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<SEC-DOCUMENT>0001062993-07-001422.txt : 20070419
<SEC-HEADER>0001062993-07-001422.hdr.sgml : 20070419
<ACCEPTANCE-DATETIME>20070419142447
ACCESSION NUMBER:		0001062993-07-001422
CONFORMED SUBMISSION TYPE:	20-F/A
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20060930
FILED AS OF DATE:		20070419
DATE AS OF CHANGE:		20070419

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:		20-F/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		07775832

	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>20-F/A
<SEQUENCE>1
<FILENAME>form20fa.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "form20f.pdf">


<HTML>
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   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Form 20-F/A</TITLE>
   <META name="HandheldFriendly" content="true">
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<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><STRONG><FONT size=5>UNITED STATES </FONT><BR>
  <FONT size=5>SECURITIES AND EXCHANGE COMMISSION
</FONT><BR></STRONG>Washington, D.C. 20549 </P>
<P align=center><B><FONT size=5>FORM 20-F/A<br>
  </FONT>Amendment No. 1 to Form 20-F<FONT size=5> </FONT></B></P>
<P align=center>[&nbsp;&nbsp; ] REGISTRATION STATEMENT PURSUANT TO SECTION 12(b)
or 12(g) OF THE <I>SECURITIES EXCHANGE ACT OF 1934 </I></P>
<P align=center>OR </P>
<P align=center>[X] ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
<I>SECURITIES EXCHANGE ACT OF 1934 </I></P>
<P align=center>For the fiscal year ended <B><U>September 30, 2006 </U></B>(with
information to March 30, 2007 except where noted) </P>
<P align=center>OR </P>
<P align=center>[&nbsp;&nbsp; ] TRANSITION REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE <I>SECURITIES EXCHANGE ACT OF 1934 </I></P>
<P align=center>OR </P>
<P align=center>[&nbsp;&nbsp; ] SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR
15(d) OF THE <I>SECURITIES EXCHANGE ACT OF 1934 </I></P>
<P align=center>Date of event requiring this shell company report
_______________</P>
<P align=center>Commission file number <STRONG><U>0-19476</U></STRONG> </P>
<P align=center><B><U><FONT size=5>TASEKO MINES LIMITED
<BR></FONT></U></B>(Exact name of Registrant specified in its charter) </P>
<P align=center><B><U>BRITISH COLUMBIA, CANADA <BR></U></B>(Jurisdiction of
incorporation or organization) </P>
<P align=center><B>Suite 1020, 800 West Pender Street <BR><U>Vancouver, British
Columbia, Canada, V6C 2V6 <BR></U></B>(Address of principal executive offices)
</P>
<P align=center>Securities registered or to be registered pursuant to Section
12(b) of the Act. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>Title of Each Class </TD>
    <TD align=center width="50%">Name of each exchange on which registered
  </TD></TR>
  <TR vAlign=top>
    <TD align=center><U><B>Common Shares without Par Value </B></U></TD>
    <TD align=center width="50%"><U><B>American Stock Exchange
  </B></U></TD></TR></TABLE>
<P align=center>Securities registered or to be registered pursuant to Section
12(g) of the Act </P>
<P align=center><B><U>None <BR></U></B>(Title of Class) </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center>Securities for which there is a reporting obligation pursuant to
Section 15(d) of the Act. <B><U>None</U></B> </P>
<P align=center>Number of outstanding shares of the only class of the capital
stock of Taseko Mines Limited as on <BR>September 30, 2006. </P>
<P align=center><B><U>128,388,175 Common Shares without Par Value</U> </B></P>
<P align=center>Indicate by check mark if the Registrant is a well known
seasoned issuer as defined in Rule 405 of the <BR><I>Securities Act</I>. </P>
<P align=center>Yes [&nbsp;&nbsp; ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No
[X]</P>
<P align=center>If this report is an annual or transition report, indicate by
check mark if the Registrant is not required to <BR>file reports pursuant to
Section 13 or 15(d) of the <I>Securities Exchange Act of 1934</I> </P>
<P align=center>Yes [&nbsp;&nbsp; ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No
[X]</P>
<P align=center>Indicate by check mark whether Registrant (1) has filed all
reports required to be filed by Section 13 or <BR>15(d) of the <I>Securities
Exchange Act of 1934 </I>during the preceding 12 months (or for such shorter
period <BR>that Registrant was required to file such reports), and (2) has been
subject to such filing requirements for <BR>the past 90 days. </P>
<P align=center>Yes [X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No [&nbsp;&nbsp; ]
</P>
<P align=center>Indicate by check mark whether the Registrant is a large
accelerated filer, an accelerated filer or non-<BR>accelerated filer. See
definition of "accelerated filer" and "large accelerated filer" in Rule 12b 2 of
the <BR>Exchange Act. </P>
<P align=center>[&nbsp;&nbsp; ] Large Accelerated
Filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [X] Accelerated
Filer&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [&nbsp;&nbsp; ] Non
Accelerated Filer </P>
<P align=center>Indicate by check mark which financial statement item Registrant
has elected to follow: <BR>Item 17 [X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Item
18 [&nbsp;&nbsp; ] </P>
<P align=center>If this is an annual report, indicate by check mark whether the
Registrant is a shell company (as defined in <BR>Rule 12b 2 of the Exchange
Act): </P>
<P align=center>Yes [&nbsp;&nbsp; ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; No
[X]</P>
<P align=center>(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS
DURING THE <BR>PAST FIVE YEARS) </P>
<P align=center>Indicate by check mark whether Registrant has filed all
documents and reports required to be filed by <BR>Sections 12, 13 or 15(d) of
the <I>Securities Exchange Act of 1934 </I>subsequent to the distribution of
<BR>securities under a plan confirmed by a court. </P>
<P align=center>NOT APPLICABLE </P>
<P align=center>- ii - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center><b>EXPLANATORY NOTE </b></P>
<P align=justify>Explanation of amendment on Taseko Mines Limited Annual Report
  on Form 20-F/A Amendment No.1 for the fiscal year ended September 30, 2006:</P>
<P align=justify> The original Annual Report on Form 20-F filed on EDGAR on April
  17, 2007 did not contain the attachment for the consolidated balance sheets
  as at September 30, 2006 and 2005; consolidated statements of operations and
  deficit, and cash flows for each of the years ended September 30, 2006, 2005
  and 2004, together with Report of Independent Public Accounting Firm thereon.
  This has been included in the Annual Report on Form 20-F/A Amendment No.1</P>
<P align=justify> All other financial and other information contained in the originally
  filed Annual Report on Form 20-F remains unchanged. <br>
</P>
<P align=justify><U>Currency and Exchange Rates</U> </P>
<P align=justify>On March 30, 2007, the Federal Reserve noon rate for Canadian
Dollars was US$1.00: Cdn$1.1529, based on the rates posted on the Bank of Canada
website (<U>www.bankofcanada.ca</U>). See Item 3A for further historical
Exchange Rate Information. </P>
<P align=center><B>NOTE REGARDING FORWARD LOOKING STATEMENTS </B></P>
<P align=justify>Except for statements of historical fact, certain information
contained herein constitutes "forward-looking statements" including, without
limitation, statements containing the words "believes," "anticipates,"
"intends," "expects" and words of similar import, as well as all projections of
future results. Such forward-looking statements involved known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of Taseko to be materially different from any future
results, performance or achievements of Taseko expressed or implied by such
forward-looking statements. Such risks are discussed in Item 3D "Risk Factors."
The statements contained in Item 4B "Business Overview", Item 5 "Operating and
Financial Review and Prospects" and Item 11 "Quantitative and Qualitative
Disclosures About Market Risk" are inherently subject to a variety of risks and
uncertainties that could cause actual results, performance or achievements to
differ significantly.</P>
<P align=center>- iii - </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<p align="center"><img src="tkologo.jpg" width="600" height="80"><BR>
</p>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center><B><FONT
      size=4>T A B L E&nbsp; &nbsp;O F&nbsp; &nbsp;C O N T E N T S </FONT></B></TD>
  </TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" >&nbsp; </TD>
    <TD align=left >&nbsp; </TD>
    <TD align=right width="5%"><B>Page </B></TD>
  </TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="3" align=left bgColor=#eeeeee><A
      href="#page_6">GENERAL </A>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_6">3 </A></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD >&nbsp; </TD>
    <TD align=right width="5%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_10">ITEM 1 </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_10">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_10">7 </A></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD >&nbsp; </TD>
    <TD align=right width="5%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_11">ITEM 2 </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_11">OFFER STATISTICS AND EXPECTED TIMETABLE </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_11">8 </A></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%" >&nbsp; </TD>
    <TD >&nbsp; </TD>
    <TD align=right width="5%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_12">ITEM 3 </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_12">KEY INFORMATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_12">9 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_12">A. </A></TD>
    <TD align=left ><A href="#page_12">SELECTED FINANCIAL DATA </A></TD>
    <TD align=right width="5%"><A href="#page_12">9 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_15">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_15">CAPITALIZATION AND INDEBTEDNESS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_15">12 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_15">C. </A></TD>
    <TD align=left ><A href="#page_15">REASONS FOR THE OFFER AND USE OF PROCEEDS
      </A></TD>
    <TD align=right width="5%"><A href="#page_15">12 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_15">D. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_15">RISK FACTORS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_15">12 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_18">ITEM 4 </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_18">INFORMATION ON THE COMPANY </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_18">15 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_18">A. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_18">HISTORY AND DEVELOPMENT OF THE COMPANY </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_18">15 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_19">B. </A></TD>
    <TD align=left ><A href="#page_19">BUSINESS OVERVIEW </A></TD>
    <TD align=right width="5%"><A href="#page_19">16 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_21">C. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_21">ORGANIZATIONAL STRUCTURE </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_21">18 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_21">D. </A></TD>
    <TD align=left ><A href="#page_21">PROPERTY, PLANT AND EQUIPMENT </A></TD>
    <TD align=right width="5%"><A href="#page_21">18 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A href="#page_41">ITEM 4A </A></TD>
    <TD align=left ><A href="#page_41">UNRESOLVED STAFF COMMENTS </A></TD>
    <TD align=right width="5%"><A href="#page_41">38 </A></TD>
  </TR>
  <TR>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee >&nbsp; </TD>
    <TD bgColor=#eeeeee >&nbsp; </TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A href="#page_42">ITEM 5 </A></TD>
    <TD align=left ><A href="#page_42">OPERATING AND FINANCIAL REVIEW AND PROSPECTS
      </A></TD>
    <TD align=right width="5%"><A href="#page_42">39 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_44">A. </A></TD>
    <TD align=left ><A href="#page_44">OPERATING RESULTS </A></TD>
    <TD align=right width="5%"><A href="#page_44">41 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_48">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_48">LIQUIDITY AND CAPITAL RESOURCES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_48">45 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_50">C. </A></TD>
    <TD align=left ><A href="#page_50">RESEARCH EXPENDITURES </A></TD>
    <TD align=right width="5%"><A href="#page_50">47 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_50">D. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_50">TREND INFORMATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_50">47 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_51">E. </A></TD>
    <TD align=left ><A href="#page_51">OFF-BALANCE SHEET ARRANGEMENTS </A></TD>
    <TD align=right width="5%"><A href="#page_51">48 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_51">F. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_51">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_51">48 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_51">G. </A></TD>
    <TD align=left ><A href="#page_51">SAFE HARBOR </A></TD>
    <TD align=right width="5%"><A href="#page_51">48 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A href="#page_52">ITEM 6 </A></TD>
    <TD align=left ><A href="#page_52">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
      </A></TD>
    <TD align=right width="5%"><A href="#page_52">49 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_52">A. </A></TD>
    <TD align=left ><A href="#page_52">DIRECTORS AND SENIOR MANAGEMENT </A></TD>
    <TD align=right width="5%"><A href="#page_52">49 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_60">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_60">COMPENSATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_60">57 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_63">C. </A></TD>
    <TD align=left ><A href="#page_63">BOARD PRACTICES </A></TD>
    <TD align=right width="5%"><A href="#page_63">60 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_64">D. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_64">EMPLOYEES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_64">61 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_65">E. </A></TD>
    <TD align=left ><A href="#page_65">SHARE OWNERSHIP </A></TD>
    <TD align=right width="5%"><A href="#page_65">62 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A href="#page_68">ITEM 7 </A></TD>
    <TD align=left ><A href="#page_68">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
      </A></TD>
    <TD align=right width="5%"><A href="#page_68">65 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_68">A. </A></TD>
    <TD align=left ><A href="#page_68">MAJOR SHAREHOLDERS </A></TD>
    <TD align=right width="5%"><A href="#page_68">65 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_69">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_69">RELATED PARTY TRANSACTIONS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_69">66 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_70">C. </A></TD>
    <TD align=left ><A href="#page_70">INTERESTS OF EXPERTS AND COUNSEL </A></TD>
    <TD align=right width="5%"><A href="#page_70">67 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A href="#page_71">ITEM 8 </A></TD>
    <TD align=left ><A href="#page_71">FINANCIAL INFORMATION </A></TD>
    <TD align=right width="5%"><A href="#page_71">68 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee >&nbsp;</TD>
    <TD align=left bgColor=#eeeeee >&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_71">A. </A></TD>
    <TD align=left ><A href="#page_71">CONSOLIDATED STATEMENTS AND OTHER FINANCIAL
      INFORMATION </A></TD>
    <TD align=right width="5%"><A href="#page_71">68 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_71">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_71">SIGNIFICANT CHANGES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_71">68 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_72">ITEM 9 </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_72">THE OFFER AND LISTING </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_72">69 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_72">A. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_72">OFFER AND LISTING DETAILS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A href="#page_72">69 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%" ><A href="#page_72">B. </A></TD>
    <TD align=left ><A href="#page_72">PLAN OF DISTRIBUTION </A></TD>
    <TD align=right width="5%"><A href="#page_72">69 </A></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center><B><FONT color=#ff0000>- 2 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_73">C. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_73">MARKETS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_73">70 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_73">D. </A></TD>
    <TD align=left><A
      href="#page_73">SELLING SHAREHOLDERS </A></TD>
    <TD align=right width="5%"><A
      href="#page_73">70 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_73">E. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_73">DILUTION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_73">70 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_73">F. </A></TD>
    <TD align=left><A
      href="#page_73">EXPENSES OF THE ISSUE </A></TD>
    <TD align=right width="5%"><A
      href="#page_73">70 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_74">ITEM 10 </A></TD>
    <TD align=left><A
      href="#page_74">ADDITIONAL INFORMATION </A></TD>
    <TD align=right width="5%"><A
      href="#page_74">71 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_74">A. </A></TD>
    <TD align=left><A
      href="#page_74">SHARE CAPITAL </A></TD>
    <TD align=right width="5%"><A
      href="#page_74">71 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_74">B. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_74">MEMORANDUM AND ARTICLES OF ASSOCIATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_74">71 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_83">C. </A></TD>
    <TD align=left><A
      href="#page_83">MATERIAL CONTRACTS </A></TD>
    <TD align=right width="5%"><A
      href="#page_83">80 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_85">D. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_85">EXCHANGE CONTROLS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_85">82 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_86">E. </A></TD>
    <TD align=left><A
      href="#page_86">TAXATION </A></TD>
    <TD align=right width="5%"><A
      href="#page_86">83 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_93">F. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_93">DIVIDENDS AND PAYING AGENTS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_93">90 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_93">G. </A></TD>
    <TD align=left><A
      href="#page_93">STATEMENT BY EXPERTS </A></TD>
    <TD align=right width="5%"><A
      href="#page_93">90 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_93">H. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_93">DOCUMENTS ON DISPLAY </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_93">90 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_93">I. </A></TD>
    <TD align=left><A
      href="#page_93">SUBSIDIARY INFORMATION </A></TD>
    <TD align=right width="5%"><A
      href="#page_93">90 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_94">ITEM 11 </A></TD>
    <TD align=left><A
      href="#page_94">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
      </A></TD>
    <TD align=right width="5%"><A
      href="#page_94">91 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_94">A. </A></TD>
    <TD align=left><A
      href="#page_94">TRANSACTION RISK AND CURRENCY RISK MANAGEMENT </A></TD>
    <TD align=right width="5%"><A
      href="#page_94">91 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_94">B. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_94">EXCHANGE RATE SENSITIVITY </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_94">91 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_94">C. </A></TD>
    <TD align=left><A
      href="#page_94">INTEREST RATE RISK AND EQUITY PRICE RISK </A></TD>
    <TD align=right width="5%"><A
      href="#page_94">91 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_94">D. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_94">COMMODITY PRICE RISK </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_94">91 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left bgColor=#eeeeee><A
      href="#page_95">ITEM 12 </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_95">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_95">92 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD align=right width="5%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_95">A. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_95">DEBT SECURITIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_95">92 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_95">B. </A></TD>
    <TD align=left><A
      href="#page_95">WARRANTS AND RIGHTS </A></TD>
    <TD align=right width="5%"><A
      href="#page_95">92 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_95">C. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_95">OTHER SECURITIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_95">92 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_95">D. </A></TD>
    <TD align=left><A
      href="#page_95">AMERICAN DEPOSITARY SHARES </A></TD>
    <TD align=right width="5%"><A
      href="#page_95">92 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_96">ITEM 13 </A></TD>
    <TD align=left><A
      href="#page_96">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES </A></TD>
    <TD align=right width="5%"><A
      href="#page_96">93 </A></TD>
  </TR>
  <TR>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_97">ITEM 14 </A></TD>
    <TD align=left><A
      href="#page_97">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
      AND USE OF PROCEEDS </A></TD>
    <TD align=right width="5%"><A
      href="#page_97">94 </A></TD>
  </TR>
  <TR>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_98">ITEM 15 </A></TD>
    <TD align=left><A
      href="#page_98">CONTROLS AND PROCEDURES </A></TD>
    <TD align=right width="5%"><A
      href="#page_98">95 </A></TD>
  </TR>
  <TR>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_100">ITEM 16 </A></TD>
    <TD align=left><A
      href="#page_100">AUDIT COMMITTEE, CODE OF ETHICS, ACCOUNTANT FEES AND EXEMPTIONS
      </A></TD>
    <TD align=right width="5%">&nbsp;<A
      href="#page_100">97</A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_100">A. </A></TD>
    <TD align=left><A
      href="#page_100">AUDIT COMMITTEE FINANCIAL EXPERT </A></TD>
    <TD align=right width="5%"><A
      href="#page_100">97 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_100">B. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_100">CODE OF ETHICS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_100">97 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_100">C. </A></TD>
    <TD align=left><A
      href="#page_100">PRINCIPAL ACCOUNTANT FEES AND SERVICES </A></TD>
    <TD align=right width="5%"><A
      href="#page_100">97 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_101">D. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_101">EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><A
      href="#page_101">98 </A></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD align=left width="5%"><A
      href="#page_101">E. </A></TD>
    <TD align=left><A
      href="#page_101">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
      PURCHASERS </A></TD>
    <TD align=right width="5%"><A
      href="#page_101">98 </A></TD>
  </TR>
  <TR>
    <TD width="5%" align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD align=left bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_102">ITEM 17 </A></TD>
    <TD align=left><A
      href="#page_102">FINANCIAL STATEMENTS </A></TD>
    <TD align=right width="5%"><A
      href="#page_102">99 </A></TD>
  </TR>
  <TR>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_103">ITEM 18 </A></TD>
    <TD align=left><A
      href="#page_103">FINANCIAL STATEMENTS </A></TD>
    <TD align=right width="5%"><A
      href="#page_103">100 </A></TD>
  </TR>
  <TR>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD width="5%" bgColor=#eeeeee>&nbsp;</TD>
    <TD bgColor=#eeeeee>&nbsp; </TD>
    <TD align=right width="5%" bgColor=#eeeeee>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD colspan="2" align=left><A
      href="#page_104">ITEM 19 </A></TD>
    <TD align=left><A
      href="#page_104">EXHIBITS </A></TD>
    <TD align=right width="5%"><A
      href="#page_104">101 </A></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=center><B><FONT color=#ff0000>- 3 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>GENERAL </FONT></B></P>
<P align=justify>In this Annual Report on Form 20-F, all references to "Taseko"
and the "Company" refer to Taseko Mines Limited and its consolidated
subsidiaries. </P>
<P align=justify>The Company uses the Canadian dollar as its reporting currency.
All references in this document to "dollars" or "$" are expressed in Canadian
dollars, unless otherwise indicated. See also Item 3 - "Key Information" for
more detailed currency and conversion information. </P>
<P align=justify>Except as noted, the information set forth in this Annual
Report is as of March 30, 2007 and all information included in this document
should only be considered correct as of such date. </P>
<P align=justify>References to this "Annual Report" mean references to this
Annual Report on Form 20-F for the year ended September 30, 2006. </P>
<P align=center><B>NOTE REGARDING FORWARD LOOKING STATEMENTS </B></P>
<P align=justify>This Annual Report on Form 20-F contains statements that
constitute "forward-looking statements" within the meaning of Section 27A of the
<I>Securities Act of 1933 </I>and Section 21E of the <I>Securities Exchange Act
of 1934</I>. These statements appear in a number of different places in this
Annual Report and can be identified by words such as "anticipates", "estimates",
"projects", "expects", "intends", "believes", "plans", or their negatives or
other comparable words. Such forward-looking statements involve known and
unknown risks, uncertainties and other factors which may cause the Company's
actual results, performance or achievements to be materially different from any
future results, performance or achievements that may expressed or implied by
such forward-looking statements. The statements, including the statements
contained in Item 3D "Risk Factors", Item 4B "Business Overview", Item 5
"Operating and Financial Review and Prospects" and Item 11 "Quantitative and
Qualitative Disclosures About Market Risk", are inherently subject to a variety
of risks and uncertainties that could cause actual results, performance or
achievements to differ significantly. Forward-looking statements include
statements regarding the outlook for the Company's future operations, plans and
timing for its exploration programs, statements about future market conditions,
supply and demand conditions, forecasts of future costs and expenditures, the
outcome of legal proceedings, and other expectations, intentions and plans that
are not historical facts. You are cautioned that any such forward-looking
statements are not guarantees and may involve risks and uncertainties. The
Company's actual results may differ materially from those in the forward-looking
statements due to risks facing the Company or due to actual facts differing from
the assumptions underlying the Company's predictions. Some of these risks and
assumptions include: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>general economic and business conditions, including changes in interest and
  exchange rates; </P>
  <LI>
  <P>prices of natural resources, costs associated with mineral exploration and
  other economic conditions; </P>
  <LI>
  <P>natural phenomena; </P>
  <LI>
  <P>actions by government authorities, including changes in government
  regulation; </P>
  <LI>
  <P>uncertainties associated with legal proceedings; </P>
  <LI>
  <P>changes in the resources market; </P>
  <LI>
  <P>future decisions by management in response to changing conditions; </P>
  <LI>
  <P>the Company's ability to execute prospective business plans; and
  misjudgements in the course of preparing forward-looking statements.
</P></LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A>
<P align=center><B><FONT color=#ff0000>- 4 - </FONT></B></P>
<P align=justify>The Company advises you that these cautionary remarks expressly
qualify in their entirety all forward-looking statements attributable to the
Company or persons acting on its behalf. You should carefully review the
cautionary statements and risk factors contained in this and other documents
that the Company files from time to time with the Securities and Exchange
Commission.</P>
<P align=center><B>GLOSSARY </B></P>
<P align=justify>In this Form 20-F, the following technical terms, abbreviations
and units of measurement have been used: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Bio-oxidation </TD>
    <TD align=left width="85%" >
      <P align=justify>A process employing oxidation of elements caused by
      bio-organisms; it is enhanced in a gold recovery process by providing the
      optimum temperature, acidity (pH) and level of oxygen for the natural
      oxidation process to work more effectively. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>Epithermal deposit </TD>
    <TD align=left width="85%" >
      <P align=justify>A mineral deposit formed at low temperature (50-200
      degrees Celsius), usually within one kilometre of the earth&#146;s surface,
      often as structurally controlled veins. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>Induced <BR>polarization ("IP") <BR>survey </TD>
    <TD align=left width="85%" >
      <P align=justify>A geophysical survey used to identify a feature that
      appears to be different from the typical or background survey results when
      tested for levels of electro-conductivity; IP detects both chargeable,
      pyrite-bearing rock and non-conductive rock that has high content of
      quartz. IP is one of the best tools for detecting the presence of porphyry
      deposits, like those at Gibraltar and Prosperity properties. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>Mineral reserve </TD>
    <TD align=left width="85%" >
      <P align=justify>Securities and Exchange Commission Industry Guide 7
      <I>Description of Property by </I><I>Issuers Engaged or to be Engaged in
      Significant Mining Operations </I>of the Securities and Exchange
      Commission defines a 'reserve' as that part of a mineral deposit which
      could be economically and legally extracted or produced at the time of the
      reserve determination. Reserves consist of: </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>(1) <I>Proven (Measured) Reserves. </I>Reserves for
      which: (a) quantity is computed from dimensions revealed in outcrops,
      trenches, workings or drill holes; grade and/or quality are computed from
      the results of detailed sampling; and (b) the sites for inspection,
      sampling and measurement are spaced so closely and the geologic character
      is so well defined that size, shape, depth and mineral content of reserves
      are well-established. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>(2) <I>Probable (Indicated) Reserves. </I>Reserves for
      which quantity and grade and/or quality are computed from information
      similar to that used for proven (measured) reserves, but the sites for
      inspection, sampling and measurement are farther apart or are otherwise
      less adequately spaced. The degree of assurance, although lower than that
      for proven (measured) reserves, is high enough to assume continuity
      between points of observation. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A>
<P align=center><B><FONT color=#ff0000>- 5 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Mineral resource </TD>
    <TD align=left width="85%" >
      <P align=justify>Canadian National Instrument 43-101 <I>Standards of Disclosure
        for Mineral </I><I>Projects </I>("NI 43-101") defines a "Mineral Resource"
        as a concentration or occurrence of natural, solid, inorganic or fossilized
        organic material in or on the Earth's crust in such form and quantity
        and of such a grade or quality that it has reasonable prospects for economic
        extraction. The location, quantity, grade, geological characteristics
        and continuity of a mineral resource are known, estimated or interpreted
        from specific geological evidence and knowledge. </P>
      <P align=justify>Mineral Resources are sub-divided, in order of increasing
        geological confidence, into Inferred, Indicated and Measured categories.
        An Inferred Mineral Resource has a lower level of confidence than that
        applied to an Indicated Mineral Resource. An Indicated Mineral Resource
        has a higher level of confidence than an Inferred Mineral Resource but
        has a lower level of confidence than a Measured Mineral Resource. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>(1) <I>Inferred Mineral Resource. </I>An 'Inferred
      Mineral Resource' is that part of a Mineral Resource for which quantity
      and grade or quality can be estimated on the basis of geological evidence
      and limited sampling and reasonably assumed, but not verified, geological
      and grade continuity. The estimate is based on limited information and
      sampling gathered through appropriate techniques from locations such as
      outcrops, trenches, pits, workings and drill holes. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>(2) <I>Indicated Mineral Resource. </I>An 'Indicated
      Mineral Resource' is that part of a Mineral Resource for which quantity,
      grade or quality, densities, shape and physical characteristics can be
      estimated with a level of confidence sufficient to allow the appropriate
      application of technical and economic parameters, to support mine planning
      and evaluation of the economic viability of the deposit. The estimate is
      based on detailed and reliable exploration and testing information
      gathered through appropriate techniques from locations such as outcrops,
      trenches, pits, workings and drill holes that are spaced closely enough
      for geological and grade continuity to be reasonably assumed. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>(3) <I>Measured Mineral Resource. </I>A 'Measured Mineral
      Resource' is that part of a Mineral Resource for which quantity, grade or
      quality, densities, shape, physical characteristics are so well
      established that they can be estimated with confidence sufficient to allow
      the appropriate application of technical and economic parameters, to
      support production planning and evaluation of the economic viability of
      the deposit. The estimate is based on detailed and reliable exploration,
      sampling and testing information gathered through appropriate techniques
      from locations such as outcrops, trenches, pits, workings and drill holes
      that are spaced closely enough to confirm both geological and grade
      continuity. </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="85%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="85%" >
      <P align=justify>Industry Guide 7 &#150; "<I>Description of Property by Issuers
      Engaged or to be Engaged </I><I>in Significant Mining Operations" </I>of
      the Securities and Exchange Commission does not define or recognize
      resources. As used in this Form 20-F, "resources" are as defined in NI
      43-101. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>Mineral symbols </TD>
    <TD align=left width="85%" >
      <P align=justify>Au &#150; Gold; Cu &#150; Copper; Pb &#150; Lead; Ag &#150; Silver; Zn &#150;
      Zinc; Mo &#150; molybdenum. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="85%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left>Porphyry deposit </TD>
    <TD align=left width="85%" >
      <P align=justify>A type of mineral deposit in which mainly metal-bearing
      sulphide, and sometimes metal-bearing oxide, minerals are widely
      disseminated. Porphyry deposits are generally of low grade but large
      tonnage. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A>
<P align=center><B><FONT color=#ff0000>- 6 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Solvent extraction &#150; electrowinning <BR>("SX-EW") </TD>
    <TD align=left width="85%">
      <P align=justify>A metal extraction technique in which a copper oxide is
      dissolved into solution, then an electric current is induced through the
      solution between a pair of electrodes (anode &amp; cathode), and metal is
      deposited on the cathode. Since this ion deposition is selective, the
      cathode product is generally high grade and requires little further
      treatment before it is used in manufacturing processes.
</P></TD></TR></TABLE>
<P align=justify>Conversion of metric units (used in Canada) into imperial (US)
equivalents is as follows: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="60%" border=0>

  <TR vAlign=top>
    <TD align=left><U>Metric Units </U></TD>
    <TD align=center width="33%"><U>Multiply by </U></TD>
    <TD align=left width="33%"><U>Imperial Units </U></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>hectares </TD>
    <TD align=center width="33%" bgColor=#e6efff>2.471 </TD>
    <TD align=left width="33%" bgColor=#e6efff>= acres </TD></TR>
  <TR vAlign=top>
    <TD align=left>metres </TD>
    <TD align=center width="33%">3.281 </TD>
    <TD align=left width="33%">= feet </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>kilometres </TD>
    <TD align=center width="33%" bgColor=#e6efff>0.621 </TD>
    <TD align=left width="33%" bgColor=#e6efff>= miles (5,280 feet) </TD></TR>
  <TR vAlign=top>
    <TD align=left>grams </TD>
    <TD align=center width="33%">0.032 </TD>
    <TD align=left width="33%">= ounces (troy) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>tons </TD>
    <TD align=center width="33%" bgColor=#e6efff>1.102 </TD>
    <TD align=left width="33%" bgColor=#e6efff>= short tons (2,000 lbs) </TD></TR>
  <TR vAlign=top>
    <TD align=left>grams/ton </TD>
    <TD align=center width="33%">0.029 </TD>
    <TD align=left width="33%">= troy ounces per short ton
</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_10></A>
<P align=center><B><FONT color=#ff0000>- 7 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IDENTITY OF
DIRECTORS, SENIOR MANAGEMENT AND ADVISERS </FONT></B></P>
<P align=justify>Not applicable. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_11></A>
<P align=center><B><FONT color=#ff0000>- 8 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OFFER STATISTICS
AND EXPECTED TIMETABLE </FONT></B></P>
<P align=justify>Not applicable. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A>
<P align=center><B><FONT color=#ff0000>- 9 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KEY INFORMATION
</FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Selected Financial Data </B></P>
<P align=justify>The following constitutes selected financial data for Taseko
for the last five fiscal years ended September 30, 2006 based on Taseko&#146;s
financial statements presented in accordance with Canadian generally accepted
accounting principles ("CDN GAAP") and reconciled to United States generally
accepted accounting principles ("US GAAP").</P>
<P align=justify>The selected financial data at September 30, 2006 and 2005 and
for the years ended September 30, 2006, 2005 and 2004 has been derived from
Taseko&#146;s consolidated financial statements included in this Annual Report.
Taseko&#146;s consolidated financial statements have been audited by KMPG LLP, an
independent registered public accounting firm. Summary financial data at
September 30, 2004, 2003 and 2002 and for the years ended September 30, 2003 and
2002 has been derived from our consolidated financial statements that are not
included in this Annual Report. The following selected financial data should be
read in conjunction with, and are qualified in their entirety by reference to,
our consolidated financial statements and the notes thereto.</P>
<P align=justify>These figures are presented in thousands of Canadian dollars,
except per-share amounts and number of common shares outstanding. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<P align=center><B><FONT color=#ff0000>- 10 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>CANADIAN GAAP </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2006 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2005 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2004 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2003 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2002 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(restated) </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(restated) </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(restated) </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(restated) </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><U>BALANCE SHEET </U></B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD>Total assets </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%">297,461 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%">&nbsp;190,997 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%">&nbsp;130,866 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%">&nbsp;49,471 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="9%">&nbsp;47,873 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff>Total liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>196,527 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>161,887 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>135,782 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>27,938 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>28,936 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD>Share capital </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">197,592 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">160,829 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">150,481 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">99,446 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">91,889 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff>Tracking preferred shares </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>26,642 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>26,642 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>26,642 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>26,642 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>26,642 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD>Convertible debenture &#150; equity </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">13,655 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">9,822 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">9,822 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">9,822 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">9,822 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Contributed surplus </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3,647 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>5,335 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>4,948 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>65 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Deficit </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(140,602</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(173,519</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(196,809</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(114,442</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(109,416</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Shareholders equity (deficit) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>100,934 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>29,110 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(4,916</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>21,533 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>18,937 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Working capital (deficit) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">101,586 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">6,175 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(22,116</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(19</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(6,559</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Plant and equipment (net) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>40,817 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>30,708</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>26,980 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>69 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>4 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Mineral property interests </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">2,628 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">3 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">3 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">28,813 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">28,813 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>STATEMENT OF OPERATIONS </U></B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>161,900 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>87,638 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cost of sales </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">103,628</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">71,347</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Depletion, depreciation and amortization
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3,412 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>2,657 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>17 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>43 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>2 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest and other income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>7,170 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>10,548 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>5,154 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>721 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>552 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Accretion of reclamation obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,732 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,574 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,431 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,300 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,183 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exploration </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">3,544 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">506 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">4,598 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">2,025 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">1,955 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign exchange </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(289</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>34 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss (gain) on sale of equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">2,161 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(132</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(1</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>General and administrative expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>5,286 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>2,412 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>2,693 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,058 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,972 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">6,114 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">4,251 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">978 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">889 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">808 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Premium paid for acquisition of Gibraltar
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation Trust Ltd.
      Partnership </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">5,095 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Refinery project </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,699 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restart project </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">6,347 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">14,982 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Stock based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">3,182 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">1,129 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">5,172 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">65 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Write downs of mineral property </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">28,810 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">600 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current income taxes expense (recovery) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>4,397 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(4,099</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>23,744 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Future income
      taxes expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">1,648
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="9%">(13,423</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Income (loss) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;32,916 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;23,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;(82,366</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;(5,027</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;(7,666</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income (loss) per common share - basic </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;0.29 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;0.23 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;(1.10</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;(0.11</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;(0.25</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Income (loss) per
      common share - diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;0.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;0.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;(1.10</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;(0.11</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;(0.25</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of common shares </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>outstanding (thousands) - basic </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>113,554 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>100,022 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>75,113 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>46,984 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>30,338 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of common shares </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>outstanding (thousands) - diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>126,462 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>110,733 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>75,113 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>46,984 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>30,338 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Note 1. As discussed in Note 4 of the December 31, 2006
consolidated financial statements, prior years consolidated balance sheets have
been amended to present the liability component and equity component separately
on the balance sheet. The accretion charges that were previously recorded
through deficit are now recorded as interest accretion on convertible debt in
the consolidated statement of operations. For the year ended September 30, 2005
this amounted to $1,075,478 (2004 &#150; $977,705; 2003 - $889,000; 2002 - $808,000).
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<P align=center><B><FONT color=#ff0000>- 11 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 9pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B>US GAAP </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2006 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2005 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2004 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2003 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%"><B><U>2002 </U></B></TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>BALANCE SHEET </U></B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;301,736 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;1,958,986 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;132,300 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;33,108 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;33,066 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">204,249 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">167,057 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">138,141 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">35,556 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">37,048 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Convertible debenture &#150; liability </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>50,496 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>17,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>17,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>17,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>17,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share capital </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">197,013 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">160,251 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">149,903 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">98,868 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">91,889 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Tracking preferred shares </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>13,391 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>13,391 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>13,391 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>13,391 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>13,391 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Contributed surplus </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">4,303 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">5,990 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">5,603 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">720 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">655 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deficit </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(117,220</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(150,702</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(174,737</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(115,428</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(109,917</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Shareholders equity (deficit) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">97,487 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">28,929 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(5,841</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(2,449</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(3,982</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Working capital (deficit) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>101,279 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>6,175 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(22,116</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(19</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(6,559</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Plant and equipment (net) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">45,399 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">35,698 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">28,412 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">3 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">4 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Mineral property interests </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>2,628 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>12,515 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>14,006 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><U>STATEMENT OF OPERATIONS </U></B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Revenue </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">161,900 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">87,638 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cost of sales </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>103,627</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>71,348</TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">3,820 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">2,988 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">17 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">43 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">2 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest and other income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">7,170 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">10,549 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">5,154 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">721 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">552 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accretion of reclamation obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">1,732 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">1,574 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">1,431 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">1,300 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">1,183 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exploration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3,544 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>506 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>4,202 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,842 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,955 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss (gain) on sale of equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">2,161 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(132</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(1</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>General and administrative expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>5,286 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>2,412 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>2,693 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,058 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,972 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">4,834 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">3,175 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Premium paid for acquisition of Gibraltar
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclamation Trust
      Ltd. Partnership </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">5,095 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Refinery project </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,699 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Restart project </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">6,347 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">14,982 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Stock based compensation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3,182 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,129 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>5,172 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>65 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>546 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Write downs of mineral property </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;acquisition
      costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>11,963 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,117 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,756 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Foreign exchange </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(289</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">34 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Change in fair value of financial
      instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>307 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current income taxes expense (recovery) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">4,397 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">(4,099</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">23,744 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="9%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Future income taxes expense (recovery) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>1,648 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>(13,423</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">3,500
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="9%">(11,651</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Income (loss) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;33,482 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;24,035 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;(64,145</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;6,579 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="9%"
    bgColor=#e6efff>&nbsp;(8,560</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="9%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income (loss) per common share - basic </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;0.29 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;0.24 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;(0.85</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;0.14 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>&nbsp;(0.28</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Income (loss) per
      common share - diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;0.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;0.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;(0.85</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;0.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;(0.28</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of common shares </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>outstanding (thousands) - basic </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>113,554 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>100,022 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>75,113 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>46,984 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff><B>30,338 </B></TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted average number of common shares </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>outstanding (thousands) - diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>126,462 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>110,733 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>75,113 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>46,984 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff><B>30,338 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<P align=center><B><FONT color=#ff0000>- 12 - </FONT></B></P>
<P align=justify><B>Exchange Rates </B></P>
<P align=justify>On March 30, 2007, the Federal Reserve noon rate for Canadian
Dollars was US$1.00: Cdn$1.1529. The following table sets out the exchange
rates, based on the rates posted on the Bank of Canada website (<U><FONT
color=#0000ff>www.bankofcanada.ca</FONT></U>). </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="36%"
    colSpan=3>For year ended September 30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2006 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2005 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2004 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2003 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%"><B>2002 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>End of the period </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.1177 </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.1627 </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.2616 </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.3499 </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.5872 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Average for the period </TD>
    <TD align=center width="12%">1.1428 </TD>
    <TD align=center width="12%">1.2233 </TD>
    <TD align=center width="12%">1.3250 </TD>
    <TD align=center width="12%">1.4645 </TD>
    <TD align=center width="12%">1.5730 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>High for the period </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.1961 </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.2725 </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.3968 </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.5942 </TD>
    <TD align=center width="12%" bgColor=#e6efff>1.6132 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Low for the period </TD>
    <TD align=center width="12%">1.0990 </TD>
    <TD align=center width="12%">1.1611 </TD>
    <TD align=center width="12%">1.2616 </TD>
    <TD align=center width="12%">1.3342 </TD>
    <TD align=center width="12%">1.5110 </TD></TR></TABLE></DIV>
<P align=center><B>Monthly Low and High Exchange Rates </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Month </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>Low </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%"><B>High </B></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>March 2007 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.1529 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.1811 </TD></TR>
  <TR vAlign=top>
    <TD align=left>February 2007 </TD>
    <TD align=center width="15%">1.1585 </TD>
    <TD align=center width="15%">1.1853 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>January 2007 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.1649 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.1824 </TD></TR>
  <TR vAlign=top>
    <TD align=left>December 2006 </TD>
    <TD align=center width="15%">1.1417 </TD>
    <TD align=center width="15%">1.1653 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>November 2006 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.1277 </TD>
    <TD align=center width="15%" bgColor=#e6efff>1.1474 </TD></TR>
  <TR vAlign=top>
    <TD align=left>October 2006 </TD>
    <TD align=center width="15%">1.1153 </TD>
    <TD align=center width="15%">1.1385 </TD></TR></TABLE>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Capitalization and Indebtedness </B></P>
<P align=justify>Not applicable. </P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Reasons for the Offer and Use of Proceeds </B></P>
<P align=justify>Not applicable. </P>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Risk Factors</B></P>
<P align=justify>An investment in Taseko&#146;s common shares is highly speculative
and subject to a number of risks. Only those persons who can bear the risk of
the entire loss of their investment should participate. An investor should
carefully consider the risks described below and the other information that
Taseko files with the Securities and Exchange Commission and with Canadian
securities regulators before investing in its common shares. The risks described
below are not the only ones faced. Additional risks that Taseko is unaware of or
that Taseko currently believes are immaterial may become important factors that
affect Taseko&#146;s business and financial condition. If any of the following risks
occur, or if others occur, Taseko&#146;s business, operating results and financial
condition could be seriously harmed. </P>
<P align=justify>The principal risks affecting Taseko and the value of Taseko&#146;s
common shares are<B><I>: </I></B></P>
<P align=justify><B><I>Metals Prices </I></B>Taseko&#146;s Gibraltar mine is a &#147;swing
producer<B><I>&#148; </I></B>meaning it is a mine which is economic to operate only
when copper prices are relatively high. This is because by world standards,
Gibraltar mines low grade ore and hence operations become uneconomic when copper
prices decline. Mineralization </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<P align=center><B><FONT color=#ff0000>- 13 - </FONT></B></P>
<P align=justify>referred to herein as &#147;reserves&#148; at Gibraltar may lose that
status if copper prices return to near<B><I> </I></B>historical lows (sub
US$1.25/lb copper). Low metals prices will also adversely impact the likelihood
that Prosperity or Harmony will achieve commercial mine development.</P>
<P align=justify><B><I>Limited Reserves </I></B>The Company's ability to sustain
or increase its current levels of copper and molybdenum production is dependent
upon the successful identification of additional reserves at the Gibraltar mine.
If the Company is unable to develop new ore bodies, it will not be able to
sustain present production levels beyond the current planned life of the
Gibraltar mine. Reduced production could have a material adverse impact on
future years&#146; cash flows, results of operations and financial condition of the
Company.</P>
<P align=justify><B><I>Taseko&#146;s Prosperity and Harmony Properties Contain No
Known Reserves of Ore </I></B>Although there are known bodies of mineralization
on the Prosperity and Harmony Properties, there are currently no known reserves
or body of commercially viable ore. Additional work is required before Taseko
can ascertain if any mineralization may be economic. Exploration for minerals is
a speculative venture necessarily involving substantial risk. If the
expenditures Taseko makes on these properties do not result in discoveries of
commercial quantities of ore, the value of exploration and acquisition
expenditures will be totally lost and the value of Taseko stock may be
negatively impacted. </P>
<P align=justify><B><I>Exchange Rate Risk </I></B>The Company is subject to
currency exchange rate risk. The prices of copper and molybdenum oxide are
denominated in United States dollars and, accordingly, the Company&#146;s revenues
will be received in United States dollars. The Company&#146;s expenses are almost
entirely paid for in Canadian dollars, which has recently shown strength against
the United States dollar. The further strengthening in the Canadian dollar, if
it continues, will negatively impact the profitability of the Company&#146;s mining
operations. </P>
<P align=justify><B><I>Uncertain Project Realization Values </I></B>Taseko
capitalizes acquisition costs incurred in connection with its projects. Due to
the extended depressed price conditions in the metals markets at the time, and
in accordance with the its accounting policy, the Company wrote down the
acquisition costs of each of the Prosperity and Gibraltar projects to $1,000
during fiscal 2001. As a result of inactivity, the Company wrote down the
Harmony Project to $1,000 in fiscal 2004. </P>
<P align=justify><B><I>General Mining Risks </I></B>Mining is an inherently
risky business with large capital expenditures and cyclical metals markets.
Factors beyond the control of Taseko will affect the marketability of any
substances discovered and mined. The mining industry in general is intensely
competitive and there is no assurance that, even if commercial quantities of ore
are discovered at Prosperity and Harmony, a profitable market will exist for the
sale of minerals produced by Taseko. Factors beyond the control of Taseko may
affect the marketability of any substances discovered. Metal prices, in
particular copper, molybdenum and gold prices, have fluctuated widely in recent
years. Prices are determined in international markets over which the Company has
no influence. </P>
<P align=justify>The operations of Taseko may require licenses and permits from
various governmental authorities. There can be no assurances that Taseko will be
able to obtain all necessary licenses and permits that may be required to carry
out exploration, development and operations at its projects. </P>
<P align=justify>Environmental concerns about mining in general are also a
factor that may affect Taseko.</P>
<P align=justify>Taseko also competes with many companies possessing far greater
financial resources and technical facilities than itself for the acquisition of
mineral concessions, claims, leases and other mineral interests, as well as for
the recruitment and retention of qualified employees. </P>
<P align=justify>Additional mining risks include the following: reserves may not
be as estimated, adverse ground conditions, adverse weather conditions,
potential labor problems, and availability and cost of equipment and supplies.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P align=center><B><FONT color=#ff0000>- 14 - </FONT></B></P>
<P align=justify><B><I>Taseko&#146;s Share Price is Volatile </I></B>The market price
of a publicly traded stock, especially a resource issuer like Taseko, is
affected by many variables not directly related to the exploration results of
Taseko, including the market for resource stocks, the strength of the economy
generally, the availability and attractiveness of alternative investments, and
the breadth of the public market for the stock. The effect of these and other
factors on the market price of the common shares on the TSX and the American
Stock Exchange suggests Taseko&#146;s shares will continue to be volatile. Taseko
shares have ranged between approximately $0.36 and $20.00 in the last 15
years.<B> </B></P>
<P align=justify><B><I>Environmental Considerations </I></B>The $38.6 million
  (in 2006 dollars) in existing reclamation liability related to the Gibraltar
  mine, and potential acid rock drainage issues at the Harmony and Prosperity
  projects, if developed, are the main environmental concerns relating to Taseko.
  Mining always entails risk of spills, pollution, reclamation, and other liabilities
  and obligations respecting which Taseko, like other mining companies, may be
  adversely affected. If these challenges are not properly assessed or if rules
  change that increase responsibility for such matters, Taseko could be materially
  adversely affected.</P>
<P align=justify><B><I>Labour Negotiations </I></B>A significant portion of the
Company's employees are unionized. In the event that, from time to time, labour
agreements are not concluded with these employees, labour actions could occur,
including strikes and/or lockouts. Consequently this could cause disruptions in
operations. </P>
<P align=justify><B><I>Significant Potential Equity Dilution </I></B>At March
30, 2007, Taseko had 128,658,125 common shares and 6,111,884 share purchase
options outstanding. The resale of outstanding shares from the exercise of
dilutive securities could have a depressing effect on the market for Taseko&#146;s
shares. At March 30, 2007, dilutive securities represented approximately 9.5% of
Taseko&#146;s currently issued shares. Certain of these dilutive securities are
exercisable at prices below current market price and, accordingly, will result
in dilution to existing shareholders if exercised. </P>
<P align=justify>Further, there is a risk of dilution to existing shareholders
as a result of the potential conversion of (a) the Boliden convertible
debentures (currently 3,476,483 potential shares), (b) the Gibraltar tracking
preferred shares, and (c) the convertible bonds held by qualified institutional
buyers (currently 8,955,244 potential shares). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=center><B><FONT color=#ff0000>- 15 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; INFORMATION ON THE
COMPANY </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
History and Development of the Company </B></P>
<P align=justify><B>Incorporation </B></P>
<P align=justify>Taseko Mines Limited was incorporated on April 15, 1966,
pursuant to the <I>Company Act </I>of the Province of British Columbia
(superseded in 2004 by the <I>British Columbia Corporations Act</I>)<I>.
</I></P>
<P align=justify><B>Offices </B></P>
<P align=justify>The head office of Taseko is located at Suite 1020, 800 West
Pender Street, Vancouver, British Columbia, Canada V6C 2V6. The telephone number
for Taseko&#146;s head office is (604) 684-6365 and its facsimile number is (604)
684-9203. Taseko also has field offices in Williams Lake, BC and at its
Gibraltar mine site in McLeese Lake near Williams Lake, BC. </P>
<P align=justify><B>Corporate Organization </B></P>
<P align=justify>Taseko is based in Vancouver, British Columbia and its mining
operations and two principal exploration stage properties are all located in
British Columbia. </P>
<P align=justify>Taseko has one active wholly controlled subsidiary, Gibraltar
Mines Ltd. (&#147;Gibraltar&#148;), and three non-material, inactive subsidiaries, Cuisson
Lake Mines Ltd. (which is 70% owned), 688888 BC Ltd. (which is wholly owned) and
Taseko Acquisitionsub Ltd. (which is wholly owned). Taseko owns 100% of the
common shares of Gibraltar but none of Gibraltar&#146;s issued preferred shares.</P>
<P align=justify>Taseko itself owns the Prosperity Project, and Gibraltar owns
the Gibraltar Mine and the Harmony Gold Project. Both companies are British
Columbia companies and all operations are in British Columbia.</P>
<P align=justify><B>Development </B></P>
<P align=justify>The principal business events in Taseko&#146;s 40-year history are
(most important matters first): </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>the acquisition of the mothballed Gibraltar copper mine
      (July 1999) and its restart in October 2004;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the acquisition of the Prosperity project and exploration
      and pre-feasibility engineering thereof (principally 1991 to date).
      Exploration expenses to the extent of some $44.7 million have been
      incurred in 155,000 metres of drilling which has demonstrated continuity
      of a deposit with estimated measured and indicated resources of 1.0
      billion tonnes grading 0.41 grams gold per tonne and 0.24 percent copper;
      and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the acquisition of the Harmony Project in
  2002.</P></TD></TR></TABLE>
<P align=justify><B>Capital Expenditures and Divestitures</B></P>
<P align=justify>For a discussion of Taseko&#146;s capital expenditures see &#147;Item 5B.
Operating and Financial Review and Prospects &#150; Liquidity and Capital Resources&#148;
and &#147;Item 4(d) Property, Plant and Equipment.&#148; </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=center><B><FONT color=#ff0000>- 16 - </FONT></B></P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Business Overview </B></P>
<P align=justify><B><I>Taseko&#146;s Business Strategy and Principal Activities
</I></B></P>
<P align=justify>Taseko&#146;s business is focused on enhancing production of copper
and molybdenum from its Gibraltar mine and on acquiring and advancing
development of large tonnage mineral deposits which, under metals price
assumptions that fall within historical averages, are potentially capable of
supporting a mine for 10 years and longer. Taseko endeavours to apply advanced
mining and recovery techniques to these projects. Taseko&#146;s operating Gibraltar
mine as well as its undeveloped copper/gold projects, known as Prosperity and
Harmony, each host such larger tonnage mineral deposits. The Gibraltar mine is a
copper and molybdenum mine that restarted operations in October 2004 after being
on standby for several years. The Prosperity and Harmony projects are advanced
stage exploration projects although mineralization at Prosperity and Harmony has
not at this time been determined to constitute a proven or probable reserve of
ore.</P>
<P align=justify>After focusing on recommence of production at Gibraltar over
fiscal 2005, fiscal 2006 saw the Company re-initiate environmental and economic
assessments of the Prosperity project. Assessments and related work will
continue because prevailing copper and gold prices suggest new opportunities for
the Prosperity project. Taseko believes much of the investment value in its
common shares is derived from the potential economic value that can be derived
from the large amount of contained metals on its projects. Taseko management
believes that there will continue to be relatively strong demand for copper,
molybdenum and gold for the near future in any event and longer term there will
be a continuing need to replace depleted reserves, ultimately causing value of
the resources on Taseko&#146;s projects to appreciate. Taseko&#146;s management believes
that metal prices are presently sufficient to warrant detailed reassessment of
the development potential of Prosperity currently, and at the Harmony project at
some future time. </P>
<P align=justify>Taseko and its subsidiaries own their mining projects outright.
