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<SEC-DOCUMENT>0001062993-07-004200.txt : 20071221
<SEC-HEADER>0001062993-07-004200.hdr.sgml : 20071221

<ACCEPTANCE-DATETIME>20071024152930

<PRIVATE-TO-PUBLIC>

ACCESSION NUMBER:		0001062993-07-004200

CONFORMED SUBMISSION TYPE:	20-F/A

PUBLIC DOCUMENT COUNT:		9

CONFORMED PERIOD OF REPORT:	20060930

FILED AS OF DATE:		20071024

DATE AS OF CHANGE:		20071108


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:		071188067



	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>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Form 20-F/A</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<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. 3 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>
<blockquote>
  <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>
</blockquote>
<P align=justify> Explanation of amendment on Taseko Mines Limited Annual Report
  on Form 20-F/A Amendment No.3 for the fiscal year ended September 30, 2006:</P>
<blockquote>
  <p align="justify"> This Amendment No. 3 addresses certain comments raised by
    the Securities and Exchange Commission in their comment letter to the Company
    datedSeptember 20, 2007.</p>
</blockquote>
<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_42">ITEM 4A </A></TD>
    <TD align=left ><A href="#page_42">UNRESOLVED STAFF COMMENTS </A></TD>
    <TD align=right width="5%"><a href="#page_42">39</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_43">ITEM 5 </A></TD>
    <TD align=left ><A href="#page_43">OPERATING AND FINANCIAL REVIEW AND PROSPECTS
      </A></TD>
    <TD align=right width="5%"><a href="#page_43">40</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><a href="#page_46"></a></TD>
    <TD align=left width="5%" ><A href="#page_46">A. </A></TD>
    <TD align=left ><A href="#page_46">OPERATING RESULTS </A></TD>
    <TD align=right width="5%"><a href="#page_46">43</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_50"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_50">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_50">LIQUIDITY AND CAPITAL RESOURCES </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><a href="#page_52"></a></TD>
    <TD align=left width="5%" ><A href="#page_52">C. </A></TD>
    <TD align=left ><A href="#page_52">RESEARCH EXPENDITURES </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><a href="#page_52"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_52">D. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_52">TREND INFORMATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_52">49</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_52"></a></TD>
    <TD align=left width="5%" ><A href="#page_52">E. </A></TD>
    <TD align=left ><A href="#page_52">OFF-BALANCE SHEET ARRANGEMENTS </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><a href="#page_53"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_53">F. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_53">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_53">50</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_53"></a></TD>
    <TD align=left width="5%" ><A href="#page_53">G. </A></TD>
    <TD align=left ><A href="#page_53">SAFE HARBOR </A></TD>
    <TD align=right width="5%"><a href="#page_53">50</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_54">ITEM 6 </A></TD>
    <TD align=left ><A href="#page_54">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
      </A></TD>
    <TD align=right width="5%"><a href="#page_54">51</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><a href="#page_54"></a></TD>
    <TD align=left width="5%" ><A href="#page_54">A. </A></TD>
    <TD align=left ><A href="#page_54">DIRECTORS AND SENIOR MANAGEMENT </A></TD>
    <TD align=right width="5%"><a href="#page_54">51</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_62"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_62">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_62">COMPENSATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_62">59</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_65"></a></TD>
    <TD align=left width="5%" ><A href="#page_65">C. </A></TD>
    <TD align=left ><A href="#page_65">BOARD PRACTICES </A></TD>
    <TD align=right width="5%"><a href="#page_65">62</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_67"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_67">D. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_67">EMPLOYEES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_67">64</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_67"></a></TD>
    <TD align=left width="5%" ><A href="#page_67">E. </A></TD>
    <TD align=left ><A href="#page_67">SHARE OWNERSHIP </A></TD>
    <TD align=right width="5%"><a href="#page_67">64</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_70">ITEM 7 </A></TD>
    <TD align=left ><A href="#page_70">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
      </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 width="5%" align=left><a href="#page_70"></a></TD>
    <TD align=left width="5%" ><A href="#page_70">A. </A></TD>
    <TD align=left ><A href="#page_70">MAJOR SHAREHOLDERS </A></TD>
    <TD align=right width="5%"><a href="#page_70">67</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_71"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_71">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_71">RELATED PARTY TRANSACTIONS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_71">68</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_72"></a></TD>
    <TD align=left width="5%" ><A href="#page_72">C. </A></TD>
    <TD align=left ><A href="#page_72">INTERESTS OF EXPERTS AND COUNSEL </A></TD>
    <TD align=right width="5%"><a href="#page_72">69</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_73">ITEM 8 </A></TD>
    <TD align=left ><A href="#page_73">FINANCIAL INFORMATION </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 width="5%" align=left><a href="#page_73"></a></TD>
    <TD align=left width="5%" ><A href="#page_73">A. </A></TD>
    <TD align=left ><A href="#page_73">CONSOLIDATED STATEMENTS AND OTHER FINANCIAL
      INFORMATION </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><a href="#page_73"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_73">B. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_73">SIGNIFICANT CHANGES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_73">70</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_74">ITEM 9 </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_74">THE OFFER AND LISTING </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_74">71</a></TD>
  </TR>
  <TR>
    <TD width="5%" align=left><a href="#page_74"></a></TD>
    <TD align=left width="5%" ><a href="#page_74"></a></TD>
    <TD align=left ><a href="#page_74"></a></TD>
