </tr>
    </table>
  </div>
  <div align="justify">
    <p> <sup><font size="2" face="Arial, Helvetica, sans-serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1</font></sup><font size="2" face="Arial, Helvetica, sans-serif">The
      by-product credit is based on pounds of molybdenum sold. he forecast production
      costs for 2006 are based on a molybdenum sales &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;price
      of US$25 per pound for the first quarter and US$20 per pound for the remainder
      of the year. <br>
      <sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2</sup>Excludes
      mining equipment lease costs but includes contractor overhead costs. <br>
      <sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3</sup>Includes
      contractor overhead costs. Copper production cost for Q3 is approximately
      US$0.37/lb above plan as a result of lost production &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;as
      a result of primary crusher failure. <br>
      <sup>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4
      </sup>Off-property costs are affected by price participation assessments
      applied by Glencore Ltd. Should the outstanding dispute be concluded &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;in
      Taseko&#39;s favour, off-property costs will decrease in Q4. </font></p>
    <p align="center"><font size="3" face="Arial, Helvetica, sans-serif"><strong>Prosperity
      Project </strong></font></p>
    <p><font size="3" face="Arial, Helvetica, sans-serif"> Taseko holds a 100%
      interest in the Prosperity property, located approximately 125 kilometres
      southwest of the City of Williams Lake in south-central British Columbia.
      The Company carried out extensive exploration, engineering, mine planning,
      environmental and socio-economic studies on the property prior to 2001,
      outlining a large porphyry gold-copper deposit. <br>
      &nbsp; <br>
      A preliminary overview study of the project has now been completed. The
      focus of the study was to identify opportunities associated with the redesign
      of the concentrator, in particular, utilizing a single, large diameter,
      semi-autogenous grinding (SAG) mill as opposed to multiple smaller SAG mills.
      Identification and &#34;scoping&#34; of opportunities to further reduce
      capital and operating costs is in progress and will be complete by September,
      prior to a recommendation to proceed to a full feasibility study. <br>
      &nbsp; <br>
      The Prosperity Project Environmental Impact Assessment is fully underway.
      Multidisciplinary work teams are gathering fisheries, wildlife, archaeology
      and traditional use data in the area where the project will be developed.
      Validation of previous work and completion of baseline studies is expected
      by the end of the year. The Environmental Impact Assessment will be completed
      by the spring of 2007. </font></p>
    <p align="center"><font size="3" face="Arial, Helvetica, sans-serif"> <strong>Financial
      Results </strong></font></p>
    <p><font size="3" face="Arial, Helvetica, sans-serif"> Taseko&#39;s pre-tax
      earnings for the quarter ended June 30, 2006 increased to $9.7 million,
      compared to $5.5 million in the previous quarter, and decreased from $11.6
      million in the same period in 2005. After-tax earnings for the quarter ended
      June 30, 2006 increased to $4.1 million, or $0.04 per share ($0.03 per share
      fully diluted) compared to $3.1 million in the previous quarter, and decreased
      from $11.6 million in the same period in 2005. <br>
      &nbsp; <br>
      The Company&#39;s earnings over nine months of fiscal 2006 were $13.9 million,
      or $0.13 per share ($0.12 per share fully diluted), compared to earnings
      of $6.8 million over nine months in fiscal 2005. <br>
      &nbsp; <br>
      Taseko reported revenues of $59.9 million, compared to $37.5 in the previous
      quarter and $31.5 million in the third quarter of 2005. Third quarter revenues
      consisted of copper concentrate sales of $54.8 million and molybdenum concentrate
      sales of $5.2 million. The average price per pound of copper concentrate
      sold increased to US$3.08 per pound in the third quarter from US$2.06 per
      pound in the previous quarter. Molybdenum prices were comparable over the
      two quarters. Quarter-to-quarter revenues increased significantly because
      of inventory drawdown and higher prices. <br>
      &nbsp; <br>
      Total production costs for the period were $22.3 million, compared to $22.2
      million in the previous quarter. <br>
      &nbsp; <br>
      Transportation and treatment costs were $9.0 million for Q3-2006 compared
      to $6.6 million in Q2-2006. The increase in Q3-2006 is attributed to higher
      sales quantities and a significant increase in accrued price participation.
      <br>
      &nbsp; <br>
      Income tax expense amounted to $5.6 million for the quarter ended June 30,
      2006 and $8 million for the nine months ended June 30, 2006. The increase
      in the tax provision is due mainly to the depletion of tax pools as a result
      of becoming more profitable. <br>
      &nbsp; <br>
      A Conference Call will be held today at 2:00 p.m. Eastern Time (11:00 a.m.
      Pacific Time) to discuss these results. The conference call may be accessed
      by dialing (866) 543-6405 in Canada and the United States, or (617) 213-8897
      internationally, using the passcode 40740137. A live and archived audio
      webcast will also be available at www.tasekomines.com in the Corporate Events
      section of the Investor Centre. <br>
      &nbsp; <br>
      Additional information is provided in Taseko&#39;s Management Discussion
      and Analysis and Financial Statements for the quarter ended June 30, 2006.
      Download these documents from www.tasekomines.com or www.sedar.com. For
      further details on Taseko Mines Limited, please contact Investor Services
      at (604) 684-6365 or within North America at 1-800-667-2114. <br>
      &nbsp; <br>
      Russell Hallbauer <br>
      <i>President and CEO</i> <br>
      &nbsp; <br>
      The TSX Exchange and the American Stock Exchange have neither approved nor
      disapproved of the contents of this press release. <br>
      &nbsp; <br>
      <font size="2">This news release contains forward-looking statements that
      are based on current expectations and which involve risks and uncertainties,
      including those referred to in Taseko&#39;s Annual Information Form (&quot;AIF&quot;)
      filed with Canadian securities regulatory authorities, or Taseko&#39;s annual
      Form on 20F (&#34;20F&#34;) filed with United States securities regulatory
      authorities, that could cause actual events or results to differ materially
      from estimated or anticipated events or results reflected in the forward-looking
      statements. Such forward-looking statements include statements regarding
      financial results and expectations for 2006 and include, among other things,
      statements regarding targets, estimates and/or assumptions in respect of
      copper production and/or copper prices, cash operating costs, expenditures
      on property, plant and equipment, increases and decreases in production,
      reserves and/or resources and anticipated grades and recovery rates and
      are or may be based on assumptions and/or estimates related to future economic,
      market and other conditions. Factors that could cause actual results, developments
      or events to differ materially from those anticipated include, among others,
      the factors described or referred to elsewhere herein and/or in the AIF
      and 20F, and include unanticipated and/or unusual events. Many of such factors
      are beyond Taseko&#39;s ability to control or predict. Actual results may
      differ materially from those anticipated. Readers are cautioned not to put
      undue reliance on forward-looking statements due to the inherent uncertainty
      therein. Taseko disclaims any intent or obligation to update publicly any
      forward-looking statements, whether as a result of new information, future
      events or results or otherwise. For further information on the Company,
      Investors should review the Company&#39;s Canadian public filings at www.sedar.com
      or its US public filings at www.sec.gov. <br>
      <b>&nbsp;</b> </font></font> </p>
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