Mining operations are subject to extensive government regulations which affect
the right to exploit ownership. In fiscal 2004, the Gibraltar mine obtained
government permitting and re-started the mine in early October 2004; commercial
production started on January 1, 2005. The Prosperity project is well advanced
in the requisite preparatory engineering and analysis in order to initiate mine
development permitting applications to the relevant government authorities. The
capital costs of placing the Prosperity project into production are dependent on
a final mining through&#150;put decision which has not been determined. The Harmony
project has not been significantly moved towards mine development permitting
since a period of active exploration during the late 1990s further described
herein.</P>
<P align=justify>The provincial government of British Columbia (&#147;the Province&#148;)
and the federal government of Canada both have jurisdiction over a wide variety
of activities and persons affected by mining including local communities,
habitat users and others claiming to hold a stake in the outcome of mining
activity. The Company&#146;s management believes there is an improving level of
public acceptance in British Columbia that responsible mining projects can make
a positive contribution to the Province and the local communities where these
projects are located. This has enabled the Company to have a positive dialogue
with local communities and government agencies about moving Prosperity&#146;s mine
evaluation process forward. </P>
<P align=justify><B><I>The Gibraltar Mine </I></B></P>
<P align=justify>Taseko&#146;s subsidiary, Gibraltar Mines Ltd., owns the Gibraltar
open pit mine in south central British Columbia near the City of Williams Lake.
During fiscal 2006, the mine was operated by Gibraltar&#146;s partner, Ledcor CMI
Ltd. (&#147;Ledcor&#148;). Gibraltar had an 85% interest in any residual profits of the
operations (i.e. profits after payment of usage fees to the participants for
contributed assets and services) and Ledcor had a 15% interest in any residual
profits. Subsequent to fiscal year ended September 30, </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=center><B><FONT color=#ff0000>- 17 - </FONT></B></P>
<P align=justify>2006, the operating agreement established with Ledcor was
terminated upon Taseko&#146;s notice of voluntary withdrawal. Commencing November
2006, the Company assumed responsibility for all operational matters, including
the recruitment of personnel and maintenance of the equipment and facilities, in
connection with the Gibraltar Mine. </P>
<P align=justify>The Gibraltar Mine is an open pit copper mine operation that
utilizes drilling, blasting, cable shovel loading, and truck hauling to excavate
the ore. A mill operation then crushes, grinds and processes mineralized
material through froth flotation to create a concentrate. The concentrates
contain approximately 30% copper and just under 1% of molybdenum respectively.
The Gibraltar Mine began restart in 2004 and was brought back into production in
2005 after significant investments in mining equipment.</P>
<P align=justify>The Gibraltar Mine currently operates under a 21 year mine plan
and produces and sells copper and molybdenum concentrates. During the year ended
September 30, 2006, Gibraltar mined 38.4 million tons of ore and waste material
(at a 2.4:1 stripping ratio), and milled approximately 10.9 million tonnes at a
grade of 0.285% copper and 0.009% molybdenum. With copper recoveries of 79% and
molybdenum recovery of 41%, the Gibraltar Mine produced 49.1 million pounds of
copper in concentrate and 821 thousand pounds of molybdenum in concentrate,
generating revenues of $140.3 million from copper concentrate sales and $21.6
million from molybdenum (at average sales prices of US$2.44 for copper and
US$23.28 for molybdenum) in fiscal 2006. Cash operating costs were in the range
of US$1.50 per pound of copper. </P>
<P align=justify><B><I>Undeveloped Gold/Copper Projects &#150; &#147;Prosperity&#148; and
&#147;Harmony&#148; Projects </I></B></P>
<P align=justify>Taseko owns 100% of two undeveloped projects in British
Columbia. The Prosperity Project, located in south central British Columbia,
hosts a large copper-gold porphyry deposit. Taseko expended approximately $41.5
million from 1991 to 2000 on the Prosperity Project, excluding $28.7 million in
acquisition costs, but wrote-down the value of this project to $1,000 during the
subsequent periods of low metal prices.</P>
<P align=justify>In November 2005, Taseko re-initiated feasibility work on the
Prosperity Project, and re-entered the environmental assessment process. In
January 2007, the Company announced the positive results of a pre-feasibility
level study for the project.</P>
<P align=justify>An updated feasibility study for the Prosperity Project, being
performed by Hatch Consultants, is progressing and is scheduled for completion
in May 2007. </P>
<P align=justify>Environmental assessment activities are also underway and
submission of an Environmental Impact Assessment is scheduled for April 30,
2007. </P>
<P align=justify>The Harmony Property, located in the Queen Charlotte Islands
(also known as Haida-Gwaii), hosts a large gold deposit. Gibraltar recorded
acquisition costs in connection with the Harmony Property in the $29 million
range but also wrote the property down to the nominal value of $1,000 in
2004.</P>
<P align=justify>In fiscal 2006, the Company was focused on the Gibraltar mine
and the Prosperity project; therefore only maintenance activities were performed
on the Harmony project. These activities will continue and assessments will be
undertaken as new opportunities arise for the Harmony project. The Company
anticipates continuing to focus its resources and its efforts on the Gibraltar
mine and the Prosperity project in 2007.<B> </B></P>
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<P align=center><B><FONT color=#ff0000>- 18 - </FONT></B></P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Organizational Structure </B></P>
<P align=justify>Taseko operates directly and also through one principal
subsidiary, Gibraltar Mines Ltd. ("Gibraltar&#148;). Taseko itself owns the
Prosperity Project, and Gibraltar owns the Gibraltar Mine and the Harmony Gold
Project. All of the companies are British Columbia companies and all operations
are in British Columbia. Taseko&#146;s corporate organization is summarized in the
diagram below:</P>
<P align=center><IMG
src="orgchart.gif" width="567" height="252"
border=0> </P>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Property, Plant and Equipment </B></P>
<P align=justify>The Gibraltar Mine was acquired from Boliden Westmin (Canada)
Limited in July 1999, approximately one year after commercial mining operations
were suspended due to then-prevailing low copper prices. The Gibraltar Mine was
acquired with mill and mining equipment and supplies valued at approximately $19
million.</P>
<P align=justify>During fiscal 2006, the Company exercised its right to acquire
certain of Gibraltar&#146;s mine haul trucks and a mining shovel previously held
under capital leases, from a former partner, for approximately US$12.5 million.
</P>
<P align=justify>The Company also completed the rehabilitation of Gibraltar&#146;s
SX/EW plant. Copper production from the SX/EW plant is expected to be 3.6
million pounds in 2007 with approximately 7 million pounds annually thereafter.
</P>
<P align=justify>In the third quarter of 2006, the Company also initiated the
expansion and upgrade to the concentrator facility at the Gibraltar mine. The
expansion project is anticipated to be completed by 2008. </P>
<P align=justify>Neither the Prosperity Project nor the Harmony Gold Project
have any mining plant or equipment located thereon, although both projects have
field accommodation and miscellaneous exploration equipment, which is of little
realizable value, on site. </P>
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<P align=center><B><FONT color=#ff0000>- 19 - </FONT></B></P>
<P align=center><B>Location of Operations and Properties </B></P>
<P align=center><IMG
src="map2.jpg" width="594" height="615"
border=0> </P>
<P align=justify><B><I>The Gibraltar Mine </I></B></P>
<P align=justify><B><I>1999 Acquisition Terms </I></B></P>
<P align=justify>On July 21, 1999, Taseko&#146;s subsidiary, Gibraltar Mines Ltd.,
  purchased the Gibraltar mine from Boliden Westmin (Canada) Limited (&#147;Boliden&#148;)
  and certain of its affiliates, including all mineral interests, mining and processing
  equipment and facilities, and assumed responsibility for ongoing reclamation.
  Pursuant to the terms of the acquisition, Gibraltar acquired mining equipment,
  parts and supplies inventories valued at $19 million, an existing British Columbia
  Government environmental deposit of $8 million, and mineral interests valued
  at $3.3 million, and received $20.1 million in cash over 18 months from closing,
  of which $17 million was received pursuant to a 10-year non-interest bearing
  convertible debenture issued to Boliden. Gibraltar assumed the estimated reclamation
  liability pertaining to the Gibraltar mine of $32.7 million and Taseko guaranteed
  Gibraltar&#146;s obligations to Boliden. The principal sum advanced under the
  debenture is convertible into Taseko common shares in the first year at $3.14
  per Taseko share. </P>
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<P align=center><B><FONT color=#ff0000>- 20 - </FONT></B></P>
<P align=justify>The conversion price escalates $0.25 per Taseko share each year
over the 10-year term of the debenture on each July 19th anniversary of closing.
The conversion price at September 30, 2006 was $4.89 per Taseko share. The
debenture is due on July 19, 2009. After five years, the debenture can be
converted at Taseko&#146;s option at then-prevailing market prices for Taseko shares
or paid out in cash at Taseko&#146;s election. Taseko retains certain rights of first
refusal respecting any proposed sale of shares acquired by Boliden under the
debenture. Taseko has initiated a lawsuit against the current owner of the
Boliden debenture claiming a right of offset in the amount of approximately $3.5
million in connection with an alleged misrepresentation under the terms of the
1999 acquisition agreements. </P>
<P align=justify><B><I>Termination of 2004 Gibraltar-Ledcor Agreement
</I></B></P>
<P align=justify>During the fiscal year, the Gibraltar Mine was operated under a
Gibraltar &#150; Ledcor Agreement (&#147;Ledcor Agreement&#148;) with Ledcor CMI Ltd.
(&#147;Ledcor&#148;). Under the terms of the Ledcor Agreement, Ledcor would be the
operator of the Gibraltar Mine for a term of 40 months effective October 1,
2004. The Ledcor Agreement was managed by a Management Committee consisting of
five members, to direct and control overall policies, objectives, procedures,
methods and actions at the mine. The Management Committee consisted of two
members appointed by Gibraltar and two members appointed by Ledcor, together
with an independent Chairperson. </P>
<P align=justify>Gibraltar had an 85% interest in any residual profits of the
operations (i.e. profits after payment of usage fees to the participants for
contributed assets and services) and Ledcor had a 15% interest in any residual
profits. The Ledcor Agreement would have terminated on expiry of the 40 month
term, unless terminated earlier by written agreement of the parties. In July
2006, Taseko provided a notice of voluntary withdrawal from the Ledcor
Agreement. Under this notice and effective on November 2006, Taseko assumed
responsibility for all matters in connection with the Gibraltar Mine and paid to
Ledcor a termination fee of $3.5 million which was expensed in the year. </P>
<P align=justify><B><I>Location, Access and Infrastructure </I></B></P>
<P align=justify>The Gibraltar mine area consists of 222 mineral claims, 30
mining leases, and some ancillary fee simple real estate held by Gibraltar. The
mine site covers approximately 109 square km, located at latitude 52&#176;30&#146;N and
longitude 122&#176;16&#146;W in the Granite Mountain area, approximately 65 km north of
the City of Williams Lake in south-central British Columbia, Canada. Access to
the Gibraltar mine from Williams Lake is via Highway 97 to McLeese Lake. From
McLeese Lake, a paved road provides access to the Gibraltar mine site. The total
road distance from the City of Williams Lake to the Gibraltar mine is 65 km and
motor vehicle travel time is approximately 45 minutes. </P>
<P align=justify>The Canadian National Railway has rail service to facilitate
the shipping of copper concentrates through to the Pacific Ocean port of North
Vancouver. A rail siding and storage shed for the shipment of concentrate is
located 26 km from the mine site. Electricity is obtained from the British
Columbia Hydro and Power Authority (&#147;BC Hydro&#148;). Natural gas is provided by
Avista Energy and Terasen Gas (formerly BC Gas). The communities of Williams
Lake and Quesnel are sufficiently close to the site to supply goods, services,
and personnel to the Gibraltar mine. </P>
<P align=justify>The Gibraltar mine mineral claims cover an area of gentle
topography; local relief is in the order of 200 m. The plant site is located at
an elevation of approximately 1,100 m above sea level. The project area has a
moderate continental climate with cold winters and warm summers. Ambient air
temperature ranges from a winter minimum of -34&#176; C to a summer maximum of 35&#176;C.
Average annual precipitation at the site averages 51 cm, of which about 17 cm
falls as snow. Maximum snow depth is about 1 m, most of which falls in late
February. </P>
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<P align=center><B><FONT color=#ff0000>- 21 - </FONT></B></P>
<P align=justify><B><I>History </I></B></P>
<P align=justify>The earliest record of work at the Gibraltar mine is found in
the 1917 British Columbia Minister of Mines Annual Report, which describes the
activities of Joseph Briand and partners exploring copper-bearing quartz veins
just west of the current Pollyanna pit. </P>
<P align=justify>The early 1960s marked the entry of the major mining companies
into the Granite Mountain area and the subsequent introduction of modern
exploration techniques, which ultimately led to the discovery of the mineral
deposits. In this environment, the most effective exploration tools were soon
found to be Induced Polarization (&#147;IP&#148;) geophysics and diamond drilling. </P>
<P align=justify>Mine production began in March 1972 and the mine operated more
or less continuously from 1972 to 1998. Production to the end of 1998 totalled
1.86 billion lb of copper and 19.7 million lb of molybdenum from 336 million
tons milled. Reconciliation studies on a number of open pit stages demonstrated
good correlation between reserve estimates and actual production. The Gibraltar
mine also produced cathode copper by leaching both low grade dump material and
leachable oxide material from the pits using sulphuric acid and natural
bacteria, and processing by solvent extraction-electrowinning (SX/EW).
Approximately 84.7 million lb of copper were recovered from 1986 to 1998.</P>
<P align=justify>From 1999 to 2004, Taseko geologists and engineers explored for
additional mineralized material and to better define known resources. The
on-site staff also completed on-going reclamation work and maintained the
Gibraltar mine for re-start. Operating and environmental permits were kept in
good standing. In August 2000, a property-scale IP survey was initiated.
Interpretation of the results was completed in the spring of 2001, identifying
deposit-scale anomalies. Some of these anomalies were followed up by drilling in
2003. Significant copper mineralization was encountered in the 98 Oxide Zone,
indicating potential for a mineral resource in this area.</P>
<P align=justify>At October 1, 2004 when the mine re-opened, there were
approximately 837 million tons of measured and indicated resources outlined at
Gibraltar, including proven and probable sulphide reserves of 163.5 million tons
grading 0.313% copper and 0.010% molybdenum at a 0.20% copper cut-off and 16.5
million tons of oxide reserves grading 0.148% Cu at a 0.10% acid soluble copper
cut-off. The Gibraltar re-start decision was based on the initial four years of
the 12-year mine plan. Open pit pre-development work began in the Pollyanna pit
area in June 2004 and exposed ore grade material allowing for continuous mill
feed for 3.3 years. </P>
<P align=justify>A core drilling program, encompassing 40 holes (23,000 ft) for
pit definition for the Granite Lake and PGE Connector deposits and property
exploration at the 98 Oxide Zone, was carried out in September and October 2005.
Ten holes of exploratory drilling did not expand the resources at the 98 Oxide
Zone. However, drilling at the Granite Lake and PGE Connector Zones and a
detailed review of the geological model, confirmation of pit wall locations
established in previous mine optimization studies, and an analysis of price and
mining cost projections allowed for expansion of the previously defined pits.
Using long term metal prices of US$1.10/lb for copper and US$6.00/lb for
molybdenum for the estimates, the overall mineral reserves, as of October 1,
2005, increased to 194 million tons grading 0.31% copper and 0.010% molybdenum.
Additional measured and indicated resources were 610 million tons grading 0.28%
copper and 0.008% molybdenum. Both estimates were done at a 0.20% copper
cut-off.</P>
<P align=justify><B><I>Property Geology </I></B></P>
<P align=justify>The Gibraltar mine generally consists of seven separate
mineralized zones. Six of these &#150; Pollyanna, Granite Lake, Connector, Gibraltar
East, Gibraltar West and Gibraltar West Extension &#150; occur within the Granite
Mountain batholith in a broad zone of shearing and alteration. A seventh copper
mineralized body, the Sawmill zone, lies about six km to the south, along the
southern edge of the batholith, within a complex contact zone between the
batholith and Cache Creek Group rocks. </P>
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<P align=center><B><FONT color=#ff0000>- 22 - </FONT></B></P>
<P align=justify>Two major structural orientations have been recognized at
Gibraltar: the Sunset and Granite Creek mineralized systems. The Sunset system
has a northwest strike with one set of structures dipping 35&#176; to 45&#176; to the
south and a conjugate set, known as the Reverse Sunset, dipping 50&#176; to 60&#176; to
the north. The Granite Creek system strikes east-west and dips 20&#176; to 40&#176; to the
south with a subordinate set of structures dipping steeply in a northerly
direction. Structures of the Sunset system that host mineralization are mainly
shear zones, with minor development of stockwork and associated foliation
lamellae. Host structures of the Granite Creek system are predominantly oriented
stockwork zones. </P>
<P align=justify>The Granite Creek system provides the major structures that
control mineralization of Pollyanna, Granite Lake and the Sawmill zones. These
bodies have the characteristic large diffuse nature of porphyry copper type
mineralization. The Gibraltar East deposit is essentially a system of
interconnected Sunset zones, which create a large body of uniform grade.
Gibraltar West and Gibraltar West Extension deposits are contained within a
large complex shear zone. </P>
<P align=justify><B><I>Mineralization </I></B></P>
<P align=justify>Pyrite and chalcopyrite are the principal primary iron and
copper sulphide minerals. Sixty percent of the copper occurs in fine-grained
chalcopyrite. Coarser grained chalcopyrite also occurs, usually in quartz veins
and shear zones. Small concentrations of bornite (a sulphide mineral of copper
and iron), associated with magnetite and chalcopyrite, is present on the
extremities of the Pollyanna and Sawmill deposits. Oxide copper mineralization
is also present between the Gibraltar East and Pollyanna open pits in the
Connector Zone. Molybdenite (molybdenum sulphide mineral) is a minor but
economically important associate of chalcopyrite in the Pollyanna, Granite Lake
and Sawmill deposits.</P>
<P align=justify><B><I>Sampling and Analytical Procedures</I></B></P>
<P align=justify>NQ sized core was drilled in 2006. All drill core was photographed,
  then logged and sampled by technical staff under the supervision of a qualified
  person. All exploration core was split into two pieces using a mechanical core
  splitter, with half of the core sent for analyses and the other half retained
  for audit purposes. All production core was whole core sampled for analyses.
  Average sample length is 3 m (10 ft). </P>
<P align=justify>Samples from the Gibraltar exploration project are stored at a
secure facility at the Gibraltar Mine prior to being shipped to Vancouver
laboratories for preparation and analysis. Assayers Canada prepared and analyzed
80% of the samples and ALS Chemex prepared and analyzed 20% of the samples.
Sample preparation consisted of weighing, drying and crushing the entire sample
to &gt;70% passing -2 mm and then pulverizing a 250 g split to &gt;85% passing
75 micron mesh. Total copper and molybdenum determinations are by reagent
digestion followed by Atomic Absorption Spectroscopy (AAS) finish. Laboratory
Quality Assurance/Quality Control (QAQC) is monitored using assay standards and
blanks submitted by Taseko, and duplicate samples submitted to Acme Analytical
Laboratories in Vancouver. </P>
<P align=justify><B><I>QA/QC Procedures </I></B></P>
<P align=justify>The following Quality Assurance/Quality Control Protocols were
implemented for the 2005 and 2006 drilling programs to ensure that accurate,
precise and reproducible analytical results are obtained. </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Every twentieth sample is re-split from the crushed drill core reject and
  analyzed at a second laboratory (Assayers Canada) to ensure accurate sampling.
  A table and chart of mainstream vs. re-split sample assays is maintained.
  <LI>Two standards, known to the geologist, are randomly numbered and added to
  each sample batch of 33 drill core samples to test the laboratories ability to
  reproduce results. A table and chart of the standard assays is maintained.
  <LI>One randomly numbered silica blank sample is also added to each sample set
  submission (of 33 samples) to ensure that samples, solutions and apparatus are
  not contaminated. </LI></UL>
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<P align=center><B><FONT color=#ff0000>- 23 - </FONT></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>Reject assay pulps are placed in labeled bags and stored as sets
  corresponding to their diamond drill hole, for future reference. Each sample
  bag also contains an identification tag to ensure positive sample
  identification.
  <LI>Reject drill core pulps are stored in labeled bags as drill-hole sets for
  future reference. Each sample bag also contains an identification tag to
  ensure positive sample identification. </LI></UL>
<P align=justify><B><I>Security of Samples </I></B></P>
<P align=justify>At Gibraltar, a library of representative samples of the
different rock types and mineralization is retained in a secured on-site core
facility. </P>
<P align=justify>The Gibraltar mine site has restricted access. All core from
the 2005 and 2006 program was drilled, transported, logged, and crushed on-site.
For exploration samples (for 2005 this refers to the 98 Oxide drilling), the
remaining half-core, pulps and rejects from half-core samples are retained in a
secured on-site facility. For production core samples, the pulps and rejects are
retained in a secured on-site facility. </P>
<P align=justify><B><I>Exploration in 2006 </I></B></P>
<P align=justify>A 61,500 ft drilling program was carried out in 2006. The
program was designed to define the mineral resources between the existing pits
by tying together the extensive mineralization zones, and to test for additional
mineralization at depth. The work successfully met these objectives and resulted
in a reserve increase of 74 million tons (see Estimates of Mineralization
below). </P>
<P align=justify><B><I>Development Projects in 2006 </I></B></P>
<P align=justify><I>Solvent Extraction -Electrowinning (SX-EW) Plant Restart
</I></P>
<P align=justify>Oxidized material, requiring treatment by the SX-EW plant, had
been stockpiled since the restart of mining operations at Gibraltar in 2004.</P>
<P align=justify>Refurbishing activities began in April 2006, with commissioning
in late December. The first 99.9% pure copper cathode was produced from the
rehabilitated plant on January 26, 2007. The SX-EW plant is expected to add
approximately 3.5 million pounds to copper production in 2007 and 7 million
pounds, annually, in the future.</P>
<P align=justify><B><I>Mining Operations in 2006 </I></B></P>
<P align=justify>The Gibraltar mine is a typical open pit operation that
utilizes drilling, blasting, cable shovel loading and large-scale truck hauling
to excavate rock. The mine is planned to enable excavation of sulphide
mineralized material of sufficient grade that it can be economically mined,
crushed, ground and processed to a saleable product by froth flotation. Tailings
are pumped to a storage facility. </P>
<P align=justify>Rock containing lower grade sulphide mineralization or oxide
mineralization is also mined but is not immediately processed. The lower grade
sulphide material is stockpiled for later treatment in the mill. In addition, a
portion of the low grade sulphide and all of the oxide material can be leached
with sulphuric acid, which is naturally assisted by bacterial action, and the
resultant copper sulphate solution can be processed to cathode copper in the
Gibraltar mine&#146;s SX/EW plant. The oxide material was stockpiled during the
year.</P>
<P align=justify>The following table is a summary of the Gibraltar Mine
operating statistics for the 2006 fiscal year compared to the previous year.
</P>
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<P align=center><B><FONT color=#ff0000>- 24 - </FONT></B></P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="20%"><B>Fiscal 2006 </B></TD>
    <TD align=center width="20%"><B>Fiscal 2005 </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Total tons mined (millions)<SUP>1 </SUP></TD>
    <TD align=center width="20%">38.4 </TD>
    <TD align=center width="20%">40.0 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tons of ore milled (millions) </TD>
    <TD align=center width="20%">10.9 </TD>
    <TD align=center width="20%">11.5 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Stripping ratio </TD>
    <TD align=center width="20%">2.44 </TD>
    <TD align=center width="20%">2.31 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Copper grade (%) </TD>
    <TD align=center width="20%">0.285 </TD>
    <TD align=center width="20%">0.314 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Molybdenum grade (%Mo) </TD>
    <TD align=center width="20%">0.009 </TD>
    <TD align=center width="20%">0.010 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Copper recovery (%) </TD>
    <TD align=center width="20%">79.1 </TD>
    <TD align=center width="20%">76.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Molybdenum recovery (%) </TD>
    <TD align=center width="20%">41.2 </TD>
    <TD align=center width="20%">23.1 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Copper production (millions lb) </TD>
    <TD align=center width="20%">49.1 </TD>
    <TD align=center width="20%">54.8 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Molybdenum production (thousands lb) </TD>
    <TD align=center width="20%">821 </TD>
    <TD align=center width="20%">427 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Copper production costs, net of by product
      credits<SUP>2 </SUP>, per lb of copper </TD>
    <TD align=center width="20%">US$1.25 </TD>
    <TD align=center width="20%">US$0.87 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Off property costs for transport, treatment
      (smelting &amp; refining) &amp; sales per lb of copper </TD>
    <TD align=center width="20%">US$0.25 </TD>
    <TD align=center width="20%">US$0.28 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total cash costs of production per lb of
      copper </TD>
    <TD align=center width="20%">US$1.50 </TD>
    <TD align=center width="20%">US$1.15 </TD></TR></TABLE></DIV>
<P align=justify style="margin-left:10%;margin-right:10%;"><SUP>1 </SUP>Total tons mined includes sulphide ore, oxide ore,
low grade stockpile material, overburden, and waste rock which were moved from
within pit limit to outside pit limit during the period. <SUP><BR>2 </SUP>The
by-product credit is based on pounds of molybdenum and ounces of silver sold.
Unit costs were lower in fiscal 2005 because molybdenum prices and pounds of
copper produced were higher. </P>
<P align=justify><I>Year-end Reconciliation of Reserves </I></P>
<P align=justify>The reserves at fiscal 2006 year end were estimated by
Gibraltar management. All mining in fiscal 2006 took place in the Pollyanna
stage 4 pit. Approximately 11 million tons were mined.</P>
<P align=justify><B><I>Estimates of Mineralization </I></B></P>
<P align=justify>Drilling in 2006 resulted in a 40% increase in proven and
probable sulphide mineral reserves, as tabulated below. The estimates used long
term metal prices of US$1.50/lb for copper and US$8.00/lb for molybdenum and a
foreign exchange of C$0.88 per US dollar. </P>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>
    <TR vAlign=bottom>
      <TD align=center colSpan=5><B>Sulphide Mineral Reserves</B> <BR> <B>at October
        1, 2006 at 0.20% Copper cut-off</B> </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left ><BR> <B>Pit </B></TD>
      <TD align=center width="18%"><BR> <B>Category </B></TD>
      <TD align=center width="18%"><B>Tons </B><BR> <B>(millions) </B></TD>
      <TD align=center width="18%"><B>Cu </B><BR> <B>(%) </B></TD>
      <TD align=center width="18%"><B>Mo </B><BR> <B>(%) </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left rowSpan=2 >Pollyanna <BR> <BR></TD>
      <TD align=center width="18%">Proven <BR>
        Probable </TD>
      <TD align=center width="18%">17.2 <BR>
        1.4 </TD>
      <TD align=center width="18%">0.335 <BR>
        0.276 </TD>
      <TD align=center width="18%">0.011 <BR>
        0.009 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=center width="18%"><B>Subtotal </B></TD>
      <TD align=center width="18%"><B>18.6 </B></TD>
      <TD align=center width="18%"><B>0.331 </B></TD>
      <TD align=center width="18%"><B>0.011 </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left rowSpan=2 >PGE Connector <BR> <BR></TD>
      <TD align=center width="18%">Proven <BR>
        Probable </TD>
      <TD align=center width="18%">43.0 <BR>
        13.3 </TD>
      <TD align=center width="18%">0.297 <BR>
        0.278 </TD>
      <TD align=center width="18%">0.010 <BR>
        0.014 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=center width="18%"><B>Subtotal </B></TD>
      <TD align=center width="18%"><B>56.3 </B></TD>
      <TD align=center width="18%"><B>0.293 </B></TD>
      <TD align=center width="18%">&nbsp;<B>0.011 </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left rowSpan=2 >Granite Lake <BR> <BR>
        Granite Lake Additional <BR> <BR></TD>
      <TD align=center width="18%">Proven <BR>
        Probable <BR>
        Proven <BR>
        Probable </TD>
      <TD align=center width="18%">97.0 <BR>
        10.5 <BR>
        60.6 <BR>
        13.4 </TD>
      <TD align=center width="18%">0.318 <BR>
        0.317 <BR>
        0.334 <BR>
        0.326 </TD>
      <TD align=center width="18%">0.009 <BR>
        0.006 <BR>
        0.011 <BR>
        0.011 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=center width="18%"><B>Subtotal </B></TD>
      <TD align=center width="18%"><B>181.5 </B></TD>
      <TD align=center width="18%"><B>0.324 </B></TD>
      <TD align=center width="18%"><B>0.010 </B></TD>
    </TR>
    <TR vAlign=top>
      <TD colspan="2" align=left ><B>Total </B> </TD>
      <TD align=center width="18%"><B>256.4 </B></TD>
      <TD align=center width="18%"><B>0.318 </B></TD>
      <TD align=center width="18%"><B>0.010 </B></TD>
    </TR>
  </TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align=center><B><FONT color=#ff0000>- 25 - </FONT></B></P>
<P align=justify>It is the opinion of the Company&#146;s experts that the above
reserves are reported in accordance with both 43-101 and SEC Guide 7. The
reserves occur on the perimeter of existing open pits and have been integrated
into the existing mine plan for the operation. Long term metal prices have been
utilized for the estimates and permits are in place that would allow mining to
proceed. The estimates used a 0.20% copper cut-off grade for the sulphide
reserves. Sulphide copper recoveries for the course of the mine plan are based
on the historic metallurgical performance of the concentrator on each mineral
system to be treated. The average life of mine recovery for copper is 87.3% and
for molybdenum is 40.6% . </P>
<P align=justify>The operating costs and cash flow are calculated on a constant
Q4 2006 Canadian dollar basis. Major input parameters for the model are
summarized as follows:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=center><B><FONT color=#ff0000>- 26 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD align=center colSpan=2><B>Metal Prices and Foreign Exchange</B>: </TD>
  </TR>
  <TR>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff><U>Copper: </U></TD>
    <TD width="33%" align=left bgColor=#e6efff>2007: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;US$2.66/lb </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2008: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;US$2.31/lb
    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" align=left bgColor=#e6efff>2009: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;US$2.03/lb </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2010 and after: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;US$1.50/lb
    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff><U>Molybdenum: </U></TD>
    <TD width="33%" align=left bgColor=#e6efff>2007: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;US$22.00/lb </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2008: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;US$17.00/lb
    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" align=left bgColor=#e6efff>2009: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;US$15.00/lb </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2010 and after: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;US$8.00/lb
    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff><U>Silver: </U></TD>
    <TD width="33%" align=left bgColor=#e6efff>2007: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;US$10.00/toz </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2008: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;US$9.00/toz
    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" align=left bgColor=#e6efff>2009: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;US$8.00/oz </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2010: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;US$7.00/oz
    </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" align=left bgColor=#e6efff>2011: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;US$6.50/oz </TD>
  </TR>
  <TR>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff><U>US$/CAN$ Exchange Rate: </U></TD>
    <TD width="33%" align=left bgColor=#e6efff>2007-2022: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;0.88 </TD>
  </TR>
  <TR>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD colspan="2" align=center> <B>Labour: </B></TD>
  </TR>
  <TR>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left><U>Staff: </U></TD>
    <TD width="33%" align=left>Constant: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;current
      2007 staff salaries </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff><U>Hourly: </U></TD>
    <TD width="33%" align=left bgColor=#e6efff>Constant: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;current 2007 contract rates </TD>
  </TR>
  <TR>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD colspan="2" align=center bgColor=#e6efff><b>Major Consumable Costs: </b></TD>
  </TR>
  <TR>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff><U>Fuel: </U></TD>
    <TD width="33%" align=left bgColor=#e6efff>2007: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;0.690 per liter </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2008: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;0.591
      per liter </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" align=left bgColor=#e6efff>2009 and after: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;0.528 per liter </TD>
  </TR>
  <TR>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff><U>Explosives: </U></TD>
    <TD width="33%" align=left bgColor=#e6efff>2007: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;at current supply price </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2008 and after: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;adjusted
      for energy costs </TD>
  </TR>
  <TR>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left><U>Haulage Truck Tires: </U></TD>
    <TD width="33%" align=left>Constant: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;at
      current supply prices </TD>
  </TR>
  <TR>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left><U>Natural Gas: </U></TD>
    <TD width="33%" align=left>Constant: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;11.17
      $/GJ </TD>
  </TR>
  <TR>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left><U>Power: </U></TD>
    <TD width="33%" align=left>Constant: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;0.0372
      $/kWh </TD>
  </TR>
  <TR>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left><U>Mill Reagents: </U></TD>
    <TD width="33%" align=left>Constant: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;at
      current supply prices </TD>
  </TR>
  <TR>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left><U>Grinding Media: </U></TD>
    <TD width="33%" align=left>2007: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;steel
      surcharge reduced by 50%, </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" align=left bgColor=#e6efff>2008: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;steel surcharge reduced by 75%, </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2009 and after: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;steel
      surcharge eliminated. </TD>
  </TR>
  <TR>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="33%" bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left><U>Concentrate transportation, </U></TD>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD align=left>&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left bgColor=#e6efff><U>treatment and refining: </U></TD>
    <TD width="33%" align=left bgColor=#e6efff>2007: </TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp; &nbsp;2007 contract prices, </TD>
  </TR>
  <TR vAlign=top>
    <TD width="33%" align=left>&nbsp; </TD>
    <TD width="33%" align=left>2008 and after: </TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;constant
      at January 2008 contract prices. </TD>
  </TR>
</TABLE>
<P align=justify>The average life of mine unit operating costs are summarized
below: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="50%" border=1>

  <TR vAlign=top>
    <TD align=left >Mine cost/ton moved </TD>
    <TD align=right width="40%">$0.89 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mine cost/ton milled <BR>Mill cost/ton milled
      <BR>Administration cost/ton milled </TD>
    <TD align=right width="40%">$2.85 <BR>$2.47 <BR>$0.56 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee >Total Sulphide Operating
      cost/ton milled </TD>
    <TD align=right width="40%" bgColor=#eeeeee>$5.88 </TD></TR>
  <TR vAlign=top>
    <TD align=left >SX/EW cost/lb of cathode copper </TD>
    <TD align=right width="40%">$0.99 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P align=center><B><FONT color=#ff0000>- 27 - </FONT></B></P>
<P align=justify>Under present mine operating parameters of 36,000 tons milled
per day, this addition to reserves extends the mine life to 21 years. Upon
completion of the mill expansion in December 2007 to 46,000 tons per day,
Gibraltar mine life would be approximately 15 years.</P>
<DIV>
  <TABLE width="100%" border=0 cellPadding=3
cellSpacing=0 bordercolor="#FF0000"
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
    <TR vAlign=bottom>
    <TD
    style="BORDER-RIGHT: #FF0000 1px solid; BORDER-TOP: #FF0000 1px solid; BORDER-LEFT: #FF0000 1px solid"
    align=center><B>Cautionary Note to Investors Concerning Estimates of
      Measured and Indicated Resources </B></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #FF0000 1px solid; BORDER-LEFT: #FF0000 1px solid">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #FF0000 1px solid; BORDER-LEFT: #FF0000 1px solid; BORDER-BOTTOM: #FF0000 1px solid"
    align=left>
      <P align=justify>The following section uses the terms &#145;measured resources&#146;
      and &#145;indicated resources&#146;. The Company advises investors that while those
      terms are recognized and required by Canadian regulations, the U.S.
      Securities and Exchange Commission does not recognize them. <B>Investors
      are cautioned not to assume that any part or all of mineral deposits in
      these categories will ever </B><B>be converted into reserves.
  </B></P></TD></TR></TABLE></DIV>
<P align=justify>In addition to the above reserves, the mineral resources are
estimated to be: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="50%" border=1>

  <TR vAlign=bottom>
    <TD align=center colSpan=4><B>Gibraltar Mineral Resources</B> <BR><B>at
      0.16% to 0.20% Copper cut-off</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Category </B><BR></TD>
    <TD align=center width="25%"><B>Tons </B><BR><B>(millions) </B></TD>
    <TD align=center width="25%"><B>Cu </B><BR><B>(%) </B></TD>
    <TD align=center width="25%"><B>Mo </B><BR><B>(%) </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Measured <BR>Indicated </TD>
    <TD align=center width="25%">414 <BR>197 </TD>
    <TD align=center width="25%">0.284 <BR>0.272 </TD>
    <TD align=center width="25%">0.008 <BR>0.007 </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total </B></TD>
    <TD align=center width="25%"><B>611 </B></TD>
    <TD align=center width="25%"><B>0.280 </B></TD>
    <TD align=center width="25%"><B>0.008 </B></TD></TR></TABLE></DIV>
<P align=justify>The resource and reserve estimation was completed by Gibraltar
mine staff under the supervision of Ian S. Thompson, P. Eng., Superintendent of
Engineering and a Qualified Person under National Instrument 43-101. A technical
report containing additional resource and reserve particulars is filed on
<U><FONT color=#0000ff>www.sedar.com</FONT></U>.</P>
<P align=justify>There are also oxide reserves. These were not reviewed in the
2007 study, and at year end remained unchanged from previous estimates.</P>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="50%" border=1>
    <TR vAlign=top>
      <TD colspan="4" align=center> <B>Oxide Reserves at October 1, 2006</B><B><SUP>1
        </SUP></B><BR>
        <B>at 0.10% Acid Soluble Copper cut-off </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Pit </B><BR></TD>
      <TD align=center width="25%"><B>Category </B><BR></TD>
      <TD align=center width="25%"><B>Tons (000&#146;s) </B><BR></TD>
      <TD align=center width="25%"><B>Acid Soluble </B><BR> <B>Copper % </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Pollyanna </B><BR> <BR> <B>PGE Connector </B><BR></TD>
      <TD align=left width="25%">Measured <BR>
        Indicated <BR>
        Measured <BR>
        Indicated </TD>
      <TD align=right width="25%"><B>2,200 </B><BR> <B>160 </B><BR>
        13,600 <BR>
        440 </TD>
      <TD align=right width="25%">0.137 <BR>
        0.185 <BR>
        0.150 <BR>
        0.130 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD align=left width="25%"><B>TOTAL </B></TD>
      <TD align=right width="25%"><B>16,500 </B></TD>
      <TD align=right width="25%"><B>0.148 </B></TD>
    </TR>
  </TABLE>
</DIV><BR>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="50%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><SUP>(1) </SUP></TD>
    <TD>
      <P align=justify>2.2 million tons of the oxide material (from the
      Pollyanna deposit) has been mined and moved to
  stockpiles.</P></TD></TR></TABLE></DIV>
<P align=justify><B><I>Environmental </I></B></P>
<P align=justify>There have been no material environmental non-compliances
incidents since the mine re-opened. </P>
<P align=justify>A comprehensive mine closure report containing an assessment of
reclamation and long term environmental costs is produced approximately every 5
years. The most recent reclamation plan and closure report, dated February 26,
2003, was approved by the BC Ministry of Energy and Mines (&#147;MEM&#148;) in 2004. This
report states that the total closure costs, including covering rock piles with
1.0 m of till, would be $36.9 million. The Ministry of Mines agreed to consider
Gibraltar&#146;s request to reduce the thickness of the till cover to 0.5 m. If
approved, this would reduce final closure costs to $32.9 million. The permit
requires that the reclamation liability outlined in the final closure and
reclamation report be covered by $18.5 million in a Reclamation Trust and a
first charge on equipment owned by Gibraltar. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P align=center><B><FONT color=#ff0000>- 28 - </FONT></B></P>
<P align=justify>During the fourth quarter of fiscal 2006, the Company
contributed $13 million into its reclamation trust fund, fully funding its
reclamation liability for the Gibraltar mine. The first charge on equipment
owned by Gibraltar was released. </P>
<P align=justify>In 2002, Gibraltar and the Cariboo Regional District completed
studies and agreed to develop a landfill site on waste dumps in an area that
would not be needed for future operation of the mine. The landfill provides
reclamation credits to the land it occupies, as well as revenues. Operations
began in October 2003 and have continued through fiscal 2006.</P>
<P align=justify><B><I>Labour </I></B></P>
<P align=justify>There were no lost time accidents during the fourth quarter or
over the fiscal year. The number of personnel at the end of the year was 282,
compared to 281 at the end of the previous quarter and 248 at the end of fiscal
2005. </P>
<P align=justify>Effective November 5, 2006, Taseko assumed responsibility for
all matters in connection with the Gibraltar Mine</P>
<P align=justify><B><I>Plans for 2007 </I></B></P>
<P align=justify><I>Exploration </I></P>
<P align=justify>A second phase of drilling was initiated in the fall of 2006,
targeting areas below and between the Granite Lake and Pollyanna Pits, and
designed to further expand the mineral reserves at Gibraltar. </P>
<P align=justify><I>Concentrator Expansion and Upgrade Project </I></P>
<P align=justify>Expansion and upgrade of the concentrator facility at the
Gibraltar mine commenced in the third quarter of fiscal 2006. The upgrade and
expansion project will increase the copper production capacity of the Gibraltar
mine to 100 million pounds of copper per year by 2008 by increasing throughput
and improving metal recovery.</P>
<P align=justify>The expansion consists of the addition of a 34-foot
semi-autogenous (SAG) mill, conversion of three rod mills to ball mills, and
replacement of the 98 small-cell rougher flotation circuit with ten 160-cubic
meter tank flotation cells. The major SAG mill components are being constructed
in Europe and are on-schedule for delivery during the summer of 2007. By the end
of January 2007, the construction of the foundations for the mill itself and the
associated facility was 75% complete. One of the ten tank flotation cells is in
place and operational, and installation of the next four tanks began in
mid-February. The expansion is scheduled to be commissioned in December
2007.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A>
<P align=center><B><FONT color=#ff0000>- 29 - </FONT></B></P>
<P align=justify><B>Prosperity Project </B></P>
<P align=justify><I>Location, Access, and Infrastructure </I></P>
<P align=justify>The Prosperity project consists of 118 mineral claims covering
the mineral rights for approximately 85 square km of south-central British
Columbia, Canada. The property is located at latitude 51&#176; 28&#146; N and longitude
123&#176; 37&#146; W in the Clinton Mining Division, approximately 125 km southwest of the
City of Williams Lake. </P>
<P align=justify>Access from Williams Lake is via Highway #20 to Lee&#146;s Corner,
then via an all-weather main logging haulage road to the site, a total road
distance of 192km. The Canadian National railway services Williams Lake and has
rolling stock available to move copper concentrates by rail to points of sale in
North America. The City of Williams Lake is sufficiently close and is capable of
supplying goods, services, and personnel to a mine. </P>
<P align=justify>Multiple high-voltage transmission lines from the existing
Peace River hydroelectric power grid are situated 118 km east of the Prosperity
project, a natural gas transmission pipeline is situated 112 km northeast of the
Prosperity project, and ample water is available nearby for a mining operation.
</P>
<P align=justify><I>Exploration History </I></P>
<P align=justify>Prospectors discovered mineralization in the 1930&#146;s.
Exploration continued intermittently and by a variety of operators until about
1991, and included extensive IP, magnetic and soil geochemistry surveys, and 176
percussion and diamond drill holes, totaling approximately 27,200 m. This work
helped define the Prosperity project mineralization to a depth of 200 m, and
outlined a copper-gold mineralized zone approximately 850 m in diameter. </P>
<P align=justify>Taseko carried out ongoing and systematic exploration programs
from 1991 &#150; 1999, increasing drilling to 154,630 m in 452 holes, and including
progressive engineering, metallurgical and environmental studies. </P>
<P align=justify>Historical engineering work is outlined in previous Annual
Information Forms filed by Taseko. This work included: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Comprehensive metallurgical tests by Melis Engineering Ltd.
  <LI>Detailed Project Pre-feasibility Study by Kilborn Engineering Pacific Ltd.

  <LI>Pilot plant metallurgical programs and bulk sample processing by Lakefield
  Research Limited
  <LI>Milling review by G&amp;T Metallurgy
  <LI>Waste and tailings storage studies and design, pit dewatering and slope
  design by Knight Piesold Ltd.
  <LI>Construction parameters by Merit Consultants International
  <LI>Open pit mine design, plans, capital and operating costs by Nilsson Mine
  Services Ltd. and Gibraltar Mines Ltd.
  <LI>Concentrate salability by Butterfield Mineral Consultants Ltd.
  <LI>Environmental and socio-economic studies by Triton Environmental
  Consultants
  <LI>Transmission line design by Ian Hayward International Ltd. </LI></UL>
<P align=justify>From 2000-2005 work on Prosperity was put on hold as the
Company turned its attention to re-starting the Gibraltar mine. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<P align=center><B><FONT color=#ff0000>- 30 - </FONT></B></P>
<P align=justify><B><I>Geology and Mineralization </I></B></P>
<P align=justify>The Prosperity project hosts a large porphyry gold-copper
deposit. The deposit is predominantly hosted in Cretaceous andesitic
volcaniclastic and volcanic rocks. In the western portion of the deposit, the
host rocks have been intruded by the multi-phase, steeply dipping Fish Creek
Stock. The stock is surrounded by an east-west trending, south dipping swarm of
subparallel quartz-feldspar porphyritic dykes. The stock and dykes comprise the
Late Cretaceous Fish Lake Intrusive Complex that is spatially and genetically
related to the deposit. Post mineralization porphyritic diorite occurs as narrow
dykes that cross-cut all host rocks. The central portion of the deposit is cut
by two major faults, striking north-south and dipping steeply to the west. </P>
<P align=justify>Pyrite and chalcopyrite are the principal sulphide minerals in
the deposit. They are uniformly distributed in disseminations, fracture
fillings, veins and veinlets and may be accompanied by bornite and lesser
molybdenite and tetrahedrite-tenantite. Native gold occurs as inclusions in and
along microfractures with copper-bearing minerals and pyrite. </P>
<P align=justify><B><I>Sampling and Analysis </I></B></P>
<P align=justify>Details of sampling and analysis of drill cores are described
in the Annual Information Forms filed by Taseko from 2001 to 2004. </P>
<P align=justify><B><I>Security of Samples </I></B></P>
<P align=justify>Drill core was stacked and stored on the property. Pulps and
rejects from core samples were generally stored by the analytical facility for
one year, then acquired by the Company and stored in a secured facility in Port
Kells. All rejects have been discarded by the Company but all pulps acquired
since 1991 remain in Port Kells. </P>
<P align=justify><B><I>Estimates of Mineralization </I></B></P>
<DIV>
  <TABLE width="100%" border=0 cellPadding=3
cellSpacing=0 bordercolor="#FF0000"
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
    <TR vAlign=bottom>
    <TD
    style="BORDER-RIGHT: #FF0000 1px solid; BORDER-TOP: #FF0000 1px solid; BORDER-LEFT: #FF0000 1px solid"
    align=center><B>Cautionary Note to Investors Concerning Estimates of
      Measured and Indicated Resources </B></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #FF0000 1px solid; BORDER-LEFT: #FF0000 1px solid">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #FF0000 1px solid; BORDER-LEFT: #FF0000 1px solid; BORDER-BOTTOM: #FF0000 1px solid"
    align=left>
      <P align=justify>The following section uses the terms &#145;measured resources&#146;
      and &#145;indicated resources&#146;. The Company advises investors that while those
      terms are recognized and required by Canadian regulations, the U.S.
      Securities and Exchange Commission does not recognize them. <B>Investors
      are cautioned not to assume that any part or all of mineral deposits in
      these categories will ever </B><B>be converted into reserves.
  </B></P></TD></TR></TABLE></DIV>
<P align=justify>The Mineral Resources, as outlined by drilling to date, are
tabulated below: </P>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="50%" border=1>
    <TR vAlign=top>
      <TD colspan="4" align=center> <B>Prosperity Mineral Resources </B><BR>
        <B>at 0.14% Cu Cut-off </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=center><B>Category </B><BR></TD>
      <TD align=center width="25%"><B>Tonnes </B><BR> <B>(millions) </B></TD>
      <TD align=center width="25%"><B>Au </B><BR> <B>(g/t) </B></TD>
      <TD align=center width="25%"><B>Cu </B><BR> <B>(%) </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Measured </B></TD>
      <TD align=center width="25%">547.1 </TD>
      <TD align=center width="25%">0.46 </TD>
      <TD align=center width="25%">0.27 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Indicated </B></TD>
      <TD align=center width="25%">463.4 </TD>
      <TD align=center width="25%">0.34 </TD>
      <TD align=center width="25%">0.21 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Total </B></TD>
      <TD align=center width="25%"><B>1,010.5 </B></TD>
      <TD align=center width="25%"><B>0.41 </B></TD>
      <TD align=center width="25%"><B>0.24 </B></TD>
    </TR>
  </TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<P align=center><B><FONT color=#ff0000>- 31 - </FONT></B></P>
<P align=justify><I>Current Engineering Details </I></P>
<P align=justify>In November 2005, work was re-initiated on the Prosperity
Gold-Copper Project. </P>
<P align=justify>Since that time, Taseko technical staff and outside consultants
have been reviewing previous feasibility studies and re-assessing the project
economics based on new technologies, concepts, and innovative approaches to mine
development. This has included re-examination of optimal mining rates and mining
equipment size, analyzing the economics of constructing and operating a single
line mill rather than multiple smaller lines, and realizing the potential
improvements which could be realized with state-of-the-art metallurgical
technologies such as large tank flotation circuits and expert computerized mill
control systems. The Company has also reassessed major infrastructure plans such
as the on-site facilities construction materials and techniques necessary to
fully take advantage of further reduced capital and operating costs. </P>
<P align=justify>The Company retained the engineering firm SNC Lavalin to update
the 2000 feasibility study, including a mill redesign and costing study. The
initial focus of the overview study was to redesign the concentrator, in
particular, utilizing a large diameter single SAG (semi-autogenous grinding)
mill as opposed to multiple smaller SAG mills. In addition, identification and
&#147;scoping&#148; of opportunities to further reduce capital and operating costs was
completed. </P>
<P align=justify>Modifications incorporated during the review included: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>one large SAG mill rather than two smaller units. In a SAG mill a rotating
  drum throws large rocks and steel balls in a cataracting motion which causes
  impact breakage of larger rocks and compressive grinding of finer particles.
  Attrition in the charge causes grinding of finer particles. SAG is an acronym
  for Semi Autogenous Grinding, and applies to mills that utilize steel balls in
  addition to large rocks for grinding;
  <LI>three larger ball mills rather than four smaller;
  <LI>five vertical stirred tower regrind mills rather than two regrind ball
  mills;
  <LI>the flotation cell sizes were increased and the overall number of cells
  reduced;
  <LI>the building costs were modified to reflect reduced building sizes due to
  changes in the grinding and flotation circuits;
  <LI>sprung structures will be utilized rather than girder and cladding
  buildings where practical;
  <LI>the concentrate thickener and single stock tank will be located outside
  the process building;
  <LI>the capacity of the coarse ore storage was reduced, including a reduction
  in the number of reclaim conveyors from two to one, and a reduction in the
  number of reclaim apron feeders from ten to five; and
  <LI>the concentrate dewatering filter size was increased from 84 square metres
  (m<SUP>2</SUP>) to 120 m<SUP>2</SUP>. </LI></UL>
<P align=justify>Reviews were carried out to identify options for the handling
of potentially acid generating material (PAG) waste rock and tailings. The
current strategy is to store PAG sub-aqueously in the tailings basin. The
revised base case estimate assumes that the tailings containment dams will be
constructed using cycloned coarse tailings. </P>
<P align=justify>The review of the impact of escalation on the major areas of
the capital costs estimate from 2000 depended on the mix of labour, materials
and equipment. Escalation values between 15% and 40% have been experienced in
construction projects in northern British Columbia. However, for the purposes of
this scoping study, a flat rate of 28% was used to reflect Statistics Canada&#146;s
Construction Index Escalation between 2000 and 2006. New estimates were provided
to a scoping study level of accuracy (+/- 35%) for portions of the project where
changes were made (primarily in the process plant area), or where specific
updated costs were provided (such as updated electrical power costs). Fourth
quarter 2006 capital cost estimates were used for major mining equipment and
escalated 2000 Feasibility Study costs were used in the remaining areas. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<P align=center><B><FONT color=#ff0000>- 32 - </FONT></B></P>
<P align=justify>All operating costs were reviewed, updated, and compared to
present and historical Gibraltar Mine costs for reasonableness. Further study
and updating of optimum mine plan input parameters to a pre-feasibility level is
nearing completion and a decision on whether to convert resources to reserves
based on this work will be made in the near future. </P>
<P align=justify><B><I>Pre-feasibility Study </I></B></P>
<P align=justify>Results of a pre-feasibility level study were announced in
early January 2007. The study was done using long term metal prices of
US$1.50/lb for copper, US$500/oz for gold, and an exchange rate of US$0.80/C$
1.00.</P>
<P align=justify>The mine plan in the study utilized mineralized material
totaling 480 million tonnes grading 0.43 g/t gold and 0.22% copper at a cut-off
grade of C$4.00 net smelter return per tonne. According to Canadian standards,
these would be considered proven and probable reserves; however, under US
standards no reserve declaration is possible under a pre-feasibility study. </P>
<P align=justify>Scott Jones, P.Eng., General Manager of Project Development for
Taseko and a Qualified Person under National Instrument 43-101, verified the
methods used to determine grade and tonnage in the geological model, reviewed
the long range mine plan, and directed the updated economic evaluation. He is
also the author of a technical report that documents the study, which is filed
at www.sedar.com. </P>
<P align=justify>Highlights of the study are summarized below: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Pre-tax net present value of C$300 million at 7.5% discount rate </P>
  <LI>
  <P>Pre-tax internal rate of return of 14% with a 6 year payback </P>
  <LI>
  <P>19 year mine life at a milling rate of 70,000 tonnes per day </P>
  <LI>
  <P>Life of mine strip ratio of 0.8:1 </P>
  <LI>
  <P>Total pre-production capital cost of C$756 million in third quarter 2006
  dollars </P>
  <LI>
  <P>Operating cost of C$5.78 per tonne milled over the life of mine </P>
  <LI>
  <P>Mine site production costs net of gold credits of US$0.48/lb Cu
</P></LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A>
<P align=center><B><FONT color=#ff0000>- 33 - </FONT></B></P>
<P align=justify><I>Pre-Production and Mine Plan </I></P>
<P align=justify>The pre-feasibility level study incorporates activities during
a pre-production period of two years, which include construction of the
electricity transmission line; upgrading and extension of current road access
and mine site clearing; development of site infrastructure, processing
facilities, and a tailings starter dam; removal and storage of overburden; and
pre-production waste development.<B> </B></P>
<P align=justify>The mine plan utilizes a large-scale conventional truck shovel
open pit mining and milling operation. Following a one year pre-strip period,
total material moved over years 1 through 16 averages 145,000 tonnes/day at a
strip ratio of 1.1:1. A declining net smelter return cut-off is applied to the
mill feed which defers lower grade ore for later processing. The lower grade ore
is recovered from stockpile for the final 3 years of the mine plan. The life of
mine strip ratio including processing of lower grade ore is 0.77:1 </P>
<P align=justify><I>Processing and Infrastructure </I></P>
<P align=justify>The Prosperity processing plant has been designed with a
nominal capacity of 70,000 tonnes per day. The plant consists of a single
12-meter diameter semi-autogenous grinding (SAG) mill, three 7.3 -meter diameter
ball mills, followed by processing steps that include bulk rougher flotation,
regrinding, cleaner flotation, thickening and filtering to produce a copper-gold
concentrate. </P>
<P align=justify>Expected metallurgical recovery is 88% for copper and 69% for
gold, with annual production averaging 100 million pounds copper and 235,000
ounces gold over the 19 year mine life.</P>
<P align=justify>The copper-gold concentrate would be hauled with highway trucks
to an expanded load-out facility at McLeese Lake for rail transport to various
points of sale, but mostly through the Port of Vancouver for shipment to
smelters/refineries around the world. </P>
<P align=justify>Power will be supplied via a new 124 km long, 230 kV
transmission line from Dog Creek on the BC Hydro Grid. Infrastructure would also
include the upgrade of sections of the existing road to the site, an on-site
camp, equipment maintenance shop, administration office, concentrate storage
building, warehouse, and explosives facilities. </P>
<P align=justify>Based on this study, the project would employ up to 485
permanent hourly and staff personnel. In addition, approximately 70 contractor
personnel would be employed in areas including catering, concentrate haulage,
explosives delivery, and bussing. </P>
<P align=justify>Following completion of mining, the project would be closed and
reclaimed according to the requirements of current legislation.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=bottom>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=center><B>Cautionary Note to Investors Concerning Pre-feasibility
      Study, Prosperity Project <BR></B></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 0px solid"
    align=center>
      <P align=justify>All information contained in this Annual Report relating
      to the contents of the pre-feasibility study, including but not limited to
      statements of the Prosperity Project's potential and information such as
      capital and operating costs, production summary, and financial analysis,
      are "forward looking statements" within the definition of the United
      States Private Securities Litigation Reform Act of 1995. The information
      relating to the possible construction of mine and plant facilities also
      constitutes such "forward looking statements." The pre-feasibility study
      was prepared to broadly quantify the Prosperity Project's capital and
      operating cost parameters and to provide guidance on the type and scale of
      future project engineering and development work that will be needed to
      ultimately define the project's likelihood of feasibility and optimal
      production rate. It was not prepared to be used as a valuation of the
      Prosperity Project nor should it be considered to be a final feasibility
      study. The capital and operating cost estimates which were used have been
      developed only to an approximate order of magnitude based on generally
      understood capital cost to production level relationships, and although
      they are based on engineering studies, these are preliminary so the
      ultimate costs may vary widely from the amounts set out in the
      pre-feasibility study. </P></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A>
<P align=center><B><FONT color=#ff0000>- 34 - </FONT></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=3 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>
      <P align=justify>This could materially adversely impact the projected
      economics of the Prosperity Project. As is normal at this stage of a
      project, data in some areas was incomplete and estimates were developed
      based solely on the expertise of the individuals involved as well as the
      assessments of other persons who were involved with previous operators of
      the project. At this level of engineering, the criteria, methods and
      estimates are preliminary and result in a high level of subjective
      judgment being employed. There can be no assurance that the potential
      results contained in the pre-feasibility study will be realized.
</P></TD></TR>
  <TR>
    <TD
      style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid"><P
      align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>
      <P align=justify>The following are the principal risk factors and
      uncertainties which, in management's opinion, are likely to most directly
      affect the conclusions of the pre-feasibility study and the ultimate
      feasibility of the Prosperity Project. The mineralized material at the
      Prosperity project is currently classified as a measured and indicated
      resource, and a portion of it qualifies under Canadian mining disclosure
      standards as a proven and probable reserve, but readers are cautioned that
      no part of the Prosperity Project&#146;s mineralization is considered to be a
      reserve under US mining standards. For US mining standards, a full
      feasibility study would be required, which would require more detailed
      studies. Additionally all necessary mining permits would be required in
      order to classify the project&#146;s mineralized material as an economically
      exploitable reserve. There can be no assurance that this mineralized
      material will become classifiable as a reserve and there is no assurance
      as to the amount, if any, that might ultimately qualify as a reserve or
      what the grade of such reserve amounts would be. Final feasibility work
      has not been completed to confirm the mine design, mining methods and
      processing methods assumed in the pre- feasibility study. Final
      feasibility could determine that the assumed mine design, mining methods
      and processing methods are not correct. Construction and operation of the
      mine and processing facilities depend on securing environmental and other
      permits on a timely basis. No operating permits have been applied for and
      there can be no assurance that required permits can be secured or secured
      on a timely basis. Data is not complete and cost estimates have been
      developed, in part, based on the expertise of the individuals
      participating in the preparation of the pre-feasibility study and on costs
      at projects believed to be comparable, and not based on firm price quotes.
      Costs, including design, procurement, construction and on-going operating
      costs and metal recoveries could be materially different from those
      contained in the pre-feasibility study. There can be no assurance that
      mining can be conducted at the rates and grades assumed in the
      pre-feasibility study. There can be no assurance that these infrastructure
      facilities can be developed on a timely and cost-effective basis. Energy
      risks include the potential for significant increases in the cost of fuel
      and electricity. The pre-feasibility study assumes specified, long-term
      prices levels for gold and copper. The prices of these metals are
      historically volatile, and the Company has no control of or influence on
      the prices, which are determined in international markets. There can be no
      assurance that the prices of gold and copper will continue at current
      levels or that they will not decline below the prices assumed in the
      pre-feasibility study. Prices for gold and copper have been below the
      price ranges assumed in pre-feasibility study at times during the past ten
      years, and for extended periods of time. The project will require major
      financing, probably a combination of debt and equity financing. Interest
      rates are at historically low levels. There can be no assurance that debt
      and/or equity financing will be available on acceptable terms. A
      significant increase in costs of capital could materially adversely affect
      the value and feasibility of constructing the project. Other general risks
      include those ordinary to very large construction projects, including the
      general uncertainties inherent in engineering and construction cost, the
      need to comply with generally increasing environmental obligations, and
      accommodation of local and community concerns. The economics of the
      Prosperity Project are sensitive to the US Dollar and Canadian dollar
      exchange rate and this rate has been subject to large fluctuations in the
      last several years. </P></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A>
<P align=center><B><FONT color=#ff0000>- 35 - </FONT></B></P>
<P align=justify><I>Environmental Assessment </I></P>
<P align=justify>As described above, Taseko carried out extensive exploration,
engineering, mine planning, environmental, and socio-economic studies on the
Prosperity project prior to 2001. This also included two years in the British
Columbia Environmental Assessment (BCEA) process. In 2005, Taseko was granted an
extension order for the Prosperity Project Application under the BCEA process
until April 30, 2007. </P>
<P align=justify>Field work for the Environmental Impact Assessment (EIA) was
essentially concluded in 2006. The field teams were comprised of Taseko
personnel, expert consultants, and First Nations representatives. The goal of
the 2006 field work season was to complete and validate the background data work
performed in the previous studies and to close any gaps that have occurred as a
result of regulatory changes over the years that the project was idle. The
determination of baseline is in progress with the impact assessment component to
follow. The EIA is to be substantially complete, with the review process
expected to begin during the middle of 2007. </P>
<P align=justify><B><I>Plans for 2007 </I></B></P>
<P align=justify>An updated, detailed feasibility study is currently underway.
The work is being performed by Hatch Associates, incorporating the 2000 SNC
Lavalin feasibility study, 2006 SNC Lavalin Mill redesign, and a re-optimized
pit plan that was commissioned by Taseko in October 2006. Completion is
scheduled for May 2007. </P>
<P align=justify><B>Harmony Project </B></P>
<P align=justify><B><I>Acquisition of Property </I></B></P>
<P align=justify>Gibraltar acquired the Harmony Gold Project in October 2001
through a transaction with Misty Mountain Gold Ltd. (now known as Continental
Minerals Corporation) for consideration of $2.23 million in cash and the
issuance of preferred shares in Taseko&#146;s wholly-owned subsidiary Gibraltar Mines
Ltd. and which preferred shares are exchangeable for Taseko shares in certain
events at prices for the Taseko shares similar to the consideration price of the
Boliden Debenture (see "Gibraltar Mine &#150; Acquisition Term"). The tracking
preferred shares are designed to track and capture the value of the Harmony Gold
Property and will be redeemed for common shares of Taseko upon a realization
event, such as a sale of the Harmony Gold Property to a third party or
commercial production at the Harmony Gold Property, or at the option of
Gibraltar, if a realization event has not occurred within ten years.</P>
<P align=justify>The tracking preferred shares are redeemable at specified
prices per common share of Taseko starting at $3.39 and escalating by $0.25 per
year ($4.64 at September 30, 2006). If a realization event does not occur on or
before October 16, 2011, Gibraltar has the right to redeem the tracking
preferred shares for Taseko common shares at a deemed price equal to the greater
of the then average 20 day trading price of the common shares of Taseko and
$10.00. The Taseko common shares to be issued to Continental upon a realization
event will in turn be distributed pro-rata, after adjustment for any taxes, to
the holders of redeemable preferred shares of Continental that were issued to
Continental shareholders at the time of the Arrangement Agreement. In the event
that a realization event occurs between March 31, 2007 and October 16, 2007 the
conversion price would be $4.64 per share. The tracking preferred shares would
be redeemed for 5,741,799 common shares of Taseko<B>. </B></P>
<P align=justify>Management does not believe there has been a fundamental change
in the nature of the Harmony Gold Property; however, during the 2004 fiscal
year, the Harmony Gold Property was written down to a nominal value of $1,000.
Accounting rules require that the Company must write down its investment in a
property if it has not conducted significant exploration or development on the
property in the last several years, unless there is persuasive evidence to the
contrary.</P>
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<A name=page_39></A>
<P align=center><B><FONT color=#ff0000>- 36 - </FONT></B></P>
<P align=justify>Assessments will be undertaken over time as metal prices
indicate new opportunities for the Harmony project.</P>
<P align=justify><B><I>Location, Access and Infrastructure </I></B></P>
<P align=justify>The Harmony Gold Project is located at latitude 53<SUP>o
</SUP>31&#146; N and longitude 132<SUP>o </SUP>13&#146; W in the Skeena Mining Division,
on Graham Island, Queen Charlotte Islands (also known as Haida Gwaii), on the
northwestern coast of British Columbia, Canada. The Harmony Gold Property
comprises of 59 mineral claims totalling 24,250 ha. The deposit-area claims are
in good standing until June 29, 2009. </P>
<P align=justify><I>Exploration History </I></P>
<P align=justify>Prospectors discovered mineralization at Harmony in 1970. The
project claims were optioned by various companies during the period 1970 to
1975, which carried out geological mapping, geochemical surveys and minor
drilling. Consolidated Cinola Mines Ltd. acquired the ground in 1977 and with
partners, carried out detailed drilling totalling 30,116 m in 231 holes by 1984.
In 1981, 465 m of an underground drift and crosscuts were excavated for a
metallurgical bulk sample. A 45 tonne per day pilot mill was established to
treat about 5,200 tonnes of material and in 1982 a feasibility study for a
10,000-15,000 tonnes per day operation was completed. From 1986 to 1988, City
Resources drilled 83 diamond drill holes and 64 reverse-circulation drill holes,
totalling 13,356 m, and completed 117.6 m of underground development to obtain a
bulk sample, conducted bench scale metallurgical testing, and developed open pit
scenarios for the project. Barrack Gold acquired the project in 1989 and renamed
the company to Misty Mountain Gold Ltd.</P>
<P align=justify>Additional drilling, metallurgical and engineering studies were
carried out from 1989-1999. In 1997, preliminary mine planning by Independent
Mining Consultants Inc. of Tucson, Arizona resulted an estimated of in-pit
material of 64 million tonnes grading 1.52 grams Au/tonne using a 0.60 grams
Au/tonne cut-off, with an overall waste to ore stripping ratio of 0.82 tonnes of
waste to 1 tonne of ore. </P>
<P align=justify><B><I>Geology and Mineralization </I></B></P>
<P align=justify>The Harmony property hosts the Specogna epithermal gold
deposit, controlled by the Sandspit fault. Dacite dykes of Tertiary age have
intruded along the fault. Contemporaneous, pervasive silicification,
hydrothermal brecciation, stockwork and banded quartz veining and gold
mineralization have developed along the hanging wall of the fault. This extends
for a strike distance of at least 800 m, eastwards from the fault at least 200 m
and to a depth of at least 240 m. Pyrite and marcasite are the dominant metallic
minerals. Gold occurs as native gold and electrum, which are commonly visible.
Silver is also present as an alloy with gold.</P>
<P align=justify><B><I>Sampling and Analysis </I></B></P>
<P align=justify>Details of sampling and analysis of drill cores are described
in the 2004 Annual Information Form. Sample pulps are stored in the Company&#146;s
warehouse at Port Kells, BC. Drill core is stored at site. </P>
<P align=justify><B><I>Estimates of Mineralization </I></B></P>
<P align=justify>In 1997, M. Nowak, P.Eng., estimated the resources in the
deposit. The estimate was reviewed by Nowak et al in 2001 and the resources were
classified in 2001. The measured and indicated resources are estimated to be 64
million tonnes grading 1.53 grams Au/tonne, containing approximately 3 million
ounces of gold. There are additional inferred resources of 21 million tonnes
grading 1.04 grams Au/tonne. The estimates were done at a 0.60 grams Au/tonne
cut-off.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_40></A>
<P align=center><B><FONT color=#ff0000>- 37 - </FONT></B></P>
<P align=justify><B><I>Aboriginal (or &#147;First Nations&#148;) Issues </I></B></P>
<P align=justify>The Queen Charlotte Islands-Haida Gwaii, including the area
surrounding the Harmony Gold Project, is subject to aboriginal peoples&#146; land
claims. Aboriginal land claims are subject to the B.C. Treaty Commission
Legislation and the B.C. Treaty Commission, both established in 1993. The
British Columbia government has stated a policy that settlements will not
adversely affect existing tenures in areas subject to legal settlements. </P>
<P align=justify><B><I>Plans for 2007 </I></B></P>
<P align=justify>In 2007, Taseko anticipates continuing its focus on the
Gibraltar mine and Prosperity project and accordingly no material work on
Harmony is contemplated for the ensuing year. </P>
<P align=justify><B>Other Corporate Matters </B></P>
<P align=justify>In November 2006, Taseko launched a take-over bid offer for all
(and at least 51%) of the outstanding shares of bcMetals Corporation
(&#147;bcMetals&#148;) a public corporation listed on the TSX Venture Exchange. Taseko's
amended and extended bid of $1.40 per share expired on February 8, 2007 as a
consequence of a rival company making a $1.70 per shares bid. Taseko took up and
purchased 1,316,300 shares under the bid and therefore currently holds an
aggregate of 3,234,900 shares of bcMetals, having purchased the balance out of
the market at approximately $1.01 per bcMetals share. Given that the Company's
bid for control of bcMetals was not successful the Company effected the
disposition of the bcMetals shares at $1.70 per share, in March 2007. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_41></A>
<P align=center><B><FONT color=#ff0000>- 38 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
4A&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UNRESOLVED STAFF
COMMENTS </FONT></B></P>
<P align=justify><B>None </B></P>
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<A name=page_42></A>
<P align=center><B><FONT color=#ff0000>- 39 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OPERATING AND
FINANCIAL REVIEW AND PROSPECTS </FONT></B></P>
<P align=justify>The following discussion should be read in conjunction with the
audited consolidated financial statements of Taseko and notes thereto, included
elsewhere in this Annual Report, which have been prepared in accordance with
Canadian GAAP, with material measurement differences reconciled to US GAAP, and
with the discussion of certain risk factors set forth under &#147;Item 3. Key
Information&#151;Risk Factors&#148; that might materially affect the Company&#146;s operating
results and financial condition.</P>
<P align=justify><B>OVERVIEW </B></P>
<P align=justify>Taseko is a mining and mineral exploration company with three
properties located in British Columbia, Canada. These are the Gibraltar
copper-molybdenum mine and two exploration projects: the Prosperity copper-gold
property and the Harmony gold property. In 2006, Taseko focused on production
improvement at the Gibraltar mine and updating a feasibility study on the
Prosperity project. </P>
<P align=justify><B>Gibraltar Mine </B></P>
<P align=justify>The Gibraltar mine reopened in early October 2004 with
commercial production commencing on January 1, 2005. In fiscal 2006, Gibraltar
produced 49.1 million pounds (2005 &#150; 54.8 million pounds) of copper and 821,000
pounds (2005 &#150; 427,000 pounds) of molybdenum. </P>
<P align=justify>Highlights for the 2006 fiscal year included the following:
</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Gibraltar recorded revenues of $140.3 million (2005 - $71.9 million) from
  sales of copper concentrate and $21.6 million (2005 - $15.7 million) was
  realized from sales of molybdenum concentrate. </P>
  <LI>
  <P>Average sales prices for the year were US$2.44 (2005 - US$1.48) per pound
  for copper and US$23.28 (2005 - US$31.00) per pound for molybdenum. </P>
  <LI>
  <P>Copper production for the year was 49.1 million pounds of copper. </P>
  <LI>
  <P>Copper concentrate sales for the year were 90,230 wet metric tones (&#147;WMT&#148;)
  containing 51.0 million pounds of copper, an increase from the 77,695 WMT or
  44.0 million pounds of copper sold during fiscal 2005. </P>
  <LI>
  <P>Copper concentrate inventory at September 30, 2006 was 13,396 WMT (8.4
  million pounds of copper), a decrease in inventory from the 18,614 WMT of
  copper concentrate (10.6 million pounds of copper) at end of prior fiscal
  2005. </P>
  <LI>
  <P>Molybdenum in concentrate production during the year was 821,000 pounds
  compared to 427,000 pounds in the previous year. </P>
  <LI>
  <P>Molybdenum in concentrate sales during the year were 789 WMT, containing
  798,000 pounds, an increase from the 418,016 pounds sold in fiscal 2005.
  </P></LI></UL>
<P align=justify><B>Prosperity Project </B></P>
<P align=justify>In November 2005, work was re-initiated on the Prosperity
Copper-Gold Project, located 125 kilometres southwest of the City of Williams
Lake in south-central British Columbia.</P>
<P align=justify>Prior to 2001, Taseko carried out extensive exploration,
engineering, mine planning, environmental, and socio-economic studies on the
Prosperity project, including two years in the British Columbia Environmental
Assessment ("BCEA") process.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A>
<P align=center><B><FONT color=#ff0000>- 40 - </FONT></B></P>
<P align=justify>Parallel to the permitting and consultation process, Taseko is
reviewing previous feasibility studies and re-assessing the project economics
based on new technologies, concepts, and innovative approaches to mine
development. This includes re-examining optimal mining rates and mining
equipment size, analyzing the economics of constructing and operating a single
line mill rather than multiple smaller lines, and evaluating the potential
improvements which could be realized with state-of-the-art metallurgical
technologies such as large tank flotation circuits and expert computerized mill
control systems. The Company is also reassessing major infrastructure plans,
such as the power-line route, to determine if there are synergies to be achieved
with the other communities of interest in the area. </P>
<P align=justify>The positive results of a pre-feasibility level study were
released in January 2007, indicating that the property hosts proven and probable
reserves of 480 million tonnes grading 0.43 grams/Au/tonne and 0.22% Cu at a
C$4.00 net smelter return per tonne (NSR/t) cut-off. </P>
<P align=justify>An updated, detailed feasibility study is being performed by
Hatch Associates, incorporating the 2000 SNC Lavalin feasibility study, 2006 SNC
Lavalin Mill redesign, and a re-optimized pit plan. Work is currently in
progress with completion anticipated in May 2007. </P>
<P align=justify>An environmental assessment under the Canadian and British
Columbia Environmental Assessment Acts is in progress. Multidisciplinary work
teams have gathered new data and are validating previous work in the location
where the project will be developed. Submission of the Environmental Impact
Assessment is scheduled for the middle of 2007. </P>
<P align=justify><B>Harmony Project </B></P>
<P align=justify>In 2006, the Company was focused on the Gibraltar mine and the
Prosperity project; therefore only maintenance activities were performed on the
Harmony project. These activities will continue and assessments will be
undertaken over time as metal prices indicate new opportunities for the Harmony
project. In 2007, Taseko anticipates continuing to focus its resources and its
efforts on the Gibraltar mine and the Prosperity project. </P>
<P align=justify><B>CRITICAL ACCOUNTING POLICIES AND ESTIMATES </B></P>
<P align=justify>The Company's significant accounting policies are presented in
  note 3 of the accompanying audited financial statements for the year ended September
  30, 2006. A reconciliation of material measurement differences between these
  principles and accounting principles generally accepted in the United States
  is shown in note 19. The preparation of consolidated financial statements in
  conformity with Canadian and US generally accepted accounting principles requires
  the Company to make estimates and assumptions that affect the reported amounts
  of assets and liabilities at the date of the consolidated financial statements
  and the reported amounts of revenues and expenses during the reporting periods.
  The Company evaluates its estimates on an ongoing basis and bases them on various
  assumptions that are believed to be reasonable under the circumstances. The
  Company's estimates form the basis for making judgments about the carrying value
  of assets and liabilities that are not readily apparent from other sources.
  Actual results may differ from these estimates under different assumptions or
  conditions. Such estimates and assumptions include the estimation of mineral
  resources and reserves, the carrying values of mineral properties, the carrying
  values of property, plant and equipment, the assumptions used in determining
  the reclamation obligation, and the valuation of stock-based compensation expense.
</P>
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noShade SIZE=5>
<A name=page_44></A>
<P align=center><B><FONT color=#ff0000>- 41 - </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Operating Results </B></P>
<P align=justify>Selected operating results, expressed in Canadian GAAP, for the
fiscal years ended September 30, 2006 2005 and 2004 are presented below. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Year
      ended September 30 </B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2006 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2005 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2004 </B></TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Statement of operations
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(restated) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(restated) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(161,900,063</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(87,638,300</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Cost of production </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">103,627,678 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">71,348,118 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Depletion, depreciation and amortization </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,412,048 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,657,165 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17,296 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Accretion of reclamation obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,732,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,574,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,431,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exploration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,544,081 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>505,586 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%"
    bgColor=#e6efff>4,597,968 </TD>
    <TD align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Foreign exchange </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(288,801</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">34,080 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss (gain) on sale of equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,160,992 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Loss on extinguishment of capital leases </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">240,049 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>General and administration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,286,039 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,411,688 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,693,067 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Ledcor termination fee </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,500,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest and other income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(7,170,301</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(10,547,609</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,154,209</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Interest expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,593,622 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,175,353 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest accretion on convertible debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,280,099 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,075,478 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>977,705 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Premium paid for acquisition of Gibraltar Reclamation Trust
      LP </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,095,249 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Restart project </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,346,650 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,982,008 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Stock-based compensation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,182,102 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,129,026 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,172,244 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Write down of mineral property acquisition
      costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>28,810,296 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Current income tax expense (recovery) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,397,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4,099,000</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,744,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Future income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,648,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(13,423,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Earnings (loss) for
      the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">32,916,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">23,289,773 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(82,366,624</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Basic earnings (loss) per share </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;0.29 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;0.23 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;(1.10</TD>
    <TD align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Diluted earnings (loss) per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.26 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.21 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(1.10</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Basic weighted average number of common shares
      outstanding </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>113,553,556 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>100,021,655 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>75,113,426 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Diluted weighted average number of common shares outstanding
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">126,462,009 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">110,732,926 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">75,113,426 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Effective October 1, 2005, the Company adopted the CICA&#146;s
Handbook Section 3860, &#147;<I>Financial Instruments &#150; Disclosure and
Presentation&#148;</I>. The standard requires that convertible debentures which may
be settled in cash, or by a variable number of common shares of the Company at
the Company's discretion, be presented as a liability. This change has been
applied retroactively. The prior years&#146;consolidated balance sheets have been
amended to present the liability component and equity component separately on
the balance sheet. The accretion charges that were previously recorded through
deficit are now recorded as interest accretion on convertible debt in the
consolidated statement of operations.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_45></A>
<P align=center><B><FONT color=#ff0000>- 42 - </FONT></B></P>
<P align=justify><B><I><U>Year ended September 30, 2006 (&#147; 2006&#148;) versus Year
ended September 30, 2005 (&#147;2005&#148;)</U></I></B><B><I> </I></B></P>
<P align=justify><B>Earnings </B></P>
<P align=justify>The Company&#146;s earnings for the year ended September 30, 2006
were $32.9 million (including $6.0 million of tax expenses), compared to $23.3
million (including $17.5 million of tax recoveries) in the prior year. The
increase in earnings is mainly due to higher sales of copper and molybdenum and
higher realized metal prices during the year. </P>
<P align=justify><B>Revenues </B></P>
<P align=justify>The Company recognized revenues of $161.9 million for the year
ended September 30, 2006 compared to $87.6 million in fiscal 2005. Revenues were
comprised of copper concentrate sales of $140.3 million (2005 - $71.9 million)
and molybdenum concentrate sales of $21.6 million (2005 - $15.7 million). The
following table is a summary of the commercial production for fiscal 2006
compared to fiscal 2005: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="80%" border=1>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=center width="20%">Fiscal 2006 </TD>
    <TD align=center width="20%">Fiscal 2005 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Copper production (millions lb) </TD>
    <TD align=center width="20%">49.1 </TD>
    <TD align=center width="20%">54.8 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Copper sales (million lb) </TD>
    <TD align=center width="20%">51.0 </TD>
    <TD align=center width="20%">44.0 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Molybdenum production (thousands lb) </TD>
    <TD align=center width="20%">821 </TD>
    <TD align=center width="20%">427 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Molybdenum sales (thousands lb) </TD>
    <TD align=center width="20%">798 </TD>
    <TD align=center width="20%">418 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Copper production costs, net of by-product
      molybdenum credits, per lb of copper </TD>
    <TD align=center width="20%">US$1.25 </TD>
    <TD align=center width="20%">US$0.87 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Off property costs for transport, treatment
      (smelting &amp; refining) &amp; sales per lb of copper </TD>
    <TD align=center width="20%">US$0.25 </TD>
    <TD align=center width="20%">US$0.28 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total cash costs of production per lb of
      copper </TD>
    <TD align=center width="20%">US$1.50 </TD>
    <TD align=center width="20%">US$1.15 </TD></TR></TABLE></DIV>
<P align=justify>In late September 2006, the Company received funds of approximately
  $19.6 million from the sale of copper. The Company was unable to recognize the
  revenue from this sale as the copper was held in a storage facility at the dock
  as there were no ships available at that time to transport the copper to smelters
  in Asia. Consequently, the Company recorded this sale as deferred revenue for
  the year ended September 30, 2006 and recognized this sale as revenue upon shipment
  to the customer.<B> </B></P>
<P align=justify><B>Cost of Sales </B></P>
<P align=justify>Cost of sales for 2006 was $103.6 million, compared to $71.3
million in 2005. Costs of sales for 2006 consists of total production cost of
$92.5 million (2005 &#150; $75.0 million), less a concentrate inventory addition of
$2.0 million (2005 &#150; $16.3 million), and silver credits of $1.2 million (2005 &#150;
$0.9 million). Also included in cost of sales are transportation and treatment
costs of $14.3 million for 2006 compared to $13.5 million 2005. This increase in
cost of sales for 2006 is due to higher sales quantities compared to the prior
year.</P>
<P align=justify>Transportation costs are comprised of the trucking, rail, ocean
freight and handling fees incurred to move concentrate from the mine to the
smelters. Treatment costs are comprised of treatment charges and refining
charges.<B> </B></P>
<P align=justify><B>Depletion, depreciation and amortization </B></P>
<P align=justify>Depletion, depreciation and amortization relates to the
commissioning of new equipment purchased and leased during re-start, and
increased to $3.4 million compared to $2.7 million in fiscal 2005.</P>
<P align=justify><B>Exploration </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_46></A>
<P align=center><B><FONT color=#ff0000>- 43 - </FONT></B></P>
<P align=justify>Exploration expenses increased to $3.5 million in fiscal 2006
compared to $0.5 million in fiscal 2005 due to a higher level of exploration
activity, mainly at the Prosperity project, and focused on the initial stages of
an environmental impact assessment and preparing an undated feasibility study.
Exploration expenses of $2.6 million at Gibraltar were capitalized as a result
of the increase in the mineral reserves. </P>
<P align=justify><B>General and Administrative</B></P>
<P align=justify>General and administrative costs increased to $5.3 million in
2006 from $2.4 million in 2005. The main increase was attributable to legal, tax
and accounting fees (2006 &#150; $1.7 million; 2005 &#150; $0.4 million), which increased
in 2006 due to higher corporate activities, professional fees relating to the
Company&#146;s continued efforts to comply with the reporting requirements under
Sarbanes-Oxley and tax planning initiatives. Office and administration (2006 &#150;
$2.0 million; 2005 &#150; $1.2 million), conference and travel (2006 &#150; $0.4 million;
2005 &#150; $0.1 million); and trust and filing (2006 &#150; $0.3 million; 2005 &#150; $0.1
million) all increased in 2006 due to higher staffing levels and an increase in
corporate activities. </P>
<P align=justify><B>Interest Expense </B></P>
<P align=justify>Interest expense increased to $4.6 million in fiscal 2006 from
  $3.2 million in fiscal 2005 due to the issuance of the convertible bonds. </P>
<P align=justify><B>Stock-Based Compensation </B></P>
<P align=justify>The stock-based compensation costs increased to $3.2 million in
fiscal 2006 from $1.1 million in fiscal 2005 as a result of a slight increase in
the number of share purchase options granted and a higher fair value on the
options granted during the year. </P>
<P align=justify><B>Non-Recurring Expenses </B></P>
<P align=justify>The Company recorded a one-time fee in 2006 of $3.5 million to
Ledcor as a result of the Company voluntarily withdrawing from an agreement with
Ledcor to operate the Gibraltar mine. The Company has assumed responsibility for
all operational matters in connection with the Gibraltar Mine in November 2006.
Other than Gibraltar mine restart expenses of $6.3 million, the Company did not
have any significant non-recurring expenses in fiscal 2005. </P>
<P align=justify><B>Income Tax Expense </B></P>
<P align=justify>A current income tax provision of $4.4 million was recorded in
2006, compared to $4.1 million current income tax recovery in 2005. In addition,
the Company had a future income tax expense of $1.6 million in 2006 compared to
a recovery of $13.4 million in 2005. The increase in the income tax provision is
due mainly to the depletion of tax pools as a result of the Company becoming
more profitable.</P>
<P align=justify>The Company has accrued a tax provision of a subsidiary company
of $21.1 million (2005 &#150; $19.6 million) in the accompanying consolidated
financial statements . This tax provision reflects an income tax expense
recorded in 2004 which management believes is less than likely of ever becoming
payable. The Company would exhaust all appeals if any taxes were actually
assessed against the subsidiary. The amount represents a potential liability
which has been recognized in a conservative manner in accordance with Canadian
generally accepted accounting principles. It does not represent a payable amount
based on any filed, or expected to be filed, tax return. No taxation authority
has assessed the amount or any portion thereof as payable. Accordingly, there is
no immediate impact on liquidity. The subsidiary will consider its current and
past tax filing positions in addition to tax planning strategies which might be
put in place prior to the Company's fiscal year ending on September 30,
2007.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_47></A>
<P align=center><B><FONT color=#ff0000>- 44 - </FONT></B></P>
<P align=justify><B><I><U>Year ended September 30, 2005 (&#147;2005&#148;) versus year
ended September 30, 2004 (&#147;2004&#148;)</U></I></B><B><I> </I></B></P>
<P align=justify><B>Earnings </B></P>
<P align=justify>The Company&#146;s earnings for the year ended September 30, 2005
were $23.3 million, compared to a loss of $82.4 million in the prior year. The
increase in earnings is due to the resumption of mining activities at the
Gibraltar copper-molybdenum mine, and the recognition of tax loss carryforwards
in the consolidated financial statements. </P>
<P align=justify><B>Revenues </B></P>
<P align=justify>The Company recognized revenues of $87.6 million for the year
ended September 30, 2005 compared to $nil in fiscal 2004. In late September
2005, the Company sold and received funds of approximately $14.3 million from
the sale of copper. The Company was unable to recognize the revenue from this
sale as the copper was held in a storage facility at the dock as there were no
ships available at that time to transport the copper to smelters in Asia.
Consequently, the Company recorded this sale as deferred revenue for the year
ended September 30, 2005 and recognized this sale as revenue upon shipment to
the customer. </P>
<P align=justify><B>Cost of Sales </B></P>
<P align=justify>Cost of sales for 2005 was $71.3 million compared to $nil in
  2004. Cost of sales for 2005 consisted of total production costs of $65.6 million
  (2004 - $nil) less a concentrate inventory addition of $7.8 million (2004 -
  $nil). Also included in cost of sales are transportation and treatment costs
  of $13.5 million (2004 - $nil).</P>
<P align=justify><B>Depletion, depreciation and amortization </B></P>
<P align=justify>Amortization expense increased to $2.7 million compared to
$0.02 million in fiscal 2004 due to 2005&#146;s commencement of production from the
Gibraltar mine. </P>
<P align=justify><B>Exploration </B></P>
<P align=justify>Exploration expenses decreased to $0.5 million in fiscal 2005
from $4.6 million in fiscal 2004 due to a reduction in exploration activities
and mine maintenance costs in fiscal 2005. These expenses consisted of $0.3
million of exploratory drilling at the Gibraltar mine site, $0.15 million on due
diligence relating to potential new projects, $0.03 million on the Prosperity
project and $0.02 million on the Harmony project. </P>
<P align=justify><B>General and Administrative </B></P>
<P align=justify>General and administrative costs decreased slightly to $2.4 million
  in fiscal 2005 from $2.7 million in 2004. This decrease was due to a significant
  reduction in shareholder communication expenses (2005 - $0.3 million; 2004 -
  $0.7 million).</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_48></A>
<P align=center><B><FONT color=#ff0000>- 45 - </FONT></B></P>
<P align=justify><B>Interest expense </B></P>
<P align=justify>Interest expense increased to $3.2 million in fiscal 2005 from
$0.5 million in fiscal 2004 due to interest payments on the Company&#146;s capital
lease obligations.</P>
<P align=justify><B>Stock-Based Compensation </B></P>
<P align=justify>Stock-based compensation decreased to $1.1 million in fiscal
2005 from $5.2 million in fiscal 2004 due to fewer options granted and lower
volatility in fiscal 2005 compared to fiscal 2004. </P>
<P align=justify><B>Non-Recurring Expenses </B></P>
<P align=justify>Expenses relating to the restart project include costs for the
mine, mill, site services, administration, warehouse, engineering and
environmental matters. These expenses decreased in fiscal 2005 to $6,346,650
compared to $14,982,008 in fiscal 2004 since the restart activities for copper
concentrate production ended in the first quarter of fiscal 2005 and commercial
production commenced on January 1, 2005, and the restart activities for
molybdenum concentrate production ended near the end of the second quarter of
fiscal 2005. </P>
<P align=justify><B>Income Tax Recovery </B></P>
<P align=justify>The Company had a current income tax recovery of $4.1 million
and future income tax recovery of $13.4 million in fiscal 2005 compared to a
current income tax expense of $23.7 million in fiscal 2004. The increase in
income tax recoveries is due to the recognition of the benefit of tax loss
carryforwards in fiscal 2005 as their realization became more likely than not.
</P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Liquidity and Capital Resources </B></P>
<P align=justify><B>Liquidity </B></P>
<P align=justify>At September 30, 2006, Taseko had working capital of $101.6
million, as compared to a $6.2 million at September 30, 2005. The increase in
cash was primarily a result of higher revenues from operations at the Gibraltar
mine, the exercising of share purchase options and warrants and the issuance of
US$30 million convertible bonds during the year. </P>
<P align=justify>Management anticipates that revenues from the sale of copper
and molybdenum concentrate, along with current cash balances will be sufficient
to cover operating costs, working capital and the Gibraltar mill expansion for
fiscal 2007. </P>
<P align=justify><I>Cash Used in Operating Activities </I></P>
<P align=justify>Taseko generated $55.4 million from operating activities in
fiscal 2006 as compared to $1.8 million used in operating activities in fiscal
2005. Taseko anticipates that it will continue to generate positive cash flow
from operating activities in fiscal 2007.</P>
<P align=justify><I>Cash Used in Investing Activities </I></P>
<P align=justify>Taseko used $36.4 million in investing activities as compared
to $8.2 million received in fiscal 2005. The increase in cash used in investing
activities is mainly due to mill expansion at Gibraltar that began during fiscal
2006, the Company&#146;s $13.0 million contribution to reclamation deposits that are
invested in </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_49></A>
<P align=center><FONT color=#ff0000>&nbsp;<B>- 46 -</B></FONT><B> </B></P>
<P align=justify>government backed securities, as well as the Company&#146;s $11.5
million investment in September 2006 in a convertible promissory note of
Continental Minerals Corporation (&#147;Continental&#148;). Continental, a company with
certain directors in common with Taseko, holds a 100% interest in the Xietongmen
copper-gold project in Tibet, China.</P>
<P align=justify>The Xietongmen property hosts a significant porphyry
copper-gold deposit. Feasibility-level studies were initiated at Xietongmen in
2006, which are targeted for completion in 2007.</P>
<P align=justify>Cash used in investing activities is expected to increase
during fiscal 2007 as Gibraltar continues its mill expansion and drilling
programs to expand the Gibraltar deposits. </P>
<P align=justify><I>Cash Generated by Financing Activities </I></P>
<P align=justify>In fiscal 2006, Taseko generated $48.6 million (2005 &#150; $0.5
million) from financing activities, which consisted of the issuance of shares
for cash of $31.9 million (2005 - $9.6 million), convertible bonds issued for
net proceeds of $31.8 million (2005 - $Nil) less principal repayments under
capital leases of $15.1 million (2005 - $7.3 million).</P>
<P align=justify>These share issuances were attributable to the issuance of
17,492,693 common shares from the exercise of warrants and 7,438,166 from the
exercise of share purchase options.</P>
<P align=justify>The purpose of these financing activities was to provide
working capital for the day to day operations of the Gibraltar mine and other
corporate initiatives. There were no restrictions on the use of proceeds from
these financing activities. </P>
<P align=justify><I>Investment in Continental</I></P>
<P align=justify>In August 2006, the Company invested $11.5 million of its
surplus working capital in a Convertible Secured Promissory Note (the &#147;Note&#148;) of
Continental Minerals Corporation (&#147;Continental&#148;), a public company with certain
directors in common with the Company. The one year Note provides for interest at
the rate of 16% per annum payable monthly and is payable in cash or, at the
Company&#146;s election, in Continental common shares. The Note is secured by an
indirect pledge of Continental&#146;s interest in a copper property located in China.
The Company has the right to convert any or the entire principal then
outstanding under the Note, plus a 5% premium, into Continental common shares at
$2.05 per share if the conversion right is exercised within the first six
months, or at $2.25 per share if exercised in the second six months.</P>
<P align=justify>In February 2007, the Company converted the entire principal
outstanding under the Note. At March 30, 2007, the Company held 7,827,796 common
shares of Continental, representing approximately 6.9% of Continental&#146;s
outstanding common shares. </P>
<P align=justify><I>Reclamation Deposits </I></P>
<P align=justify>In September 2006, the Company made a contribution of $13.0
million to a qualified environmental trust in relation to its site closure and
reclamation obligations for the Gibraltar mine. The Company has reclamation
deposits totaling approximately $31.8 million (including interest) to fund
reclamation at the Gibraltar, Prosperity and Harmony properties.</P>
<P align=justify><I>US$30 million Bond Offering </I></P>
<P align=justify>On August 29, 2006, the Company issued US$30 million in
principal amount of five year convertible bearer bonds due in 2011 (the "Bonds")
to qualified institutional buyers in Europe. The Bonds constitute direct,
unsubordinated, unsecured, general and unconditional obligations of the Company.
The Bonds </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_50></A>
<P align=center><B><FONT color=#ff0000>- 47 - </FONT></B></P>
<P align=justify>were issued at 100% and, if not converted, will be redeemed at
maturity at 101%. The Bonds carry a coupon interest rate of 7.125% per annum.
The Bonds are convertible at the holder&#146;s option after 40 days from issuance
until August 19, 2011 into 8,955,224 Common Shares at a conversion price of
US$3.35 ($3.76), which represented a premium of approximately 40% over the
trading price of the Common Shares at August 29, 2006. At any time after
September 12, 2008, the Company will have the right to call for the conversion
of the Bond into the number of shares as set out above, if the Company&#146;s shares
trade at least 50% above the conversion price for at least 20 business days in
any period of 30 consecutive business days. On August 29, 2009, the Bondholders
have a one time right to redeem the Bonds at 100.60% . Debt issuance costs of
$1.4 million were incurred upon closing of the transaction. The Bonds contain
certain anti-dilution provisions if the Company issues common shares below
specified prices. </P>
<P align=justify>The Company had no commitments for material capital
expenditures as of September 30, 2006 or March 30, 2007. </P>
<P align=justify>The Company has no lines of credit or other sources of
financing. </P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Research Expenditures </B></P>
<P align=justify>Taseko does not have a program of intellectual property
development or patenting or licensing.</P>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Trend Information </B></P>
<P align=justify>As a natural resource exploration company, Taseko&#146;s activities
have been mainly event-driven, that is based on exploration successes and
failures rather than seasonal, but it may be seen to be affected by the cyclic
nature of metal prices. Trends, uncertainties, demands, commitments or events
that are reasonably likely to have a material effect on Taseko&#146;s net sales or
revenues, income from continuing operations, profitability, liquidity or capital
resources are identified above under the heading &#147;Operating Results&#148; and below
in this item. </P>
<P align=justify>Copper is a commodity metal used extensively in the housing and
automotive industries and accordingly demand for copper varies directly with
general economic conditions. Copper prices have been increasing since late 2003.
Copper prices averaged US$1.30/lb in 2004 and US$1.59 in 2005. Copper prices
have continued to increase in 2006, averaging US$3.03/lb to mid December. At
March 30, 2007, the copper price was approximately US$3.14/lb. </P>
<P align=justify>Molybdenum prices increased from US$7.60/lb to US$34/lb in
2004. The average molybdenum price in 2005 was US$33/lb. Prices appear to have
stabilized since January 2006, averaging US$25.53 to mid December. At March 30,
2007, molybdenum oxide price is approximatley US$29.00/lb. </P>
<P align=justify>Gold prices have been increasing over the past two years, and
this uptrend has accelerated since September 2005. Overall, the gold price
increased from US$410/oz in 2004 to US$445/oz in 2005. The gold price has also
increased in 2006, averaging US$604/oz to mid December.</P>
<P align=justify>The Company is subject to currency exchange rate risk. The
prices of copper and molybdenum oxide are denominated in United States dollars
and, accordingly, the Company&#146;s revenues will be received in United States
dollars. The Company&#146;s operations are almost entirely paid for in Canadian
dollars, which has recently shown strength against the United States dollar. The
further strengthening in the Canadian dollar, if it continues, will negatively
impact the profitability of the Company&#146;s mining operations. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_51></A>
<P align=center><B><FONT color=#ff0000>- 48 - </FONT></B></P>
<P
align=justify><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Off-Balance Sheet Arrangements </B></P>
<P align=justify>The Company does not have any off-balance sheet arrangements
that have or are reasonably likely to have a current or future effect on its
financial condition, changes in financial condition, revenues or expenses,
results of operations, liquidity, capital expenditures or capital resources that
is material to investors. </P>
<P
align=justify><B>F.</B><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</B><B>Tabular Disclosure of Contractual Obligations </B></P>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD colspan="5" align=center> <B>Payment due by period </B> </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Type of Contractual Obligation </B><BR></TD>
      <TD align=center width="12%"><B>Total </B><BR></TD>
      <TD align=center width="12%"><B>Less than </B><BR> <B>1 Year </B></TD>
      <TD align=center width="12%"><B>2 - 3 Years </B><BR></TD>
      <TD align=center width="12%"><B>4 - 5 Years </B><BR></TD>
      <TD align=center width="12%"><B>More than 5 </B><BR> <B>Years </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Long-Term Debt Obligations <SUP>(1) </SUP></TD>
      <TD align=right width="12%"><B>$ 33,496,000</B></TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%"><B>$ 33,496,000</B></TD>
      <TD align=right
      width="12%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        - </B></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Capital (Finance) Lease Obligations </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Operating Lease Obligations </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Purchase Obligations </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Other Long-Term Liabilities Reflected on the Company's Balance
        Sheet under the GAAP of the primary financial statements </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
      <TD align=right width="12%">- </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Total </B></TD>
      <TD align=right width="12%"><B>$ 33,496,000</B></TD>
      <TD align=right width="12%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -</B></TD>
      <TD align=right width="12%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        -</B></TD>
      <TD align=right width="12%"><B>$ 33,496,000</B></TD>
      <TD align=right
      width="12%"><B>$&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
        - </B></TD>
    </TR>
  </TABLE>
</DIV>
<P align=justify><SUP>(1) </SUP>Note: The Company also has a convertible debenture
  in the face amounts of $17.0 million (see note 12 of the accompanying consolidated
  financial statements) which is not included in the above figures. The Company
  intends to settle this debt through the issuance of common shares of the Company.
</P>
<P align=justify>The Company also has liabilities relating to a Reclamation Obligation
  in the amount of $49.4 million and a Royalty Obligation in the amount of $66.8
  million. </P>
<P
align=justify><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Safe Harbor </B></P>
<P align=justify>The safe harbor provided in Section 27A of the <I>Securities
Act </I>and Section 21E of the <I>Exchange Act </I>applies to forward-looking
information provided pursuant to Item 5.E and F above.<B> </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_52></A>
<P align=center><B><FONT color=#ff0000>- 49 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DIRECTORS, SENIOR
MANAGEMENT AND EMPLOYEES </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors and Senior Management</B></P>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>
    <TR vAlign=top>
    <TD align=left><B>Nominee Position with the Company and
      </B><BR><B>Province or State and Country of Residence </B></TD>
      <TD align=left width="40%"><B>Period as a Director of the </B><BR>
        <B>Company </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>William P. Armstrong (1) (3) <BR>Director <BR>British
      Columbia, Canada </TD>
      <TD align=left width="40%">Since May 2006 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>David J. Copeland <BR>Director <BR>British Columbia, Canada
    </TD>
      <TD align=left width="40%">Since March 1994 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Barry Coughlan (2), (3) <BR>Director <BR>British Columbia,
      Canada </TD>
      <TD align=left width="40%">Since February 2001 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Scott D. Cousens <BR>Director <BR>British Columbia, Canada
    </TD>
      <TD align=left width="40%">Since October 1992 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert A. Dickinson <BR>Director <BR>British Columbia,
      Canada </TD>
      <TD align=left width="40%">Since January 1991 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>David Elliott (1), (2), (3) <BR>Director <BR>British
      Columbia, Canada </TD>
      <TD align=left width="40%">Since July 2004 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Russell E. Hallbauer (3) <BR>President, Chief Executive
      Officer and Director <BR>British Columbia, Canada </TD>
      <TD align=left width="40%">Since July 2005 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Wayne Kirk (1), (2), (3) <BR>Director <BR>California, USA
    </TD>
      <TD align=left width="40%">Since July 2004 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey R. Mason (2), <BR>Secretary, Chief Financial
      Officer and Director <BR>British Columbia, Canada </TD>
      <TD align=left width="40%">Since March 1994 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>John W. McManus <BR>Vice President, Operations
      <BR>Vancouver, BC, Canada </TD>
      <TD align=left width="40%">Since October 2005 <BR>
        <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Ronald W. Thiessen <BR>Chairman of the Board and Director
      <BR>British Columbia, Canada </TD>
      <TD align=left width="40%">Since October 1993 <BR>
        <BR></TD></TR></TABLE></DIV>
<P align=justify><B>Notes: </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_53></A>
<P align=center><B><FONT color=#ff0000>- 50 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Member of the audit committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Member of the compensation committee.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Member of the nominating and corporate governance
      committee.</P></TD></TR></TABLE>
<P align=justify>None of our directors or senior management has any family
relationship with any other and none were elected as a director or appointed as
a member of senior management as a result of an arrangement or understanding
with a major shareholder, customer, supplier or any other party. </P>
<P align=justify><B>Principal Occupation of Current Management and Directors of
Taseko </B></P>
<P align=justify><B>WILLIAM P. ARMSTRONG, P.Eng. &#150; Director </B></P>
<P align=justify>Mr. Armstrong earned his Bachelors and Masters degrees in
Geological Engineering from the University of British Columbia and has more than
45 years experience in the mining industry. He recently retired from Teck
Cominco Ltd., where he was General Manager, Resource Evaluations, and
responsible for the evaluation of potential acquisitions and divestitures. He
was also responsible for the company&#146;s mineral reserves and resources. During
his career with Cominco Ltd., and Teck Cominco Ltd., Mr. Armstrong has been
involved in feasibility studies, construction and operation of a large number of
mines, including coal deposits, underground and open pit base metal mines and
precious metal mines.</P>
<P align=justify>Mr. Armstrong is, or was within the past five years, an officer
and/or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">May 2006 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Compania Minera El Brocal </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">January 2001 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>DAVID J. COPELAND, P.Eng. - Director </B></P>
<P align=justify>David J. Copeland is a geological engineer who graduated in
economic geology from the University of British Columbia. With over 30 years of
experience, Mr. Copeland has undertaken assignments in a variety of capacities
in mine exploration, discovery and development throughout the South Pacific,
Africa, South America and North America. His principal occupation is President
and Director of CEC Engineering Ltd., a consulting engineering firm that directs
and co-ordinates advanced technical programs for exploration on behalf of
companies for which Hunter Dickinson Inc., a private company with certain
directors in common with the Company, provides consulting services. He is also a
director of Hunter Dickinson Inc. </P>
<P align=justify>Mr. Copeland is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">March 1994 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Amarc Resources Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">September 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Anooraq Resources Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">September 1996 </TD>
    <TD align=left width="23%">September 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Continental Minerals Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">November 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Farallon Resources Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">December 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Great Basin Gold Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">February 1994 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">June 1996 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_54></A>
<P align=center><B><FONT color=#ff0000>- 51 - </FONT></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Rockwell Ventures Inc. </TD>
    <TD align=left width="23%">Director &amp; CEO </TD>
    <TD align=left width="23%">September 2006 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>BARRY COUGHLAN, B.A. &#150; Director </B></P>
<P align=justify>Barry Coughlan is a self-employed businessman and financier who
over the past 24 years has been involved in the financing of publicly traded
companies. His principal occupation is President and Director of TBC Investments
Ltd., a private investment company. </P>
<P align=justify>Mr. Coughlan is, or was within the past five years, an officer
and or a director of the following companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">February 2001 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Continental Minerals Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">May 2006 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Farallon Resources Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">March 1998 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Great Basin Gold Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">February 1998 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Icon Industries Ltd. </TD>
    <TD align=left width="23%">President, CEO and Director </TD>
    <TD align=left width="23%">September 1991 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Quartz Mountain Resources Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">January 2005 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tri-Gold Resources Corp. (formerly Tri-Alpha
      Investments Ltd.) </TD>
    <TD align=left width="23%">President and Director </TD>
    <TD align=left width="23%">June 1986 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >AMS Homecare Inc. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">November 2001 </TD>
    <TD align=left width="23%">November 2004 </TD></TR></TABLE></DIV>
<P align=justify><B>SCOTT D. COUSENS - Director </B></P>
<P align=justify>Scott D. Cousens provides management, technical and financial
services to a number of publicly traded companies. Mr. Cousens&#146; focus since 1991
has been the development of relationships within the international investment
community. Substantial financings and subsequent corporate success has
established strong ties with North American, European and Asian investors. In
addition to financing initiatives he also oversees the corporate communications
programs for the public companies to which Hunter Dickinson Inc. provides
services. </P>
<P align=justify>Mr. Cousens is, or was within the past five years, an officer
and/or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">October 1992 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Amarc Resources Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">September 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Anooraq Resources Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">September 1996 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Continental Minerals Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">June 1994 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Farallon Resources Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">December 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Great Basin Gold Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">March 1993 </TD>
    <TD align=left width="23%">November 2006 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_55></A>
<P align=center><B><FONT color=#ff0000>- 52 - </FONT></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">June 1996 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Rockwell Ventures Inc. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">November 2000 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>ROBERT A. DICKINSON, B.Sc., M.Sc. &#150; Director </B></P>
<P align=justify>Robert A. Dickinson is an economic geologist who serves as a
member of management of several mineral exploration companies, primarily those
for whom Hunter Dickinson Inc. provides services. He holds a Bachelor of Science
degree (Hons. Geology) and a Master of Science degree (Business Administration -
Finance) from the University of British Columbia. Mr. Dickinson has been active
in mineral exploration since 1966. He is a director of Hunter Dickinson Inc. He
is also President and Director of United Mineral Services Ltd., a private
investment company. </P>
<P align=justify>Mr. Dickinson is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Taseko Mines Limited <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">January 1991 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">April 2004 </TD>
    <TD align=left width="23%">July 2005 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">July 2005 </TD>
    <TD align=left width="23%">May 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Amarc Resources Ltd. <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">April 1993 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">September 2000 </TD>
    <TD align=left width="23%">April 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">April 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4 >Anooraq Resources Corporation
      <BR><BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">November 1990 </TD>
    <TD align=left width="23%">September 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">October 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">April 2004 </TD>
    <TD align=left width="23%">September 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">October 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Continental Minerals Corporation
      <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">June 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">June 2004 </TD>
    <TD align=left width="23%">January 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">January 2006 </TD>
    <TD align=left width="23%">December 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Detour Gold Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">January 2007 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Farallon Resources Ltd. <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 1991 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">April 2004 </TD>
    <TD align=left width="23%">September 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">September 2004 </TD>
    <TD align=left width="23%">April 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4 >Great Basin Gold Ltd.
    <BR><BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">May 1986 </TD>
    <TD align=left width="23%">November 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">September 2000 </TD>
    <TD align=left width="23%">April 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">April 2004 </TD>
    <TD align=left width="23%">December 2005 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">December 2005 </TD>
    <TD align=left width="23%">November 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Northern Dynasty Minerals Ltd.
      <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">June 1994 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">November 2001 </TD>
    <TD align=left width="23%">April 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">April 2004 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_56></A>
<P align=center><B><FONT color=#ff0000>- 53 - </FONT></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Rockwell Ventures Inc. </TD>
    <TD align=left width="23%">Director and Chairman </TD>
    <TD align=left width="23%">November 2000 </TD>
    <TD align=left width="23%">September 2006 </TD></TR></TABLE></DIV>
<P align=justify><B>DAVID ELLIOTT, B. Comm, ICD.D. FCA &#150; Director </B></P>
<P align=justify>David Elliott graduated from the University of British Columbia
with a Bachelor of Commerce degree and then acquired a Chartered Accountant
designation. In 2006, he became a certified director with the Institute of
Corporate Directors. Mr. Elliott joined BC Sugar Company in 1976, working in a
number of senior positions before becoming President and Chief Operating Officer
of the operating subsidiary, Rogers Sugar. In 1997, he joined Lantic Sugar in
Toronto as Executive Vice President. He also served as Chairman of the Canadian
Sugar Institute. He became President and Chief Operating Officer of the
International Group based in St Louis, Missouri in 1999, a company involved with
food distribution as well as manufacturing and distribution of pet and animal
feed. For several years, he worked with companies developing e-mail and data
management services. Currently, Mr. Elliott is a director and audit committee
chairman of North Dynasty Minerals Ltd., Taseko Mines Limited, Anooraq Resources
Corporation and Great Basin Gold Ltd. </P>
<P align=justify>Mr. Elliott is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Anooraq Resources Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 2005 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Great Basin Gold Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >StorageFlow Systems Corp. <BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">May 2002 </TD>
    <TD align=left width="23%">June 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President &amp; COO </TD>
    <TD align=left width="23%">May 2002 </TD>
    <TD align=left width="23%">June 2003 </TD></TR></TABLE></DIV>
<P align=justify><B>RUSSELL E. HALLBAUER, P.Eng &#150; Director, President and Chief
Executive Officer </B></P>
<P align=justify>Mr. Hallbauer graduated from the Colorado School of Mines with
a B.Sc. in Mining Engineering in 1979. He is a Registered Professional Engineer
with the Association of Professional Engineers of British Columbia. He has been
a member of the Canadian Institute of Mining and Metallurgy (CIM) since 1975 and
is a director and former chairman of the Mining Association of B.C. </P>
<P align=justify>In 1983, he joined Teck Corporation&#146;s Bullmoose mine, advancing
through Engineering and Supervisory positions to become Mine Superintendent in
1987, and in 1992, became General Manager of Quintette. In 1995, he assumed new
responsibilities in Vancouver when he was appointed General Manager, Coal
Operations, overseeing Teck&#146;s three operating coal mines in the Province. In
2002, he was appointed General Manager, Base Metal Joint Ventures, responsible
for Teck Cominco&#146;s interests in Highland Valley Copper, Antamina in Peru, and
Louvicourt in Quebec. </P>
<P align=justify>Within the last five years, Mr. Hallbauer is, or has been, an
officer of the following public company:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="23%">Director, President and Chief Executive Officer
    </TD>
    <TD align=left width="23%">July 2005 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_57></A>
<P align=center><B><FONT color=#ff0000>- 54 - </FONT></B></P>
<P align=justify><B>H. WAYNE KIRK, LLB - Director </B></P>
<P align=justify>Wayne Kirk is a retired California State Attorney and
Professional Consultant. Mr. Kirk has over 35 years of professional experience,
including 10 years of senior executive experience in the mining industry. </P>
<P align=justify>Mr. Kirk is a citizen of the United States and is a resident of
California. A Harvard University graduate, Mr. Kirk received his law degree in
1968. From 1992 to 2002, Mr. Kirk was the Vice President, General Counsel and
Corporate Secretary of Homestake Mining Company. Prior to his retirement in June
2004, he spent two years as Special Counsel for the law firm Thelen Reid &amp;
Priest, in San Francisco. </P>
<P align=justify>During the past five years, Mr. Kirk is, or has been, a
director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Anooraq Resources Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 2005 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Great Basin Gold Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 2004 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 2004 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>JEFFREY R. MASON, B.Comm., CA &#150; Director, Chief Financial
Officer and Secretary </B></P>
<P align=justify>Jeffrey R. Mason holds a Bachelor of Commerce degree from the
University of British Columbia and obtained his Chartered Accountant designation
while specializing in the mining, forestry and transportation sectors at the
international accounting firm of Deloitte &amp; Touche. Following
comptrollership positions at an international commodity mercantilist and
Homestake Mining Group of companies including responsibility for North American
Metals Corp. and the Eskay Creek Project, Mr. Mason has spent the last several
years as a corporate officer and director to a number of publicly-traded mineral
exploration companies. Mr. Mason is also employed as Chief Financial Officer of
Hunter Dickinson Inc. and his principal occupation is the financial
administration of the public companies to which Hunter Dickinson Inc. provides
services. </P>
<P align=justify>Mr. Mason is, or was within the past five years, an officer and
or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Taseko Mines Limited <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">February 1994 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Secretary </TD>
    <TD align=left width="23%">February 1994 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">November 1998 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Amarc Resources Ltd. <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">September 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Secretary </TD>
    <TD align=left width="23%">September 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">September 1998 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Anooraq Resources Corporation
      <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">April 1996 </TD>
    <TD align=left width="23%">September 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Secretary </TD>
    <TD align=left width="23%">September 1996 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">February 1999 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_58></A>
<P align=center><B><FONT color=#ff0000>- 55 - </FONT></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Coastal Contacts Inc. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">October 2006 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Continental Minerals Corporation
      <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">June 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Secretary </TD>
    <TD align=left width="23%">November 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">June 1998 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Detour Gold Corporation <BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">January 2007 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">January 2007 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Farallon Resources Ltd. <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">August 1994 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Secretary </TD>
    <TD align=left width="23%">December 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">December 1997 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Great Basin Gold Ltd. <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">February 1994 </TD>
    <TD align=left width="23%">November 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Secretary </TD>
    <TD align=left width="23%">February 1994 </TD>
    <TD align=left width="23%">November 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">June 1998 </TD>
    <TD align=left width="23%">November 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Northern Dynasty Minerals Ltd.
      <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">June 1996 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Secretary </TD>
    <TD align=left width="23%">June 1996 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">June 1998 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Quartz Mountain Resources Ltd. </TD>
    <TD align=left width="23%">Principal Accounting Officer </TD>
    <TD align=left width="23%">January 2005 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Rockwell Ventures Inc. <BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">November 2000 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chief Financial Officer </TD>
    <TD align=left width="23%">November 2000 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>JOHN McMANUS &#150; Vice-President, Operations </B></P>
<P align=justify>John McManus is a dual US and Canadian citizen and holds a
Bachelor of Science degree in Mining Engineering from The Colorado School of
Mines. From graduation in 1982 until joining Teck Corporation in 1992, Mr.
McManus held progressive mining engineering and supervisory positions with
Cominco, Strato Geological Services, Denison Mines, and Westar Mining Ltd. Mr.
McManus joined Teck Corporation in 1992 as Superintendent of Engineering at the
Quintette coal mine, relocated to Teck&#146;s Elkview Coal mine as General
Superintendent in 1995, relocated to Teck&#146;s Bullmoose coal mine as Mine Manager
in 1997, and relocated to Elk Valley Coal Corporation&#146;s Coal Mountain Operation
as General Manager in 2003. </P>
<P align=justify>Mr. McManus, as Vice-President, Operations is responsible for
oversight of the Gibraltar mine and for all operational and permitting issues
regarding the advancement of the Prosperity and Harmony projects. </P>
<P align=justify>Mr. McManus is an officer of the following public company:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="23%">Vice-President, Operations </TD>
    <TD align=left width="23%">October 2005 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_59></A>
<P align=center><B><FONT color=#ff0000>- 56 - </FONT></B></P>
<P align=justify><B>RONALD W. THIESSEN, CA &#150;Chairman of the Board and Director
</B></P>
<P align=justify>Ronald W. Thiessen is a Chartered Accountant, with professional
experience in finance, taxation, mergers, acquisitions and re-organizations.
Since 1986, Mr. Thiessen has been involved in the acquisition and financing of
mining and mineral exploration companies. Mr. Thiessen is employed by Hunter
Dickinson Inc., a company providing management and administrative services to
several publicly-traded companies and focuses on directing corporate development
and financing activities. He is also a director of Hunter Dickinson Inc. </P>
<P align=justify>Mr. Thiessen is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4 >Taseko Mines Limited
<BR><BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">October 1993 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President and Chief Executive Officer </TD>
    <TD align=left width="23%">September 2000 </TD>
    <TD align=left width="23%">July 2005 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">July 2005 </TD>
    <TD align=left width="23%">May 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">May 2006 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Amarc Resources Ltd. <BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">September 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President and Chief Executive Officer </TD>
    <TD align=left width="23%">September 2000 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Anooraq Resources Corporation
    <BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">April 1996 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President and Chief Executive Officer </TD>
    <TD align=left width="23%">September 2000 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Casamiro Resource Corp. </TD>
    <TD align=left width="23%">Director and President </TD>
    <TD align=left width="23%">February 1990 </TD>
    <TD align=left width="23%">August 2002 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Continental Minerals Corporation
      <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">November 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President and Chief Executive Officer </TD>
    <TD align=left width="23%">September 2000 </TD>
    <TD align=left width="23%">January 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">January 2006 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Detour Gold Corporation </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">January 2007 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=4 >Farallon Resources Ltd.
    <BR><BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">August 1994 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President and Chief Executive Officer </TD>
    <TD align=left width="23%">September 2000 </TD>
    <TD align=left width="23%">September 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">September 2004 </TD>
    <TD align=left width="23%">December 2005 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">December 2005 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Great Basin Gold Ltd. <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">October 1993 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President and Chief Executive Officer </TD>
    <TD align=left width="23%">September 2000 </TD>
    <TD align=left width="23%">December 2005 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Co-Chairman </TD>
    <TD align=left width="23%">December 2005 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Northern Dynasty Minerals Ltd.
    <BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">November 1995 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President and Chief Executive Officer </TD>
    <TD align=left width="23%">November 2001 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_60></A>
<P align=center><B><FONT color=#ff0000>- 57 - </FONT></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company </B></TD>
    <TD align=left width="23%"><B>Positions Held </B></TD>
    <TD align=left width="23%"><B>From </B></TD>
    <TD align=left width="23%"><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Rockwell Ventures Inc. <BR><BR></TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">November 2000 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">President and Chief Executive Officer </TD>
    <TD align=left width="23%">November 2000 </TD>
    <TD align=left width="23%">September 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="23%">Chairman </TD>
    <TD align=left width="23%">September 2006 </TD>
    <TD align=left width="23%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Tri-Gold Resources Corp. </TD>
    <TD align=left width="23%">Director </TD>
    <TD align=left width="23%">July 1992 </TD>
    <TD align=left width="23%">Present </TD></TR></TABLE></DIV>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compensation </B></P>
<P align=justify>During Taseko&#146;s financial year ended September 30, 2006 the
aggregate direct remuneration paid or payable to Taseko&#146;s directors and senior
officers by Taseko and its subsidiaries, all of whose financial statements are
consolidated with those of Taseko, was $1,077,242. This figure includes any
portion of remuneration received by the named person as an officer or employee
of Hunter Dickinson Inc. that is attributable to Taseko&#146;s affairs. The direct
remuneration paid or payable to Company&#146;s directors and senior officers by
subsidiaries of Taseko, whose financial statements are not consolidated with
those of Taseko, was $nil. </P>
<P align=justify>Russell E. Hallbauer, President, Chief Executive Officer and
director, Jeffrey R. Mason, Secretary, Chief Financial Officer and director,
John W. McManus, Vice President of Operations and Ronald W. Thiessen, former
President and Chief Executive Officer and a current director and Chairman of the
Board are each a "Named Executive Officer" of Taseko for the purposes of the
following disclosure. </P>
<P align=justify>The compensation paid to the Named Executive Officers during
the Company&#146;s three most recently completed financial years is as set out below:
</P>
<P align=center><B>Summary Compensation Table</B></P>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>
    <TR vAlign=top>
      <TD vAlign=bottom align=center rowSpan=3
      ><BR> <BR> <BR> <BR>
        NAMED EXECUTIVE <BR>
        OFFICERS <BR>
        Name and Principal <BR>
        Position </TD>
      <TD vAlign=bottom align=center width="8%" rowSpan=3
      ><BR> <BR> <BR> <BR> <BR> <BR> <BR>
        Year </TD>
      <TD colspan="3" rowSpan=2 align=center vAlign=bottom>Annual Compensation
        <BR> <BR></TD>
      <TD colspan="3" align=center vAlign=bottom>Long Term Compensation </TD>
      <TD vAlign=bottom align=center width="10%"
      rowSpan=3><BR> <BR> <BR> <BR> <BR>
        All Other <BR>
        Compensation <BR>
        ($) </TD>
    </TR>
    <TR vAlign=top>
      <TD colspan="2" align=center vAlign=bottom>Awards </TD>
      <TD vAlign=bottom align=center width="10%">Payouts </TD>
    </TR>
    <TR vAlign=top>
      <TD vAlign=bottom align=center width="10%"><BR> <BR> <BR> <BR>
        Salary <BR>
        ($) </TD>
      <TD vAlign=bottom align=center width="10%"><BR> <BR> <BR> <BR>
        Bonus <BR>
        ($) </TD>
      <TD vAlign=bottom align=center width="10%"><BR>
        Other <BR>
        Annual <BR>
        Compen <BR>
        -sation <BR>
        ($) </TD>
      <TD vAlign=bottom align=center width="10%"><BR> <BR>
        Securities <BR>
        Under Options <BR>
        Granted <BR>
        (#) </TD>
      <TD vAlign=bottom align=center width="10%">Shares or <BR>
        Units <BR>
        Subject to <BR>
        Resale <BR>
        Restrictions <BR>
        ($) </TD>
      <TD vAlign=bottom align=center width="10%"><BR> <BR> <BR>
        LTIP <BR>
        Payouts <BR>
        ($) </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Russell E. Hallbauer<SUP>(1) </SUP><BR>
        Current President and <BR>
        Chief Executive Officer </TD>
      <TD align=center width="8%" >2006 <BR>
        2005 <BR></TD>
      <TD align=right width="10%">335,000 <BR>
        79,135 <BR></TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR></TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR></TD>
      <TD align=right width="10%">Nil <BR>
        780,000<SUP>(5) </SUP><BR></TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR></TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR></TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR></TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Ronald W. Thiessen<SUP>(2) </SUP><BR>
        Former President and Chief <BR>
        Executive Officer </TD>
      <TD align=center width="8%" >2006 <BR>
        2005 <BR>
        2004 </TD>
      <TD align=right width="10%">132,027 <BR>
        38,418 <BR>
        48,576 </TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
      <TD align=right width="10%">135,400<SUP>(8) </SUP><BR>
        Nil <BR>
        780,000<SUP>(4) </SUP></TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >Jeffrey R. Mason <BR>
        Secretary and Chief <BR>
        Financial Officer </TD>
      <TD align=center width="8%" >2006 <BR>
        2005 <BR>
        2004 </TD>
      <TD align=right width="10%">94,973 <BR>
        26,085 <BR>
        36,027 </TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
      <TD align=right width="10%">90,000<SUP>(6) </SUP><BR>
        Nil <BR>
        780,000<SUP>(4) </SUP></TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil <BR>
        Nil </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left >John W. McManus<SUP>(3) </SUP><BR>
        Vice President, Operations </TD>
      <TD align=center width="8%" >2006 <BR>
        2005 </TD>
      <TD align=right width="10%">175,000 <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil </TD>
      <TD align=right width="10%">Nil <BR>
        300,000<SUP>(7) </SUP></TD>
      <TD align=center width="10%">Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil </TD>
      <TD align=center width="10%">Nil <BR>
        Nil </TD>
    </TR>
  </TABLE>
</DIV>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Mr. Hallbauer was appointed as President and Chief
      Executive Officer on July 10, 2005.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Mr. Thiessen resigned as President and Chief Executive
      Officer on July 10, 2005.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. McManus was appointed as Vice President, Operations
      on October 11, 2005.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>These options were granted as follows: 280,000 on October
      10, 2003 at an exercise price of $0.55 per Common Share and expire on
      September 29, 2006; 200,000 May 20, 2004 at an exercise price of $1.36 per
      Common Share and expire on September 29, 2006; 300,000 on September 24,
      2004 at an exercise price of $1.40 per Common Share and expire on
      September 20, 2006.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>These options were granted on May 31, 2005 at an exercise
      of $1.15 per Common Share and expire on September 28,
  2010.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_61></A>
<P align=center><B><FONT color=#ff0000>- 58 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>These options were granted as follows: 50,000 on March
      28, 2006 at an exercise price of $2.18 pr Common Share and expire on March
      28, 2011 and 40,000 on April 5, 2006 at an exercise price of $2.63 and
      expire on March 28, 2011.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>These options were granted on September 22, 2005 at an
      exercise price of $1.15 per Common Share and expire on September 28,
      2010.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>These options were granted as follows: 75,000 on March
      28, 2006 at an exercise price of $2.18 pr Common Share and expire on March
      28, 2011 and 60,000 on April 5, 2006 at an exercise price of $2.63 and
      expire on March 28, 2011.</P></TD></TR></TABLE>
<P align=justify><B>Long-Term Incentive Plan Awards </B></P>
<P align=justify>Long term incentive plan (&#147;LTIP&#148;) means &#147;a plan providing
compensation intended to motivate performance over a period greater than one
financial year&#148;. LTIP&#146;s do not include option or stock appreciation rights
(&#147;SARs&#148;) plans or plans for compensation through shares or units that are
subject to restrictions on resale. The Company did not award any LTIPs to any
Named Executive Officer during the most recently completed financial year.</P>
<P align=justify><B>Options </B></P>
<P align=justify>The equity compensation plan which the Company currently has in
place is the 2006 Share Option Plan (the &#147;Option Plan&#148;) which was re-approved by
shareholders on March 15, 2007. The Option Plan is administered by the
Compensation Committee of the Board of Directors. The Option Plan provides that
options will be issued to directors, officers, employees or management and
others who provide services to the Company or any subsidiary of the Company. The
Option Plan provides that the number of Common Shares issuable under the Plan,
together with all of the Company's other previously established share
compensation arrangements, may not exceed 10% of the total number of issued and
outstanding Common Shares. Under the Option Plan, as the outstanding options are
exercised and the issued and outstanding Common Shares of the Company increases,
the percentage of options available for granting to eligible optionees will
increase. The exercise price of each option may be set equal to or greater than
the five day weighted market price of the common shares on the TSX on the day
prior to the date of the grant of the option, less any allowable discounts.
Options have a maximum term of ten years and generally terminate 30 to 90 days
following the termination of the optionee&#146;s employment or term of engagement,
except in the case of retirement or death. Vesting of options is at the
discretion of the Board of Directors. </P>
<P align=justify>The share options granted to the Named Executive Officers
during the financial year ended September 30, 2006 were as follows: </P>
<P align=center><B>Option Grants During the Most Recently Completed Financial
Year </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><BR><BR><BR>NAMED EXECUTIVE <BR>OFFICERS <BR>Name </TD>
    <TD align=center width="16%"><BR><BR>Securities <BR>Under Options
      <BR>Granted <BR>(#) </TD>
    <TD align=center width="16%"><BR><BR>% of Total <BR>Options Granted <BR>to
      Employees in <BR>Financial Year </TD>
    <TD align=center width="16%"><BR><BR><BR>Exercise or <BR>Base Price
      <BR>($/Security) </TD>
    <TD align=center width="16%">Market Value of <BR>Securities <BR>Underlying
      <BR>Options on the <BR>Date of Grant <BR>($/Security) </TD>
    <TD align=center width="16%"><BR><BR><BR><BR><BR>Expiration Date </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ronald W. Thiessen </TD>
    <TD align=center width="16%">75,000 </TD>
    <TD align=center width="16%">3.47% </TD>
    <TD align=center width="16%">$2.18 </TD>
    <TD align=center width="16%">$2.18 </TD>
    <TD align=center width="16%">March 28, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ronald W. Thiessen </TD>
    <TD align=center width="16%">60,000 </TD>
    <TD align=center width="16%">2.78% </TD>
    <TD align=center width="16%">$2.63 </TD>
    <TD align=center width="16%">$2.63 </TD>
    <TD align=center width="16%">March 28, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey R. Mason </TD>
    <TD align=center width="16%">50,000 </TD>
    <TD align=center width="16%">2.32% </TD>
    <TD align=center width="16%">$2.18 </TD>
    <TD align=center width="16%">$2.18 </TD>
    <TD align=center width="16%">March 28, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey R. Mason </TD>
    <TD align=center width="16%">40,000 </TD>
    <TD align=center width="16%">1.85% </TD>
    <TD align=center width="16%">$2.63 </TD>
    <TD align=center width="16%">$2.63 </TD>
    <TD align=center width="16%">March 28, 2011 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_62></A>
<P align=center><B><FONT color=#ff0000>- 59 - </FONT></B></P>
<P align=justify>The share options exercised by the Named Executive Officers
during the financial year ended September 30, 2006 and the values of such
options at the end of such year were as follows: </P>
<P align=center><B>Aggregate Option Exercises During the Most Recently Completed
Financial Year and <BR>Financial Year-End Option Values </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><BR><BR>NAMED EXECUTIVE <BR>OFFICERS <BR>Name </TD>
    <TD align=center width="20%"><BR>Securities <BR>Acquired on <BR>Exercise
      <BR>(#) </TD>
    <TD align=center width="20%"><BR><BR>Aggregate Value <BR>Realized <BR>($)
    </TD>
    <TD align=center width="20%">Unexercised Options at <BR>FY-End <BR>(#)
      <BR>Exercisable/ <BR>Unexercisable </TD>
    <TD align=center width="20%">Value of Unexercised in-the- <BR>Money
      Options at FY-End <BR>($) <BR>Exercisable/ <BR>Unexercisable </TD></TR>
  <TR vAlign=top>
    <TD align=left>Russell E. Hallbauer </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">520,000 / 260,000 </TD>
    <TD align=center width="20%">650,000 / 325,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ronald W. Thiessen </TD>
    <TD align=center width="20%">780,000 </TD>
    <TD align=center width="20%">925,800 </TD>
    <TD align=center width="20%">45,000 / 90,000 </TD>
    <TD align=center width="20%">5,500 / 11,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey R. Mason </TD>
    <TD align=center width="20%">780,000 </TD>
    <TD align=center width="20%">1,009,495 </TD>
    <TD align=center width="20%">30,000 / 60,000 </TD>
    <TD align=center width="20%">3,667 / 7,333 </TD></TR>
  <TR vAlign=top>
    <TD align=left>John W. McManus </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">Nil </TD>
    <TD align=center width="20%">200,000 / 100,000 </TD>
    <TD align=center width="20%">250,000 / 125,000 </TD></TR></TABLE></DIV>
<P align=justify>The closing share price of the Company on September 30, 2006
was $2.40. </P>
<P align=justify>No share options were repriced on behalf of the Named Executive
Officers during the financial year ended September 30, 2006.</P>
<P align=justify><B>Defined Benefit or Actuarial Plan Disclosure </B></P>
<P align=justify>There are no defined benefit or actuarial plans in place for
the Company. </P>
<P align=justify><B>Termination of Employment, Change in Responsibilities and
Employment Contracts </B></P>
<P align=justify>There is no written employment contract between the Company and
any Named Executive Officer other than Mr. Hallbauer and Mr. McManus, who have
employment agreements with Hunter Dickinson Inc. and are seconded to the
Company.</P>
<P align=justify>There are no compensatory plan(s) or arrangement(s) with
respect to the Named Executive Officer resulting from the resignation,
retirement or any other termination of employment of the officer&#146;s employment or
from a change of the Named Executive Officer&#146;s responsibilities following a
change in control.</P>
<P align=justify><B>Compensation of Directors</B></P>
<P align=justify>Effective January 1, 2005, each independent director of the
Company is paid an annual director&#146;s fee of $45,000 and an additional fee of
$5,000 for the Audit Committee&#146;s Chairperson and $3,000 each for other Committee
Chairperson. Executive officers do not receive additional compensation for
serving as a director.</P>
<P align=justify>The following directors received options to purchase Common
Shares under the Option Plan of the Company during the year ended September 30,
2006: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><BR><BR>Name of Director </TD>
    <TD align=center width="20%">Securities Under <BR>Options Granted <BR>(#)
    </TD>
    <TD align=center width="20%">Exercise or Base <BR>Price <BR>($/Security)
    </TD>
    <TD align=center width="20%"><BR><BR>Date of Grant </TD>
    <TD align=center width="20%"><BR><BR>Expiration Date </TD></TR>
  <TR vAlign=top>
    <TD align=left>William P. Armstrong </TD>
    <TD align=center width="20%">90,000 </TD>
    <TD align=center width="20%">$2.68 </TD>
    <TD align=center width="20%">June 30, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>David J. Copeland </TD>
    <TD align=center width="20%">50,000 </TD>
    <TD align=center width="20%">$2.18 </TD>
    <TD align=center width="20%">March 28, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>David J. Copeland </TD>
    <TD align=center width="20%">40,000 </TD>
    <TD align=center width="20%">$2.63 </TD>
    <TD align=center width="20%">April 5, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_63></A>
<P align=center><B><FONT color=#ff0000>- 60 - </FONT></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><BR><BR>Name of Director </TD>
    <TD align=center width="20%">Securities Under <BR>Options Granted <BR>(#)
    </TD>
    <TD align=center width="20%">Exercise or Base <BR>Price <BR>($/Security)
    </TD>
    <TD align=center width="20%"><BR><BR>Date of Grant </TD>
    <TD align=center width="20%"><BR><BR>Expiration Date </TD></TR>
  <TR vAlign=top>
    <TD align=left>Barry Coughlan </TD>
    <TD align=center width="20%">50,000 </TD>
    <TD align=center width="20%">$2.18 </TD>
    <TD align=center width="20%">March 28, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Barry Coughlan </TD>
    <TD align=center width="20%">40,000 </TD>
    <TD align=center width="20%">$2.63 </TD>
    <TD align=center width="20%">April 5, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Scott D. Cousens </TD>
    <TD align=center width="20%">50,000 </TD>
    <TD align=center width="20%">$2.18 </TD>
    <TD align=center width="20%">March 28, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Scott D. Cousens </TD>
    <TD align=center width="20%">40,000 </TD>
    <TD align=center width="20%">$2.63 </TD>
    <TD align=center width="20%">April 5, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert A. Dickinson </TD>
    <TD align=center width="20%">50,000 </TD>
    <TD align=center width="20%">$2.18 </TD>
    <TD align=center width="20%">March 28, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert A. Dickinson </TD>
    <TD align=center width="20%">40,000 </TD>
    <TD align=center width="20%">$2.63 </TD>
    <TD align=center width="20%">April 5, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>David Elliott </TD>
    <TD align=center width="20%">50,000 </TD>
    <TD align=center width="20%">$2.18 </TD>
    <TD align=center width="20%">March 28, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>David Elliott </TD>
    <TD align=center width="20%">40,000 </TD>
    <TD align=center width="20%">$2.63 </TD>
    <TD align=center width="20%">April 5, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Wayne Kirk </TD>
    <TD align=center width="20%">50,000 </TD>
    <TD align=center width="20%">$2.18 </TD>
    <TD align=center width="20%">March 28, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Wayne Kirk </TD>
    <TD align=center width="20%">40,000 </TD>
    <TD align=center width="20%">$2.63 </TD>
    <TD align=center width="20%">April 5, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey R. Mason </TD>
    <TD align=center width="20%">50,000 </TD>
    <TD align=center width="20%">$2.18 </TD>
    <TD align=center width="20%">March 28, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey R. Mason </TD>
    <TD align=center width="20%">40,000 </TD>
    <TD align=center width="20%">$2.63 </TD>
    <TD align=center width="20%">April 5, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ronald W. Thiessen </TD>
    <TD align=center width="20%">75,000 </TD>
    <TD align=center width="20%">$2.18 </TD>
    <TD align=center width="20%">March 28, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Ronald W. Thiessen </TD>
    <TD align=center width="20%">60,000 </TD>
    <TD align=center width="20%">$2.63 </TD>
    <TD align=center width="20%">April 5, 2006 </TD>
    <TD align=center width="20%">March 11, 2011 </TD></TR></TABLE></DIV>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Board Practices </B></P>
<P align=justify>All directors were re-elected at the March 2007 annual general
meeting and have a term of office expiring at the next annual general meeting of
Taseko scheduled for March 2008. All officers have a term of office lasting
until their removal or replacement by the Board of Directors. </P>
<P align=justify><B>Committees of the Board of Directors </B></P>
<P align=justify>The Board created an Investment Committee as of February 7,
2007. The function of the Investment Committee is to consider and evaluate the
Company&#146;s existing investments and consider potential new investment
opportunities for the Company. The Investment Committee currently comprises
Messrs. Armstrong, Elliott, Kirk, Hallbauer and Mason.</P>
<P align=justify>The Board also has an Executive Committee as of December 12,
2006. The function of the Executive Committee is to review and authorize certain
capital expenditures. The Executive Committee currently comprises Messrs.
Armstrong, Hallbauer, Mason and Thiessen. </P>
<P align=justify>The Board has no other committees other than the Audit Committee,
  Nominating and Governance Committee, Executive, Compensation Committee and Investment
  Committee.</P>
<P align=justify><B><I>Audit Committee </I></B></P>
<P align=justify>The Board has adopted a charter for the Audit Committee in
accordance with Canadian Multilateral Instrument 52-110 <I>Audit Committees</I>,
(&#147;MI 52-110&#148;), the Canadian regulatory policy respecting audit committees, in
carrying out its audit and financial review functions. The text of the audit
committee charter (excluding specified definitions of independence and financial
literacy under stock exchange policies and securities law) is available on the
Company&#146;s website (www.tasekomines.com). The Audit Committee reviews all
financial statements of the Company prior to their publication, recommends the
appointment of independent auditors, reviews and approves the professional
services to be rendered by them and approves fees for audit services. The Audit
Committee meets both separately with auditors (without management present) as
well as with management present. The meetings with the auditors </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_64></A>
<P align=center><B><FONT color=#ff0000>- 61 - </FONT></B></P>
<P align=justify>discuss the various aspects of the Company&#146;s financial
presentation in the areas of audit risk and Canadian and U.S. generally accepted
accounting principles.</P>
<P align=justify>The Company&#146;s Audit Committee is currently comprised of Messrs.
Elliott, Kirk and Armstrong. MrEach audit committee member is an independent
director as defined in MI 52-110. All members of the Audit Committee are
&#147;financially literate&#148; as defined in MI 52-110. The audit committee typically
meets quarterly. </P>
<P align=justify><B><I>Compensation Committee </I></B></P>
<P align=justify>The Board has established a Compensation Committee, currently
comprised of Messrs. Coughlan, Armstrong, Kirk and Mason, three of whom are
independent Direcotrs as defined in MI 52-110. The Board has adopted a charter
for the Compensation Committee which is also available for viewing at the
Company&#146;s website (www.tasekomines.com). </P>
<P align=justify>The function of the Compensation Committee is to review, on an
annual basis, the compensation paid to the Company&#146;s executive officers and to
the Directors, to review the performance of the Company&#146;s executive officers,
and to make recommendations on compensation to the Board. In addition, the
Committee reviews annually the compensation plans for the Company&#146;s
non-executive staff. The Compensation Committee delivered management and
director compensation recommendations to the Board late in 2006 based on advice
from an independent consulting firm.</P>
<P align=justify><B><I>Nominating and Corporate Governance Committee
</I></B></P>
<P align=justify>The Nominating and Corporate Governance Committee is currently
comprised of Messrs. Armstrong, Coughlan, Elliott, Kirk and Hallbauer, four of
whom are independent Directors as defined in MI 52-110 for the reasons described
above. </P>
<P align=justify>The Board has adopted a charter for the Nominating and
Corporate Governance Committee in carrying out its duties. This charter is
available for viewing at the Company&#146;s website (www.tasekomines.com).</P>
<P align=justify>The Nominating and Corporate Governance Committee has been
given the responsibility of developing the Company&#146;s approach to corporate
governance. This Committee has prepared a governance policies and procedures
manual to assist members of the Board, management and employees in carrying out
their duties. The Corporate Governance Committee reviews with management the
prevailing rules and policies in effect from time to time that are applicable to
governance of the Company in order to ensure that the Company remains in
compliance with all prescribed legal requirements.</P>
<P align=justify>The nominating function of the Nominating and Corporate
Governance Committee is to evaluate and recommend to the Board the size of the
Board and persons as nominees for the position of director of the Company. The
Committee has developed a written self-evaluation procedure for assessing and
evaluating the effectiveness of the Board as a whole. This function is carried
out annually by the Nominating and Corporate Governance Committee, whose
evaluations and assessments are then provided to the Board of Directors in
connection with its responsibility to evaluate the Board and nominate persons as
nominees for the position of director of the Company. </P>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Employees </B></P>
<P align=justify>Taseko&#146;s administrative and exploration functions are primarily
administered through Hunter Dickinson Inc. (see Item 7) and therefore doesn&#146;t
have any direct employees except for those employed by a subsidiary. At March
30, 2007, approximately 311 persons were employed at the Gibraltar mine. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_65></A>
<P align=center><B><FONT color=#ff0000>- 62 - </FONT></B></P>
<P
align=justify><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Share Ownership</B></P>
<P align=justify>The following table sets out the share ownership as at March
30, 2007 of Taseko&#146;s directors and senior management and includes the details of
all options or warrants to purchase shares of Taseko held by such persons: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><BR><BR><BR><B>Name of Director or Senior
      </B><BR><B>Officer </B></TD>
    <TD align=center width="25%"><BR><BR><B>Common Shares
      </B><BR><B>Beneficially Owned or </B><BR><B>Controlled (1) </B></TD>
    <TD align=center width="25%"><BR><BR><BR><B>Incentive Stock
      </B><BR><B>Options Held </B></TD>
    <TD align=center width="25%"><B>Percentage of </B><BR><B>Issued and
      </B><BR><B>Outstanding </B><BR><B>Shares Owned </B><BR><B>(1), (2)
  </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>William Armstrong <BR>Director </TD>
    <TD align=center width="25%">Nil Common <BR>Shares </TD>
    <TD align=center width="25%">171,000 Options <SUP>(3) </SUP><BR></TD>
    <TD align=center width="25%">0.00% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>David J. Copeland <BR>Director </TD>
    <TD align=center width="25%">990,045 Common <BR>Shares </TD>
    <TD align=center width="25%">171,000 Options <SUP>(3) </SUP><BR></TD>
    <TD align=center width="25%">0.77% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Barry Coughlan <BR>Director </TD>
    <TD align=center width="25%">100,000 Common <BR>Shares </TD>
    <TD align=center width="25%">171,000 Options <SUP>(3) </SUP><BR></TD>
    <TD align=center width="25%">0.08% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Scott D. Cousens <BR>Director </TD>
    <TD align=center width="25%">684,766 Common <BR>Shares </TD>
    <TD align=center width="25%">171,000 Options <SUP>(4) </SUP><BR></TD>
    <TD align=center width="25%">0.53% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert A. Dickinson <BR>Director </TD>
    <TD align=center width="25%">315,600 Common <BR>Shares </TD>
    <TD align=center width="25%">171,000 Options <SUP>(4) </SUP><BR></TD>
    <TD align=center width="25%">0.25% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>David Elliott <BR>Director </TD>
    <TD align=center width="25%">60,000 Common <BR>Shares </TD>
    <TD align=center width="25%">171,000 Options <SUP>(4) </SUP><BR></TD>
    <TD align=center width="25%">0.05% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Russell E. Hallbauer <BR>President, Chief Executive Officer
      <BR>and Director </TD>
    <TD align=center width="25%">211,500 Common <BR>Shares <BR></TD>
    <TD align=center width="25%">1,455,000 Options <SUP>(5) </SUP><BR><BR></TD>
    <TD align=center width="25%">0.16% <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Wayne Kirk <BR>Director </TD>
    <TD align=center width="25%">50,000 Common <BR>Shares </TD>
    <TD align=center width="25%">171,000 Options <SUP>(4) </SUP><BR></TD>
    <TD align=center width="25%">0.04% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Jeffrey R. Mason <BR>Secretary, Chief Financial Officer
      <BR>and Director </TD>
    <TD align=center width="25%">10,000 Common <BR>Shares <BR></TD>
    <TD align=center width="25%">255,000 Options <SUP>(6) </SUP><BR><BR></TD>
    <TD align=center width="25%">0.01% <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>John W. McManus <BR>Vice President, Operations </TD>
    <TD align=center width="25%">10,000 Common <BR>Shares </TD>
    <TD align=center width="25%">390,000 Options <SUP>(7) </SUP><BR></TD>
    <TD align=center width="25%">0.01% <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Ronald W. Thiessen <BR>Co-Chairman of the Board and
      <BR>Director </TD>
    <TD align=center width="25%">1,566,346 Common <BR>Shares <BR></TD>
    <TD align=center width="25%">300,000 Options <SUP>(8) </SUP><BR><BR></TD>
    <TD align=center width="25%">1.22% <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>TOTAL HELD BY </B><BR><B>DIRECTORS AND SENIOR
      </B><BR><B>MANAGEMENT </B></TD>
    <TD align=center width="25%"><B>3,998,257 Shares </B><BR><BR></TD>
    <TD align=center width="25%"><B>3,426,000 Options </B><BR><BR></TD>
    <TD align=center width="25%">3.108% <BR><BR></TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_66></A>
<P align=center><B><FONT color=#ff0000>- 63 - </FONT></B></P>
<P align=justify>Notes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Does not include any shares that may be acquired upon
      exercise of stock options.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Based on 128,658,125 common shares issued and outstanding
      as of March 30, 2007.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Mr. Armstrong holds options to purchase 90,000 Common
      Shares at an exercise price of $2.68 per Share expiring on March 28, 2011,
      and 81,000 Common Shares at $3.07 per Share expiring on February 24,
      2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Mr. Copeland, Mr. Coughlan, Mr. Cousens, Mr. Dickinson,
      Mr. Elliott and Mr. Kirk each hold options to purchase 50,000 Common
      Shares at an exercise price of $2.18 per Share expiring on March 28, 2011,
      40,000 Common Shares at $2.63 per Share expiring on March 28, 2011 and
      81,000 Common Shares at $3.07 per Share expiring on February 24,
    2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Mr. Hallbauer holds options to purchase 780,000 Common
      Shares at an exercise price of $1.15 per Share expiring on September 28,
      2010 and 675,000 Common Shares at $3.07 per Share expiring on February 24,
      2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Mr. Mason holds options to purchase 50,000 Common Shares
      at an exercise price of $2.18 per Share expiring on March 28, 2011, 40,000
      Common Shares at $2.63 expiring on March 28, 2011 and 165,000 Common
      Shares at $3.07 per Share expiring on February 24, 2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(7) </TD>
    <TD>
      <P align=justify>Mr. McManus holds options to purchase 225,000 Common
      Shares at an exercise price of $1.15 per Share expiring on September 28,
      2010 and 165,000 Common Shares at $3.07 per Share expiring on February 24,
      2012.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(8) </TD>
    <TD>
      <P align=justify>Mr. Thiessen holds options to purchase 75,000 Common
      Shares at an exercise price of $2.18 per Share expiring on March 28, 2011,
      60,000 Common Shares at $2.63 expiring on March 29, 2011 and 165,000
      Common Shares at $3.07 per Share expiring on February 24,
  2012.</P></TD></TR></TABLE>
<P
align=justify><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Share Incentive Plan </B></P>
<P align=justify>Taseko has a Share Incentive Plan which reserves up to 10% of
the outstanding number of shares for issuance. The Company&#146;s 2006 Plan was first
approved and ratified by shareholders at the Company&#146;s annual general meeting
held on March 22, 2006 and re-approved at the recently held annual general
meeting on March 15, 2007. Under the 2006 Plan, the total number of Common
Shares reserved for share incentive options for granting at the discretion of
the Company&#146;s board of directors to eligible optionees (the &#147;Optionees&#148;) is
equal to ten (10%) percent of the issued and outstanding Common Shares in the
capital stock of the Company from time to time (approximately 12,865,813 Common
Shares at the date hereof). As at March 30, 2007, 6,111,884 (approximately 4.8%
of the current issued and outstanding Common Shares) options were outstanding
under the 2006 Plan. There remain 6,753,929 (approximately 5.2% of the current
issued and outstanding Common Shares) Common Shares available for granting as
options under the 2006 Plan. </P>
<P align=justify>The TSX permits a company to have a share option plan with a
rolling maximum based on a percentage of a company&#146;s outstanding securities. In
addition, certain amendments to the options are permitted if the ability to
amend the option is contained in the share option plan approved by shareholders.
</P>
<P align=justify>Under the 2006 Plan, as the outstanding options are exercised
and the issued and outstanding Common Shares of the Company increases, the
percentage of options available for granting to eligible Optionees will
increase. However, all validly outstanding options under the 2004 Plan will be
counted as if they had been issued under the 2006 Plan for calculating what may
yet be issued under the 2006 Plan. </P>
<P align=justify>The following is a summary of the material terms of the 2006
Plan:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>persons who are directors, officers, employees,
      consultants to the Company or its affiliates, or who are employees of a
      management company providing services to the Company are eligible to
      receive grants of options under the 2006 Plan;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>all options granted under the 2006 Plan are
      non-assignable and non-transferable and may have a maximum term of up to
      10 years from the effective date;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>for stock options granted to employees or service
      providers (inclusive of management company employees), the Company must
      ensure that the proposed Optionee is a bona fide employee
  or</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_67></A>
<P align=center><B><FONT color=#ff0000>- 64 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"></TD>
    <TD colSpan=2>
      <P align=justify>service provider (inclusive of a management company
      employee), as the case may be, of the Company or of any of its
      subsidiaries;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>if an Optionee ceases to be employed by the Company
      (other than as a result of termination with cause) or ceases to act as a
      director or officer of the Company or a subsidiary of the Company, any
      vested option held by such Optionee may be exercised within 90 days after
      the date such Optionee ceases to be employed or act as an officer or
      director (30 days if the Optionee is engaged in investor relations
      activities);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=2>
      <P align=justify>the exercise price of the option is established by the
      board of directors at the time of the option is granted, subject to a the
      minimum exercise price of not less than the Market Price (as defined in
      the policies of TSX but generally speaking the undiscounted volume
      weighted five day average price);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD colSpan=2>
      <P align=justify>no Optionee can be granted an option or options to
      purchase more than 5% of the outstanding listed shares of the Company in a
      one year period; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD colSpan=2>
      <P align=justify>subject to the policies of the TSX, the 2006 Plan may be
      amended without shareholder approval to:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>make amendments which are of a &#147;housekeeping&#148; or clerical
      nature only;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>change the vesting provisions of an option;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>change the termination provision of an option granted
      hereunder which does not entail an extension beyond the original expiry
      date of such option; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>make such amendments as reduce, and do not increase, the
      benefits of the 2006 Plan to potential option
recipients.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_68></A>
<P align=center><B><FONT color=#ff0000>- 65 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MAJOR SHAREHOLDERS
AND RELATED PARTY TRANSACTIONS </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Major Shareholders </B></P>
<P align=justify><B>Major Shareholders</B></P>
<P align=justify>Taseko is a publicly-held corporation, with its shares held by
residents of Canada, the United States of America and other countries. To the
best of Taseko&#146;s knowledge, no person, corporation or other entity beneficially
owns, directly or indirectly, or controls more than 5% of the common shares of
Taseko, the only class of securities with voting rights. For these purposes,
&#147;beneficial ownership&#148; means the sole or shared power to vote or direct the
voting or to dispose or direct the disposition of any security.</P>
<P align=justify><B>Geographic Breakdown of Shareholders </B></P>
<P align=justify>As of March 30, 2007, Taseko&#146;s register of shareholder
indicates that Taseko&#146;s common shares are held of record, as follows: </P>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>
    <TR vAlign=top>
    <TD align=left><BR><B>Location </B></TD>
      <TD align=right width="27%"><B>Number of Registered </B><BR>
        <B>Shareholders of Record </B></TD>
      <TD align=right width="27%"><BR>
        <B>Number of Shares </B></TD>
      <TD align=right width="27%"><B>Percentage of Total </B><BR>
        <B>Shares
    </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Canada </TD>
      <TD align=right width="27%">117 </TD>
      <TD align=right width="27%">111,165,275 </TD>
      <TD align=right width="27%">86.4% </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>United States </TD>
      <TD align=right width="27%">413 </TD>
      <TD align=right width="27%">17,461,849 </TD>
      <TD align=right width="27%">13.6% </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>Other </TD>
      <TD align=right width="27%">5 </TD>
      <TD align=right width="27%">3,501 </TD>
      <TD align=right width="27%">0.00% </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>TOTAL </TD>
      <TD align=right width="27%">535 </TD>
      <TD align=right width="27%">128,630,625 </TD>
      <TD align=right width="27%">100.0% </TD>
    </TR></TABLE></DIV>
<P align=justify>Shares registered in intermediaries were assumed to be held by
residents of the same country in which the clearing house was located. However,
the majority of such shares are registered in the name of intermediaries such as
brokerage houses and clearing houses (on behalf of their respective brokerage
clients). Taseko does not have knowledge or access to the identities of the
beneficial owners of such shares registered through intermediaries. </P>
<P align=justify><B>Transfer Agent </B></P>
<P align=justify>Taseko's securities are recorded on the books of its transfer
agent, Computershare Investor Services Inc., located at 9th Floor, 100
University Avenue, Toronto, Ontario, M5J 2Y1, by fax within North America at
1-866-249-7775, outside North America at (416) 263-9524, in registered form.</P>
<P align=justify><B>Control </B></P>
<P align=justify>To the best of its knowledge, Taseko is not directly or
indirectly owned or controlled by any other corporation, by any foreign
government or by any other natural or legal person, severally or jointly. There
are no arrangements known to Taseko which, at a subsequent date, may result in a
change in control of Taseko. </P>
<P align=justify><B>Insider Reports under the British Columbia Securities Act
</B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_69></A>
<P align=center><B><FONT color=#ff0000>- 66 - </FONT></B></P>
<P align=justify>Under the British Columbia Securities Act, "insiders"
(generally officers, directors and holders of 10% or more of Taseko's shares)
are required to file insider reports of changes in their ownership in the first
10 days following a trade in Taseko's securities. Copies of such reports are
available for public inspection at the offices of the British Columbia
Securities Commission, 9th Floor, 701 West Georgia Street, Vancouver, British
Columbia V7Y 1L2 (phone (604) 899-6500) or at the British Columbia Securities
Commission web site (www.bcsc.bc.ca). Commencing in 2002 in British Columbia all
insider reports must be filed electronically 10 days following the date of the
trade at www.sedi.ca. The public is able to access these reports at <U><FONT
color=#0000ff>www.sedi.ca</FONT></U>. </P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Related Party Transactions </B></P>
<P align=justify>No director or senior officer, and no associate or affiliate of
the foregoing persons, and no insider has or has had any material interest,
direct or indirect, in any other transactions, or in any other proposed
transaction, which in either such case has materially affected or will
materially affect Taseko or its predecessors during the year ended September 30,
2006 and up to the date hereof except as follows: </P>
<P align=justify><B>Hunter Dickinson Management Contract </B></P>
<P align=justify>Hunter Dickinson Inc. ("HDI") provides management services to
Taseko, pursuant to a geological and administrative services agreement dated for
reference December 31, 1996. HDI is one of the larger independent mining
exploration groups in North America, providing management services to ten public
mineral resource issuers. As of March 30, 2007, HDI employed or retained
approximately 105 staff or service providers, substantially on a full-time
basis. Of these, approximately: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%" align=left >
      <P align=justify>- </P></TD>
    <TD align=left >
      <P align=justify>40% are professional technical staff (a large majority of
      whom have accreditation as a professional engineer or professional
      geoscientist); </P></TD></TR>
  <TR>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left >-</TD>
    <TD align=left >15% are professional accountants (the majority of whom have
      professional designations); and </TD>
  </TR>
  <TR>
    <TD width="5%" align=left >&nbsp;</TD>
    <TD align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left >-</TD>
    <TD align=left >45% are administrative, office or field support personnel.
    </TD>
  </TR></TABLE>
<P align=justify>HDI has supervised mineral exploration projects in Canada
(British Columbia, Manitoba, Ontario and Quebec) and internationally in Brazil,
Chile, China, the United States (Nevada and Alaska), Mexico and South Africa.
HDI allocates the costs of staff input into projects based on time records of
involved personnel. Costs of such personnel and third party contractors are
billed to the participating public companies on a full cost recovery basis
(inclusive of HDI staff costs and overhead) for amounts that are considered by
the Company's management to be competitive with arm's length suppliers. The
shares of HDI are owned equally by each of the participating corporations
(including Taseko) as long as HDI services are being provided; however such
participant surrenders its single share at the time of termination of the
related services agreement, which can be cancelled on 30 days notice by either
party.. Several of the directors of HDI are also directors of Taseko and they
also serve as directors of the other mineral resource issuers that have similar
arrangements with HDI. </P>
<P align=justify>The amounts billed by HDI for its services rendered and
reimbursement of expenses for year ended September 30, 2006, 2005 and 2004 are
as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="7"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Years ended June 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Transactions </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2004
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Services rendered and expenses reimbursed </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Hunter Dickinson Inc. and subsidiaries
    </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;2,869,003 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">1,222,603</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">806,970 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Hunter Dickinson Group Inc. </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>12,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>12,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_70></A>
<P align=center><B><FONT color=#ff0000>- 67 - </FONT></B></P>
<P align=justify>Taseko believes that the terms of the services provided by HDI
pursuant to the management and services agreement are equivalent or more
favourable than the terms that Taseko would be able to negotiate in similar
transactions with arms-length parties.</P>
<P align=justify>Intercompany balances due to/ from HDI are non-interest
bearing, unsecured and due on demand. The related party balances for the last
three fiscal years are as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
      width="12%">September 30, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
      width="12%">September 30, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right
      width="12%">September 30, </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Balances
      receivable (payable) at </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2004
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Hunter Dickinson Inc. </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(26,430</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(105,067</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;198,281 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Hunter Dickinson Group Inc. </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(3,424</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balances receivable (payable) to related
</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>parties </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(26,430</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;(105,067</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right
      width="12%">&nbsp;194,857 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>No director or officer of Taseko has been indebted to Taseko at
any time during the last three fiscal years. </P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interests of Experts and Counsel </B></P>
<P align=justify>Not applicable. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_71></A>
<P align=center><B><FONT color=#ff0000>- 68 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL
INFORMATION </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Consolidated Statements and Other Financial Information </B></P>
<P align=justify>See "Item 17 Financial Statements". </P>
<P align=justify><B>Legal Proceedings </B></P>
<P align=justify>Taseko is not involved in any actual litigation or legal
proceedings and to Taseko&#146;s knowledge, no material legal proceedings involving
Taseko or its subsidiaries are to be initiated against Taseko. </P>
<P align=justify><I>Arbitration Proceeding </I></P>
<P align=justify>Glencore Ltd. ("Glencore") purchases the whole of the copper
concentrates produced by the Gibraltar mine pursuant to the terms of a written
contract (the "Contract"). During the year, Gibraltar Mines Ltd. and Glencore
had a dispute concerning the interpretation of the Contract. Glencore asserted
that the Contract provides that the price to be paid for the concentrates should
be reduced by a deduction referred to as "price participation". Gibraltar
asserted that the Contract does not provide for any such deduction. Both parties
agreed to binding arbitration to settle this dispute. In August 2006, the
arbitrator ruled in favor of Gibraltar and awarded the Company approximately
US$8.5 million in amounts previously withheld by Glencore. At September 30,
2006, the Company had received substantially all of the withheld amounts and had
been reimbursed for $0.8 million of legal costs associated with the arbitration.
</P>
<P align=justify><B>Dividend Policy </B></P>
<P align=justify>The Company has not paid any dividends on its outstanding
common shares since its incorporation and does not anticipate that it will do so
in the foreseeable future. All funds of Taseko are being retained for
exploration and operations at its Projects. </P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Significant Changes </B></P>
<P align=justify>Taseko has not experienced any significant changes since the
date of the financial statements included with this Registration Statement
except as disclosed in this Annual Report on Form 20-F.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_72></A>
<P align=center><B><FONT color=#ff0000>- 69 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; THE OFFER AND
LISTING </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Offer and Listing Details </B></P>
<P align=justify><B>Trading Markets</B></P>
<P align=justify>The Company's shares are traded in Canada on the Toronto Stock
Exchange under the symbol TKO. Prior to March 8, 2006, the Company&#146;s shares were
traded in Canada on the TSX Venture Exchange. In the United States, the
Company's shares were traded on the OTCBB under the symbol TKOCF until October
1, 2004, after which date the Company's shares commenced trading on the American
Stock Exchange under the symbol TGB. </P>
<P align=justify>The following table sets forth the high and low market prices
of the Company&#146;s common shares during the periods indicated. </P>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD colspan="3" align=center style="BORDER-BOTTOM: #000000 1px solid"> TKO.TO
      </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD colspan="3" align=center style="BORDER-BOTTOM: #000000 1px solid"> TGB
        and TKOCF </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">High
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">Low
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">Volume </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">High
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="11%">Low
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="11%">Volume </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; </TD>
      <TD colspan="2" align=center style="BORDER-BOTTOM: #000000 1px solid">Canadian
        Dollars </TD>
      <TD align=center width="11%">&nbsp; </TD>
      <TD align=center width="2%"  >&nbsp;</TD>
      <TD colspan="2" align=center style="BORDER-BOTTOM: #000000 1px solid">U.S.
        Dollars </TD>
      <TD align=center width="11%">&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>Last six months </B></TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="2%"  >&nbsp;</TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="11%">&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;March 2007 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$3.20 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.70 </TD>
      <TD align=right width="11%" bgColor=#e6efff>122,668 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.77 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.33 </TD>
      <TD align=right width="11%" bgColor=#e6efff>702,545 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;February 2007 </TD>
      <TD align=right width="11%">$ 3.34 </TD>
      <TD align=right width="11%">$ 2.90 </TD>
      <TD align=right width="11%">202,400 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 2.88 </TD>
      <TD align=right width="11%">$ 2.49 </TD>
      <TD align=right width="11%">802,900 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;January 2007 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 3.09 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.66 </TD>
      <TD align=right width="11%" bgColor=#e6efff>175,800 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.63 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.22 </TD>
      <TD align=right width="11%" bgColor=#e6efff>728,700 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;December 2006 </TD>
      <TD align=right width="11%">$ 3.41 </TD>
      <TD align=right width="11%">$ 2.85 </TD>
      <TD align=right width="11%">463,900 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 2.99 </TD>
      <TD align=right width="11%">$ 2.47 </TD>
      <TD align=right width="11%">1,246,500 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;November 2006 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 3.05 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.47 </TD>
      <TD align=right width="11%" bgColor=#e6efff>286,300 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.69 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.16 </TD>
      <TD align=right width="11%" bgColor=#e6efff>973,400 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;October 2006 </TD>
      <TD align=right width="11%">$ 2.91 </TD>
      <TD align=right width="11%">$ 2.25 </TD>
      <TD align=right width="11%">176,200 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 2.59 </TD>
      <TD align=right width="11%">$1.99 </TD>
      <TD align=right width="11%">781,000 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;September 2006 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.85 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.19 </TD>
      <TD align=right width="11%" bgColor=#e6efff>230,800 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$2.57 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$1.96 </TD>
      <TD align=right width="11%" bgColor=#e6efff>827,100 </TD>
    </TR>
    <TR>
      <TD align=left>&nbsp; </TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="2%"  >&nbsp;</TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="11%">&nbsp; </TD>
      <TD width="11%">&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff><B>By fiscal quarter </B></TD>
      <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD align=left width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;Quarter ended December 31, 2006 </TD>
      <TD align=right width="11%">$ 3.41 </TD>
      <TD align=right width="11%">$ 2.25 </TD>
      <TD align=right width="11%">308,800 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 2.99 </TD>
      <TD align=right width="11%">$ 1.99 </TD>
      <TD align=right width="11%">1,000,300 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Quarter ended September 30,
        2006 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 3.26 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.19 </TD>
      <TD align=right width="11%" bgColor=#e6efff>306,467 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.90 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.96 </TD>
      <TD align=right width="11%" bgColor=#e6efff>1,142,333 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;Quarter ended June 30, 2006 </TD>
      <TD align=right width="11%">$ 4.66 </TD>
      <TD align=right width="11%">$ 2.10 </TD>
      <TD align=right width="11%">789,900 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 4.25 </TD>
      <TD align=right width="11%">$ 1.93 </TD>
      <TD align=right width="11%">2,141,467 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Quarter ended March 31, 2006
      </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.73 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.44 </TD>
      <TD align=right width="11%" bgColor=#e6efff>559,567 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.40 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.24 </TD>
      <TD align=right width="11%" bgColor=#e6efff>1,131,900 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;Quarter ended December 31, 2005 </TD>
      <TD align=right width="11%">$ 1.43 </TD>
      <TD align=right width="11%">$ 1.06 </TD>
      <TD align=right width="11%">153,100 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 1.24 </TD>
      <TD align=right width="11%">$ 0.90 </TD>
      <TD align=right width="11%">302,933 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Quarter ended September 30,
        2005 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.50 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.02 </TD>
      <TD align=right width="11%" bgColor=#e6efff>132,233 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.26 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 0.81 </TD>
      <TD align=right width="11%" bgColor=#e6efff>290,267 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;Quarter ended June 30, 2005 </TD>
      <TD align=right width="11%">$ 1.64 </TD>
      <TD align=right width="11%">$ 1.02 </TD>
      <TD align=right width="11%">127,067 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 1.34 </TD>
      <TD align=right width="11%">$ 0.80 </TD>
      <TD align=right width="11%">238,733 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Quarter ended March 31, 2005
      </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.01 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.40 </TD>
      <TD align=right width="11%" bgColor=#e6efff>242,000 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.77 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.15 </TD>
      <TD align=right width="11%" bgColor=#e6efff>336,933 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;Quarter ended December 31, 2004 </TD>
      <TD align=right width="11%">$ 2.14 </TD>
      <TD align=right width="11%">$1.63 </TD>
      <TD align=right width="11%">142,167 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 1.85 </TD>
      <TD align=right width="11%">$ 1.32 </TD>
      <TD align=right width="11%">237,333 </TD>
    </TR>
    <TR>
      <TD align=left bgColor=#e6efff>&nbsp; </TD>
      <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="2%"  bgColor=#e6efff >&nbsp;</TD>
      <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="11%" bgColor=#e6efff>&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left><B>By fiscal year </B></TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="2%"  >&nbsp;</TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="11%">&nbsp; </TD>
      <TD align=left width="11%">&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Year ended September 30, 2006
      </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 4.66 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 1.06 </TD>
      <TD align=right width="11%" bgColor=#e6efff>452,258 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 4.25 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 0.90 </TD>
      <TD align=right width="11%" bgColor=#e6efff>1,179,658 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;Year ended September 30, 2005 </TD>
      <TD align=right width="11%">$ 2.14 </TD>
      <TD align=right width="11%">$ 1.02 </TD>
      <TD align=right width="11%">160,867 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 1.85 </TD>
      <TD align=right width="11%">$ 0.80 </TD>
      <TD align=right width="11%">275,817 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Year ended September 30, 2004
      </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 3.01 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 0.42 </TD>
      <TD align=right width="11%" bgColor=#e6efff>315,392 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 2.30 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 0.31 </TD>
      <TD align=right width="11%" bgColor=#e6efff>279,800 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>&nbsp; &nbsp;Year ended September 30, 2003 </TD>
      <TD align=right width="11%">$ 0.65 </TD>
      <TD align=right width="11%">$ 0.25 </TD>
      <TD align=right width="11%">40,083 </TD>
      <TD align=right width="2%"  >&nbsp;</TD>
      <TD align=right width="11%">$ 0.44 </TD>
      <TD align=right width="11%">$ 0.19 </TD>
      <TD align=right width="11%">49,292 </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Year ended September 30, 2002
      </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 0.85 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 0.36 </TD>
      <TD align=right width="11%" bgColor=#e6efff>19,733 </TD>
      <TD align=right width="2%"  bgColor=#e6efff
    >&nbsp;</TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 0.60 </TD>
      <TD align=right width="11%" bgColor=#e6efff>$ 0.23 </TD>
      <TD align=right width="11%" bgColor=#e6efff>66,908 </TD>
    </TR>
  </TABLE>
</DIV>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Plan of Distribution </B></P>
<P align=justify>Not applicable. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_73></A>
<P align=center><B><FONT color=#ff0000>- 70 - </FONT></B></P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Markets </B></P>
<P align=justify>The Company trades, or has traded, on the following markets
</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><BR><B>Jurisdiction </B></TD>
    <TD align=left width="38%" ><BR><B>Exchange </B></TD>
    <TD align=left width="9%" ><B>Stock </B><BR><B>Symbol </B></TD>
    <TD align=left width="18%"><BR><B>From </B></TD>
    <TD align=left width="18%"><BR><B>To </B></TD></TR>
  <TR vAlign=top>
    <TD align=left >Canada </TD>
    <TD align=left width="38%" >TSX Venture Exchange (&#147;TSXV&#148;)
      (successor exchange to the Vancouver Stock Exchange and the CDNX Exchange)
    </TD>
    <TD align=left width="9%" >TKO </TD>
    <TD align=left width="18%">March 10, 1969 </TD>
    <TD align=left width="18%">March 7, 2006 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Canada </TD>
    <TD align=left width="38%" >Toronto Stock Exchange (&#147;TSX&#148;)
</TD>
    <TD align=left width="9%" >TKO </TD>
    <TD align=left width="18%">March 8, 2006 </TD>
    <TD align=left width="18%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >United States </TD>
    <TD align=left width="38%" >National Association of
      Securities Dealers Automated Quotation System (&#147;NASDAQ&#148;) Regular Market
</TD>
      <TD align=left width="9%" >&nbsp;&nbsp;</TD>
    <TD align=left width="18%">March 1992 </TD>
    <TD align=left width="18%">November 29, 1994 </TD></TR>
  <TR vAlign=top>
    <TD align=left >United States </TD>
    <TD align=left width="38%" >National Association of
      Securities Dealers Automated Quotation System (&#147;NASDAQ&#148;) National Market
    </TD>
      <TD align=left width="9%" >&nbsp;&nbsp;</TD>
    <TD align=left width="18%">November 30, 1994 </TD>
    <TD align=left width="18%">July 5, 2001 </TD></TR>
  <TR vAlign=top>
    <TD align=left >United States </TD>
    <TD align=left width="38%" >Over The Counter Bulletin Board
      (&#147;OTCBB&#148;) </TD>
    <TD align=left width="9%" >TKOCF </TD>
    <TD align=left width="18%">July 6, 2001 </TD>
    <TD align=left width="18%">October 3, 2004 </TD></TR>
  <TR vAlign=top>
    <TD align=left >United States </TD>
    <TD align=left width="38%" >American Stock Exchange </TD>
    <TD align=left width="9%" >TGB </TD>
    <TD align=left width="18%">October 4, 2004 </TD>
    <TD align=left width="18%">Present </TD></TR></TABLE></DIV>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Selling Shareholders </B></P>
<P align=justify>Not applicable. </P>
<P
align=justify><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Dilution </B></P>
<P align=justify>Not applicable. </P>
<P
align=justify><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Expenses of the Issue </B></P>
<P align=justify>Not applicable. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_74></A>
<P align=center><B><FONT color=#ff0000>- 71 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ADDITIONAL
INFORMATION </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Share Capital </B></P>
<P align=justify>Not required in an annual report. </P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Memorandum and Articles of Association </B></P>
<P align=justify>The following is a summary of certain material provisions of
(i) Taseko&#146;s new Articles, as adopted by shareholders, and (ii) certain
provisions of the <I>Business Corporations Act </I>applicable to Taseko: </P>
<P
align=justify><B>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Objects and Purposes </B></P>
<P align=justify>Taseko's Memorandum and Articles do not specify objects or
purposes. Taseko is entitled under the <I>Business Corporations Act </I>to carry
on all lawful businesses which can be carried on by a natural person.</P>
<P
align=justify><B>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Directors </B></P>
<P align=justify><B><I>Director&#146;s power to vote on a proposal, arrangement or
contract in which the director is interested</I></B><B>. </B></P>
<P align=justify>According to the <I>Business Corporations Act</I>, a director
holds a disclosable interest in a contract or transaction if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=2>
      <P align=justify>the contract or transaction is material to the
      company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=2>
      <P align=justify>the company has entered, or proposes to enter, into the
      contract or transaction, and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD colSpan=2>
      <P align=justify>either of the following applies to the
director:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>the director has a material interest in the contract or
      transaction;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>the director is a director or senior officer of, or has a
      material interest in, a person who has a material interest in the contract
      or transaction.</P></TD></TR></TABLE>
<P align=justify>However, the <I>Business Corporations Act </I>also provides
that in the following circumstances, a director does not hold a disclosable
interest in a contract or transaction if: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD colSpan=2>
      <P align=justify>the situation that would otherwise constitute a
      disclosable interest arose before the coming into force of the <I>Business
      Corporations Act </I>or, if the company was recognized under the
      <I>Business Corporations Act</I>, before that recognition, and was
      disclosed and approved under, or was not required to be disclosed under,
      the legislation that:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">a. </TD>
    <TD>
      <P align=justify>applied to the company on or after the date on which the
      situation arose; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">b. </TD>
    <TD>
      <P align=justify>is comparable in scope and intent to the provisions of
      the <I>Business Corporations Act</I>;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD colSpan=2>
      <P align=justify>both the company and the other party to the contract or
      transaction are wholly owned subsidiaries of the same
  corporation;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_75></A>
<P align=center><B><FONT color=#ff0000>- 72 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>the company is a wholly owned subsidiary of the other
      party to the contract or transaction;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>the other party to the contract or transaction is a
      wholly owned subsidiary of the company; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>where the director or senior officer is the sole
      shareholder of the company or of a corporation of which the company is a
      wholly owned subsidiary.</P></TD></TR></TABLE>
<P align=justify>The <I>Business Corporations Act </I>further provides that a
director of a company does not hold a disclosable interest in a contract or
transaction merely because: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>the contract or transaction is an arrangement by way of
      security granted by the company for money loaned to, or obligations
      undertaken by, the director or senior officer, or a person in whom the
      director or senior officer has a material interest, for the benefit of the
      company or an affiliate of the company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>the contract or transaction relates to an indemnity or
      insurance;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>the contract or transaction relates to the remuneration
      of the director or senior officer in that person's capacity as director,
      officer, employee or agent of the company or of an affiliate of the
      company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">4. </TD>
    <TD>
      <P align=justify>the contract or transaction relates to a loan to the
      company, and the director or senior officer, or a person in whom the
      director or senior officer has a material interest, is or is to be a
      guarantor of some or all of the loan; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5. </TD>
    <TD>
      <P align=justify>the contract or transaction has been or will be made with
      or for the benefit of a corporation that is affiliated with the company
      and the director or senior officer is also a director or senior officer of
      that corporation or an affiliate of that
corporation.</P></TD></TR></TABLE>
<P align=justify>Under Taseko&#146;s Articles, a director or senior officer who holds
a disclosable interest (as that term is used in the <I>Business Corporations
Act</I>) in a contract or transaction into which Taseko has entered or proposes
to enter: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify>is liable to account to Taseko for any profit that
      accrues to the director or senior officer under or as a result of the
      contract or transaction only if and to the extent provided in the
    Act;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">2. </TD>
    <TD>
      <P align=justify>is not entitled to vote on any directors&#146; resolution to
      approve that contract or transaction, unless all the directors have a
      disclosable interest in that contract or transaction, in which case any or
      all of those directors may vote on such resolution;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">3. </TD>
    <TD>
      <P align=justify>and who is present at the meeting of directors at which
      the contract or transaction is considered for approval may be counted in
      the quorum at the meeting whether or not the director votes on any or all
      of the resolutions considered at the meeting.</P></TD></TR></TABLE>
<P align=justify>A director or senior officer who holds any office or possesses
any property, right or interest that could result, directly or indirectly, in
the creation of a duty or interest that materially conflicts with that
individual&#146;s duty or interest as a director or senior officer, must disclose the
nature and extent of the conflict as required by the <I>Business Corporations
Act</I>. No director or intended director is disqualified by his or her office
from contracting with Taseko either with regard to the holding of any office or
place of profit the director holds with Taseko or as vendor, purchaser or
otherwise, and no contract or transaction entered into by or on behalf of Taseko
in which a director is in any way interested is liable to be voided for that
reason </P>
<P align=justify><B><I>Directors' power, in the absence of an independent
quorum, to vote compensation to themselves or any members of their
body</I></B><B>. </B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_76></A>
<P align=center><B><FONT color=#ff0000>- 73 - </FONT></B></P>
<P align=justify>The compensation of the directors is decided by the directors
unless the board of directors requests approval to the compensation from the
shareholders by ordinary resolution. The <I>Business Corporations Act
</I>provides that a director of a company does not hold a disclosable interest
in a contract or transaction merely because the contract or transaction relates
to the remuneration of the director or senior officer in that person's capacity
as director, officer, employee or agent of Taseko or of an affiliate of
Taseko.<B> </B></P>
<P align=justify><B><I>Borrowing powers exercisable by the directors</I></B><B>.
</B></P>
<P align=justify>Under the Articles, the directors may, on behalf of Taseko:
</P>
<P
align=justify>1.<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
Borrow money in such manner and amount, on such security, from such sources and
upon such terms, and conditions as they consider appropriate; </P>
<P
align=justify>2.<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
Issue bonds, debentures, and other debt obligations either outright or as a
security for any liability or obligation of Taseko or any other person and at
such discounts or premiums and on such other terms as they consider
appropriate;</P>
<P
align=justify>3.&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>guarantee the repayment of money by any other person or the performance
of any obligation of any other person; and </P>
<P
align=justify>4.&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
  </STRONG>mortgage, charge, whether by way of specific or floating charge, grant
  a security interest in, or give other security on, the whole or any part of
  the present and future assets and undertaking of Taseko.</P>
<P align=justify><B><I>Retirement and non-retirement of directors under an age
limit requirement</I></B><B>. </B></P>
<P align=justify>There are no such provisions applicable to Taseko under its
Memorandum or its Articles or the <I>Business Corporations Act</I>.<B> </B></P>
<P align=justify><B><I>Number of shares required for a director&#146;s
qualification</I></B><B>. </B></P>
<P align=justify>Directors need not own any shares of Taseko in order to qualify
as directors. </P>
<P
align=justify><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Rights, Preferences and Restrictions Attaching to Each Class of Shares </B></P>
<P align=justify><B><I>Dividends </I></B></P>
<P align=justify>Dividends may be declared by the Board out of available assets
and are paid rateably to holders of common shares. No dividend may be paid if
Taseko is, or would thereby become, insolvent. </P>
<P align=justify><B><I>Voting Rights </I></B></P>
<P align=justify>Each Taseko share is entitled to one vote on matters to which
common shares ordinarily vote including the annual election of directors,
appointment of auditors and approval of corporate changes. Directors
automatically retire at each annual meeting, and may be elected thereat. There
are no staggered directorships among Taseko&#146;s directors. There are no cumulative
voting rights applicable to Taseko. </P>
<P align=justify><B><I>Rights to Profits and Liquidation Rights </I></B></P>
<P align=justify>All common shares of Taseko participate ratably in any net
profit or loss of Taseko and shares ratably any available assets in the event of
a winding up or other liquidation. </P>
<P align=justify><B><I>Redemption </I></B></P>
<P align=justify>Taseko has no redeemable securities authorized or issued.</P>
<P align=justify><B><I>Sinking Fund Provisions </I></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_77></A>
<P align=center><B><FONT color=#ff0000>- 74 - </FONT></B></P>
<P align=justify>Taseko has no sinking fund provisions or similar obligations.
</P>
<P align=justify><B><I>Shares Fully Paid </I></B></P>
<P align=justify>All Taseko shares must, by applicable law, be issued as fully
paid for cash, property or services. They are therefore non-assessable and not
subject to further calls for payment. </P>
<P
align=justify><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Shareholder Rights Plan</B></P>
<P align=justify>The Board adopted a shareholder rights plan agreement (the
&#147;Rights Plan&#148;) effective February 13, 2007 (the &#147;Effective Date&#148;) of which was
approved by the shareholders at the Annual General Meeting on March 15, 2007.
The primary objective of the Rights Plan is to ensure that all Shareholders of
the Company are treated fairly in connection with any take-over bid for the
Company by (a) providing shareholders with adequate time to properly assess a
take-over bid without undue pressure and (b) providing the Board with more time
to fully consider an unsolicited take-over bid, and, if applicable, to explore
other alternatives to maximize shareholder value. The Rights Plan was not
adopted in response to any proposal to acquire control of the Company. </P>
<P align=justify>The principal terms of the Rights Plan are summarized below.
The full text of the Rights Plan was filed in a Material Change Report and is
available for download at <U><FONT color=#0000ff>www.SEDAR.com</FONT></U>.</P>
<P align=justify><B>Summary of Rights Plan </B></P>
<P align=justify>The following summary of the Rights Plan does not purport to be
complete and is qualified in its entirety by reference to the Rights Plan. </P>
<P align=justify><I>Issue of Rights </I></P>
<P align=justify>The Company has issued one right (a &#147;Right&#148;) in respect of each
Common Share outstanding. The Company will issue Rights on the same basis for
each Common Share subsequently issued but prior to the earlier of the Separation
Time and the Expiration Time (both defined below). </P>
<P align=justify><I>The Rights </I></P>
<P align=justify>Each Right will entitle the holder, subject to the terms and
conditions of the Rights Plan, to purchase additional Common Shares of the
Company after the Separation Time. </P>
<P align=justify><I>Rights Certificates and Transferability </I></P>
<P align=justify>Before the Separation Time, the Rights are evidenced by
certificates for the Common Shares, and are not transferable separately from the
Common Shares. From and after the Separation Time, the Rights will be evidenced
by separate Rights Certificates, which will be transferable separately from and
independent of the Common Shares. </P>
<P align=justify><I>Exercise of Rights </I></P>
<P align=justify>The Rights are not exercisable before the Separation Time.
After the Separation Time and before the Expiration Time, each Right entitles
the holder to acquire one Common Share for the exercise price of $40 (subject to
certain anti-dilution adjustments). This exercise price is expected to be in
excess of the estimated maximum value of the Common Shares during the term of
the Rights Plan. Upon the occurrence of a Flip-In Event (defined below) prior to
the Expiration Time (defined below), each Right (other than any Right held by an
&#147;Acquiring Person&#148;, which will become null and void as a result of such Flip-In
Event) may be exercised to purchase that number of Common Shares which have an
aggregate </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_78></A>
<P align=center><B><FONT color=#ff0000>- 75 - </FONT></B></P>
<P align=justify>market price equal to twice the exercise price of the Rights
for a price equal to the exercise price (subject to adjustment). Effectively,
this means a Shareholder of the Company (other than the Acquiring Person) can
acquire additional Common Shares from treasury at half their market price. </P>
<P align=justify><I>Definition of &#147;Acquiring Person&#148; </I></P>
<P align=justify>Subject to certain exceptions, an Acquiring Person is a person
who becomes the Beneficial Owner (defined below) of 20% or more of the Company&#146;s
outstanding Common Shares. </P>
<P align=justify><I>Definition of &#147;Beneficial Ownership&#148; </I></P>
<P align=justify>A person is a Beneficial Owner of securities if such person or
its affiliates or associates or any other person acting jointly or in concert
with such person, owns the securities in law or equity, and has the right to
acquire (immediately or within 60 days) the securities upon the exercise of any
convertible securities or pursuant to any agreement, arrangement or
understanding. However, a person is not a Beneficial Owner under the Rights Plan
where: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>the securities have been deposited or tendered pursuant
      to a tender or exchange offer or take- over bid, unless those securities
      have been taken up or paid for;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>such person has agreed to deposit or tender the
      securities to a take-over bid pursuant to a permitted lock-up agreementas
      defined; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>such person (including a fund manager, trust company,
      pension fund administrator, trustee or non-discretionary client accounts
      of registered brokers or dealers) is engaged in the management of mutual
      funds, investment funds or public assets for others, as long as that
      person:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>holds those Common Shares in the ordinary course of its
      business for the account of others;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>is not making a take-over bid or acting jointly or in
      concert with a person who is making a take-over bid;
or</P></TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>such person is a registered holder of securities as a
      result of carrying on the business of or acting as a nominee of a
      securities depository.</P></TD></TR></TABLE>
<P align=justify><I>Definition of &#147;Separation Time&#148; </I></P>
<P align=justify>Separation Time occurs on the tenth trading day after the
earlier of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the first date of public announcement that a person has
      become an Acquiring Person;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the date of the commencement or announcement of the
      intent of a person to commence a take-over bid (other than a Permitted Bid
      or Competing Permitted Bid); and</P></TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  ></TD>
    <TD align=left>
      <P align=justify>(c) </P></TD>
    <TD align=left width="90%" >
      <P align=justify>the date on which a Permitted Bid or Competing Permitted
      Bid ceases to qualify as such; or such later date as determined by the
      Board. </P></TD></TR></TABLE>
<P align=justify><I>Definition of &#147;Expiration Time&#148; </I></P>
<P align=justify>Expiration Time occurs on the date being the earlier of: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the time at which the right to exercise Rights is
      terminated under the terms of the Rights Plan; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>immediately after the Company&#146;s annual meeting of
      Shareholders to be held in 2010 unless at such meeting the duration of the
      Rights Plan is extended.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_79></A>
<P align=center><B><FONT color=#ff0000>- 76 - </FONT></B></P>
<P align=justify><I>Definition of a &#147;Flip-In Event&#148; </I></P>
<P align=justify>A Flip-In Event occurs when a person becomes an Acquiring
Person, provided the Flip-In Event is deemed to occur at the close of business
on the 10th day after the first date of a public announcement of facts
indicating that an Acquiring Person has become such. Upon the occurrence of a
Flip-In Event, any Rights that are beneficially owned by an Acquiring Person, or
any of its related parties to whom the Acquiring Person has transferred its
Rights, will become null and void and, as a result, the Acquiring Person&#146;s
investment in the Company will be greatly diluted if a substantial portion of
the Rights are exercised after a Flip-In Event occurs. </P>
<P align=justify><I>Definition of &#147;Permitted Bid&#148; </I></P>
<P align=justify>A Permitted Bid is a take-over bid made by a person (the
&#147;Offeror&#148;) pursuant to a take-over bid circular that complies with the following
conditions: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>the bid is made to all registered holders of Common
      Shares (other than the Offeror);</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>the Offeror agrees that no Common Shares will be taken up
      or paid for under the bid for at least 60 days following the commencement
      of the bid and that no Common Shares will be taken up or paid for unless
      at such date more than 50% of the outstanding Common Shares held by
      Shareholders, other than the Offeror and certain related parties, have
      been deposited pursuant to the bid and not withdrawn;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>the Offeror agrees that the Common Shares may be
      deposited to and withdrawn from the take-over bid at any time before such
      Common Shares are taken up and paid for; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>if, on the date specified for take-up and payment, the
      condition in paragraph (b) above is satisfied, the bid shall remain open
      for an additional period of at least 10 business days to permit the
      remaining Shareholders to tender their Common
Shares.</P></TD></TR></TABLE>
<P align=justify><I>Definition of &#147;Competing Permitted Bid&#148; </I></P>
<P align=justify>A Competing Permitted Bid is a take-over bid that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>is made while another Permitted Bid or Competing
      Permitted Bid has been made and prior to the expiry of that Permitted Bid
      or Competing Permitted Bid;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>satisfies all the requirements of a Permitted Bid other
      than the requirement that no Common Shares will be taken up or paid for
      under the bid for at least 60 days following the commencement of the bid
      and that no Common Shares will be taken up or paid for unless at such date
      more than 50% of the outstanding Common Shares held by Shareholders, other
      than the Offeror and certain related parties, have been deposited pursuant
      to the bid and not withdrawn; and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>contains the conditions that no Common Shares be taken up
      or paid for pursuant to the Competing Permitted Bid prior to the close of
      business on a date that is not earlier than the later of 35 days after the
      date of the Competing Permitted Bid and the earliest date on which the
      Common Shares may be taken up or paid for under any prior bid in existence
      at the date of such Competing Permitted Bid; and then only if, at the time
      that such Common Shares are first taken up or paid for, more than 50% of
      then outstanding Common Shares held by Shareholders, other than the
      Offeror and certain related parties, have been deposited pursuant to the
      Competing Permitted Bid and not withdrawn.</P></TD></TR></TABLE>
<P align=justify><I>Redemption of Rights </I></P>
<P align=justify>All (but not less than all) of the Rights may be redeemed by
the Board with the prior approval of the Shareholders at any time before a
Flip-In Event occurs at a redemption price of $0.0001 per Right (subject to
adjustment). In addition, in the event of a successful Permitted Bid, Competing
Permitted Bid or a bid for which the Board has waived the operation of the
Rights Plan, the Company will immediately upon such acquisition and without
further formality, redeem the Rights at the redemption price. If the </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_80></A>
<P align=center><B><FONT color=#ff0000>- 77 - </FONT></B></P>
<P align=justify>Rights are redeemed pursuant to the Rights Plan, the right to
exercise the Rights will, without further action and without notice, terminate
and the only right thereafter of the Rights holders is to receive the redemption
price. </P>
<P align=justify><I>Waiver </I></P>
<P align=justify>Before a Flip-In Event occurs, the Board may waive the
application of the &#147;Flip-In&#148; provisions of the Rights Plan to any prospective
Flip-In Event which would occur by reason of a take-over bid made by a take-over
bid circular to all registered holders of Common Shares. However, if the Board
waives the Rights Plan with respect to a particular bid, it will be deemed to
have waived the Rights Plan with respect to any other take-over bid made by
take-over bid circular to all registered holders of Common Shares before the
expiry of that first bid. The Board may also waive the &#147;Flip-In&#148; provisions of
the Rights Plan in respect of any Flip-In Event provided that the Board has
determined that the Acquiring Person became an Acquiring Person through
inadvertence and has reduced its ownership to such a level that it is no longer
an Acquiring Person. </P>
<P align=justify><I>Term of the Rights Plan </I></P>
<P align=justify>Unless otherwise terminated, the Rights Plan will expire at the
Expiration Time (defined above). </P>
<P align=justify><I>Amending Power </I></P>
<P align=justify>Except for amendments to correct clerical or typographical
errors and amendments to maintain the validity of the Rights Plan as a result of
a change of applicable legislation or applicable rules or policies of securities
regulatory authorities, Shareholder (other than the Offeror and certain related
parties) or Rights holder majority approval is required for supplements or
amendments to the Rights Plan. In addition, any supplement or amendment to the
Rights Plan will require the written concurrence of the Rights Agent and prior
written consent of the TSX. </P>
<P align=justify><I>Rights Agent </I></P>
<P align=justify>The Rights Agent under the Rights Plan is Computershare
Investor Services Inc. </P>
<P align=justify><I>Rights Holder not a Shareholder </I></P>
<P align=justify>Until a Right is exercised, the holders thereof as such, will
have no rights as a Shareholder of the Company. </P>
<P align=justify><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Changes
  to Rights and Restrictions to Shares </B></P>
<P align=justify>The <I>Business Corporations Act </I>provides that a company
may, by the type of shareholders' resolution specified by the articles, or, if
the articles do not specify the type of resolution, by a special resolution:
</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">i) </TD>
    <TD>
      <P align=justify>create special rights or restrictions for, and attach
      those special rights or restrictions to, the shares of any class or series
      of shares, whether or not any or all of those shares have been issued;
      or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">ii) </TD>
    <TD>
      <P align=justify>vary or delete any special rights or restrictions
      attached to the shares of any class or series of shares, whether or not
      any or all of those shares have been issued.</P></TD></TR></TABLE>
<P align=justify>Taseko&#146;s Articles provide that, subject to the <I>Business
Corporations Act</I>, Taseko may by ordinary resolution or a resolution of the
directors (or a resolution of the directors in the case of &#167;(c) or &#167;(f)
below):</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_81></A>
<P align=center><B><FONT color=#ff0000>- 78 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>create one or more classes or series of shares or, if
      none of the shares of a class or series of shares are allotted or issued,
      eliminate that class or series of shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>increase, reduce or eliminate the maximum number of
      shares that Taseko is authorized to issue out of any class or series of
      shares or establish a maximum number of shares that Taseko is authorized
      to issue out of any class or series of shares for which no maximum is
      established;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>subdivide or consolidate all or any of its unissued, or
      fully paid issued, shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD colSpan=2>
      <P align=justify>if Taseko is authorized to issue shares of a class of
      shares with par value:</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>decrease the par value of those shares; or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>if none of the shares of that class of shares are
      allotted or issued, increase the par value of those shares;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD colSpan=2>
      <P align=justify>change all or any of its unissued, or fully paid issued,
      shares with par value into shares without par value or any of its unissued
      shares without par value into shares with par value;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD colSpan=2>
      <P align=justify>alter the identifying name of any of its shares;
  or</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD colSpan=2>
      <P align=justify>otherwise alter its shares or authorized share structure
      when required or permitted to do so by the Act where it does not specify a
      special resolution.</P></TD></TR></TABLE>
<P align=justify>An ordinary resolution is a resolution of shareholders that is
approved by a majority of those votes cast at a properly constituted meeting of
shareholders. The Articles provide that a special resolution is a resolution of
shareholders that is approved by two thirds (66 2/3%) of those votes cast at a
properly constituted meeting of shareholders. </P>
<P align=justify>If special rights and restrictions are altered and any right or
special right attached to issued shares is prejudiced or interfered with, then
the consent of the holders of shares of that class or series by a special
separate resolution will be required. </P>
<P align=justify>The <I>Business Corporations Act </I>also provides that a
company may reduce its capital if it is authorized to do so by a court order,
or, if the capital is reduced to an amount that is not less than the realizable
value of the company's assets less its liabilities, by a special resolution or
court order. </P>
<P align=justify>Generally, there are no significant differences between British
Columbia and United States law with respect to changing the rights of
shareholders as most state corporation statutes require shareholder approval
(usually a majority) for any such changes that affect the rights of
shareholders. </P>
<P
align=justify><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Meetings
of Shareholders </B></P>
<P align=justify>The Articles provide that Taseko must hold its annual general
meeting once in every calendar year (being not more than 15 months from the last
annual general meeting) at such time and place to be determined by the directors
of Taseko. Shareholders meetings are governed by the Articles of Taseko but many
important shareholder protections are also contained in the <I>Securities Act
</I>(British Columbia) (the &#147;Securities Act&#148;) and the <I>British Columbia
Corporations Act</I>. The Articles provide that Taseko will provide at least 21
days' advance written notice of any meeting of shareholders and will provide for
certain procedural matters and rules of order with respect to conduct of the
meeting. The directors may fix </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_82></A>
<P align=center><B><FONT color=#ff0000>- 79 - </FONT></B></P>
<P align=justify>in advance a date, which is no fewer than 21 days prior to the
date of the meeting for the purpose of determining shareholders entitled to
receive notice of and to attend and vote at a general meeting. </P>
<P align=justify>The <I>Securities Act </I>and the <I>British Columbia Corporations
  Act </I>superimpose requirements that generally provide that shareholders meetings
  require not less than a 60 day notice period from initial public notice and
  that Taseko makes a thorough advanced search of intermediary and brokerage registered
  shareholdings to facilitate communication with beneficial shareholders so that
  meeting proxy and information materials can be sent via the brokerages to unregistered
  but beneficial shareholders. The form and content of information circulars and
  proxies and like matters are governed by the <I>Securities Act </I>and the <I>British
  Columbia Corporations Act</I>. This legislation specifies the disclosure requirements
  for the proxy materials and various corporate actions, background information
  on the nominees for election for director, executive compensation paid in the
  previous year and full details of any unusual matters or related party transactions.
  Taseko must hold an annual shareholders meeting open to all shareholders for
  personal attendance or by proxy at each shareholder's determination. The meeting
  must be held within 13 months of the previous annual shareholders meeting and
  must present audited statements which are no more than 180 days old at such
  meeting.</P>
<P align=justify>Most state corporation statutes require a public company to
hold an annual meeting for the election of directors and for the consideration
of other appropriate matters. The state statutes also include general provisions
relating to shareholder voting and meetings. Apart from the timing of when an
annual Meeting must be held and the percentage of shareholders required to call
an annual Meeting or an extraordinary meeting, there are generally no material
differences between Canadian and United States law respecting annual meetings
and extraordinary meetings. </P>
<P
align=justify><B>7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Rights
to Own Securities</B></P>
<P align=justify>There are no limitations under Taseko's Articles or in the
<I>Business Corporations Act </I>on the right of persons who are not citizens of
Canada to hold or vote common shares.</P>
<P
align=justify><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Restrictions on Changes in Control, Mergers, Acquisitions or Corporate
Restructuring of the Company </B></P>
<P align=justify>Taseko&#146;s Articles do not contain any provisions that would have
the effect of delaying, deferring or preventing a change of control of Taseko.
Taseko has not implemented any shareholders' rights or other "poison pill"
protection against possible take-overs. Taseko does not have any agreements
which are triggered by a take-over or other change of control. There are no
provisions in its Articles triggered by or affected by a change in outstanding
shares which gives rise to a change in control. There are no provisions in
Taseko's material agreements giving special rights to any person on a change in
control. </P>
<P align=justify>The <I>Business Corporations Act </I>does not contain any
provisions that would have the effect of delaying, deferring or preventing a
change of control of a company.</P>
<P align=justify>Generally, there are no significant differences between British
Columbia and United States law in this regard, as many state corporation
statutes also do not contain such provisions and only empower a company&#146;s board
of directors to adopt such provisions. </P>
<P
align=justify><B>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ownership
Threshold Requiring Public Disclosure </B></P>
<P align=justify>The Articles of Taseko do not require disclosure of share
ownership. Share ownership of director nominees must be reported annually in
proxy materials sent to Taseko's shareholders. There are no requirements under
British Columbia corporate law to report ownership of shares of Taseko but the
<I>Securities Act </I>requires disclosure of trading by insiders (generally
officers, directors and holders of 10% of voting shares) within 10 days of the
trade. Controlling shareholders (generally those in excess of 20% of outstanding
shares) must provide seven days advance notice of share sales. Effective January
31, 2003 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_83></A>
<P align=center><B><FONT color=#ff0000>- 80 - </FONT></B></P>
<P align=justify>all insider trading reports filed by Taseko&#146;s insiders pursuant
to Canadian securities legislation are available on the Internet at <U><FONT
color=#0000ff>www.sedi.ca</FONT></U>. </P>
<P align=justify>Most state corporation statutes do not contain provisions
governing the threshold above which shareholder ownership must be disclosed.
United States federal securities laws require a company that is subject to the
reporting requirements of the Securities Exchange Act of 1934 to disclose, in
its annual reports filed with the Securities and Exchange Commission those
shareholders who own more than 5% of a corporation&#146;s issued and outstanding
shares. </P>
<P
align=justify><B>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Differences
in Law between the US and British Columbia </B></P>
<P align=justify>Differences in the law between United States and British
Columbia, where applicable, have been explained above within each category. </P>
<P
align=justify><B>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes
in the Capital of the Company </B></P>
<P align=justify>There are no conditions imposed by Taseko&#146;s Notice of Articles
or Articles which are more stringent than those required by the <I>Business
Corporations Act</I>. </P>
<P align=justify><B>Securities Act</B><B><I> (British Columbia) </I></B></P>
<P align=justify>This statute applies to Taseko and governs matters typically
pertaining to public securities such as continuous quarterly financial
reporting, immediate disclosure of material changes, insider trade reporting,
take-over protections to ensure fair and equal treatment of all shareholders,
exemption and resale rules pertaining to non-prospectus securities issuances as
well as civil liability for certain misrepresentations, disciplinary, appeal and
discretionary ruling matters. All Taseko shareholders regardless of residence
have equal rights under this legislation. </P>
<P align=justify><B>Subsidiary &#150; Gibraltar Mines Ltd. </B></P>
<P align=justify>The common shares of Gibraltar are wholly owned by Taseko and
Gibraltar has constituting documents ordinary to a British Columbia corporation
pursuing mining activities. Gibraltar has a class of preference shares
outstanding which are owned by Continental and which were received for
transferring to Gibraltar the Harmony Gold Project. These preference shares are
convertible into Taseko shares in the event of a liquidation event in connection
with the Harmony Gold Project. </P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Material
Contracts </B></P>
<P align=justify>Taseko&#146;s material contracts are:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Convertible Debenture July 21, 1999 in the principal
      amount of CDN $17,000,000 issued by Gibraltar to Boliden Westmin (Canada)
      Limited pursuant to the acquisition of the Gibraltar mine (see Item 4 "The
      Gibraltar Mine") filed with 20-F in March 30, 2000;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Geological Management and Administration Services
      Agreement with Hunter Dickinson Inc. dated for reference December 31, 1996
      filed with Form 20-F for fiscal year 1999 filed on March 30, 2000 (See
      Item 7 "Interest of Management in Certain Transactions");</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Arrangement Agreement dated February 22, 2001 among
      Taseko, Misty Mountain Gold Limited and Gibraltar Mines Ltd. whereby
      Taseko caused Gibraltar to acquire the 3 million ounce Harmony Gold
      Project (see Item 4) in consideration of the issuance of Preferred Shares
      of Gibraltar which are convertible into Taseko shares in the event of a
      liquidation event in connection with the Harmony Gold
  Project.;</P></TD></TR></TABLE><BR>
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<P align=center><B><FONT color=#ff0000>- 81 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Agreements with the GRT Limited Partnership described in
      Items 4 , 7 and 19;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Royalty Agreement dated September 29, 2004 between
      Gibraltar Mines Ltd. and Wilshire Financial Services Inc.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Call Option Agreement dated September 29, 2004. among:
      688888 B.C. Ltd., Red Mile Resources Inc., in its capacity as general
      partner on behalf of all of the partners of Red Mile Resources Fund
      Limited Partnership, and Wilshire (GP) No. 2 Corporation, in its capacity
      as general partner on behalf of all of the partners of Red Mile Resources
      No. 2 Limited Partnership.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>Funding Agreement dated September 29, 2004 between
      Gibraltar Mines Ltd. and Wilshire Financial Services Inc.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Funding Pledge Agreement dated September 29, 2004 between
      Wilshire Financial Services Inc., Gibraltar Mines Ltd. and Alberta Capital
      Trust Corporation</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Pledge, Priorities and Direction Agreement dated
      September 29, 2004 among Red Mile Resources Inc., in its capacity as
      general partner on behalf of all of the partners of Red Mile Resources
      Fund Limited Partnership, and Wilshire (GP) No. 2 Corporation, in its
      capacity as general partner on behalf of all of the partners of Red Mile
      Resources No. 2 Limited Partnership, Gibraltar Mines Ltd., 688888 B.C.
      Ltd., Wilshire Financial Services Inc, Alberta Capital Trust Corporation,
      Wilshire (GP) No. 2 Corporation, Red Mile Resources Inc., and all of the
      Limited Partners of Red Mile Resources Fund Limited Partnership.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(j) </TD>
    <TD>
      <P align=justify>Indemnification Agreement dated September 29, 2004
      between Gibraltar Mines Ltd. and Wilshire Financial Services
Inc.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(k) </TD>
    <TD>
      <P align=justify>General Partner Share Purchase Agreement between Red Mile
      Resources Inc. as general partner on behalf of Red Mile Resources Fund
      Limited Partnership, Wilshire (GP) No. 2 Corporation as general partner on
      behalf of Red Mile Resources No. 2 Limited Partnership, Gibraltar Mines
      Ltd., 688888 BC Ltd. as Optionee dated September 29, 2004;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(l) </TD>
    <TD>
      <P align=justify>Shortfall Agreement between Red Mile Resources Inc. as
      general partner on behalf of Red Mile Resources Fund Limited Partnership,
      Wilshire (GP) No. 2 Corporation as general partner on behalf of Red Mile
      Resources No. 2 Limited Partnership, Wilshire Financial Services Inc.,
      Gibraltar Mines Ltd. and</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(m) </TD>
    <TD>
      <P align=justify>Fee Agreement dated September 29, 2004 between Red Mile
      Resources Fund Limited Partnership and Taseko Mines Limited;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(n) </TD>
    <TD>
      <P align=justify>Convertible Bonds dated August 29, 2006 in the principal
      amount of US$30,000,000 issued by Gibraltar to qualified institutional
      buyers;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(o) </TD>
    <TD>
      <P align=justify>Convertible Secured Promissory Note dated August 31, 2006
      in the principal amount of CDN $11,500,000 issued by Continental Minerals
      Corporation to Gibraltar Mines Ltd.</P></TD></TR></TABLE><BR>
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<P align=center><B><FONT color=#ff0000>- 82 - </FONT></B></P>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange
Controls </B></P>
<P align=justify>Taseko is a British Columbia, Canada, corporation. There is no
law or governmental decree or regulation in Canada that restricts the export or
import of capital, or affects the remittance of dividends, interest or other
payments to a non-resident holder of Common Shares, other than withholding tax
requirements. Any such remittances to United States residents are generally
subject to withholding tax, however no such remittances are likely in the
foreseeable future. See "Taxation", below. </P>
<P align=justify>There is no limitation imposed by the laws of Canada or by the
charter or other constituent documents of Taseko on the right of a non-resident
to hold or vote its common shares, other than as provided in the <I>Investment
Canada Act </I>(Canada) (the "<I>Investment Act</I>"). The following discussion
summarizes the material features of the <I>Investment Act </I>for a non-resident
who proposes to acquire a controlling number of Taseko&#146;s common shares. It is
general only, it is not a substitute for independent advice from an investor&#146;s
own advisor, and it does not anticipate statutory or regulatory amendments.
Taseko does not believe the <I>Investment Act </I>will have any affect on it or
on its non-Canadian shareholders due to a number of factors including the nature
of its operations and Taseko&#146;s relatively small capitalization. </P>
<P align=justify>The <I>Investment Act </I>generally prohibits implementation of
a "reviewable" investment by an individual, government or agency thereof,
corporation, partnership, trust or joint venture (each an "entity") that is not
a "Canadian" as defined in the <I>Investment Act </I>(ie. a "non-Canadian"),
unless after review the Director of Investments appointed by the minister
responsible for the <I>Investment Act </I>is satisfied that the investment is
likely to be of net benefit to Canada. The size and nature of a proposed
transaction may give rise to an obligation to notify the Director to seek an
advance ruling. An investment in Taseko&#146;s common shares by a non-Canadian (other
than a "WTO Investor" as that term is defined in the <I>Investment Act </I>and
which term includes entities which are nationals of or are controlled by
nationals of member states of the World Trade Organization) when Taseko is not
controlled by a WTO Investor, would be reviewable under the <I>Investment Act
</I>if it was an investment to acquire control of Taseko and the value of the
assets of Taseko, as determined in accordance with the regulations promulgated
under the Investment Act, was over a certain figure, or if an order for review
was made by the federal cabinet on the grounds that the investment related to
Canada&#146;s cultural heritage or national identity, regardless of the value of the
assets of Taseko. An investment in the Common Shares by a WTO Investor, or by a
non-Canadian when Taseko is controlled by a WTO Investor, would be reviewable
under the <I>Investment Act </I>if it was an investment to acquire control of
Taseko and the value of the assets of Taseko, as determined in accordance with
the regulations promulgated under the Investment Act, was not less than a
specified amount, which currently exceeds approximately C$250 million. A
non-Canadian would acquire control of Taseko for the purposes of the
<I>Investment Act </I>if the non-Canadian acquired a majority of the Common
Shares. The acquisition of less than a majority but one-third or more of the
Common Shares would be presumed to be an acquisition of control of Taseko unless
it could be established that, on the acquisition, Taseko was not controlled in
fact by the acquiror through the ownership of the Common Shares. </P>
<P align=justify>The foregoing assumes Taseko will not engage in the production
of uranium or own an interest in a producing uranium property in Canada, or
provide any financial service or transportation service, as the rules governing
these businesses are different. </P>
<P align=justify>Certain transactions relating to the Common Shares would be
exempt from the <I>Investment Act</I>, including </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>an acquisition of the Common Shares by a person in the
      ordinary course of that person&#146;s business as a trader or dealer in
      securities,</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>an acquisition of control of Taseko in connection with
      the realization of security granted for a loan or other financial
      assistance and not for a purpose related to the provisions of the
      <I>Investment Act</I>, and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>an acquisition of control of Taseko by reason of an
      amalgamation, merger, consolidation or corporate reorganization following
      which the ultimate direct or indirect control in fact of Taseko, through
      the ownership of the Common Shares, remained
unchanged.</P></TD></TR></TABLE>
<P
align=justify><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxation
</B></P>
<P align=justify><B><I>Material Canadian Federal Income Tax Consequences for
United States Residents </I></B></P>
<P align=justify>The following, in management&#146;s understanding, summarizes the
material Canadian federal income tax consequences generally applicable to the
holding and disposition of Common Shares by a holder (in this summary, a "U.S.
Holder") who, (a) for the purposes of the Income Tax Act (Canada) (the "Tax
Act"), is not resident in Canada, deals at arm&#146;s length with Taseko, holds the
Common Shares as capital property and does not use or hold the Common Shares in
the course of carrying on, or otherwise in connection with, a business in
Canada, and (b) for the purposes of the Canada-United States Income Tax
Convention, 1980 (the "Treaty"), is a resident solely of the United States, has
never been a resident of Canada, and has not held or used (and does not hold or
use) Common Shares in connection with a permanent establishment or fixed base in
Canada. This summary does not apply to traders or dealers in securities, limited
liability companies, tax-exempt entities, insurers, financial institutions
(including those to which the mark-to-market provisions of the Tax Act apply),
or any other U.S. Holder to which special considerations apply. </P>
<P align=justify>This summary is based on the current provisions of the Tax Act
including all regulations thereunder, the Treaty, all proposed amendments to the
Tax Act, the regulations and the Treaty publicly announced by the Government of
Canada to the date hereof, and the current administrative practices of the
Canada Customs and Revenue Agency. It has been assumed that all currently
proposed amendments will be enacted as proposed and that there will be no other
relevant change in any governing law or administrative practice, although no
assurances can be given in these respects. This summary does not take into
account provincial, U.S., state or other foreign income tax law or practice. The
tax consequences to any particular U.S. Holder will vary according to the status
of that holder as an individual, trust, corporation, partnership or other
entity, the jurisdictions in which that holder is subject to taxation, and
generally according to that holder&#146;s particular circumstances. Accordingly, this
summary is not, and is not to be construed as, Canadian tax advice to any
particular U.S. Holder. </P>
<P align=justify><I>Dividends </I></P>
<P align=justify>Dividends paid or deemed to be paid to a U.S. Holder by Taseko
will be subject to Canadian withholding tax. Under the Treaty, the rate of
withholding tax on dividends paid to a U.S. Holder is generally limited to 15%
of the gross amount of the dividend (or 5% if the U.S. Holder is a corporation
and beneficially owns at least 10% of Taseko&#146;s voting shares). Taseko will be
required to withhold the applicable withholding tax from any such dividend and
remit it to the Canadian government for the U.S. Holder&#146;s account. </P>
<P align=justify><I>Disposition </I></P>
<P align=justify>A U.S. Holder is not subject to tax under the Tax Act in
respect of a capital gain realized on the disposition of a Common Share in the
open market unless the share is "taxable Canadian property" to the holder
thereof and the U.S. Holder is not entitled to relief under the Treaty. A Common
Share will be taxable Canadian property to a U.S. Holder if, at any time during
the 60 months preceding the disposition, the U.S. Holder or persons with whom
the U.S. Holder did not deal at arm&#146;s length alone or together owned, or had
rights to acquire, 25% or more of Taseko&#146;s issued shares of any class or series.
</P>
<P align=justify>A U.S. Holder whose Common Shares do constitute taxable
Canadian property, and who might therefore be liable for Canadian income tax
under the Tax Act, will generally be relieved from such liability under </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B><FONT color=#ff0000>- 84 - </FONT></B></P>
<P align=justify>the Treaty unless the value of such shares at the time of disposition
  is derived principally from real property situated in Canada. </P>
<P align=justify><B><I>United States Tax Consequences </I></B></P>
<P align=justify><I>United States Federal Income Tax Consequences </I></P>
<P align=justify>The following is, in management&#146;s understanding, a discussion
of the material United States federal income tax consequences, under current
law, generally applicable to a U.S. Holder (as hereinafter defined) of common
shares of Taseko. This discussion does not address all potentially relevant
federal income tax matters and it does not address consequences peculiar to
persons subject to special provisions of federal income tax law, such as those
described below as excluded from the definition of a U.S. Holder. In addition,
this discussion does not cover any state, local or foreign tax consequences.
(see "Taxation &#150; Canadian Federal Income Tax Consequences" above). Accordingly,
holders and prospective holders of common shares of Taseko should consult their
own tax advisors about the specific federal, state, local, and foreign tax
consequences to them of purchasing, owning and disposing of common shares of
Taseko, based upon their individual circumstances. </P>
<P align=justify>The following discussion is based upon the sections of the
Internal Revenue Code of 1986, as amended (the "Code"), Treasury Regulations,
published Internal Revenue Service ("IRS") rulings, published administrative
positions of the IRS and court decisions that are currently applicable, any or
all of which could be materially and adversely changed, possibly on a
retroactive basis, at any time and which are subject to differing
interpretations. This discussion does not consider the potential effects, both
adverse and beneficial, of any proposed legislation which, if enacted, could be
applied, possibly on a retroactive basis, at any time. </P>
<P align=justify><I>U.S. Holders </I></P>
<P align=justify>As used herein, a "U.S. Holder" means a holder of common shares
of Taseko who is a citizen or individual resident of the United States, a
corporation or partnership created or organized in or under the laws of the
United States or of any political subdivision thereof, an entity created or
organized in or under the laws of the United States or any political subdivision
thereof which has elected to be treated as a corporation for United States
Income Tax Purposes (under Treasury Regulation section 301.7201 -3), an estate
whose income is taxable in the United States irrespective of source or a trust
subject to the primary supervision of a court within the United States and
control of a United States fiduciary as described Section 7701(a)(30) of the
Code. This summary does not address the tax consequences to, and U.S. Holder
does not include, persons subject to specific provisions of federal income tax
law, such as tax-exempt organizations, qualified retirement plans, individual
retirement accounts and other tax-deferred accounts, financial institutions,
insurance companies, real estate investment trusts, regulated investment
companies, broker-dealers, non-resident alien individuals, persons or entities
that have a "functional currency" other than the U.S. dollar, shareholders
subject to the alternative minimum tax, shareholders who hold common shares as
part of a straddle, hedging or conversion transaction, and shareholders who
acquired their common shares through the exercise of employee stock options or
otherwise as compensation for services. This summary is limited to U.S. Holders
who own common shares as capital assets and who own (directly and indirectly,
pursuant to applicable rules of constructive ownership) no more than 5% of the
value of the total outstanding stock of Taseko. This summary does not address
the consequences to a person or entity holding an interest in a shareholder or
the consequences to a person of the ownership, exercise or disposition of any
options, warrants or other rights to acquire common shares. In addition, this
summary does not address special rules applicable to United States persons (as
defined in Section 7701(a)(30) of the Code) holding common shares through a
foreign partnership or to foreign persons holding common shares through a
domestic partnership. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=justify><I>Distribution on Common Shares of Taseko </I></P>
<P align=justify>In general, U.S. Holders receiving dividend distributions
(including constructive dividends) with respect to common shares of Taseko are
required to include in gross income for United States federal income tax
purposes the gross amount of such distributions, equal to the U.S. dollar value
of such distributions on the date of receipt (based on the exchange rate on such
date), to the extent that Taseko has current or accumulated earnings and
profits, without reduction for any Canadian income tax withheld from such
distributions. Such Canadian tax withheld may be credited, subject to certain
limitations, against the U.S. Holder&#146;s federal income tax liability or,
alternatively, may be deducted in computing the U.S. Holder&#146;s federal taxable
income by those who itemize deductions. (See more detailed discussion at
"Foreign Tax Credit" below). To the extent that distributions exceed current or
accumulated earnings and profits of Taseko, they will be treated first as a
return of capital up to the U.S. Holder&#146;s adjusted basis in the common shares
and thereafter as gain from the sale or exchange of property. Preferential tax
rates for long-term capital gains are applicable to a U.S. Holder which is an
individual, estate or trust. There are currently no preferential tax rates for
long-term capital gains for a U.S. Holder which is a corporation. </P>
<P align=justify>In the case of foreign currency received as a dividend that is
not converted by the recipient into U.S. dollars on the date of receipt, a U.S.
Holder will have a tax basis in the foreign currency equal to its U.S. dollar
value on the date of receipt. Generally, any gain or loss recognized upon a
subsequent sale or other disposition of the foreign currency, including the
exchange for U.S. dollars, will be ordinary income or loss. However, an
individual whose realized gain does not exceed $200 will not recognize that
gain, provided that there are no expenses associated with the transaction that
meet the requirements for deductibility as a trade or business expense (other
than travel expenses in connection with a business trip) or as an expense for
the production of income.</P>
<P align=justify>Dividends paid on the common shares of Taseko generally will
not be eligible for the dividends received deduction provided to corporations
receiving dividends from certain United States corporations. A U.S. Holder which
is a corporation and which owns shares representing at least 10% of the voting
power and value of Taseko may, under certain circumstances, be entitled to a 70%
(or 80% if the U.S. Holder owns shares representing at least 20% of the voting
power and value of Taseko) deduction of the United States source portion of
dividends received from Taseko (unless Taseko qualifies as a "foreign personal
holding company" or a "passive foreign investment company," as defined below).
Taseko does not anticipate that it will earn any United States income, however,
and therefore does not anticipate that any U.S. Holder will be eligible for the
dividends received deduction. </P>
<P align=justify>Under current Treasury Regulations, dividends paid on Taseko&#146;s
common shares, if any, generally will not be subject to information reporting
and generally will not be subject to U.S. backup withholding tax. However,
dividends and the proceeds from a sale of Taseko&#146;s common shares paid in the
U.S. through a U.S. or U.S. related paying agent (including a broker) will be
subject to U.S. information reporting requirements and may also be subject to
the 28% U.S. backup withholding tax, unless the paying agent is furnished with a
duly completed and signed Form W-9. Any amounts withheld under the U.S. backup
withholding tax rules will be allowed as a refund or a credit against the U.S.
Holder&#146;s U.S. federal income tax liability, provided the required information is
furnished to the IRS. </P>
<P align=justify><I>Foreign Tax Credit </I></P>
<P align=justify>A U.S. Holder who pays (or has withheld from distributions)
Canadian income tax with respect to the ownership of common shares of Taseko may
be entitled, at the option of the U.S. Holder, to either receive a deduction or
a tax credit for such foreign tax paid or withheld. Generally, it will be more
advantageous to claim a credit because a credit reduces United States federal
income taxes on a dollar-for-dollar basis, while a deduction merely reduces the
taxpayer&#146;s income subject to tax. This election is made on a year-by-year basis
and generally applies to all foreign taxes paid by (or withheld from) the U.S.
Holder during that year. There are significant and complex limitations which
apply to the credit, among which is the general limitation that the credit
cannot exceed the proportionate share of the U.S. Holder&#146;s United States </P>
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<P align=justify>income tax liability that the U.S. Holder&#146;s foreign source
income bears to his or its worldwide taxable income. In the determination of the
application of this limitation, the various items of income and deduction must
be classified into foreign and domestic sources. Complex rules govern this
classification process. In addition, this limitation is calculated separately
with respect to specific classes of income such as "passive income, "high
withholding tax interest," "financial services income," "shipping income," and
certain other classifications of income. Dividends distributed by Taseko will
generally constitute "passive income" or, in the case of certain U.S. Holders,
"financial services income" for these purposes. The availability of the foreign
tax credit and the application of the limitations on the credit are fact
specific, and U.S. Holders of common shares of Taseko should consult their own
tax advisors regarding their individual circumstances. </P>
<P align=justify><I>Disposition of Common Shares of Taseko </I></P>
<P align=justify>In general, U.S. Holders will recognize gain or loss upon the
sale of common shares of Taseko equal to the difference, if any, between (i) the
amount of cash plus the fair market value of any property received, and (ii) the
shareholder&#146;s tax basis in the common shares of Taseko. Preferential tax rates
apply to long-term capital gains of U.S. Holders which are individuals, estates
or trusts. In general, gain or loss on the sale of common shares of Taseko will
be long-term capital gain or loss if the common shares are a capital asset in
the hands of the U.S. Holder and are held for more than one year. Deductions for
net capital losses are subject to significant limitations. For U.S. Holders
which are not corporations, any unused portion of such net capital loss may be
carried over to be used in later tax years until such net capital loss is
thereby exhausted. For U.S. Holders that are corporations (other than
corporations subject to Subchapter S of the Code), an unused net capital loss
may be carried back three years and carried forward five years from the loss
year to be offset against capital gains until such net capital loss is thereby
exhausted. </P>
<P align=justify><I>Other Considerations </I></P>
<P align=justify>Set forth below are certain material exceptions to the
above-described general rules describing the United States federal income tax
consequences resulting from the holding and disposition of common shares: </P>
<P align=justify><I>Passive Foreign Investment Company </I></P>
<P align=justify>United States income tax law contains rules governing "passive
foreign investment companies" ("PFIC") which can have significant tax effects on
U.S. Holders of foreign corporations. These rules do not apply to non-U.S.
Holders. Section 1297 of the Code defines a PFIC as a corporation that is not
formed in the United States if, for any taxable year, either (i) 75% or more of
its gross income is "passive income," which includes interest, dividends and
certain rents and royalties or (ii) the average percentage, by fair market value
(or, if the corporation is not publicly traded and either is a controlled
foreign corporation or makes an election, by adjusted tax basis), of its assets
that produce or are held for the production of "passive income" is 50% or more.
In the event that Taseko qualifies as a PFIC for the fiscal year ending
September 30, 2006 or in future fiscal years, each U.S. Holder of Taseko is
urged to consult a tax advisor with respect to how the PFIC rules affect such
U.S. Holder&#146;s tax situation. </P>
<P align=justify>Each U.S. Holder who holds stock in a foreign corporation
during any year in which such corporation qualifies as a PFIC is subject to
United States federal income taxation under one of three alternative tax regimes
at the election of such U.S. Holder. The following is a discussion of such
alternative tax regimes applied to such U.S. Holders of Taseko. In addition,
special rules apply if a foreign corporation qualifies as both a PFIC and a
"controlled foreign corporation" (as defined below) and a U.S. Holder owns,
actually or constructively, 10% or more of the total combined voting power of
all classes of stock entitled to vote of such foreign corporation (See more
detailed discussion at "Controlled Foreign Corporation" below). </P>
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<P align=justify>A U.S. Holder who elects to treat Taseko as a qualified
electing fund ("QEF") will be subject, under Section 1293 of the Code, to
current federal income tax for any taxable year to which the election applies in
which Taseko qualifies as a PFIC on his pro rata share of Taseko&#146;s (i) "net
capital gain" (the excess of net long-term capital gain over net short-term
capital loss), which will be taxed as long-term capital gain, and (ii) "ordinary
earnings" (the excess of earnings and profits over net capital gain), which will
be taxed as ordinary income, in each case, for the shareholder&#146;s taxable year in
which (or with which) Taseko&#146;s taxable year ends, regardless of whether such
amounts are actually distributed. A U.S. Holder&#146;s tax basis in the common shares
will be increased by any such amount that is included in income but not
distributed. </P>
<P align=justify>The procedure a U.S. Holder must comply with in making an
effective QEF election, and the consequences of such election, will depend on
whether the year of the election is the first year in the U.S. Holder&#146;s holding
period in which Taseko is a PFIC. If the U.S. Holder makes a QEF election in
such first year, i.e., a "timely" QEF election, then the U.S. Holder may make
the QEF election by simply filing the appropriate documents at the time the U.S.
Holder files his tax return for such first year. If, however, Taseko qualified
as a PFIC in a prior year during the U.S. Holder&#146;s holding period, then, in
order to avoid the Section 1291 rules discussed below, in addition to filing
documents, the U.S. Holder must elect to recognize under the rules of Section
1291 of the Code (discussed herein), (i) any gain that he would otherwise
recognize if the U.S. Holder sold his stock on the qualification date or (ii) if
Taseko is a controlled foreign corporation, the U.S. Holder&#146;s pro rata share of
Taseko&#146;s post-1986 earnings and profits as of the qualification date. The
qualification date is the first day of Taseko&#146;s first tax year in which Taseko
qualified as a QEF with respect to such U.S. Holder. For purposes of this
discussion, a U.S. Holder who makes (i) a timely QEF election, or (ii) an
untimely QEF election and either of the above-described gain-recognition
elections under Section 1291 is referred to herein as an "Electing U.S. Holder."
A U.S. Holder who holds common shares at any time during a year of Taseko in
which Taseko is a PFIC and who is not an Electing U.S. Holder (including a U.S.
Holder who makes an untimely QEF election and makes neither of the
above-described gain-recognition elections) is referred to herein as a
"Non-Electing U.S. Holder." An Electing U.S. Holder (i) generally treats any
gain realized on the disposition of his Taseko common shares as capital gain;
and (ii) may either avoid interest charges resulting from PFIC status
altogether, or make an annual election, subject to certain limitations, to defer
payment of current taxes on his share of Taseko&#146;s annual realized net capital
gain and ordinary earnings subject, however, to an interest charge. If the U.S.
Holder is not a corporation, any interest charge imposed under the PFIC regime
would be treated as "personal interest" that is not deductible. </P>
<P align=justify>In order for a U.S. Holder to make (or maintain) a valid QEF
election, Taseko must provide certain information regarding its net capital
gains and ordinary earnings and permit its books and records to be examined to
verify such information. Taseko intends to make the necessary information
available to U.S. Holders to permit them to make (and maintain) QEF elections
with respect to Taseko. Taseko urges each U.S. Holder to consult a tax advisor
regarding the availability of, and procedure for making, the QEF election. </P>
<P align=justify>A QEF election, once made with respect to Taseko, applies to
the tax year for which it was made and to all subsequent tax years, unless the
election is invalidated or terminated, or the IRS consents to revocation of the
election. If a QEF election is made by a U.S. Holder and Taseko ceases to
qualify as a PFIC in a subsequent tax year, the QEF election will remain in
effect, although not applicable, during those tax years in which Taseko does not
qualify as a PFIC. Therefore, if Taseko again qualifies as a PFIC in a
subsequent tax year, the QEF election will be effective and the U.S. Holder will
be subject to the rules described above for Electing U.S. Holders in such tax
year and any subsequent tax years in which Taseko qualifies as a PFIC. In
addition, the QEF election remains in effect, although not applicable, with
respect to an Electing U.S. Holder even after such U.S. Holder disposes of all
of his or its direct and indirect interest in the shares of Taseko. Therefore,
if such U.S. Holder reacquires an interest in Taseko, that U.S. Holder will be
subject to the rules described above for Electing U.S. Holders for each tax year
in which Taseko qualifies as a PFIC. </P>
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<P align=justify>In the case of a Non-Electing U.S. Holder, special taxation
rules under Section 1291 of the Code will apply to (i) gains realized on the
disposition (or deemed to be realized by reasons of a pledge) of his Taseko
common shares and (ii) certain "excess distributions," as defined in Section
1291(b), by Taseko. </P>
<P align=justify>A Non-Electing U.S. Holder generally would be required to pro
rate all gains realized on the disposition of his Taseko common shares and all
excess distributions on his Taseko common shares over the entire holding period
for the common shares. All gains or excess distributions allocated to prior
years of the U.S. Holder (excluding any portion of the holder&#146;s period prior to
the first day of the first year of Taseko (i) which began after December 31,
1986, and (ii) for which Taseko was a PFIC) would be taxed at the highest tax
rate for each such prior year applicable to ordinary income. The Non-Electing
U.S. Holder also would be liable for interest on the foregoing tax liability for
each such prior year calculated as if such liability had been due with respect
to each such prior year. A Non-Electing U.S. Holder that is not a corporation
must treat this interest charge as "personal interest" which, as discussed
above, is wholly non-deductible. The balance, if any, of the gain or the excess
distribution will be treated as ordinary income in the year of the disposition
or distribution, and no interest charge will be incurred with respect to such
balance. In certain circumstances, the sum of the tax and the PFIC interest
charge may exceed the amount of the excess distribution received, or the amount
of proceeds of disposition realized, by the U.S. Holder. </P>
<P align=justify>If Taseko is a PFIC for any taxable year during which a
Non-Electing U.S. Holder holds Taseko common shares, then Taseko will continue
to be treated as a PFIC with respect to such Taseko common shares, even if it is
no longer definitionally a PFIC. A Non-Electing U.S. Holder may terminate this
deemed PFIC status by electing to recognize gain (which will be taxed under the
rules discussed above for Non-Electing U.S. Holders) as if such Taseko common
shares had been sold on the last day of the last taxable year for which it was a
PFIC.</P>
<P align=justify>Effective for tax years of U.S. Holders beginning after
December 31, 1997, U.S. Holders who hold (actually or constructively) marketable
stock of a foreign corporation that qualifies as a PFIC may elect to mark such
stock to the market annually (a "mark-to-market election"). If such an election
is made, such U.S. Holder will generally not be subject to the special taxation
rules of Section 1291 discussed above. However, if the mark-to-market election
is made by a Non-Electing U.S. Holder after the beginning of the holding period
for the PFIC stock, then the Section 1291 rules will apply to certain
dispositions of, distributions on and other amounts taxable with respect to
Taseko common shares. A U.S. Holder who makes the mark-to market election will
include in income for each taxable year for which the election is in effect an
amount equal to the excess, if any, of the fair market value of the common
shares of Taseko as of the close of such tax year over such U.S. Holder&#146;s
adjusted basis in such common shares. In addition, the U.S. Holder is allowed a
deduction for the lesser of (i) the excess, if any, of such U.S. Holder&#146;s
adjusted tax basis in the common shares over the fair market value of such
shares as of the close of the tax year, or (ii) the excess, if any, of (A) the
mark-to-market gains for the common shares in Taseko included by such U.S.
Holder for prior tax years, including any amount which would have been treated
as a mark-to-market gain for any prior tax year but for the Section 1291 rules
discussed above with respect to Non-Electing U.S. Holders, over (B) the
mark-to-market losses for shares that were allowed as deductions for prior tax
years. A U.S. Holder&#146;s adjusted tax basis in the common shares of Taseko will be
adjusted to reflect the amount included in or deducted from income as a result
of a mark-to-market election. A mark-to-market election applies to the taxable
year in which the election is made and to each subsequent taxable year, unless
Taseko common shares cease to be marketable, as specifically defined, or the IRS
consents to revocation of the election. Because the IRS has not established
procedures for making a mark-to-market election, U.S. Holders should consult
their tax advisor regarding the manner of making such an election. No view is
expressed regarding whether common shares of Taseko are marketable for these
purposes or whether the election will be available. </P>
<P align=justify>Under Section 1291(f) of the Code, the IRS has issued Proposed
Treasury Regulations that, subject to certain exceptions, would treat as taxable
certain transfers of PFIC stock by Non-Electing U.S. Holders that are generally
not otherwise taxed, such as gifts, exchanges pursuant to corporate
reorganizations, and transfers at death. Generally, in such cases the basis of
Taseko common shares in the hands of the </P>
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<P align=justify>transferee and the basis of any property received in the
exchange for those common shares would be increased by the amount of gain
recognized. Under the Proposed Treasury Regulations, an Electing U.S. Holder
would not be taxed on certain transfers of PFIC stock, such as gifts, exchanges
pursuant to corporate reorganizations, and transfers at death. The transferee&#146;s
basis in this case will depend on the manner of the transfer. In the case of a
transfer by an Electing U.S. Holder upon death, for example, the transferee&#146;s
basis is generally equal to the fair market value of the Electing U.S. Holder&#146;s
common shares as of the date of death under Section 1014 of the Code. The
specific tax effect to the U.S. Holder and the transferee may vary based on the
manner in which the common shares are transferred. Each U.S. Holder of Taseko is
urged to consult a tax advisor with respect to how the PFIC rules affect his or
its tax situation. </P>
<P align=justify>Whether or not a U.S. Holder makes a timely QEF election with
respect to common shares of Taseko, certain adverse rules may apply in the event
that both Taseko and any foreign corporation in which Taseko directly or
indirectly holds shares is a PFIC (a "lower-tier PFIC"). Pursuant to certain
Proposed Treasury Regulations, a U.S. Holder would be treated as owning his or
its proportionate amount of any lower-tier PFIC shares, and generally would be
subject to the PFIC rules with respect to such indirectly-held PFIC shares
unless such U.S. Holder makes a timely QEF election with respect thereto. Taseko
intends to make the necessary information available to U.S. Holders to permit
them to make (and maintain) QEF elections with respect to each subsidiary of
Taseko that is a PFIC. </P>
<P align=justify>Under the Proposed Treasury Regulations, a U.S. Holder who does
not make a timely QEF election with respect to a lower-tier PFIC generally would
be subject to tax (and the PFIC interest charge) on (i) any excess distribution
deemed to have been received with respect to his or its lower-tier PFIC shares
and (ii) any gain deemed to arise from a so-called "indirect disposition" of
such shares. For this purpose, an indirect disposition of lower-tier PFIC shares
would generally include (i) a disposition by Taseko (or an intermediate entity)
of lower-tier PFIC shares, and (ii) any other transaction resulting in a
dilution of the U.S. Holder&#146;s proportionate ownership of the lower-tier PFIC,
including an issuance of additional common shares by Taseko (or an intermediate
entity or the lower tier PFIC). Accordingly, each prospective U.S. Holder should
be aware that he or it could be subject to tax even if such U.S. Holder receives
no distributions from Taseko and does not dispose of its common shares. </P>
<P align=justify><B>Taseko strongly urges each prospective U.S. Holder to
consult a tax advisor with respect to the adverse rules applicable, under the
Proposed Treasury Regulations, to U.S. Holders of lower-tier PFIC shares.
</B></P>
<P align=justify>Certain special, generally adverse, rules will apply with
respect to Taseko common shares while Taseko is a PFIC unless the U.S. Holder
makes a timely QEF election. For example under Section 1298(b)(6) of the Code, a
U.S. Holder who uses PFIC stock as security for a loan (including a margin loan)
will, except as may be provided in regulations, be treated as having made a
taxable disposition of such shares. </P>
<P align=justify><I>Controlled Foreign Corporation </I></P>
<P align=justify>If more than 50% of the total combined voting power of all
classes of shares entitled to vote or the total value of the shares of Taseko is
owned, actually or constructively, by citizens or residents of the United
States, United States domestic partnerships or corporation, or estates or trusts
other than foreign estates or trusts (as defined by the Code Section
7701(a)(31)), each of which own, actually or constructively, 10% or more of the
total combined voting power of all classes of shares entitled to vote of Taseko
("United States Shareholder"), Taseko could be treated as a controlled foreign
corporation ("CFC") under Subpart F of the Code. This classification would
effect many complex results, one of which is the inclusion of certain income of
a CFC which is subject to current U.S. tax. The United States generally taxes
United States Shareholders of a CFC currently on their pro rata shares of the
Subpart F income of the CFC. Such United States Shareholders are generally
treated as having received a current distribution out of the CFC&#146;s Subpart F
income and are also subject to current U.S. tax on their pro rata shares of
increases in the CFC&#146;s earnings invested in U.S. property. The foreign tax
credit described above may reduce the U.S.</P>
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<P align=justify>tax on these amounts. In addition, under Section 1248 of the
Code, gain from the sale or exchange of shares by a U.S. Holder of common shares
of Taseko which is or was a United States Shareholder at any time during the
five-year period ending on the date of the sale or exchange is treated as
ordinary income to the extent of earnings and profits of Taseko attributable to
the shares sold or exchanged. If a foreign corporation is both a PFIC and a CFC,
the foreign corporation generally will not be treated as a PFIC with respect to
United States Shareholders of the CFC. This rule generally will be effective for
taxable years of United States Shareholders beginning after 1997 and for taxable
years of foreign corporations ending with or within such taxable years of United
States Shareholders. Special rules apply to United States Shareholders who are
subject to the special taxation rules under Section 1291 discussed above with
respect to a PFIC. Because of the complexity of Subpart F, a more detailed
review of these rules is outside of the scope of this discussion. Taseko does
not believe that it currently qualifies as a CFC. However, there can be no
assurance that Taseko will not be considered a CFC for the current or any future
taxable year. </P>
<P
align=justify><B>F.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
and Paying Agents </B></P>
<P align=justify>Not applicable. </P>
<P
align=justify><B>G.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Statement
by Experts </B></P>
<P align=justify>Not applicable. </P>
<P
align=justify><B>H.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Documents
on Display </B></P>
<P align=justify>Exhibits attached to this Form 20-F are also available for
viewing at the offices of Taseko, Suite 1020 &#150; 800 West Pender Street,
Vancouver, British Columbia V6C 2V6 or on request of Taseko at 604-684-6365,
attention: Shirley Main. Copies of Taseko&#146;s financial statements and other
continuous disclosure documents required under the British Columbia
<I>Securities Act </I>are available for viewing on the internet at
www.SEDAR.com. Taseko&#146;s only material subsidiary, Gibraltar Mines Ltd., is also
a British Columbia corporation and the foregoing discussion of articles and
memorandum is generally applicable. </P>
<P
align=justify><B>I.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subsidiary
Information </B></P>
<P align=justify>Not applicable. </P>
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<P align=justify><B><FONT color=#0000ff>ITEM
11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transaction
Risk and Currency Risk Management </B></P>
<P align=justify>Taseko&#146;s operations do not employ financial instruments or
derivatives which are market sensitive. The Company has certain sales contracts
which are subject to transaction risk. </P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exchange
Rate Sensitivity </B></P>
<P align=justify>Taseko&#146;s revenues from the production and sale of copper and
molybdenum are denominated in US dollars; however the Company's operating
expenses are primarily incurred in Canadian dollars and its liabilities are
primarily denominated in Canadian dollars.The results of the Company&#146;s
operations are subject to currency transaction risk and currency translation
risk. The operating results and financial position of the Company are reported
in Canadian dollars in the Company&#146;s consolidated financial statements. The
fluctuation of the US dollar in relation to the Canadian dollar will
consequently have an impact upon the profitability of the Company and may also
affect the value of the Company&#146;s assets and the amount of shareholders&#146;
equity.</P>
<P align=justify>The Company&#146;s revenues and treatment and transportation charges
are substantially denominated in US dollars, whereas all other expenses are
substantially denominated in Canadian dollars.</P>
<P align=justify>The Company has not entered into any agreements or purchased
any instruments to hedge possible currency risks at this time.</P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Interest Rate Risk and Equity Price Risk </B></P>
<P align=justify>The Boliden Debenture, an obligation of the Company, is
non-interest bearing.<B> </B></P>
<P align=justify>The Company's royalty obligation amounting to approximately
$66.8 million at September 30, 2006 and $67.2 million at December 31, 2006, is
offset by a promissory note held by the Company. </P>
<P align=justify>The Company&#146;s Convertible Bonds carry a fixed interest rate of
7.125% per annum, and as such are not subject to fluctuations in interest rate.
</P>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity
Price Risk </B></P>
<P align=justify>The value of Taseko&#146;s resource properties can be said to relate
to the price of gold and copper and the outlook for same. Taseko does not have
any hedging or other commodity based risks respecting its operations. </P>
<P align=justify>Gold, copper and molybdenum prices historically have fluctuated
widely and are affected by numerous factors outside of the Company's control,
including, but not limited to, industrial and retail demand, central bank
lending, forward sales by producers and speculators, levels of worldwide
production, short-term changes in supply and demand because of speculative
hedging activities, and certain other factors related specifically to gold. </P>
<P align=justify>The profitability of the Company's operations is highly
correlated to the market price of copper, molybdenum, and gold. If metal prices
decline for a prolonged period below the cost of production of the Company's
Gibraltar mine, it may not be economically feasible to continue production. </P>
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<P align=justify><B><FONT color=#0000ff>ITEM
12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DESCRIPTION
OF SECURITIES OTHER THAN EQUITY SECURITIES </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt
Securities </B></P>
<P align=justify><I>(i)</I><I> </I><I>Convertible Bonds </I></P>
<P align=justify>On August 29, 2006, the Company issued US$30 million in
principal amount of five year convertible bonds due in 2011 (the "Bonds") to
qualified institutional buyers. The Bonds are convertible into the Company&#146;s
common shares. The Bonds constitute direct, unsubordinated, unsecured, general
and unconditional obligations of the Company.</P>
<P align=justify>The Bonds were issued at 100% and, if not converted, will be
redeemed at maturity at 101%. The Bonds carry coupon interest rates of 7.125%
per annum. The Bonds are convertible until August 19, 2011 at a conversion price
of US$3.35 ($3.76), or up to 8,955,224 common shares of the Company, which is a
premium of approximately 40% over the recent trading price of the Company&#146;s
shares at the time of closing. At any time after September 12, 2008, the Company
will have the right to call for the conversion of the Bond into the number of
shares as set out above, so long as the Company&#146;s shares trade at least 50%
above the conversion price for at least 20 business days in any period of 30
consecutive business days. On August 29, 2009, the Bondholders have a one time
right to redeem the Bonds at 100.60% . Debt issuance costs of $1.4 million were
incurred upon closing of the transaction and are being amortized over the first
redemption term of the Bonds. </P>
<P align=justify><I>(ii) Boliden Convertible Debenture </I></P>
<P align=justify>On July 21, 1999, in connection with the acquisition of the
Gibraltar mine, the Company issued a $17 million interest-free debenture to
BWCL, which is due on July 21, 2009, but is convertible into common shares of
the Company over a 10 year period commencing at a price of $3.14 per share in
year one and escalating by $0.25 per share per year thereafter ($4.89 per share
as at September 30, 2006). BWCL&#146;s purchase of the convertible debenture was
receivable as to $4,000,000 in July 1999, $1,000,000 on October 19, 1999,
$3,500,000 on July 21, 2000, and $8,500,000 by December 31, 2000, all of which
were received. BWCL has the right to convert, in part or in whole from time to
time, the debenture into fully paid common shares of the Company from year one
to year ten, but has not requested any conversions to date.</P>
<P align=justify>From the commencement of the sixth year to the tenth year, the
Company has the right to automatically convert the debenture into common shares
at the then-prevailing market price. The Company has the right and the intention
to settle the convertible debenture through the issuance of common shares,
notwithstanding the Company&#146;s right to settle the debenture with cash. </P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Warrants
and Rights </B></P>
<P align=justify>Not applicable. (No market exists for Taseko&#146;s warrants and
options. Taseko has issued no rights.) </P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
Securities </B></P>
<P align=justify>Not applicable. </P>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;American
Depositary Shares </B></P>
<P align=justify>Not applicable. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_96></A>
<P align=center><B><FONT color=#ff0000>- 93 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DEFAULTS,
DIVIDEND ARREARAGES AND DELINQUENCIES </FONT></B></P>
<P align=justify>Not applicable. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_97></A>
<P align=center><B><FONT color=#ff0000>- 94 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MATERIAL
MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
</FONT></B></P>
<P align=justify>Not applicable. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_98></A>
<P align=center><B><FONT color=#ff0000>- 95 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM 15<FONT
color=#000000>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>
CONTROLS AND PROCEDURES </FONT></B></P>
<P align=justify><B>Disclosure Controls and Procedures </B></P>
<P align=justify>As of the end of the period covered by this report, our
management carried out an evaluation, with the participation of our Chief
Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e)
under the <I>Securities Exchange Act of 1934 </I>(the &#147;Exchange Act&#148;)). Based
upon that evaluation, our Chief Executive Officer and Chief Financial Officer
concluded that, as of the end of the period covered by this report, our
disclosure controls and procedures were effective in recording, processing,
summarizing and reporting, on a timely basis, information required to be
disclosed by us in reports that we file or submit under the Exchange Act.</P>
<P align=justify>It should be noted that while our Chief Executive Officer and
our Chief Financial Officer believe that our disclosure controls and procedures
provide a reasonable level of assurance that they are effective, they do not
expect that our disclosure controls and procedures or internal control over
financial reporting will prevent all errors and fraud. A control system, no
matter how well conceived or operated, can provide only reasonable, not
absolute, assurance that the objectives of the control system will be met.</P>
<P align=justify><B>Management Report on Internal Control Over Financial Reporting
  </B></P>
<P align=justify>The management of the Company is responsible for establishing
and maintaining adequate internal control over financial reporting. The
Company&#146;s internal control system was designed to provide reasonable assurance
to the Company&#146;s management and the board of directors regarding the preparation
and fair presentation of published financial statements.</P>
<P align=justify>All internal control systems, no matter how well designed, have
inherent limitations. Therefore, even those systems determined effective can
provide only reasonable assurance with respect to financial statement
preparation and presentation.</P>
<P align=justify>An internal control significant deficiency is a control
deficiency, or combination of control deficiencies, that adversely affects the
Company&#146;s ability to initiate, authorize, record, process, or report external
financial data reliably in accordance with generally accepted accounting
principles such that there is more than a remote likelihood that a misstatement
of the Company&#146;s annual or interim financial statements that is more than
inconsequential will not be prevented or detected. An internal control material
weakness is a significant deficiency, or a combination of control deficiencies,
that results in more than a remote likelihood that a material misstatement of
the Company&#146;s annual or interim financial statements will not be prevented or
detected.</P>
<P align=justify>Management of the Company conducted an assessment of the
effectiveness of the Company&#146;s internal controls over financial reporting as of
September 30, 2006. Based on its assessment, management concluded that the
Company did not have effective review procedures associated with the Company&#146;s
accounting for income taxes and related disclosures. As a result, the Company
recorded adjustments, including a material adjustment related to the future
income tax asset valuation allowances, to correct errors in accounting and to
fairly present its financial statements as of and for the year ended September
30, 2006. </P>
<P align=justify>In order to remediate the material weakness identified in
Management&#146;s Report on Internal Control Over Financial Reporting, we have
retained tax consultants who are skilled in the area of taxation and related
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_99></A>
<P align=center><B><FONT color=#ff0000>- 96 - </FONT></B></P>
<P align=justify>financial reporting. The consultants have assisted the Company
in the preparation of its financial statements as of and for the year ended
September 30, 2006 and will continue assisting the Company in its quarterly and
annual financial statements with respect to income tax reporting. </P>
<P align=justify>Other than the material weakness discussed above, management
  concludes that the Company maintained effective internal controls over financial
  reporting as of September 30, 2006. </P>
<P align=justify>There were no changes in our internal control over financial
  reporting during the fiscal year ended September 30, 2006 that materially affected,
  or are reasonably likely to materially affect, our internal control over financial
  reporting (as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act).</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_100></A>
<P align=center><B><FONT color=#ff0000>- 97 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;AUDIT
COMMITTEE, CODE OF ETHICS, ACCOUNTANT FEES AND EXEMPTIONS </FONT></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Audit
Committee Financial Expert </B></P>
<P align=justify>Taseko&#146;s board of directors has determined that David M.S.
Elliott, who is a Canadian Chartered Accountant, is an &#147;audit committee
financial expert&#148; as defined by the rules of the SEC. The board of directors has
also determined that Mr. Elliott is "independent", as the term is defined by the
American Stock Exchange which is a national securities exchange. </P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Code
of Ethics </B></P>
<P align=justify>The Company has adopted a code of ethics that applies to the
Company&#146;s chief executive officer, the chief financial officer, and other
members of senior management. The Code of Ethics was filed as an exhibit to the
Form 20-F registration statement filed by the Company on December 17, 2005 and
is available for viewing on the Company&#146;s website at www.tasekomines.com.</P>
<P
align=justify><B>C.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal
Accountant Fees and Services </B></P>
<P align=justify>The following table discloses the aggregate fees billed for
each of the last two fiscal years for professional services rendered by the
Company&#146;s audit firm for various services. </P>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="90%" border=0>
    <TR vAlign=top>
      <TD style="BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid"
    align=left>Services: </TD>
      <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 1px solid" align=right width="17%">Year ended
      </TD>
      <TD style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
      <TD style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
      <TD style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 1px solid"
    align=right width="17%">Year ended </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">September 30, 2006 </TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%">September 30, 2005 </TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD style="BORDER-LEFT: #000000 1px solid" align=left
      bgColor=#e6efff>Audit Fees </TD>
      <TD align=left width="1%" bgColor=#e6efff>$</TD>
      <TD align=right width="17%" bgColor=#e6efff>&nbsp;407,500 </TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;89,750 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD style="BORDER-LEFT: #000000 1px solid" align=left>Audit-Related Fees
      </TD>
      <TD align=left width="1%">&nbsp;</TD>
      <TD align=right width="17%">18,000 </TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=left
width="2%">&nbsp;</TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=left
width="1%">&nbsp;</TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=right width="17%">&#150;
      </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" align=left
  width="2%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD style="BORDER-LEFT: #000000 1px solid" align=left bgColor=#e6efff>Tax
        Fees </TD>
      <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="17%" bgColor=#e6efff>32,000 </TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-RIGHT: #000000 0px solid" align=right width="17%"
    bgColor=#e6efff>18,500 </TD>
      <TD style="BORDER-RIGHT: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>All Other Fees </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">&#150;
      </TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%">&#150; </TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD style="BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left bgColor=#e6efff>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff><B>&nbsp;457,500 </B></TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" bgColor=#e6efff><B>$</B></TD>
      <TD
    style="BORDER-RIGHT: #000000 0px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="17%" bgColor=#e6efff><B>&nbsp;108,250 </B></TD>
      <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV>
<P align=justify><I>Audit Fees </I>consist of the aggregate fees billed for
professional services rendered by the principal accountant for the audit of the
Company&#146;s annual financial statements or services that are normally provided by
the accountant in connection with statutory and regulatory filings or
engagements. </P>
<P align=justify><I>Audit-Related Fees </I>consist of the aggregate fees billed
for assurance and related services by the principal accountant that are
reasonably related to the performance of the audit or review of the Company&#146;s
financial statements and are not reported under paragraph (a) of this Item. </P>
<P align=justify><I>Tax Fees </I>consist of the aggregate fees billed for
professional services rendered by the principal accountant for tax compliance,
tax advice, and tax planning. </P>
<P align=justify><I>All Other Fees </I>consist of the aggregate fees billed for
products and services provided by the principal accountant, other than the
services reported in paragraphs (a) through (c) of this Item. </P>
<P align=justify>The Company has procedures for the review and pre-approval of
any services performed by KPMG LLP. The procedures require that all proposed
engagements of KPMG LLP for audit and non-audit services are submitted to the
audit committee for approval prior to the beginning of any such services. The
audit committee routinely considers such requests at committee meetings, and if
acceptable to a majority of the </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_101></A>
<P align=center><B><FONT color=#ff0000>- 98 - </FONT></B></P>
<P align=justify>audit committee members, pre-approves such non-audit services
by a resolution authorizing management to engage the Company&#146;s auditors for such
non-audit services, with set maximum dollar amounts for each itemized service.
During such deliberations, the audit committee assesses, among other factors,
whether the services requested would be considered "prohibited services" as
contemplated by the US Securities and Exchange Commission and Canadian
regulatory rules, and whether the services requested and the fees related to
such services could impair the independence of the auditors. </P>
<P
align=justify><B>D.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Exemptions from Listing Standards for Audit Committees </B></P>
<P align=justify>Not applicable. </P>
<P
align=justify><B>E.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Purchases Of Equity Securities by the Issuer and Affiliated Purchasers </B></P>
<P align=justify>None. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_102></A>
<P align=center><B><FONT color=#ff0000>- 99 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
17&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL
STATEMENTS </FONT></B></P>
<P align=justify>The following attached financial statements are incorporated
herein: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>Report of the Independent Registered Public Accounting
      Firm on the consolidated balance sheets as at September 30, 2006 and 2005,
      and the consolidated statements of operations, deficit and cash flows for
      each of the years in the three year period ended September 30,
  2006;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Consolidated balance sheets as at September 30, 2006 and
      2005;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Consolidated statements of operations for each of the
      years in the three year period ended September 30, 2006;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>Consolidated statements of deficit for each of the years
      in the three year period ended September 30, 2006;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD>
      <P align=justify>Consolidated statements of cash flows for the periods
      referred to in (3) above;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD>
      <P align=justify>Notes to the consolidated financial
  statements;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_103></A>
<P align=center><B><FONT color=#ff0000>- 100 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
18&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FINANCIAL
STATEMENTS </FONT></B></P>
<P align=justify>The Company has elected to provide financial statements
pursuant to Item 17. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_104></A>
<P align=center><B><FONT color=#ff0000>- 101 - </FONT></B></P>
<P align=justify><B><FONT color=#0000ff>ITEM
19&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXHIBITS
</FONT></B></P>
<P align=justify>The following exhibits are included in this Annual Report on
Form 20-F: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><U>Exhibit </U></B></TD>
    <TD align=left width="90%" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B><U>Number </U></B></TD>
    <TD align=left width="90%" ><B><U>Description </U></B></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>1.01 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Certificate
        of Incorporation dated July 1991 (1) </P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>1.02 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Articles dated
        July 1991 (1) </P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>1.03 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Notice of Articles
        dated January 2005 (1) </P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>1.04 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Notice of Article
        issued February 10, 2006 (5)</P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.01 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Convertible
        Debenture July 21, 1999 in the principal amount of CDN $17,000,000 issued
        by Gibraltar to Boliden Westmin (Canada) Limited pursuant to the acquisition
        of the Gibraltar Mine (see Item 4 "The Gibraltar Mine") filed with 20-F
        in March 30, 2000.(1) </P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.02 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Geological Management
        and Administration Services Agreement dated for reference December 31,
        1996 filed with Form 20-F for fiscal year 1999 on March 30, 2000 (See
        Item 7 "Related Party Transactions"). (1) </P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.03 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>2006 Share Option
        Plan dated for reference March 22, 2006 (See Item 6 "Share Incentive Plan").
        (5) </P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.04 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Arrangement
        Agreement dated February 22, 2001 among Taseko, Misty Mountain Gold Limited
        and Gibraltar Mines Ltd., whereby Taseko caused Gibraltar to acquire the
        3 million ounce Harmony Gold Project in consideration of the issuance
        of Preferred Shares of Gibraltar which are convertible into shares of
        Taseko in the event of a liquidation event in connection with the Harmony
        Gold Project (see Item 4) (filed with Taseko&#146;s Annual Report on Form
        20-F for the year ended September 30, 2000 filed on March 31, 2001). (1)
      </P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.05 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Guarantee Agreement
        between Taseko and Province of British Columbia dated December 30, 2003.
        (2) </P></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_105></A>
<P align=center><B><FONT color=#ff0000>- 102 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><U>Exhibit </U></B></TD>
    <TD align=left width="90%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B><U>Number </U></B></TD>
    <TD align=left width="90%" ><B><U>Description </U></B></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp; </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>4.06 </TD>
    <TD width="90%" bgColor=#eeeeee >
      <P align=justify>Royalty Agreement dated September 29, 2004 between
      Gibraltar Mines Ltd., Wilshire Financial Services Inc. (4) </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.07 </TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify>Call Option Agreement dated September 29, 2004. among:
      688888 B.C. Ltd., Red Mile Resources Inc., in its capacity as general
      partner on behalf of all of the partners of Red Mile Resources Fund
      Limited Partnership, and Wilshire (GP) No. 2 Corporation, in its capacity
      as general partner on behalf of all of the partners of Red Mile Resources
      No. 2 Limited Partnership. (4) </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.08 </TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify>Funding Agreement dated September 29, 2004 between
      Gibraltar Mines Ltd. and Wilshire Financial Services Inc. (4) </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.09 </TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify>Funding Pledge Agreement dated September 29, 2004 between
      Wilshire Financial Services Inc., Gibraltar Mines Ltd. and Alberta Capital
      Trust Corporation. (4) </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.10 </TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify>Indemnification Agreement dated September 29, 2004
      between Gibraltar Mines Ltd. and Wilshire Financial Services Inc. (4)
    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.11 </TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify>Pledge, Priorities and Direction Agreement dated
      September 29, 2004 among Red Mile Resources Inc., in its capacity as
      general partner on behalf of all of the partners of Red Mile Resources
      Fund Limited Partnership, and Wilshire (GP) No. 2 Corporation, in its
      capacity as general partner on behalf of all of the partners of Red Mile
      Resources No. 2 Limited Partnership, Gibraltar Mines Ltd., 688888 B.C.
      Ltd., Wilshire Financial Services Inc, Alberta Capital Trust Corporation,
      Wilshire (GP) No. 2 Corporation, Red Mile Resources Inc., and all of the
      Limited Partners of Red Mile Resources Fund Limited Partnership. (4)
    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.12 </TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify>General Partner Share Purchase Agreement between Red Mile
      Resources Inc. as general partner on behalf of Red Mile Resources Fund
      Limited Partnership, Wilshire (GP) No. 2 Corporation as general partner on
      behalf of Red Mile Resources No. 2 Limited Partnership, Gibraltar Mines
      Ltd., 688888 BC Ltd. as Optionee dated September 29, 2004. (4) </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="90%" >
      <P align=justify>&nbsp;</P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.13 </TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify>Fee Agreement dated September 29, 2004 between Red Mile
      Resources Fund Limited Partnership and Taseko Mines Limited. (4)
</P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.14 </TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify>Shortfall Agreement between Red Mile Resources Inc. as
      general partner on behalf of Red Mile Resources Fund Limited Partnership,
      Wilshire (GP) No. 2 Corporation as general partner on behalf of Red Mile
      Resources No. 2 Limited Partnership, Wilshire Financial Services Inc.,
      Gibraltar Mines Ltd. (4) </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_106></A>
<P align=center><B><FONT color=#ff0000>- 103 - </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><U>Exhibit </U></B></TD>
    <TD align=left width="90%" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B><U>Number </U></B></TD>
    <TD align=left width="90%" ><B><U>Description </U></B></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.15 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>U.S. $30,000,000
        7.125% Convertible Notes due 2011 issued by Taseko Mines Limited on August
        29, 2006. The material agreements related to the Notes (all dated August
        29, 2006) are the Trust Deed between Taseko and The Law Debenture Corporation
        PLC (the &#147;Trustee&#148;) governing the Notes, and Paying and Conversion
        Agency Agreement between Taseko and Citibank and the Trustee governing
        the payment of interest and convertibility of the Notes. (7)</P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.16 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>CAD $11,500,000
        16% Convertible Secured Promissory Notes due August 31, 2007 purchased
        by Taseko as an investment from Continental Minerals Corporation on August
        31, 2006. (7)</P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>4.17 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Shareholder
        Rights Plan dated March 2007 (7)</P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>11.01 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Code of Ethics
        (1) </P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit12-1.htm">12.1</a> </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify><a href="exhibit12-1.htm">Certification
        of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley
        Act of 2002 </a></P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit12-2.htm">12.2 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify><a href="exhibit12-2.htm">Certification
        of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley
        Act of 2002 </a></P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit13-1.htm">13.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify><a href="exhibit13-1.htm">Certification
        of Chief Executive Officer pursuant to pursuant to 18 U.S.C. Section 1350,
        as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit13-2.htm">13.2 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify><a href="exhibit13-2.htm">Certification
        of Chief Financial Officer pursuant to pursuant to 18 U.S.C. Section 1350,
        as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify><a href="exhibit99-1.htm">Consolidated
        balance sheets as at September 30, 2006 and 2005; consolidated statements
        of operations, deficit, and cash flows for each of the years in the three-year
        period ended September 30, 2006 together with Report of Independent Public
        Accounting Firm thereon</a></P></TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>99.2 </TD>
    <TD align=left width="90%" bgColor=#eeeeee > <P align=justify>Management&#146;s
        discussion and analysis of financial condition and results of operations
        for the year ended September 30, 2006 (6) </P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >
  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD> <P align=justify>Filed as an exhibit to the Form 20-F Annual Report filed
        by Taseko in previous years.</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD> <P align=justify>Filed as an exhibit with Taseko&#146;s Annual Report
        on Form 20-F for the year ended September 30, 2003 filed on May 3, 2004.</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD> <P align=justify>Filed as an exhibit with Taseko&#146;s Annual Report
        on Form 20-F for the year ended September 30, 2004 filed on April 15,
        2005.</P></TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD> <P align=justify>Filed as an exhibit with Taseko&#146;s Annual Report
        on Amended Form 20-F for the year ended September 30, 2004 filed on June
        27, 2005.</P></TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD>(5)</TD>
    <TD>Filed as an exhibit with Taseko's Annual Report on Form 20-F for the year
      ended September 30, 2005 filed on April 18, 2006.</TD>
  </TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top width="5%">(6) </TD>
    <TD> <P align=justify>Incorporated by reference to the Corporation&#146;s
        Current Report on Form 6-K, furnished to the Securities and Exchange Commission
        on April 16, 2007.</P></TD>
  </TR>
  <TR>
    <TD vAlign=top>&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD vAlign=top>(7)</TD>
    <TD>Filed as an exhibit with Taseko&#8217;s Annual Report on Form 20-F for
      the year ended September 30, 2006 filed on April 17, 2007.</TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_107></A>
<P align=center><B><FONT color=#ff0000>- 104 - </FONT><BR><FONT
color=#0000ff>SIGNATURES </FONT></B></P>
<P align=justify>The registrant hereby certifies that it meets all of the
requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf. </P>
<P align=justify><B>TASEKO MINES LIMITED </B></P>
<P align=justify><I>/s/ Jeffrey R. Mason <BR></I>____________________
<BR>Jeffrey R. Mason, CA <BR>Director, Chief Financial Officer, and Secretary
</P>
<P align=justify>Date: April 13, 2007 </P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>2
<FILENAME>exhibit12-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit12-1.pdf">


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<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 12.1</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
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<P align=center>EXHIBIT 12.1 </P>
<P align=center>SARBANES-OXLEY CEO CERTIFICATION </P>
<P align=justify>I, Russell E. Hallbauer, Chief Executive Officer of Taseko
Mines Limited, certify that: </P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I have reviewed this Annual Report on Form 20-F of Taseko Mines Limited</P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the Company as of, and for,
the periods presented in this report; </P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s other certifying officers and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) for the Company and have: </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the Company, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Evaluated the effectiveness of the Company&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Disclosed in this report any change in the Company's internal control over
financial reporting that occurred during the period covered by the annual report
that has materially affected, or is reasonably likely to materially affect, the
Company's internal control over financial reporting; and </P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s other certifying officer(s) and I have disclosed, based on our
most recent evaluation of the internal control over financial reporting, to the
Company&#146;s auditors and the audit committee of Company&#146;s board of directors (or
persons performing the equivalent functions): </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the Company&#146;s ability to record, process, summarize and report
financial information; and</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Company&#146;s internal control over financial
reporting.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: </TD>
    <TD align=left width="94%" >April 13, 2007 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="94%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="94%" ><U><I>/s/ Russell Hallbauer
      </I></U></TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD align=left width="94%" >Russell E. Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="94%" >Chief Executive Officer
  </TD></TR></TABLE><BR>
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</TEXT>
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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>3
<FILENAME>exhibit12-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit12-2.pdf">


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<HR noshade align="center" width=100% size=3 color="black">
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<P align=center>EXHIBIT 12.2 </P>
<P align=center>SARBANES-OXLEY CFO CERTIFICATION </P>
<P align=justify>I, Jeffrey R. Mason, Chief Financial Officer of Taseko Mines
Limited, certify that: </P>
<P align=justify>1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
I have reviewed this Annual Report on Form 20-F of Taseko Mines Limited</P>
<P align=justify>2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on my knowledge, this report does not contain any untrue statement of a
material fact or omit to state a material fact necessary to make the statements
made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report; </P>
<P align=justify>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Based on my knowledge, the financial statements, and other financial information
included in this report, fairly present in all material respects the financial
condition, results of operations and cash flows of the Company as of, and for,
the periods presented in this report; </P>
<P align=justify>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s other certifying officers and I are responsible for establishing
and maintaining disclosure controls and procedures (as defined in Exchange Act
Rules 13a-15(e) and 15d-15(e)) for the Company and have: </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Designed such disclosure controls and procedures, or caused such disclosure
controls and procedures to be designed under our supervision, to ensure that
material information relating to the Company, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly
during the period in which this report is being prepared; </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Evaluated the effectiveness of the Company&#146;s disclosure controls and procedures
and presented in this report our conclusions about the effectiveness of the
disclosure controls and procedures, as of the end of the period covered by this
report based on such evaluation; and</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Disclosed in this report any change in the Company's internal control over
financial reporting that occurred during the period covered by the annual report
that has materially affected, or is reasonably likely to materially affect, the
Company's internal control over financial reporting; and </P>
<P align=justify>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The Company&#146;s other certifying officer(s) and I have disclosed, based on our
most recent evaluation of the internal control over financial reporting, to the
Company&#146;s auditors and the audit committee of Company&#146;s board of directors (or
persons performing the equivalent functions): </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
All significant deficiencies and material weaknesses in the design or operation
of internal control over financial reporting which are reasonably likely to
adversely affect the Company&#146;s ability to record, process, summarize and report
financial information; and</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Any fraud, whether or not material, that involves management or other employees
who have a significant role in the Company&#146;s internal control over financial
reporting.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: </TD>
    <TD align=left width="94%" >April 13, 2007 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="94%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="94%" ><U>/s/ Jeffrey Mason</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD align=left width="94%" >Jeffrey R. Mason </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="94%" >Chief Financial Officer
  </TD></TR></TABLE><BR>
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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>4
<FILENAME>exhibit13-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
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<HR noshade align="center" width=100% size=3 color="black">
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<P align=center>EXHIBIT 13.1 </P>
<P align=center>CERTIFICATION OF </P>
<P align=center>CHIEF EXECUTIVE OFFICER </P>
<P align=center>PURSUANT TO </P>
<P align=center>18 U.S.C. SECTION 1350, </P>
<P align=center>AS ADOPTED PURSUANT TO </P>
<P align=center>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </P>
<P align=justify>I, Russell E. Hallbauer, Chief Executive Officer of Taseko
Mines Limited (the &#147;Company&#148;), hereby certify pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that, to the best of my knowledge: </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Annual Report on Form 20-F of the Company for the fiscal year ended
September 30, 2006 (the &#147;Annual Report&#148;) fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the
information contained in the Annual Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: </TD>
    <TD align=left width="94%" >April 13, 2007 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="94%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="94%" ><U>/s/ Russell Hallbauer</U>
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD align=left width="94%" >Russell E. Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="94%" >Chief Executive Officer
  </TD></TR></TABLE>
<P align=justify>&nbsp;</P>
<P align=justify><I>This written statement is being furnished to the Securities
and Exchange Commission as an exhibit to the Company&#146;s Annual Report on Form
20-F. A signed original of this statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request.</I></P>
<P align=justify><I>This certification accompanies this Annual Report on Form
20-F pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not,
except to the extent required by such Act, be deemed filed by the Company for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except to the extent that the Company specifically incorporates it
by reference. </I></P>
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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>5
<FILENAME>exhibit13-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit13-2.pdf">


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<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 13.2</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>EXHIBIT 13.2 </P>
<P align=center>CERTIFICATION OF </P>
<P align=center>CHIEF FINANCIAL OFFICER </P>
<P align=center>PURSUANT TO </P>
<P align=center>18 U.S.C. SECTION 1350, </P>
<P align=center>AS ADOPTED PURSUANT TO </P>
<P align=center>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002 </P>
<P align=justify>I, Jeffrey R. Mason, Chief Financial Officer of Taseko Mines
Limited (the &#147;Company&#148;), hereby certify pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the
best of my knowledge: </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
the Annual Report on Form 20-F of the Company for the fiscal year ended
September 30, 2006 (the &#147;Annual Report&#148;) fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended;
and</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;the
information contained in the Annual Report fairly presents, in all material
respects, the financial condition and results of operations of the Company. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: </TD>
    <TD align=left width="94%" >April 13, 2007 </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="94%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="94%" ><U>/s/ Jeffrey Mason</U> </TD></TR>
  <TR vAlign=top>
    <TD align=left>By: </TD>
    <TD align=left width="94%" >Jeffrey R. Mason </TD></TR>
  <TR vAlign=top>
    <TD align=left>Title: </TD>
    <TD align=left width="94%" >Chief Financial Officer
  </TD></TR></TABLE>
<P align=justify>&nbsp;</P>
<P align=justify><I>This written statement is being furnished to the Securities
and Exchange Commission as an exhibit to the Company&#146;s Annual Report on Form
20-F. A signed original of this statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request.</I></P>
<P align=justify><I>This certification accompanies this Annual Report on Form
20-F pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not,
except to the extent required by such Act, be deemed filed by the Company for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except to the extent that the Company specifically incorporates it
by reference. </I></P>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>exhibit99-1.htm
<DESCRIPTION>FINANCIALS
<TEXT>
<!DOCTYPE HTML PUBLIC "finance.pdf">


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<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 99.1</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>&nbsp;</P>
<P align=center><IMG
src="tkologo.jpg" width="600" height="80"
border=0></P>
<BR>
<P align=center>CONSOLIDATED FINANCIAL STATEMENTS</P>
<P align=center>&nbsp;</P>
<P align=center>YEARS ENDED <BR>SEPTEMBER 30, 2006, 2005 and 2004</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>(Expressed in Canadian Dollars)</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A><br>
<IMG
src="kpmglogo.jpg" width="106" height="48"
border=0> <BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 8pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%"><B>KPMG LLP </B></TD>
    <TD align=left width="8%">Telephone </TD>
    <TD align=left width="12%" >(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%"><B>Chartered Accountants </B></TD>
    <TD align=left width="8%">Fax </TD>
    <TD align=left width="12%" >(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%">PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left width="8%">Internet </TD>
    <TD align=left width="12%" >www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%">Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="12%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="39%">Canada </TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="12%" >&nbsp; </TD></TR></TABLE></DIV>
<P align=justify><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
</B></P>
<P align=justify>To the Board of Directors <BR>Taseko Mines Limited </P>
<P align=justify>We have audited the accompanying consolidated balance sheets of
Taseko Mines Limited (the &#147;Company&#148;) as of September 30, 2006 and 2005 and the
related consolidated statements of operations, deficit and cash flows for each
of the years in the three-year period ended September 30, 2006. These
consolidated financial statements are the responsibility of the Company's
management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits. </P>
<P align=justify>We conducted our audits in accordance with the standards of the
Public Company Accounting Oversight Board (United States). Those standards
require that we plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes assessing the
accounting principles used and significant estimates made by management, as well
as evaluating the overall financial statement presentation. We believe that our
audits provide a reasonable basis for our audit opinion. </P>
<P align=justify>In our opinion, the consolidated financial statements referred
to above present fairly, in all material respects, the financial position of the
Company as of September 30, 2006 and 2005 and the results of its operations and
its cash flows for each of the years in the three-year period ended September
30, 2006 in conformity with Canadian generally accepted accounting principles.
</P>
<P align=justify>As discussed in note 4 to the consolidated financial
statements, the Company changed its method of accounting for convertible debt
during the year ended September 30, 2006. </P>
<P align=justify>Canadian generally accepted accounting principles vary in certain
  significant respects from accounting principles generally accepted in the United
  States of America. Information relating to the nature and effect of such differences
  is presented in note 19<B> </B>to the consolidated financial statements.</P>
<P align=justify><B><BR>/s/ KPMG LLP </B></P>
<P align=justify><BR>Chartered Accountants </P>
<P align=justify>Vancouver, Canada <BR>December 8, 2006, except for note 19
which is as of April 16, 2007 </P>
<P align=justify>&nbsp;</P>
<P align=justify><FONT size=1>KPMG LLP, a Canadian limited liability partnership
is the Canadian member firm of KPMG International, a Swiss cooperative.
</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=justify><B><FONT size=4><FONT size=5>TASEKO MINES
LIMITED</FONT><BR></FONT></B><B>Consolidated Balance Sheets<BR></B>(Expressed in
Canadian Dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">2006 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">2005 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><I>(restated - note 4)</I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>ASSETS </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current assets </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Cash and equivalents </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;89,407,801 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;21,728,789 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts receivable </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,342,044 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,746,378 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Inventory (note 5) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">24,217,881 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">20,874,231 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Prepaid expenses </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,221,297 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,914,214 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Investment (note 6) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">11,500,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Current portion of future income
      taxes (note 15) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,601,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,479,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Current
      portion of promissory note (note 8(e)) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">2,156,719 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">2,637,499 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>149,446,742 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>58,380,111 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Restricted cash </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">5,000,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Deferred financing costs </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,381,577 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Mineral properties, plant and equipment </B>(note 9) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">43,444,943 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9,916,992 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Assets under capital leases </B>(note
      10) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20,794,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Reclamation deposits </B>(note 13) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">32,004,138 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">18,281,420 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Promissory note </B>(note 8(e)) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>71,009,683 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>69,680,355 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Future income
      taxes </B>(note 15) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">174,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">8,944,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;297,461,083 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;190,996,878 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>LIABILITIES AND SHAREHOLDERS' EQUITY
    </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Current liabilities </B></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;21,960,232 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">$</TD>
    <TD align=right width="12%">&nbsp;13,082,146 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Current portion of capital lease
      obligation (note 11) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,092,334 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Current portion of deferred revenue (notes 3(b) and
      8(e)) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">19,759,131 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">14,748,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Current portion of royalty obligation
      (note 8(e)) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,156,719 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,637,499 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Income taxes
      (note 15) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">3,985,296 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">19,645,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>47,861,378 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>52,204,979 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Capital lease obligation </B>(note 11) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">12,984,805 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Income taxes </B>(note 15) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>21,058,378 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Royalty obligation </B>(note 8(e)) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">64,632,443 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">66,153,298 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Deferred revenue </B>(note 8(e)) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,225,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,400,000 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Convertible debt </B>(note 12) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">42,774,663 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">11,830,241 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Site closure and reclamation costs </B>(note 13) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>18,975,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>17,314,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">196,527,273 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">161,887,323 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Shareholders' equity </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Share capital (note 14) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>197,591,937 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>160,829,442 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Equity component of convertible debt (note 12) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">13,654,673 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9,822,462 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Tracking preferred shares (note 7)
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>26,641,948 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>26,641,948 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Contributed surplus (note 14(e)) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">3,647,716 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">5,334,614 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Deficit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(140,602,464</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(173,518,911</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">100,933,810 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">29,109,555 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Subsequent event (note 18) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Commitments (note
      8) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;297,461,083 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;190,996,878 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><I>See accompanying notes to consolidated financial
statements.</I></P>
<P align=justify><B>Approved by the Board of Directors</B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><I>/s/ Russell E. Hallbauer </I></TD>
    <TD align=left width="50%"><I>/s/ Jeffrey R. Mason </I></TD></TR>
  <TR vAlign=top>
    <TD align=left>Russell E. Hallbauer </TD>
    <TD align=left width="50%">Jeffrey R. Mason </TD></TR>
  <TR vAlign=top>
    <TD align=left>Director </TD>
    <TD align=left width="50%">Director </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=justify><B><FONT size=5>TASEKO MINES
LIMITED<BR></FONT></B><B>Consolidated Statements of Operations<BR></B>(Expressed
in Canadian Dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="7"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"> Years ended September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2006 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">2005 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">2004 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><I>(restated - note 4)</I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><I>(restated - note 4) </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Revenue </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Copper </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;140,340,929 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="13%">&nbsp;71,945,925 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="13%">&nbsp;&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Molybdenum </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>21,559,134 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>15,692,375 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">161,900,063 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">87,638,300 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cost of sales </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(103,627,678</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(71,348,118</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Depletion, depreciation
      and amortization </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(3,412,048</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">(2,657,165</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">(17,296</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Operating profit (loss) </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>54,860,337 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>13,633,017 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>(17,296</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Expenses (income) </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Accretion of reclamation obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,732,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,574,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,431,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Exploration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,544,081 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>505,586 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>4,597,968 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Foreign exchange </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(288,801</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">34,080 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Loss on sale of equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,160,992 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Loss on extinguishment of capital leases (note
      11) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">240,049 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;General and administration </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,286,039 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,411,688 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,693,067 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Ledcor termination fee (note 8(a)) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,500,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest and other income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(7,170,301</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(10,547,609</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(5,154,209</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Interest expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,593,622 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">3,175,353 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Interest accretion on convertible
      debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,280,099 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,075,478 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>977,705 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Premium paid for acquisition of Gibraltar Reclamation
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trust
      Limited Partnership </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>5,095,249 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Restart project </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">6,346,650 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">14,982,008 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Stock-based compensation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,182,102 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,129,026 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>5,172,244 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Write
      down of mineral property acquisition costs (note 8(c)) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">28,810,296 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>15,898,890 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>7,865,244 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>58,605,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings (loss) before income taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>38,961,447 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>5,767,773 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(58,622,624</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Income tax recovery (expense) (note 15) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4,397,000</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">4,099,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(23,744,000</TD>
    <TD align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Future income tax recovery (expense) (note
      15) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,648,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>13,423,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B>Earnings (loss)
      for the year </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;32,916,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="13%">&nbsp;23,289,773 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="13%">&nbsp;(82,366,624</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >) </TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Earnings (loss) per share </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Basic </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;0.29 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="13%">&nbsp;0.23 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="13%">&nbsp;(1.10</TD>
    <TD align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Diluted </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.26 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>0.21 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1.10</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Weighted average number of common shares
      outstanding </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Basic </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">113,553,556 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">100,021,655 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">75,113,426 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>126,462,009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>110,732,926 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>75,113,426 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>&nbsp;</P>
<P align=justify><B>Consolidated Statements of Deficit<BR></B>(Expressed in
Canadian Dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="7"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"> Years ended September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">2004
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Deficit, beginning of year </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(173,518,911</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="13%" bgColor=#e6efff>&nbsp;(196,808,684</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="13%" bgColor=#e6efff>&nbsp;(114,442,060</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Earnings (loss) for
      the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">32,916,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">23,289,773 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">(82,366,624</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff><B>Deficit, end of year </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;(140,602,464</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="13%"
    bgColor=#e6efff>&nbsp;(173,518,911</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="13%"
    bgColor=#e6efff>&nbsp;(196,808,684</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD>
  </TR>
</TABLE>
<P align=justify><I>See accompanying notes to consolidated financial
statements.</I></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=justify><B><FONT size=5>TASEKO MINES
LIMITED<BR></FONT></B><B>Consolidated Statements of Cash Flows<BR></B>(Expressed
in Canadian Dollars)</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colspan="7"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Years ended September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2006 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">2005 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">2004 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><I>(restated - note 4) </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%"><I>(restated - note 4) </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Operating activities </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Earnings (loss) for the year </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;32,916,447 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="13%">&nbsp;23,289,773 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="13%">&nbsp;(82,366,624</TD>
    <TD align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Items not involving cash </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accretion of reclamation obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,732,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,574,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,431,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Depreciation, depletion
      and amortization </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,412,048 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,657,165 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>17,296 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Interest accretion on convertible debt
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,280,099 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,075,478 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">977,705 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Loss on extinguishment
      of capital leases </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>240,049 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Loss on sale of equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">2,160,992 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Stock-based compensation
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,182,102 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,129,026 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>5,172,244 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Future income taxes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,648,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(13,423,000</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Unrealized foreign exchange
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>48,901 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Write down of mineral property acquisition
      costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">28,810,296 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Premium paid for acquisition
      of Gibraltar Reclamation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Trust Limited Partnership </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">5,095,249 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Shares issued for loan
      guarantee </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>450,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Shares issued pursuant to farmout agreement
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">935,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Changes in non-cash operating working
      capital </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,595,666</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(3,980,194</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(1,792,899</TD>
    <TD align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Inventories </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,343,650</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(20,874,231</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Prepaids </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">692,917 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(1,704,199</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accrued interest income
      on promissory note </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,311,069</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(4,145,474</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accounts payable and accrued liabilities
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">8,878,086 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(1,301,169</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">12,750,113 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Deferred revenue </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,836,131 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>14,398,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>1,750,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accrued interest expense on royalty obligation
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,460,886 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">1,433,797 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Income taxes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,398,674 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(4,099,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>23,744,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp; &nbsp;Site
      closure and reclamation expenditures </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(70,589</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Cash provided by (used for) operating activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>55,405,366 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>(1,809,036</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>(3,026,620</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Investing activities </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Purchase of property, plant and equipment </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(16,145,999</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(8,263,188</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(26,928,697</TD>
    <TD align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Proceeds received on sale of property,
      plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>22,067,711 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Restricted cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(5,000,000</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Funds advanced on promissory note </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(68,172,380</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Reclamation deposits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(13,000,000</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(401,311</TD>
    <TD align=left width="2%" >) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accrued interest income on reclamation
      deposits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(722,718</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(634,364</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(488,471</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Investment in
      convertible promissory note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(11,500,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&#150;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Cash provided by (used for) investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(36,368,717</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>8,170,159 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>(95,990,859</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Financing activities </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Principal repayments under capital lease obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(15,077,139</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(7,273,554</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Bank operating loan </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(1,857,740</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>(135,656</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Common shares issued for cash, net of issue costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">31,893,495 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">9,606,013 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">27,167,069 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Proceeds on sale of royalty </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>67,357,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Advances from Gibraltar Reclamation Trust Limited Partnership
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">17,097,792 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Convertible bonds issued, net of issue costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>31,826,007 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash provided by financing
      activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">48,642,363 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">474,719 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">111,486,205 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Increase in cash and equivalents </B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">67,679,012 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">6,835,842 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">12,468,726 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Cash and equivalents, beginning of year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>21,728,789 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>14,892,947 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>2,424,221 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B>Cash and equivalents,
      end of year </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>&nbsp;89,407,801 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="13%"><B>&nbsp;21,728,789 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="13%"><B>&nbsp;14,892,947 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Supplementary cash flow disclosures (note 16) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><I>See accompanying notes to consolidated financial
statements.</I></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise)
  </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>1. </B></TD>
    <TD>
      <P align=justify><B>NATURE OF OPERATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Taseko Mines Limited ("Taseko" or the "Company") is a
      public company incorporated under the laws of the Province of British
      Columbia. At September 30, 2006, the Company's principal business
      activities related to the operations of the Gibraltar Copper Mine, and
      exploration on the surrounding properties as well as exploration on the
      Company&#146;s 100% owned Prosperity Gold- Copper Property, and Harmony Gold
      Property. The Gibraltar property and the Prosperity gold property are
      located in south central British Columbia, Canada, near the City of
      Williams Lake. The Harmony gold property is located on Graham Island,
      Queen Charlotte Islands (also known as Haida Gwaii), British
    Columbia.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>2. </B></TD>
    <TD>
      <P align=justify><B>BASIS OF PRESENTATION</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>These financial statements have been prepared in
      accordance with Canadian generally accepted accounting principles. A
      reconciliation of material measurement differences between these
      principles and accounting principles generally accepted in the United
      States is shown in note 19. These consolidated financial statements
      include the accounts of the Company and all of its subsidiaries. All
      material intercompany accounts and transactions have been
    eliminated.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>3. </B></TD>
    <TD>
      <P align=justify><B>SIGNIFICANT ACCOUNTING
POLICIES</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(a) </I></TD>
    <TD>
      <P align=justify><I>Cash and equivalents</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Cash and equivalents consist of cash and highly liquid
      investments, having maturity dates of three months or less from the date
      of acquisition, that are readily convertible to known amounts of cash. At
      September 30, 2006, of the $89.4 million cash and cash equivalents held by
      the Company, $81.6 million (US$73.0 million) were held in United
      States-dollar-denominated cash and equivalents (2005 &#150; $21.1 million
      (US$18.2 million)).</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(b) </I></TD>
    <TD>
      <P align=justify><I>Revenue recognition</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Revenue from the sales of metal in concentrate is
      recognized when persuasive evidence of a sales agreement exists, the title
      and risk is transferred to the customer, collection is reasonably assured,
      and the price is reasonably determinable. Revenue from the sales of metal
      may be subject to adjustment upon final settlement of shipment weights,
      assays and estimated metal prices. Adjustments to revenue for metal prices
      are recorded monthly and other adjustments are recorded on final
      settlement. Cash received in advance of meeting these revenue recognition
      criteria is recorded as deferred revenue. At September 30, 2006, the
      Company had deferred revenues of $19.6 million (2005 &#150; $14.6 million)
      pertaining to cash received in advance of title and risk passing to the
      customer.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(c)</I> </TD>
    <TD>
      <P align=justify><I>Inventory</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Concentrate inventory consists of finished goods,
      work-in-process inventories and stockpiled ore. Concentrate inventory is
      valued based on the lower of average production cost or net realizable
      value. Production costs include the cost of raw materials, direct labour
      and mine-site overhead expenses and depreciation.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The costs of removing waste material in the process of
      mining ore, referred to as "stripping costs", are considered costs of the
      extracted minerals and recognized as a component of concentrate inventory
      to be recognized in cost of sales in the same period as the revenue from
      the sale of the concentrate inventory.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Supplies inventory is valued at the lower of average cost
      and replacement cost.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(d)</I> </TD>
    <TD>
      <P align=justify><I>Investment</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Investment consists of a convertible promissory note with
      a maturity date of less than one year, which is carried at the lower of
      cost and estimated realizable value.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(e)</I> </TD>
    <TD>
      <P align=justify><I>Deferred financing charges</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Deferred financing charges consist of expenses related to
      debt financing transactions and are amortized over the life of such debt
      facilities.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(f)</I> </TD>
    <TD>
      <P align=justify><I>Plant and equipment</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Plant and equipment are stated at cost less accumulated
      amortization. Mining and milling assets are amortized using the units of
      production method based on tons mined and milled, respectively, divided by
      the estimated tonnage to be recovered in the mine plan. Amortization for
      all other assets is calculated using the declining balance method at rates
      ranging from 10% to 50% per annum. Repairs and maintenance expenditures
      are charged to operations as incurred. Major improvements and replacements
      which extend the useful life of the asset are capitalized as
    incurred.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The costs of removing overburden material to access
      mineral deposits, referred to as "pre- stripping costs", are deferred and
      amortized using the units of production basis to cost of sales over the
      life of the mineral deposit accessed.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(g)</I> </TD>
    <TD>
      <P align=justify><I>Mineral property interests</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company capitalizes mineral property acquisition
      costs on a property-by-property basis. Exploration expenditures and option
      payments incurred prior to the determination of the feasibility of mining
      operations are charged to operations as incurred. Exploration and
      development expenditures incurred subsequent to such determination, to
      increase production, or to extend the life of existing production are
      capitalized, except as noted below. Such acquisition costs and deferred
      exploration and development expenditures are amortized over the
      estimated</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name="page_8"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE  style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD>
<P align="justify">life of the property, or written off to operations if the property is abandoned, allowed to lapse, or if there is little prospect of further work being carried out by the Company or its option or joint venture partners.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">All costs incurred by the Company during the standby care and maintenance period and restart at the Gibraltar mine were expensed as incurred, net of revenues earned during such period.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Mineral property acquisition costs include the cash consideration and the fair market value of common shares, issued for mineral property interests, pursuant to the terms of the relevant agreement. Payments relating to a property
acquired under an option or joint venture agreement, where such payments are made at the sole discretion of the Company, are recorded in the accounts upon payment.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Costs related to feasibility work and the development of processing technology are expensed as incurred. Costs incurred subsequent to the determination of the feasibility of the processing technology will be capitalized and
amortized over the life of the related plant.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Administrative expenditures are expensed as incurred.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The amount presented for mineral property interests represents costs incurred to date and accumulated acquisition costs, less write-downs, and does not necessarily reflect present or future values.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(h)</I> 	</TD>
	<TD>
<P align="justify"><I>Site closure and reclamation costs</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company accounts for site closure and reclamation costs in accordance with Canadian Institute of Chartered Accountants ("CICA") Handbook Section 3110, "<I>Asset Retirement Obligations</I>" ("HB 3110"). HB 3110 requires the
recognition of any statutory, contractual or other legal obligation related to the retirement of tangible long-lived assets when such obligations are incurred, if a reasonable estimate of fair value can be made.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">These obligations are measured initially at fair value and the resulting costs are capitalized to the carrying value of the related asset. In subsequent periods, the liability is adjusted for the accretion of the discount and any
changes in the amount or timing of the underlying future cash flows. The asset retirement cost is amortized to operations over the life of the asset. Changes resulting from revisions to the timing or the amount of the original estimate of
undiscounted cash flows are recognized as an increase or a decrease in the carrying amount of the liability, and the related asset retirement cost is capitalized as part of the carrying amount of the related long-lived asset.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(i)</I> 	</TD>
	<TD>
<P align="justify"><I>Impairment of long-lived assets</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Long-lived assets, including mineral properties, plant and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of
assets to be held and used is measured by a</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_9"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE  style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD>
<P align="justify">comparison of the carrying amount of an asset to estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is
recognized by the amount by which the carrying amount of the asset exceeds the fair value of the asset. Assets to be disposed of would be separately presented in the balance sheet and reported at the lower of the carrying amount and the fair value
less costs to sell, and are no longer amortized.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(j)</I> 	</TD>
	<TD>
<P align="justify"><I>Share capital</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company records proceeds from share issuances net of issue costs. Shares issued for consideration other than cash are valued at the quoted market price on the date of issue.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The proceeds, net of issue costs, from common shares issued pursuant to flow-through share financing agreements are credited to share capital and the tax benefits of these exploration expenditures are transferred to the purchaser
of the shares.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(k)</I> 	</TD>
	<TD>
<P align="justify"><I>Stock-based compensation</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company has a share option plan which is described in note 14(c). The Company records all stock-based payments granted on or after October 1, 2002 using the fair value method.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Under the fair value method, stock-based payments are measured at the fair value of the consideration received or the fair value of the equity instruments issued or liabilities incurred, whichever is more reliably measurable, and
are charged to operations over the vesting period. The offset is credited to contributed surplus.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Consideration received on the exercise of stock options is recorded as share capital and the related contributed surplus is transferred to share capital.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(l)</I> 	</TD>
	<TD>
<P align="justify"><I>Income taxes</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company uses the asset and liability method of accounting for income taxes. Under this method, future income tax assets and liabilities are computed based on differences between the carrying amounts of assets and liabilities
on the balance sheet and their corresponding tax values, generally using the substantively enacted or enacted income tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or
settled. Future income tax assets also result from unused loss carry forwards, resource-related pools, and other deductions. Future tax assets are recognized to the extent that they are considered more likely than not to be realized. The valuation
of future income tax assets is adjusted, if necessary, by the use of a valuation allowance to reflect the estimated realizable amount.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(m)</I> 	</TD>
	<TD>
<P align="justify"><I>Earnings (loss) per common share</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Basic earnings (loss) per common share is based on the weighted average number of common shares outstanding during the period.</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_10"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE  style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD>
<P align="justify">Diluted earnings (loss) per share is calculated using the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding used for the calculation of diluted earnings per share
includes the underlying common shares related to the tracking preferred shares and convertible debt on an if-converted basis and assumes that the proceeds to be received on the exercise of dilutive share options and warrants are used to repurchase
common shares at the average market price of the common shares for the year.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In periods of loss, under the treasury stock method, the basic and diluted loss per share are the same as the effect of common shares issuable upon the exercise of warrants and stock options of the Company would be
anti-dilutive.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(n)</I> 	</TD>
	<TD>
<P align="justify"><I>Variable interest entities</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company accounts for variable interest entities (&#147;VIE&#148;) in accordance with CICA Accounting Guideline 15, "Consolidation of Variable Interest Entities" ("AcG15"). AcG15 prescribes the application of consolidation
principles for entities that meet the definition of a VIE. An enterprise holding other than a voting interest in a VIE could, subject to certain conditions, be required to consolidate the VIE if it is considered its primary beneficiary whereby it
would absorb the majority of the VIE&#146;s expected losses, receive the majority of its expected residual returns, or both.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(o)</I> 	</TD>
	<TD>
<P align="justify"><I>Fair value of financial instruments</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The carrying amounts of cash and equivalents, accounts receivable, reclamation deposits, and accounts payable and accrued liabilities approximate their fair values due to their short term nature.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The carrying values of the promissory note, convertible bonds (note 12(a)) and the royalty obligation approximate their fair values.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The fair values of the Boliden convertible debenture (note 12(b)) and the tracking preferred shares are not readily determinable with sufficient reliability due to the difficulty in obtaining appropriate market information. It is
not practicable to determine the fair value of the investment and advances from related parties because of the related party nature of such amounts and the absence of a secondary market for such instruments. Details of the terms of these financial
instruments are disclosed in these notes to the consolidated financial statements.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(p)</I> 	</TD>
	<TD>
<P align="justify"><I>Use of estimates</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of revenue and expenses during the reporting year. Significant areas requiring the use of management estimates relate to the impairment of mineral property interests and plant and equipment, the balances
of</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>reclamation liability and capital lease obligation,
      income taxes, valuation allowances for future income tax assets, rates for
      depletion, depreciation and amortization, the assumptions used in
      computing stock-based compensation, the fair value of the option to
      convert the debenture into common shares and future cash flows related
      thereto, receivables from sales of concentrate and valuation of
      concentrate inventory, and the determination of mineral reserves and mine
      life. Actual results could differ from these estimates.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(q)</I> </TD>
    <TD>
      <P align=justify><I>Segment disclosures</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company operates in a single reportable operating
      segment, the exploration, development and operation of mineral property
      interests, within the geographic area of British Columbia,
  Canada.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(r)</I> </TD>
    <TD>
      <P align=justify><I>Comparative figures</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Certain of the prior years' comparative figures have been
      restated to conform with the presentation adopted for the current
    year.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>4.</B> </TD>
    <TD>
      <P align=justify><B>CHANGE IN ACCOUNTING POLICY</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Effective October 1, 2005 the Company adopted certain new
      provisions of the CICA Handbook Section 3860, &#147;<I>Financial Instruments &#150;
      Disclosure and Presentation&#148;</I>, which came into effect on that date. The
      standard requires that convertible debentures which may be settled in
      cash, or by a variable number of common shares of the Company at the
      Company's discretion, be presented as a liability. This change has been
      applied retroactively. The consolidated balance sheet as at September 30,
      2005 has been amended to present the liability component and equity
      component separately on the balance sheet. The accretion charges that were
      previously recorded through deficit are now recorded as interest accretion
      on convertible debt in the consolidated statement of operations. For the
      year ended September 30, 2005, this amounted to $1,075,478 (2004 &#150;
      $977,705). For the year ended September 30, 2006 this amounted to
      $1,183,024. This change had no effect on earnings (loss) per
  share.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD>
      <P align=justify><B>INVENTORY</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Copper concentrate </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;16,212,600 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;16,284,800 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Ore in process </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,114,200 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Materials and supplies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,891,081 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4,589,431 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;24,217,881 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;20,874,231 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD>
      <P align=justify><B>INVESTMENT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Continental Convertible Promissory Note </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;11,500,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On August 29, 2006 (&#147;Closing&#148;), the Company purchased
      from Continental Minerals Corporation (&#147;Continental&#148;), a related public
      company with certain directors in common with the Company, a one-year
      Convertible Secured Promissory Note of Continental (the &#147;Note&#148;) in the
      amount of $11.5 million.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has the right to convert any or the entire
      principal then outstanding under the Note, plus a 5% premium into
      Continental common shares at $2.05 per share if the Note is converted
      within the first six months or, at $2.25 per share if converted in the
      second six months after the Closing. In addition, upon conversion of the
      Note, the Company will acquire a right of first refusal (the &#147;Pre-Emptive
      Right&#148;) for up to five years, during which time the Company may purchase
      up to 50% of any equity or convertible securities, except certain normal
      course securities offerings and strategic alliances, offered by
      Continental in a subsequent financing until a maximum of 19.9% of
      Continental&#146;s then outstanding shares on a fully diluted basis is held by
      the Company. If the Company fails to exercise the Pre-Emptive Right in
      regards to any offered securities under a future financing, the
      Pre-Emptive Right thereupon expires.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Note provides for interest at the rate of 16% per
      annum payable monthly. Interest is payable in cash, or at the Company&#146;s
      election, in Continental common shares based upon the higher of the five
      day volume weighted average of the closing price of Continental&#146;s common
      shares at the time the interest payment is due or at closing, being $1.55.
      The Note is secured by an indirect pledge of Continental&#146;s 60% interest in
      the Xietongmen property, which security interest will be subordinated, if
      necessary, to any security interest granted by Continental in respect of
      senior debt of which none is outstanding at September 30, 2006.
      Continental retains the right to pre-pay the Note on 10 days notice, after
      180 days from Closing.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD>
      <P align=justify><B>ARRANGEMENT AGREEMENT (TRACKING PREFERRED SHARES AND
      HARMONY GOLD PROPERTY)</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In October 2001, the Company and its subsidiary Gibraltar
      Mines Ltd. ("Gibraltar") completed the acquisition of the Harmony Gold
      Property and related assets from Continental, for 12,483,916 series "A"
      non-voting tracking preferred shares of Gibraltar and $2.23 million cash.
      The tracking preferred shares were recorded at $26,641,948 and are
      designed to track and capture the value of the Harmony Gold Property and
      will be redeemed for common shares of Taseko upon a realization event,
      such as a sale of the Harmony Gold Property to a third party or commercial
      production at the Harmony Gold Property or, at the option of Gibraltar, if
      a realization event has not occurred within ten years. Accordingly, the
      tracking preferred shares have been classified within shareholders&#146; equity
      on the consolidated balance sheet.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As previously noted, the Gibraltar tracking preferred
      shares are redeemable for common shares of Taseko upon the occurrence of
      certain value realization events for the Harmony Gold Property. The
      tracking preferred shares are redeemable at specified prices per common
      share of Taseko starting at $3.39 and escalating by $0.25 per year,
      currently at $4.64 (as of September 30, 2006). If a realization event does
      not occur on or before October 16, 2011, Gibraltar has the right to redeem
      the tracking preferred shares for Taseko common shares at a deemed price
      equal to the greater of the then average 20 day trading price of the
      common shares of Taseko and $10.00. The Taseko common shares to be issued
      to Continental upon a realization event will in turn be distributed
      pro-rata, after adjustment for any taxes, to the holders of redeemable
      preferred shares of Continental that were issued to Continental
      shareholders at the time of the Arrangement Agreement.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>8.</B> </TD>
    <TD>
      <P align=justify><B>MINERAL PROPERTY
INTERESTS</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Gibraltar Copper Mine (note 8(a)) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;2,626,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;1,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Prosperity Gold-Copper Property (note 8(b)) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Harmony Gold Property (note 8(c)) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>&nbsp;2,628,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    ><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%"><B>&nbsp;3,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(a)</I> </TD>
    <TD>
      <P align=justify><I>Gibraltar Copper Mine</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In July 1999, the Company acquired a 100% interest in the
      Gibraltar Copper Mine mineral property, located near Williams Lake,
      British Columbia, Canada from Boliden Westmin (Canada) Limited ("BWCL")
      for $3.3 million. The acquisition of the Gibraltar mine, which had been on
      care and maintenance since 1998, included plant and equipment and supplies
      inventory of the Gibraltar mine, and $8 million of funds set aside for
      future reclamation. As part of its 1999 operating permits, the Company had
      agreed to incur a total of $4 million on reclamation and environmental
      programs during the six year period July 1999 to July 2005. The Gibraltar
      mine final reclamation and closure plan is updated every five years. The
      most recent reclamation plan and closure report was approved by the
      British Columbia Ministry of Energy and Mines in 2004. Pursuant to this
      approved closure plan, the Ministry agreed that the Company had satisfied
      the $4 million reclamation obligation required under the 1999 operating
      permits.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The agreement contained certain indemnification clauses.
      The $8 million of funds set aside for future reclamation were considered a
      "Qualified Environmental Trust" for Canadian income tax purposes. During
      the year ended September 30, 2003, the Government of British Columbia
      released these funds from the Trust, which resulted in an income inclusion
      to the Company, and consequently resulted in the Company utilizing $3.57
      million of tax pools otherwise available to it. The Company has made a
      claim to BWCL for this estimated tax liability under the indemnification
      terms of the agreement. No amount has been recognized in these
      consolidated financial statements related to this
claim.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name="page_14"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE  style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
<TD width=5%></TD>	<TD>
<P align="justify">During the year ended September 30, 2004, the Company commenced restart activities and entered into an agreement with Ledcor CMI Ltd. and Ledcor Mining Ltd. (together "Ledcor"), whereby Ledcor would finance certain equipment and
commission, restart, and operate the Gibraltar mine. Ledcor&#146;s primary responsibility was the commissioning and the operating of the mine in addition to other aspects of mine operations, including drilling, blasting, loading and hauling of ore
and waste as well as the recruitment of personnel and the maintenance of equipment and facilities. Pursuant to the agreement, the Company is required to maintain a bank account with a balance of at least &#36;5 million in a "product revenue
account", for the purposes of providing a working capital reserve for operations and general administrative costs. The Company granted a general security agreement in favour of Ledcor in the amount of &#36;5.8 million and a second charge on certain
mine equipment with an appraised fair value of at least &#36;5.8 million.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In July 2006, the Company effected a notice of voluntary withdrawal from the agreement established with Ledcor. Under this notice and effective November 2006, the Company will assume responsibility as operator of the Gibraltar
mine and will pay to Ledcor a termination fee of &#36;3.5 million. This termination fee has been accrued for in the consolidated financial statements for the year ended September 30, 2006.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(b)</I> 	</TD>
	<TD>
<P align="justify"><I>Prosperity Gold-Copper Property</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company owns 100% of the Prosperity Gold-Copper Property, consisting of 196 mineral claims covering the mineral rights for approximately 85 square km in the Clinton Mining Division in south central British Columbia, Canada.
The &#36;28.66 million cash and share consideration to acquire the Prosperity property was written down to a nominal &#36;1,000 value in fiscal 2001, to reflect the extended depressed conditions in the metals markets at that time.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In May 2005, the Company entered into an option agreement with Amarc Resources Ltd ("Amarc"), a public company with certain directors in common with Taseko, for Amarc to earn a 50% interest in the Wasp and Anvil properties
currently held by Taseko, which are located approximately 15 kilometers southeast of the Company's Prosperity project. Amarc was the operator and could have acquired its interest by incurring &#36;150,000 of exploration expenditures over a two year
period. During the year ended September 30, 2006, Amarc terminated the option agreement on these properties.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(c)</I> 	</TD>
	<TD>
<P align="justify"><I>Harmony Gold Property</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Under the terms of an arrangement agreement (note 7), the Company acquired a 100% interest in the Harmony Gold Property in fiscal 2002.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The Company does not believe there has been a fundamental change in the nature of the Harmony Gold Property; however, as the Company had not conducted significant exploration or development on the property in the last several
years the Harmony Gold Property was written down to a nominal value of &#36;1,000 during the year ended September 30, 2004.</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name="page_15"></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR><TABLE  style="font-size:10pt;border-color:black;border-collapse:collapse;" cellpadding="0" cellspacing="0" width="100%" border="0">
<TR>
	<TD width=5% valign=top>
<I>(d)</I> 	</TD>
	<TD>
<P align="justify"><I>Gibraltar Reclamation Trust Limited Partnership ("GRT Partnership")</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In December 2003, the GRT Partnership completed a private placement of limited partnership units for aggregate proceeds of &#36;18.6 million, and entered into a joint venture arrangement with Gibraltar, with the purpose of
restarting the Gibraltar mine with the funds raised. Gibraltar, as its contribution to the joint venture, was to contribute the use of its mine assets and fund the start-up expenses of the Gibraltar mine, and the GRT Partnership funded a qualifying
environmental trust ("QET"), which consequently allowed Gibraltar to access other funds then held by the Government of British Columbia as a security for the mine&#146;s environmental reclamation obligations. Under the joint venture agreement, the
GRT Partnership was to be entitled to certain revenues or production share from the Gibraltar mine following the resumption of production.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In March 2004, the Company issued 7,967,742 common shares at &#36;2.79 per share for total consideration of &#36;22.23 million to acquire all of the units of the GRT Partnership. In conjunction with this agreement, certain
directors and officers of the Company personally guaranteed certain obligations to third parties on behalf of the Company to the extent of &#36;4.5 million. In consideration for the guarantee, the Company issued 225,000 common shares at &#36;2.00
per share to those directors and officers.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
	<TD width=5% valign=top>
<I>(e)</I> 	</TD>
	<TD>
<P align="justify"><I>Royalty Agreement (promissory note and royalty obligation)</I></P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">In September 2004, the Company entered into agreements with an unrelated investment partnership, Red Mile Resources No. 2 Limited Partnership ("Red Mile"). Gibraltar sold to Red Mile a royalty for &#36;67.357 million cash, which
cash was received on September 29, 2004. These funds were subsequently loaned to a trust company (and a promissory note received) and the Company pledged the promissory note along with interest earned and to be earned thereon for a total of
&#36;70.2 million to secure its royalty obligations under the agreements.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">At September 30, 2006, the promissory note amounted to &#36;73,166,402 (2005 &#150; &#36;72,317,854), of which &#36;2,156,719 is current, while the royalty obligation amounted to &#36;66,789,162 (2005 &#150; &#36;68,790,797) of
which &#36;2,156,719 is current.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Pursuant to the agreements, the Company received an aggregate of &#36;10.5 million in fees and interest for services performed in relation to the Red Mile transaction, of which &#36;5.25 million was received in each of September
and December of 2004, and included in interest and other income.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">The amount of &#36;5.25 million received in September 2004 included &#36;1.75 million for indemnifying an affiliate of Red Mile from any claims relating to a breach by Gibraltar under the royalty agreement. The funds received in
respect of the indemnification are presented as deferred revenue, and are recognized over the expected remaining life of the royalty agreement, with &#36;1,400,000 (2005 &#150; &#36;1,575,000) remaining as deferred as at September 30, 2006, of which
&#36;175,000 is classified as current.</P>
	</TD>
</TR>
<TR><TD>&nbsp;</TD><TD>&nbsp;</TD></TR><TR>
<TD width=5%></TD>	<TD>
<P align="justify">Annual royalties will be payable by Gibraltar to Red Mile at rates ranging from &#36;0.01 per pound to &#36;0.14 per pound of copper produced during the period from the commencement of commercial production (as defined in the
agreement) to the later of (i) December 2014 and (ii) five years after</P>
	</TD>
</TR>
</TABLE>
<BR>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<A name=page_16></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>the end of commercial production from
the mine. For the year ended September 30, 2006, Gibraltar paid a royalty of
$0.0607 per pound of copper produced to Red Mile. Gibraltar is entitled to have
released to it funds held under the promissory note and interest thereon to fund
its royalty obligations to the extent of its royalty payment obligations.</P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has a pre-emptive option to
effectively purchase ("call") the royalty interest by acquiring the Red Mile
partnership units at a future date in consideration of a payment which is (i)
approximately equal to the funds received by the Company less royalty payments
to date, or (ii) fair value, whichever is lower. Under certain circumstances,
the investors in Red Mile also have a right to sell ("put") their Red Mile
partnership units to the Company at fair value; however such right is subject to
the Company's pre-emptive right to exercise the "call" in advance of any "put"
being exercised and completed. </P>
<P style="MARGIN-LEFT: 5%" align=justify>The Company has granted to Red Mile a
net profits interest ("NPI"), which survives any "put" or "call" of the Red Mile
units. The NPI is applicable for the years 2011 to 2014 and is 2% if the price
of copper averages US$2.50 to US$2.74 per pound, 3% if the price of copper
averages US$2.75 to US$2.99 per pound and 4% if the price of copper averages
US$3.00 per pound or greater for any year during that period. The US-dollar
pricing amounts specified above are based upon an exchange rate of US$0.75 for
Cdn$1.00, and shall be adjusted from time to time by any variation of such
exchange rates. No NPI is payable until the Company reaches a pre-determined
aggregate level of revenues less defined operating costs and expenditures. No
NPI is payable at September 30, 2006. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In accordance with AcG15, the Company
has determined that the royalty agreement created certain variable interest
entities for which the Company holds a variable interest. However, as the
Company is not the primary beneficiary under the agreement, it is not required
to consolidate any of such entities. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>9.</B> </TD>
    <TD>
      <P align=justify><B>MINERAL PROPERTIES, PLANT AND
  EQUIPMENT</B></P></TD></TR></TABLE><BR>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD width="5%"  >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left><B>Plant and equipment
        - Gibraltar Mine</B> </TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="9%">&nbsp; </TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="9%">&nbsp; </TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left width="8%">&nbsp; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid">September
        30, 2006 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="1%"
    >&nbsp;</TD>
      <TD colspan="7" align=center style="BORDER-BOTTOM: #000000 1px solid">September
        30, 2005 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left>&nbsp; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="8%">&nbsp; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="9%">Accumulated </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">Net book </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="8%">&nbsp; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="9%">Accumulated </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">Net book </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">Cost
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">Amortization </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">value
      </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">Cost
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%">amortization </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">value
      </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left bgColor=#e6efff>Buildings and equipment </TD>
      <TD align=left width="1%"  bgColor=#e6efff>$</TD>
      <TD align=right width="8%" bgColor=#e6efff>&nbsp;6,059,655 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>$</TD>
      <TD align=right width="9%" bgColor=#e6efff>&nbsp;1,442,256 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>$</TD>
      <TD align=right width="8%" bgColor=#e6efff>&nbsp;4,617,399 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>$</TD>
      <TD align=right width="8%" bgColor=#e6efff>&nbsp;6,059,655 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>$</TD>
      <TD align=right width="9%" bgColor=#e6efff>&nbsp;929,212 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>$</TD>
      <TD align=right width="8%" bgColor=#e6efff>&nbsp;5,130,443 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left>Mine equipment (note 10) </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">35,679,559 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="9%">7,493,428 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">28,186,131 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">11,259,369 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="9%">3,237,581 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">8,021,788 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left bgColor=#e6efff>Plant and equipment </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="8%" bgColor=#e6efff>14,636,690 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="9%" bgColor=#e6efff>1,222,963 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="8%" bgColor=#e6efff>13,413,727 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="8%" bgColor=#e6efff>4,434,090 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="9%" bgColor=#e6efff>986,814 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="8%" bgColor=#e6efff>3,447,276 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left>Vehicles </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">992,245 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="9%">498,480 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">493,765 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">916,288 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="9%">311,281 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">605,007 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left bgColor=#e6efff>Computer equipment </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="8%" bgColor=#e6efff>1,765,921 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="9%" bgColor=#e6efff>915,385 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="8%" bgColor=#e6efff>850,536 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="8%" bgColor=#e6efff>1,057,681 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="9%" bgColor=#e6efff>384,467 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="8%" bgColor=#e6efff>673,214 </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left>Land </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">152,230 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="9%">&#150; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">152,230 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">&#150; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="9%">&#150; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">&#150; </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Deferred pre-stripping costs </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>285,426 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff>&#150; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>285,426 </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&#150; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff>&#150; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>&#150; </TD>
      <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Total Gibraltar
        mine </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;59,571,726 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;11,572,512 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;47,999,214 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;23,727,083 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="9%">&nbsp;5,849,355 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;17,877,728 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%" >&nbsp;</TD>
      <TD bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Mineral property
        interests </B>(note 8) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;2,628,000 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;3,000 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%" >&nbsp;</TD>
      <TD bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Net asset retirement
        obligation adjustment</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(7,182,271</TD>
      <TD align=left width="2%" >) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="8%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="9%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">&nbsp;(7,963,736</TD>
      <TD align=left width="1%" >) </TD>
    </TR>
    <TR>
      <TD width="5%" >&nbsp;</TD>
      <TD bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="9%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
      <TD width="8%" bgColor=#e6efff>&nbsp; </TD>
      <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left><B>Mineral properties,
        plant and equipment</B> </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="8%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="9%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;43,444,943 </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="8%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="9%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="8%">&nbsp;9,916,992 </TD>
      <TD align=left width="1%"
>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>As at September 30, 2006, approximately $8.6 million
      (2005 &#150; nil) of plant and equipment is under construction and not being
      amortized.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>10.</B> </TD>
    <TD>
      <P align=justify><B>ASSETS UNDER CAPITAL
LEASES</B></P></TD></TR></TABLE><BR>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD width="5%"  >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left >&nbsp; </TD>
      <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
      <TD colspan="7"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">September
        30, 2006 </TD>
      <TD align=center width="2%" >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="1%" >&nbsp;</TD>
      <TD colspan="7"
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid" >September 30, 2005 </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left >&nbsp; </TD>
      <TD align=right width="1%" >&nbsp;</TD>
      <TD align=right width="8%">&nbsp;</TD>
      <TD align=right width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%" >Accumulated&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">Net book </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD align=right width="1%" >&nbsp;</TD>
      <TD align=right width="8%" >&nbsp;</TD>
      <TD align=right width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">Accumulated </TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=left width="1%" >&nbsp;</TD>
      <TD align=right width="8%">Net book </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left >&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="8%">Cost</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    >amortization&nbsp;&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">value
      </TD>
      <TD align=left width="2%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    >Cost&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%">amortization </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">value
      </TD>
      <TD align=left width="1%" >&nbsp;</TD>
    </TR>
    <TR>
      <TD width="5%" >&nbsp;</TD>
      <TD >&nbsp; </TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="8%">&nbsp; </TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="8%">&nbsp; </TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="8%">&nbsp; </TD>
      <TD width="2%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="8%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="8%">&nbsp; </TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="1%" >&nbsp;</TD>
      <TD width="8%">&nbsp; </TD>
      <TD width="1%" >&nbsp;</TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left bgColor=#e6efff
    >Mine equipment </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%"
    bgColor=#e6efff>&nbsp;&#150; </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%"
    bgColor=#e6efff>&#150; </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%"
    bgColor=#e6efff>&nbsp;&#150; </TD>
      <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%"
     bgColor=#e6efff>&nbsp;22,350,693&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%"
    bgColor=#e6efff>&nbsp;1,556,693 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="8%"
    bgColor=#e6efff>&nbsp;20,794,000 </TD>
      <TD align=left width="1%"
  bgColor=#e6efff>&nbsp;</TD>
    </TR>
  </TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>In fiscal 2004, the Company purchased a
mining shovel and five mine haul trucks for approximately $23.7 million. In
October 2004, the Company sold the mining equipment for approximately $22.0
million, of which approximately $17.5 million was received, net of a 20% down
payment (approximately $4.5 million) which was funded by the Company. The
purchaser leased the mining equipment to a subsidiary of Ledcor, and this
equipment was used at the Gibraltar mine. The Company accounted for this
transaction as a sale-leaseback transaction, and recorded a loss on sale of
approximately $2.2 million during the year ended September 30, 2005. </P>
<P style="MARGIN-LEFT: 5%" align=justify>In April 2006, the Company re-acquired
the mining shovel and five mine haul trucks for approximately $14.5 million and
extinguished the lease obligations to which they relate (note11). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>11.</B> </TD>
    <TD>
      <P align=justify><B>CAPITAL LEASE
OBLIGATION</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Total capital lease obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;15,077,139 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Less: principal
      amounts due within one year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(2,092,334</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Capital lease obligation &#150; long term </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;12,984,805 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company had certain mining equipment which it
      acquired pursuant to a sale-leaseback arrangement in October 2004 (note
      10). The associated capital leases were payable in US dollars at variable
      floating interest rates ranging from approximately 6% to 10%. These
      capital leases had terms of 48 months, and were secured by the mining
      equipment to which they relate. In April 2006, the Company agreed with the
      lessor to acquire the equipment for approximately $14.5 million and
      consequently, the remaining lease obligations were extinguished and the
      Company recorded a loss on the early lease extinguishment of
    $240,049.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>12.</B> </TD>
    <TD>
      <P align=justify><B>CONVERTIBLE DEBT</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="14%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2006 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">2005 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%"><I>(restated &#150; note 4</I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><I>)</I> </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Liability Component</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Convertible Bonds &#150; August 2006 </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;29,761,398 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="14%">&nbsp;&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Convertible Debenture &#150; Boliden </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>13,013,265 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>11,830,241 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Convertible Debt &#150; Liability Component </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;42,774,663 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>&nbsp;11,830,241 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Equity Component</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Convertible Bonds &#150; August 2006 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;3,832,211 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="14%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Convertible
      Debenture &#150; Boliden </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">9,822,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">9,822,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Convertible Debt
      &#150; Equity Component </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;13,654,673 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="14%">&nbsp;9,822,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(a)</I> </TD>
    <TD>
      <P align=justify><I>Convertible Bonds &#150; August 2006</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On August 29, 2006 (the &#147;Closing&#148;), the Company issued
      US$30 million in principal amount of five year convertible bonds due in
      2011 (the "Bonds") to qualified institutional buyers. The Bonds are
      convertible into the Company&#146;s common shares. The Bonds constitute direct,
      unsubordinated, unsecured, general and unconditional obligations of the
      Company.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Bonds were issued at 100% and, if not converted, will
      be redeemed at maturity at 101%. The Bonds carry coupon interest rates of
      7.125% per annum. The Bonds are convertible at the holder&#146;s option after
      40 days from issuance until August 19, 2011 at a conversion price
  of</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>US$3.35 ($3.76), or up to 8,955,224
common shares of the Company, which is a premium of approximately 40% over the
recent trading price of the Company&#146;s shares at the time of Closing. At any time
after September 12, 2008, the Company will have the right to call for the
conversion of the Bond into the number of shares as set out above, so long as
the Company&#146;s shares trade at least 50% above the conversion price for at least
20 business days in any period of 30 consecutive business days. On August 29,
2009, the Bondholders have a one time right to redeem the Bonds at 100.60% .
Debt issuance costs of $1.4 million were incurred upon closing of the
transaction and are being amortized over the first redemption term of the Bonds.
</P>
<P style="MARGIN-LEFT: 5%" align=justify>For accounting purposes, the Bonds
contain both a liability component and an equity component, being the holder&#146;s
conversion right, which have been separately presented in the consolidated
balance sheets. The Company has allocated the US$30 million face value of the
Bonds to the liability and equity components. At issuance, the Company estimated
the fair value of the conversion option by deducting the present value of the
future cash outflows of the Bonds from the face value of the principal of the
Bonds. The fair value of the liability component was determined by discounting
the stream of future payments of interest and principal at the estimated
prevailing market rate of 10.5% for a comparable debt instrument that excluded
any conversion privilege by the holder. The residual carrying value of the Bonds
is required to be accreted to the redemption value of the Bonds to the first
redemption date of the Bonds based on an effective annual interest rate of 12%.
For the year ended September 30, 2006, interest and accretion relating to the
debt totaled $296,165. The continuity of the Bond is as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="14%">Year ended
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">September 30, 2006 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Present value of convertible bonds </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Beginning of period, August 29, 2006
</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="14%">&nbsp;29,398,789 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Unrealized foreign
      exchange loss </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>265,534 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Accretion for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">97,075 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;End of year, September
      30, 2006 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>29,761,398 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Conversion right
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">3,832,211 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Convertible bonds </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>&nbsp;33,593,609 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><I>Convertible Bonds</I> </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="14%">September 30, 2006 </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Summary of the convertible bond terms </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Principal amount of convertible
      debenture </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">US $30,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Price per common share
      of the unexercised conversion right </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>US$ 3.35 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Number of common shares potentially
      issuable under </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; unexercised
      conversion right </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>8,955,224 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(b)</I> </TD>
    <TD>
      <P align=justify><I>Convertible Debenture &#150; Boliden</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>On July 21, 1999, in connection with the acquisition of
      the Gibraltar mine, the Company issued a $17 million interest-free
      debenture to BWCL, which is due on July 21, 2009, but is convertible into
      common shares of the Company over a 10 year period commencing at a price
      of $3.14 per share in year one and escalating by $0.25 per share per year
      thereafter ($4.89 per share as at September 30, 2006). BWCL&#146;s purchase of
      the convertible debenture was receivable as to $4,000,000 in July 1999,
      $1,000,000 on October 19, 1999, $3,500,000 on July 21, 2000,
  and</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>$8,500,000 by December 31, 2000, all of
which were received. BWCL has the right to convert, in part or in whole from
time to time, the debenture into fully paid common shares of the Company from
year one to year ten, but has not requested any conversions to date.</P>
<P style="MARGIN-LEFT: 5%" align=justify>From the commencement of the sixth year
to the tenth year, the Company has the right to automatically convert the
debenture into common shares at the then-prevailing market price. The Company
has the right and the intention to settle the convertible debenture through the
issuance of common shares, notwithstanding the Company&#146;s right to settle the
debenture with cash. </P>
<P style="MARGIN-LEFT: 5%" align=justify>Accounting standards in Canada for
compound financial instruments require the Company to allocate the proceeds
received from the convertible debenture between (i) the estimated fair value of
the holder&#146;s option to convert the debenture into common shares and (ii) the
estimated fair value of the future cash outflows related to the debenture. At
issuance, the Company estimated the fair value of the conversion option by
deducting the present value of the future cash outflows of the convertible
debenture, calculated using a risk-adjusted discount rate of 10%, from the face
value of the principal of the convertible debenture. The residual carrying value
of the convertible debenture is accreted to the face value of the convertible
debenture over the life of the debenture by a charge to earnings. The continuity
of the convertible debenture is as follows:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">Year
      ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">Year
      ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Present value of convertible debenture </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Beginning of period </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;11,830,241 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;10,754,763 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Accretion for the period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,183,024 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,075,478 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;End of period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">13,013,265 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,830,241 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Conversion right </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9,822,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9,822,462 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Convertible
      debenture </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;22,835,727 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;21,652,703 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><I>Boliden
      convertible debenture</I> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Summary of the convertible debenture terms
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Principal amount of convertible
      debenture </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">17,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">17,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Price per common share
      of the unexercised conversion right </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4.89 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4.64 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Number of common shares potentially
      issuable under </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;unexercised
      conversion right </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>3,476,482 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>3,663,793 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>13.</B> </TD>
    <TD>
      <P align=justify><B>SITE CLOSURE AND RECLAMATION OBLIGATIONS</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The continuity of the provision for site closure and
      reclamation costs related to the Gibraltar mine is as
  follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left
      bgColor=#e6efff>Balance, September 30, 2003 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;32,700,000 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Changes during fiscal 2004: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Impact of adoption of new
      accounting policy </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(18,391,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;Accretion expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">1,431,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Balance, September 30, 2004 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15,740,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Changes during fiscal 2005: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Accretion expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,574,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Balance, September 30, 2005 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">17,314,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Changes during fiscal 2006: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Reclamation incurred </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(70,589</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Accretion expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,732,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Site closure and
      reclamation obligations, September 30, 2006 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;18,975,411 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The estimated amount of the reclamation
costs, adjusted for estimated inflation at 2.5% per year, in 2017 dollars, is
$49.4 million (September 30, 2005 &#150; $49.4 million) and is expected to be spent
over a period of approximately three years beginning in 2017. The
credit-adjusted risk free rate at which the estimated future cash flows have
been discounted is 10%, to arrive at a net present value of $18,975,411 (2005 &#150;
$17,314,000). The accretion of $1,732,000 (2005 &#150; $1,574,000) is charged to the
statement of operations. </P>
<P style="MARGIN-LEFT: 5%" align=justify>As required by regulatory authorities,
at September 30, 2006, the Company had cash reclamation deposits totaling
$32,004,138 (2005 &#150; $18,281,420) comprised of $31,813,796 (2005 &#150; $18,091,078)
for the Gibraltar mine, $15,342 (2005 &#150; $15,342) for the Prosperity project, and
$175,000 (2005 &#150; $175,000) for the Harmony project. These deposits are invested
in government backed securities and bear interest at rates ranging from 3.89% to
4.54% per annum. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>14.</B> </TD>
    <TD>
      <P align=justify><B>SHARE CAPITAL</B></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(a)</I> </TD>
    <TD>
      <P align=justify><I>Authorized</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Authorized share capital of the Company consists of an
      unlimited number of common shares (2005 &#150; 200,000,000) without par
      value.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><I>(b)</I> </TD>
    <TD>
      <P align=justify><I>Issued and outstanding</I></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">Number
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="12%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Common
      shares</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">of
      Shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Amount </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff><B>Balance, September 30, 2003</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>53,880,973</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>99,446,319</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Issued during the year </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $0.50 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,265,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,132,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.40 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">152,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">61,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $0.25 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>75,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,750 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.55 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">380,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">209,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $0.65 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>25,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,575 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Fair value of stock options allocated to
      shares issued on exercise </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">290,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase warrants at
      $0.58 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>276,596 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>160,426 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.55 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">414,850 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">228,168 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase warrants at
      $0.40 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>302,250 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>120,900 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.50 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7,393,751 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,696,876 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase warrants at
      $0.75 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>473,332 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>354,999 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Private placement at $0.60 per share, net of
      issue costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,700,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,910,728 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Private placement at $2.00 per
      share, net of issue costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,900,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,323,943 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Private placement at $1.25 per share, net of
      issue costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">8,000,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">8,933,206 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;For acquisition of GRTLP at
      $2.79 per share, net of issue costs (note 8(d)) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,967,742 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22,193,039 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Loan guarantee at $2.00 per share (note 8(d))
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">225,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">450,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Farmout agreement at $2.79 per share (note
      8(e)) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>335,125 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>935,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Balance, September 30, 2004</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>94,767,619</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>150,481,429</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Issued during the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.25 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">50,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $0.30 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>100,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>30,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.38 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7,600 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $0.40 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.55 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">610,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">335,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $0.81 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>45,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>36,450 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $1.36 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">270,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">367,200 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $1.40 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>44,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>62,300 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $1.65 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">16,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Fair value of stock options
      allocated to shares issued on exercise </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>742,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.75 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,313,336 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,735,002 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Private placement at $1.45 per share, net of
      issue costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,204,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>6,993,961 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Balance, September 30, 2005</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>103,457,316</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>160,829,442</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Issued during the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $0.55 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,500,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">825,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $1.15 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>451,833 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>519,608 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $1.29 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">60,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">77,400 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $1.36 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,970,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,679,200 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $1.40 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,405,500 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,767,700 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $1.50 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase options at $2.07 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">33,333 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">68,999 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase options at
      $2.18 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,350 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Fair value of stock options allocated to
      shares issued on exercise </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,869,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase warrants at
      $0.40 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>375,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>150,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Share purchase warrants at $0.75 per share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,913,332 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,934,999 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Share purchase warrants at
      $1.40 per share </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,000,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,200,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Share
      purchase warrants at $1.66 per share </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">5,204,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">8,639,239 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff><B>Balance, September 30, 2006</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>128,388,175</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;197,591,937</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(c)</I> </TD>
    <TD>
      <P align=justify><I>Share purchase option plan</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has a share purchase option plan approved by
      the shareholders that allows it to grant a maximum of 10% of the issued
      and outstanding common shares of the Company at the time an option is
      granted, less common shares reserved or issued in the plan, subject to
      regulatory terms and approval, to its employees, officers, directors and
      consultants. The exercise price of each option may be set equal to or
      greater than the closing market price of the common shares on the TSX
      Exchange on the day prior to the date of the grant of the option, less any
      allowable discounts. Options have a maximum term of ten years and
      terminate 30 to 90 days following the termination of the optionee&#146;s
      employment or term of engagement, except in the case of retirement or
      death. Vesting of options is at the discretion of the Board of Directors
      at the time the options are granted.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The continuity of share purchase options is as
      follows:</P></TD></TR></TABLE><BR>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD width="5%"  >&nbsp;</TD>
      <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
      <TD colspan="2" align=center style="BORDER-TOP: #000000 2px solid"><B>2006</B>
      </TD>
      <TD colspan="2" align=center style="BORDER-TOP: #000000 2px solid"><B>2005</B>
      </TD>
      <TD colspan="2" align=center style="BORDER-TOP: #000000 2px solid"><B>2004</B>
      </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left>&nbsp; </TD>
      <TD align=right width="12%">Number </TD>
      <TD align=right width="12%">Average </TD>
      <TD align=right width="12%">Number </TD>
      <TD align=right width="12%">Average </TD>
      <TD align=right width="12%">Number </TD>
      <TD align=right width="12%">Average </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">of
        shares </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">Price
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">of
        shares </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">Price
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">of
        shares </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">Price
      </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left bgColor=#e6efff>Opening balance </TD>
      <TD align=right width="12%" bgColor=#e6efff>9,280,500 </TD>
      <TD align=right width="12%" bgColor=#e6efff>$ 1.17 </TD>
      <TD align=right width="12%" bgColor=#e6efff>8,627,500 </TD>
      <TD align=right width="12%" bgColor=#e6efff>$ 1.13 </TD>
      <TD align=right width="12%" bgColor=#e6efff>4,685,000 </TD>
      <TD align=right width="12%" bgColor=#e6efff>$ 0.48 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left>Granted during the period </TD>
      <TD align=right width="12%">2,159,500 </TD>
      <TD align=right width="12%">2.24 </TD>
      <TD align=right width="12%">2,040,000 </TD>
      <TD align=right width="12%">1.15 </TD>
      <TD align=right width="12%">8,855,500 </TD>
      <TD align=right width="12%">1.12 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left bgColor=#e6efff>Exercised during the period </TD>
      <TD align=right width="12%" bgColor=#e6efff>(7,438,166) </TD>
      <TD align=right width="12%" bgColor=#e6efff>1.21 </TD>
      <TD align=right width="12%" bgColor=#e6efff>(1,172,000) </TD>
      <TD align=right width="12%" bgColor=#e6efff>0.75 </TD>
      <TD align=right width="12%" bgColor=#e6efff>(4,898,000) </TD>
      <TD align=right width="12%" bgColor=#e6efff>0.50 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Expired/cancelled
        during period </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(423,000) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">0.91
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(215,000) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1.47
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(15,000) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1.36
      </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left bgColor=#e6efff>Closing balance </TD>
      <TD align=right width="12%" bgColor=#e6efff>3,578,834 </TD>
      <TD align=right width="12%" bgColor=#e6efff>$ 1.78 </TD>
      <TD align=right width="12%" bgColor=#e6efff>9,280,500 </TD>
      <TD align=right width="12%" bgColor=#e6efff>$ 1.17 </TD>
      <TD align=right width="12%" bgColor=#e6efff>8,627,500 </TD>
      <TD align=right width="12%" bgColor=#e6efff>$ 1.13 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left>Average contractual remaining </TD>
      <TD align=left width="12%">&nbsp; </TD>
      <TD align=right width="12%">3.70 </TD>
      <TD align=left width="12%">&nbsp; </TD>
      <TD align=right width="12%">1.69 </TD>
      <TD align=left width="12%">&nbsp; </TD>
      <TD align=right width="12%">1.93 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>life (years) </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Range of exercise
        prices </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">$1.15 - $2.68 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="12%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">$0.55 - $1.50 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="12%">&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">$0.25 - $1.65 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="12%">&nbsp; </TD>
    </TR>
  </TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The following table summarizes
information about share purchase options outstanding at September 30, 2006: </P>
<DIV>
  <TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
    <TR vAlign=top>
      <TD width="5%"  >&nbsp;</TD>
      <TD align=left >&nbsp; </TD>
      <TD colspan="3" align=center style="BORDER-BOTTOM: #000000 1px solid">Options
        outstanding </TD>
      <TD style="BORDER-BOTTOM: #000000 0px solid" align=center
      width="2%">&nbsp;</TD>
      <TD colspan="2" align=center style="BORDER-BOTTOM: #000000 1px solid">Options
        exercisable </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left >&nbsp; </TD>
      <TD align=right width="14%">Number </TD>
      <TD align=right width="14%">Weighted </TD>
      <TD align=right width="14%">Weighted </TD>
      <TD align=right width="2%">&nbsp;</TD>
      <TD align=right width="14%">Number </TD>
      <TD align=right width="14%">Weighted </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left >&nbsp; </TD>
      <TD align=right width="14%">outstanding at </TD>
      <TD align=right width="14%">average </TD>
      <TD align=right width="14%">average </TD>
      <TD align=right width="2%">&nbsp;</TD>
      <TD align=right width="14%">exercisable at </TD>
      <TD align=right width="14%">average </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left >Range of exercise </TD>
      <TD align=right width="14%">September 30 </TD>
      <TD align=right width="14%">remaining </TD>
      <TD align=right width="14%">exercise </TD>
      <TD align=right width="2%">&nbsp;</TD>
      <TD align=right width="14%">September 30 </TD>
      <TD align=right width="14%">exercise </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >prices </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">2006
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">contractual life </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">price
      </TD>
      <TD style="BORDER-BOTTOM: #000000 0px solid" align=right width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">2006
      </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%">price
      </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left bgColor=#e6efff >$1.15 to $1.29 </TD>
      <TD align=right width="14%" bgColor=#e6efff>1,643,167 </TD>
      <TD align=right width="14%" bgColor=#e6efff>3.60 years </TD>
      <TD align=right width="14%" bgColor=#e6efff>$ 1.16 </TD>
      <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
      <TD align=right width="14%" bgColor=#e6efff>800,833 </TD>
      <TD align=right width="14%" bgColor=#e6efff>$ 1.16 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD align=left >$2.07 to $2.18 </TD>
      <TD align=right width="14%">1,328,167 </TD>
      <TD align=right width="14%">3.67 years </TD>
      <TD align=right width="14%">$ 2.15 </TD>
      <TD align=right width="2%">&nbsp;</TD>
      <TD align=right width="14%">521,339 </TD>
      <TD align=right width="14%">$ 2.15 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >$2.63 to $2.68 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>607,500 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>4.04 years </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>$ 2.65 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>130,005 </TD>
      <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>$ 2.63 </TD>
    </TR>
    <TR vAlign=top>
      <TD width="5%" >&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      >&nbsp; </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="14%">3,578,834 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%">3.70
        years </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%">$
        1.78 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="2%">&nbsp;</TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="14%">1,452,177 </TD>
      <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%">$
        1.65 </TD>
    </TR>
  </TABLE>
</DIV>
<P style="MARGIN-LEFT: 5%" align=justify>As at September 30, 2006, 1,452,177
(2005 &#150; 8,053,834) of the options outstanding had vested with optionees and were
exercisable.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The exercise prices of all share
purchase options granted during the year were equal to the market price at the
grant date. The weighted average assumptions used to estimate the fair value of
options during the years ended September 30, 2006, 2005, and 2004 were: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2004
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Risk free interest rate </TD>
    <TD align=right width="15%" bgColor=#e6efff>4% </TD>
    <TD align=right width="15%" bgColor=#e6efff>3% </TD>
    <TD align=right width="15%" bgColor=#e6efff>3% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Expected life </TD>
    <TD align=right width="15%">3.93 years </TD>
    <TD align=right width="15%">2.75 years </TD>
    <TD align=right width="15%">2.4 years </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Volatility </TD>
    <TD align=right width="15%" bgColor=#e6efff>71% </TD>
    <TD align=right width="15%" bgColor=#e6efff>90% </TD>
    <TD align=right width="15%" bgColor=#e6efff>95% </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Expected dividends </TD>
    <TD align=right width="15%">nil </TD>
    <TD align=right width="15%">nil </TD>
    <TD align=right width="15%">nil </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(d)</I> </TD>
    <TD>
      <P align=justify><I>Share purchase warrants</I></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The continuity of share purchase warrants during the year
      ended September 30, 2006 is as follows:</P></TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">Outstanding </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="12%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="12%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="12%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">Outstanding </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="12%">Exercise </TD>
    <TD align=right width="12%">September 30 </TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=right width="12%">September 30 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>Expiry dates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">&nbsp;price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Issued </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Exercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>January 8, 2006 </TD>
    <TD align=center width="12%" bgColor=#e6efff>$0.40 </TD>
    <TD align=right width="12%" bgColor=#e6efff>375,000 </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>(375,000) </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>December 31, 2005 </TD>
    <TD align=center width="12%">$0.75 </TD>
    <TD align=right width="12%">3,913,332 </TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=right width="12%">(3,913,322) </TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=right width="12%">&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>September 28, 2006 </TD>
    <TD align=center width="12%" bgColor=#e6efff>$1.40 </TD>
    <TD align=right width="12%" bgColor=#e6efff>8,000,000 </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>(8,000,000) </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>September 18, 2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">$1.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">5,204,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(5,204,361) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150;
  </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>17,492,693 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(17,492,693) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&#150; </TD></TR></TABLE></DIV>
<P style="MARGIN-LEFT: 5%" align=justify>The continuity of share purchase
warrants during the year ended September 30, 2005 is as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="12%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">Outstanding </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="12%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="12%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="12%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">Outstanding </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="12%">Exercise </TD>
    <TD align=right width="12%">September 30 </TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=right width="12%">September 30 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Expiry dates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2004
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Issued </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Exercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>January 8, 2006 </TD>
    <TD align=center width="12%" bgColor=#e6efff>$0.40 </TD>
    <TD align=right width="12%" bgColor=#e6efff>375,000 </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>375,000 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>December 31, 2005
      <SUP>(</SUP><I><SUP>i</SUP></I><SUP>)</SUP> </TD>
    <TD align=center width="12%">$0.75 </TD>
    <TD align=right width="12%">6,226,668 </TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=right width="12%">(2,313,336) </TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=right width="12%">3,913,332 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>March 10, 2005 </TD>
    <TD align=center width="12%" bgColor=#e6efff>$2.25 </TD>
    <TD align=right width="12%" bgColor=#e6efff>3,900,000 </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,900,000) </TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>September 28, 2006
      <SUP>(</SUP><I><SUP>ii</SUP></I><SUP>)</SUP> </TD>
    <TD align=center width="12%">$1.40 </TD>
    <TD align=right width="12%">8,000,000 </TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=right width="12%">8,000,000 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>September 18, 2006 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="12%"
    bgColor=#e6efff>$1.66 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,204,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,204,361 </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">18,501,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">5,204,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(2,313,336) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(3,900,000) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">17,492,693 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>The continuity of share purchase
warrants during the year ended September 30, 2004 is as follows: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=center width="15%">&nbsp;
    </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="15%">Outstanding </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="15%">&nbsp;
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="15%">Outstanding </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="15%">Exercise </TD>
    <TD align=right width="15%">September 30 </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=left width="15%">&nbsp; </TD>
    <TD align=right width="15%">September 30 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Expiry dates </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2003
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">Issued </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">Exercised </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">2004
    </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>October 19, 2003 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$0.58 </TD>
    <TD align=right width="15%" bgColor=#e6efff>276,596 </TD>
    <TD align=right width="15%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="15%" bgColor=#e6efff>(276,596) </TD>
    <TD align=right width="15%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>December 27, 2003 </TD>
    <TD align=center width="15%">$0.55 </TD>
    <TD align=right width="15%">414,850 </TD>
    <TD align=right width="15%">&#150; </TD>
    <TD align=right width="15%">(414,850) </TD>
    <TD align=right width="15%">&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>January 8, 2006 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$0.40 </TD>
    <TD align=right width="15%" bgColor=#e6efff>375,000 </TD>
    <TD align=right width="15%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="15%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="15%" bgColor=#e6efff>375,000 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>December 31, 2003 </TD>
    <TD align=center width="15%">$0.40 </TD>
    <TD align=right width="15%">302,250 </TD>
    <TD align=right width="15%">&#150; </TD>
    <TD align=right width="15%">(302,250) </TD>
    <TD align=right width="15%">&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>December 31, 2004 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$0.50 </TD>
    <TD align=right width="15%" bgColor=#e6efff>7,393,751 </TD>
    <TD align=right width="15%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="15%" bgColor=#e6efff>(7,393,751) </TD>
    <TD align=right width="15%" bgColor=#e6efff>&#150; </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>December 31, 2005 </TD>
    <TD align=center width="15%">$0.75 </TD>
    <TD align=right width="15%">&#150; </TD>
    <TD align=right width="15%">6,700,000 </TD>
    <TD align=right width="15%">(473,332) </TD>
    <TD align=right width="15%">6,226,668 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>March 10, 2005 </TD>
    <TD align=center width="15%" bgColor=#e6efff>$2.25 </TD>
    <TD align=right width="15%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="15%" bgColor=#e6efff>3,900,000 </TD>
    <TD align=right width="15%" bgColor=#e6efff>&#150; </TD>
    <TD align=right width="15%" bgColor=#e6efff>3,900,000 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>September 28, 2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="15%">$1.40 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">8,000,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="15%">8,000,000 </TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="15%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>8,762,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>18,600,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>(8,860,779) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="15%"
    bgColor=#e6efff>18,501,668 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><I>(e)</I> </TD>
    <TD>
      <P align=justify><I>Contributed surplus</I></P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left
      bgColor=#e6efff>Contributed surplus, September 30, 2003 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>&nbsp;65,344 </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Changes during fiscal 2004: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Non-cash stock-based
      compensation </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,172,244 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Fair
      value of stock options allocated to shares issued on exercise </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(290,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Contributed surplus, September 30, 2004 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,947,588 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Changes during fiscal 2005: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Non-cash stock-based
      compensation </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,129,026 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Fair
      value of stock options allocated to shares issued on exercise </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(742,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Contributed surplus, September 30, 2005 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,334,614 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left>Changes during fiscal 2006: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Non-cash stock-based
      compensation </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,182,102 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Fair
      value of stock options allocated to shares issued on exercise </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(4,869,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD width="5%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Contributed surplus, September 30, 2006 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;3,647,716 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>15.</B> </TD>
    <TD>
      <P align=justify><B>INCOME TAXES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Income tax expense (recovery) differs from the amount
      which would result from applying the statutory Canadian income tax rates
      (2006 &#150; 36.6%, 2005 &#150; 39.5%) for the following
reasons:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2006</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%"><B>2005</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%"><I>(restated &#150; note 4</I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><I>)</I> </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Earnings before income taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;38,961,447 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>&nbsp;5,767,773 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Expected tax expense based on statutory
      rates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,268,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>2,278,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Permanent differences </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,403,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">871,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Adjustment to tax reserve </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,028,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Deductions allowable for tax purposes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,360,000</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%">(2,912,000</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Recognition of previously unrecognized tax
      assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(12,172,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff>(17,351,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">878,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="14%">(408,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Tax expense (recovery) for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;6,045,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="14%"
    bgColor=#e6efff>&nbsp;(17,522,000</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Presented as: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Current income tax expense (recovery)
    </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;4,397,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="14%">&nbsp;(4,099,000</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Future income tax expense (recovery)
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,648,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff>(13,423,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;6,045,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="14%">&nbsp;(17,522,000</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >) </TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>As at September 30, 2006 and 2005, the
estimated tax effect of the significant components within the Company&#146;s future
tax assets were as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>2006</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>2005</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Mineral properties </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4,907,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4,513,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Loss carry forwards </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">154,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">154,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Royalty obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20,181,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>23,458,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>BC mining taxes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,850,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">9,062,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other tax pools </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>720,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,388,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">35,812,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">39,575,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Valuation allowance </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(13,937,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(23,709,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Future income tax assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">21,875,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">15,866,000 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Lease equipment and related lease
      obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,949,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Partnership deferral </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4,288,000</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Reclamation obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,286,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(494,000</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Plant and
      equipment </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(1,526,000</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff><B>Net future income tax asset</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;11,775,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;13,423,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Current portion </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;11,601,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;4,479,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Long term FIT
      liability </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">174,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">8,944,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff><B>Net future income tax asset</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;11,775,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff><B>&nbsp;13,423,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>At September 30, 2006 the Company's tax
attributes included capital losses totaling approximately $0.9 million (2005 &#150;
$0.9 million) which are available indefinitely to offset future </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>taxable capital gains, and resource tax pools totaling
      approximately $16.8 million (2005 &#150; $13.3 million) which are available
      indefinitely to offset future taxable income.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Company has accrued a tax provision of a subsidiary
      company of approximately $21.1 million (2005 &#150; $19.6 million). This
      provision reflects an amount which management believes is less than likely
      of ever becoming payable. In addition, the subsidiary would exhaust all
      appeals if any taxes in connection with this accrual were actually
      assessed against the subsidiary. The amount represents a potential
      liability which has been recognized in a conservative manner in accordance
      with Canadian generally accepted accounting principles. It does not
      represent a payable amount based on any filed, or expected to be filed,
      tax return nor has any taxation authority assessed the amount or any
      portion thereof as payable.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%"><B>16.</B> </TD>
    <TD>
      <P align=justify><B>SUPPLEMENTARY CASH FLOW DISCLOSURES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In addition to the non-cash operating, financing and
      investing activities primarily disclosed, the Company&#146;s non-cash
      operating, financing and investing activities were as
  follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2004
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Issuance of common shares on acquisition of
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Gibraltar Reclamation Trust Limited </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Partnership (note 8(d))
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;22,230,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Acquisition of assets under capital lease (note 10) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(22,350,693</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Advances under capital lease (note 11) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22,350,693 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Issuance of common shares for loan guarantee </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;(note 8(d)) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>450,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Fair value of stock options transferred to share </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;capital from
      contributed surplus on exercise of </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;options (note 14(e)) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">4,869,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">742,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">290,000 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2004
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left><B>Supplemental cash flow information</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Cash paid during the year for </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Interest </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1,557,034 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1,046,568 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;49,294 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Taxes </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;1,188,436 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;554 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;45,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>17.</B> </TD>
    <TD>
      <P align=justify><B>RELATED PARTY TRANSACTIONS AND ADVANCES</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Related party transactions not disclosed elsewhere in
      these consolidated financial statements are as
follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%" >&nbsp;</TD>
    <TD colSpan=7
    align=center style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid">Years ended September 30, </TD>
    <TD style="BORDER-TOP: #000000 2px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left><B>Transactions</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2004
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Services rendered and expenses reimbursed </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp;Hunter Dickinson Inc. (a) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;2,869,003 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;1,222,603 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;806,970 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Hunter Dickinson Group Inc. (b) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>12,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>12,800 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left><B>Advances from
      related parties</B> </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right
      width="12%">September 30 </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2006
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2005
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp; Hunter Dickinson Inc. (a) (c) </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;26,430 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;105,067 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Hunter Dickinson Inc. ("HDI") is a private company owned
      equally by nine public companies, one of which is Taseko. HDI has certain
      directors in common with the Company and provides geological, corporate
      development, administrative and management services to, and incurs third
      party costs on behalf of, the Company and its subsidiaries on a full cost
      recovery basis pursuant to an agreement dated December 31, 1996. The
      liability is recorded in accounts payable and accrued
  liabilities.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Hunter Dickinson Group Inc. is a private company with
      certain directors in common that provides consulting services to the
      Company.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Advances are non-interest bearing and due on
    demand.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>18.</B> </TD>
    <TD>
      <P align=justify><B>SUBSEQUENT EVENT</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Subsequent to year-end in November 2006, the Company
      launched a C$1.05 per share take-over bid offer for all of the outstanding
      shares of bcMetals Corporation (&#147;bcMetals&#148;). bcMetals holds a 100%
      interest in the Red Chris copper-gold project in northern British
      Columbia.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The Taseko bid is subject to a number of conditions,
      including that at least 66.66% of bcMetals shares are tendered to the bid,
      a conditional settlement agreement is reached with certain minority
      shareholders of bcMetals&#146; subsidiary, American Bullion Minerals Ltd., as
      well as rejection by bcMetals shareholders of bcMetals' Limited Purpose
      Shareholder Rights Plan and its proposed joint venture of the Red Chris
      project with Global International Jiangxi Copper Mining Company
      Limited.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD vAlign=top width="5%"><B>19.</B> </TD>
    <TD>
      <P align=justify><B>DIFFERENCES BETWEEN CANADIAN AND UNITED STATES
      GAAP</B></P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>The consolidated financial statements have been prepared
      in accordance with Canadian generally accepted accounting principles
      (&#147;Canadian GAAP&#148;), which differ in certain material respects from those
      principles that the Company would have followed had its consolidated
      financial statements been prepared in accordance with United States
      generally accepted accounting principles (&#147;US GAAP&#148;). Had the Company
      followed US GAAP, certain items on the statements of operations and
      deficit, and balance sheets would have been reported as
  follows:</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">Year
      ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">Year
      ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">Year
      ended </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30, </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30, </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30, </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2006 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2005 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2004 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Statements of Operations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Earnings (loss) for the year under Canadian
      GAAP </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;32,916,447 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;23,289,773 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(82,366,624</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Adjustments under US GAAP </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Interest accretion on
      convertible debt (a) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,280,099 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,075,478 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>977,705 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Reclamation accretion expense (b) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">483,727 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Amortization of
      flow-through share premium (c) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>396,000 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Amortization of property, plant and
      equipment (b) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(407,531</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(330,368</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&#150; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Adjustment to write
      down of mineral properties (f) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,362,978 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Change in fair value of investment (g) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(306,618</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Earnings (loss) for the year under US GAAP, being </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>comprehensive income </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;33,482,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;24,034,883 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;(64,146,214</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Earnings (loss) per share for the year
      under US GAAP </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.29 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;0.24 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;(0.85</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Diluted earnings (loss) per share for the year under US </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;GAAP </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;0.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;0.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;(0.85</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">As at
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=right width="12%">As at
</TD>
    <TD style="BORDER-TOP: #000000 2px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30, </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">September 30, </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2006 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2005 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Consolidated
      Balance Sheets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Total assets under Canadian GAAP </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;297,461,083 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;190,996,878 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Adjustments under US GAAP </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Property, plant and
      equipment (b) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,582,101 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,989,632 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accumulated amortization of mineral
      claims, </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left
      bgColor=#e6efff>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; net of
      write downs (d), (e) and (f) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(200</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(200</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Change in fair value of investment (g) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(306,618</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Total assets under US GAAP </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;301,736,366 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;195,986,310 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Total liabilities under Canadian GAAP </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;196,527,273 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>&nbsp;161,887,323 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Adjustments under US GAAP </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Convertible debenture presented as
      debt (a) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>7,721,741 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,169,759 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left>Total liabilities
      under US GAAP </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;204,249,014 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right
      width="12%">&nbsp;167,057,082 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Total shareholders' equity under Canadian GAAP </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;100,933,810 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">&nbsp;29,109,555 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>Adjustments under US GAAP </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Convertible debenture presented as debt
      (a) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(7,721,741</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,169,759</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Property, plant and
      equipment (b) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,582,101 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,989,632 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp;Accumulated amortization of mineral
      claims (d) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,112,280</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,112,280</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Adjustment to value
      allocated to tracking preferred shares upon </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;acquisition
      of Harmony Project (e) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(13,250,898</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(13,250,898</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Adjustment to
      accumulated write down of Harmony Project (f) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,362,978 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,362,978 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp;Change in fair value of investment (g) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(306,618</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      bgColor=#e6efff>Total shareholders' equity under US GAAP </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;97,487,352 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=right width="12%"
    bgColor=#e6efff>&nbsp;28,929,228 </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>There are no material differences
between Canadian GAAP and US GAAP to total operating, investing or financing
cash flows in the consolidated statement of cash flows. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(a)</B> </TD>
    <TD>
      <P align=justify><B>Convertible debt</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Pursuant to Canadian GAAP, the convertible instrument
      disclosed in note 12 requires the bifurcation of the convertible
      instrument between its equity and debt components whereas under US GAAP,
      there would be no requirement to bifurcate the instrument. Therefore,
      under US GAAP, the value attributed to the equity component would be
      considered debt.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under Canadian GAAP, the accretion of the debt component
        of the convertible instrument to the face value of the convertible instrument
        over the life of the instrument is charged to operations. Under US GAAP,
        no such accretion would be required.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Accordingly, $13,654,673 (2005 &#150; $9,822,462) of the
        equity component of the instrument would be classified to debt. However,
        this amount is offset by $5,932,932 (2005 &#150; $4,652,703) of accumulated
        accretion to December 31, 2006. Additionally, for the year ended December
        31, 2006, $1,280,099 (2005 &#150; $1,075,478; 2004 &#150; $977,705) of
        accretion expense recorded under Canadian GAAP has been reversed for US
        GAAP purposes.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(b)</B> </TD>
    <TD>
      <P align=justify><B>Asset retirement obligation</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>In June 2001, the Financial Accounting Standards Board
      (&#147;FASB&#148;) issued Statement of Financial Accounting Standards No. 143,
      &#147;<I>Accounting for Asset Retirement Obligations</I>&#148; (&#147;SFAS 143&#148;). SFAS
      143 requires the Company to record the fair value of an asset retirement
      obligation as a liability in the period in which it incurs a legal
      obligation associated with the retirement of tangible long-lived assets
      that result from the acquisition, construction, development and/or normal
      use of the assets. The Company also records a corresponding asset which is
      amortized over the life of the asset. Subsequent to the initial
      measurement of the asset retirement obligation, the obligation will be
      adjusted at the end of each period to reflect the passage of time
      (accretion expense) and changes in the estimated future cash flows
      underlying the obligation (asset retirement cost). For purposes of the
      reconciliation, the Company adopted SFAS 143 effective October 1,
    2002.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under US GAAP, on adoption of SFAS 143 on October 1,
      2002, the Company would have recorded income of $11,651,262 as the
      cumulative effect of the change in accounting principles, a net decrease
      of $2,282,954 to inventories, a net decrease of $10,154,214 to property,
      plant and equipment, and a decrease in the provision for site closure and
      reclamation of $24,088,430 to reflect the effect of this change in the
      method of accounting for asset retirement obligations compared to the
      amounts previously recorded in the Company&#146;s consolidated financial
      statements prepared under Canadian and US GAAP.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Effective October 1, 2004, the Company adopted the new
      Canadian accounting standard for asset retirement obligations, which is
      substantively the same as SFAS 143. On adoption of the Canadian standard,
      the amount of the adjustment to site closure and reclamation was measured
      retroactively and recognized on October 1, 2004.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>There were certain changes in the Company&#146;s estimate of
      future cash flows underlying the obligation during fiscal 2005 and 2004
      which have been incorporated into the Company&#146;s retroactive adoption of
      the Canadian standard on October 1, 2004. However, pursuant to US GAAP,
      and due to the earlier adoption of SFAS 143 in fiscal 2003, changes in
      estimates of future cash flows underlying the obligation are recognized on
      a prospective basis. Accordingly, under US GAAP, property, plant and
      equipment (net of amortization) would increase for the year ended
      September 30, 2006 by $4,582,101 (2005 &#150; $4,989,632).</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(c)</B> </TD>
    <TD>
      <P align=justify><B>Flow through shares</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under Canadian income tax legislation, a company is
      permitted to issue shares whereby the company agrees to incur qualifying
      expenditures and renounce the related income tax deductions to the
      investors. Under Canadian GAAP, the Company has accounted for the issue of
      flow-through shares by crediting share capital for the amount of the
      proceeds received when renounced.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>For US GAAP, the premium paid in excess of the fair value
      of non-flow-through shares is credited to other liabilities and included
      in operations over the period in which the Company incurs the qualified
      expenditures.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Also, notwithstanding whether there is a specific
      requirement to segregate the funds, the flow-through funds which were
      unexpended at the consolidated balance sheet dates are considered to be
      restricted and are not considered to be cash and cash equivalents under US
      GAAP. At September 30, 2006 and 2005 there were no unexpended flow-through
      funds.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(d)</B> </TD>
    <TD>
      <P align=justify><B>Mineral property interests</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under US GAAP, through to March 31, 2004, mineral
      properties without proven and probable reserves were classified as
      intangible assets, subject to amortization over the earlier of their
      useful life or the expiry of the mineral claim (without consideration of
      any renewal periods). Accordingly, the Harmony Property and the Prosperity
      Property were being amortized over ten years. This resulted in additional
      amortization expense of $1,556,140 in 2003 being recorded under US GAAP.
      Effective April 1, 2004, pursuant to EITF 04-2 <I>&#147;Whether Mineral Rights
      are Tangible or Intangible Assets&#148;</I>, the Company reclassified its
      mineral properties as tangible assets and ceased amortizing
them.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>Under Canadian GAAP, mineral properties may be classified
      as capital assets and amortized once the mineral property is put into
      operation, or written off to operations when the property is abandoned or
      allowed to lapse, when the carrying value exceeds its fair value, or if
      there is little prospect of further exploration work being carried out. As
      such, for Canadian GAAP, no amortization of mineral properties was
      recorded for any year presented.</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(e)</B> </TD>
    <TD>
      <P align=justify><B>Exploration costs</B></P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>US GAAP requires mineral property exploration and land
      use costs to be expensed as incurred until commercially recoverable
      deposits are determined to exist within a particular property, as cash
      flows cannot be reasonably estimated prior to such determination. For all
      periods presented, the Company has expensed all mineral property
      exploration and land use costs for both Canadian and US GAAP purposes.
      However, in fiscal 2001 and prior years, mineral property exploration
      costs were capitalized for Canadian GAAP purposes. As a result of the
      Company capitalizing mineral property exploration costs for Canadian GAAP
      purposes, $13,250,898 of mineral property exploration costs included in
      the book value of the Harmony Gold Property at the date of its purchase by
      Taseko in fiscal 2001 would have been previously expensed for US GAAP
      purposes. Accordingly, for US GAAP purposes, these costs would have been
      excluded from the value allocated to the tracking preferred shares of the
      Company (note 4) upon the acquisition of the Harmony Gold
  Property.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >
  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(f)</B> </TD>
    <TD> <P align=justify><B>Long-lived assets</B></P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD> <P align=justify>In August 2001, the FASB issued Statement of Financial
        Accounting Standards No. 144, <I>&#147;Accounting for the Impairment or
        Disposal of Long-Lived Assets&#148; </I>(&#147;SFAS 144&#148;). SFAS 144
        addresses financial accounting and reporting for the impairment or disposal
        of long-lived assets. This statement requires that long-lived assets be
        reviewed for impairment whenever events or changes in circumstances indicate
        that the carrying amount of an asset may not be recoverable. Recoverability
        of assets to be held and used is measured by a comparison of the carrying
        amount of an asset to future net cash flows expected to be generated by
        the asset. If the carrying amount of an asset exceeds its estimated future
        cash flows, an impairment charge is recognized in the amount by which
        the carrying amount of the asset exceeds the fair value of the asset.
        SFAS 144 also broadens the definition of discontinued operations to include
        all distinguishable components of an entity that will be eliminated from
        ongoing operations. The Company adopted SFAS 144 on October 1, 2002, on
        a prospective basis, and there are no material differences between the
        treatment under Canadian and US GAAP.</P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD> <P align=justify>As the Company had not conducted significant exploration
        or development on the Harmony Gold Property in the last several years
        the property was written down to a nominal value of $1,000 during the
        year ended September 30, 2004. Although the treatment for the impairment
        of long-lived assets is the same for Canadian and US GAAP, as a result
        of a lower initial carrying value, and the accumulated amortization of
        the Harmony Gold Property for US GAAP purposes, the Harmony Gold Property
        had different carrying values for Canadian and US GAAP prior to its impairment.
        Consequently, the write down of the Harmony Gold Property was $12,447,318
        in 2004 for US GAAP purposes. For Canadian GAAP the write down was $28,810,296
        in 2004.</P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(g)</B> </TD>
    <TD> <P align=justify><B>Fair value of investments</B></P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD> <P align=justify>Under Canadian GAAP, the Company&#146;s investment in
        Continental is carried at the lower of cost and estimated realizable value.
        Under US GAAP, the Company&#146;s investment in Continental contains an
        embedded derivative financial instrument which would be required to be
        seperated and measured at fair value. Consequently, a mark-to-market loss
        of $306,618 was recorded at September 30, 2006 with a corresponding reduction
        to the originally recorded amount of $695,936..</P></TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  </TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%"><B>(h)</B> </TD>
    <TD> <P align=justify><B>Impact of recent United States accounting pronouncements:</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>In December 2004, the FASB issued Statement of Financial
      Accounting Standards (&#147;SFAS&#148;) No. 153, &#147;<I>Exchanges of Non-Monetary
      Assets - An Amendment of APB Opinion No. 29</I>&#148; ("SFAS 153"). The
      guidance in APB No. 29, &#147;<I>Accounting for Non- Monetary Transactions</I>&#148;
      is based on the principle that exchanges of non-monetary assets should be
      measured based on the fair value of the assets exchanged. The guidance in
      that Opinion, however, included certain exceptions to that principle. SFAS
      153 amends APB No. 29 to eliminate the exception for exchanges of similar
      productive assets and replaces it with a general exception for exchanges
      of non-monetary assets that do not have commercial substance. A
      non-monetary exchange has commercial substance if the future cash flows of
      the entity are expected to change significantly as a result of the
      exchange.</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 >

  <TR>
    <TD width="10%"  >&nbsp;</TD>
    <TD width="5%"></TD>
    <TD>
      <P align=justify>SFAS 153 was effective for the Company&#146;s 2006 fiscal
      year. The adoption of SFAS 153 had no impact the Company&#146;s financial
      position, results of operations or cash flows.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>In March 2005, the EITF issued EITF 04-6, &#147;<I>Accounting
      for Stripping Costs in the Mining Industry</I>&#148;. The consensus indicated
      that costs of removing overburden and waste materials ("stripping costs")
      after production begins, represent variable production costs and should be
      considered a component of mineral inventory cost subject to the guidance
      in Chapter 4 of Accounting Research Bulletin No. 43, "Restatement and
      Revision of Accounting Research Bulletins". EITF 04-6 is effective for
      fiscal years beginning after December 15, 2005 and upon adoption, can be
      applied by either retroactively restating prior periods or using a
      cumulative catch-up adjustment. The adoption of this Statement had no
      impact the Company&#146;s financial position, results of operations or cash
      flows.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>In June 2005, the FASB issued SFAS No. 154,
      &#147;<I>Accounting Changes and Error Corrections&#148;</I>, a replacement of APB
      Opinion No. 20, &#147;<I>Accounting Changes&#148;</I>, and FASB Statement No. 3,
      &#147;<I>Reporting Accounting Changes in Interim Financial Statements&#148;</I>.
      SFAS 154 requires retrospective application to prior periods&#146; financial
      statements of a change in accounting principle unless it is impracticable
      to do so. This is a change from the existing practice that requires most
      accounting changes to be accounted for by including in net income in the
      period of the change the cumulative effect of changing to the new
      accounting principle. SFAS 154 will be effective for accounting changes
      and corrections of errors made in fiscal years beginning after December
      15, 2005. The impact of SFAS 154 cannot be determined until such time as
      the Company makes a change in accounting policy.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(iv) </TD>
    <TD>
      <P align=justify>In June 2006, FASB issued Financial Interpretation No.
      48, &#147;<I>Accounting for Uncertainty in Income Taxes - An Interpretation of
      SFAS Statement No. 109</I>&#148;. This interpretation provides guidance on
      recognition and measurement of uncertainties in income taxes and is
      effective for the Company&#146;s 2008 fiscal year end. The Company does not
      expect the adoption of this interpretation to have a significant effect on
      the Company&#146;s results of operations or financial position.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(v) </TD>
    <TD>
      <P align=justify>In September 2006, the US Securities and Exchange
      Commission issued Staff Accounting Bulletin No. 108 which provides
      guidance on the consideration of the effects of prior year misstatements
      in quantifying misstatements in current year financial statements. This
      guidance is applicable for annual statements ending after November 15,
      2006 and the Company does not expect the adoption of this interpretation
      to have an impact on the Company&#146;s financial position, results of
      operations or cash flows.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vi) </TD>
    <TD>
      <P align=justify>During the year, FASB issued SFAS No. 157 <I>&#147;Fair Value
      Measurements&#148;</I>. The statement defines fair value, establishes a
      framework for measuring fair value and expands disclosures currently
      required by other accounting standards. The standard is effective for
      fiscal years beginning after November 15, 2007 and is not expected to have
      a material effect to the Company.</P></TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="10%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(vii) </TD>
    <TD>
      <P align=justify>In December 2004, FASB issued SFAS No. 123 (revised
      2004), <I>&#147;Share-Based Payment&#148; (&#147;SFAS 123(R)&#148;)</I>, which is a revision
      of SFAS 123. SFAS 123(R) supercedes APB</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A> <BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT size=5>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>For the years ended September 30, 2006, 2005, and 2004 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Expressed in Canadian Dollars, unless stated otherwise) </TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
    >&nbsp;</TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 15%" align=justify>Opinion No. 25, <I>&#147;Accounting for
Stock Issued to Employees&#148;</I>. SFAS 123(R) requires all share-based payments to
employees, including grants of employee stock options, to be recognized in the
income statement based on their fair values. In calculating compensation to be
recognized, SFAS 123(R) requires the Company to estimate forfeitures. Prior to
adoption of SFAS 123(R), accounting for stock based compensation for US GAAP
purposes was consistent with that used for Canadian GAAP. For Canadian GAAP
purposes, the Company currently uses the fair value method to account for all
stock option grants but accounts for forfeitures as they occur as permitted by
Canadian GAAP. However, based on its historical forfeiture rates, the Company
has determined that this difference does not have a material impact on
stock-based compensation expense that would be recognized for US GAAP purposes.
</P>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