    <TD align=right width="5%"><a href="#page_74"></a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_74"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee ><A
      href="#page_74">A. </A></TD>
    <TD align=left bgColor=#eeeeee ><A
      href="#page_74">OFFER AND LISTING DETAILS </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><a href="#page_74"></a></TD>
    <TD align=left width="5%" ><A href="#page_74">B. </A></TD>
    <TD align=left ><A href="#page_74">PLAN OF DISTRIBUTION </A></TD>
    <TD align=right width="5%"><a href="#page_74">71</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><a href="#page_75"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_75">C. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_75">MARKETS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_75">72</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_75"></a></TD>
    <TD align=left width="5%"><A
      href="#page_75">D. </A></TD>
    <TD align=left><A
      href="#page_75">SELLING SHAREHOLDERS </A></TD>
    <TD align=right width="5%"><a href="#page_75">72</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_75"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_75">E. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_75">DILUTION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_75">72</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_75"></a></TD>
    <TD align=left width="5%"><A
      href="#page_75">F. </A></TD>
    <TD align=left><A
      href="#page_75">EXPENSES OF THE ISSUE </A></TD>
    <TD align=right width="5%"><a href="#page_75">72</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_76">ITEM 10 </A></TD>
    <TD align=left><A
      href="#page_76">ADDITIONAL INFORMATION </A></TD>
    <TD align=right width="5%"><a href="#page_76">73</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><a href="#page_76"></a></TD>
    <TD align=left width="5%"><A
      href="#page_76">A. </A></TD>
    <TD align=left><A
      href="#page_76">SHARE CAPITAL </A></TD>
    <TD align=right width="5%"><a href="#page_76">73</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_76"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_76">B. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_76">MEMORANDUM AND ARTICLES OF ASSOCIATION </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_76">73</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_86"></a></TD>
    <TD align=left width="5%"><A
      href="#page_86">C. </A></TD>
    <TD align=left><A
      href="#page_86">MATERIAL CONTRACTS </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><a href="#page_87"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_87">D. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_87">EXCHANGE CONTROLS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_87">84</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_88"></a></TD>
    <TD align=left width="5%"><A
      href="#page_88">E. </A></TD>
    <TD align=left><A
      href="#page_88">TAXATION </A></TD>
    <TD align=right width="5%"><a href="#page_88">85</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_95"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_95">F. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_95">DIVIDENDS AND PAYING AGENTS </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><a href="#page_95"></a></TD>
    <TD align=left width="5%"><A
      href="#page_95">G. </A></TD>
    <TD align=left><A
      href="#page_95">STATEMENT BY EXPERTS </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><a href="#page_96"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_96">H. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_96">DOCUMENTS ON DISPLAY </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_96">93</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_96"></a></TD>
    <TD align=left width="5%"><A
      href="#page_96">I. </A></TD>
    <TD align=left><A
      href="#page_96">SUBSIDIARY INFORMATION </A></TD>
    <TD align=right width="5%"><a href="#page_96">93</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_97">ITEM 11 </A></TD>
    <TD align=left><A
      href="#page_97">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
      </A></TD>
    <TD align=right width="5%"><a href="#page_97">94</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><a href="#page_97"></a></TD>
    <TD align=left width="5%"><A
      href="#page_97">A. </A></TD>
    <TD align=left><A
      href="#page_97">TRANSACTION RISK AND CURRENCY RISK MANAGEMENT </A></TD>
    <TD align=right width="5%"><a href="#page_97">94</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_97"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_97">B. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_97">EXCHANGE RATE SENSITIVITY </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_97">94</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_97"></a></TD>
    <TD align=left width="5%"><A
      href="#page_97">C. </A></TD>
    <TD align=left><A
      href="#page_97">INTEREST RATE RISK AND EQUITY PRICE RISK </A></TD>
    <TD align=right width="5%"><a href="#page_97">94</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_97"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_97">D. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_97">COMMODITY PRICE RISK </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_97">94</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_98">ITEM 12 </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_98">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_98">95</a></TD>
  </TR>
  <TR>
    <TD width="5%" align=left><a href="#page_98"></a></TD>
    <TD align=left width="5%"><a href="#page_98"></a></TD>
    <TD align=left><a href="#page_98"></a></TD>
    <TD align=right width="5%"><a href="#page_98"></a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_98"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_98">A. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_98">DEBT SECURITIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_98">95</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_98"></a></TD>
    <TD align=left width="5%"><A
      href="#page_98">B. </A></TD>
    <TD align=left><A
      href="#page_98">WARRANTS AND RIGHTS </A></TD>
    <TD align=right width="5%"><a href="#page_98">95</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_98"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_98">C. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_98">OTHER SECURITIES </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_98">95</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_99"></a></TD>
    <TD align=left width="5%"><A
      href="#page_99">D. </A></TD>
    <TD align=left><A
      href="#page_99">AMERICAN DEPOSITARY SHARES </A></TD>
    <TD align=right width="5%"><a href="#page_99">96</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_100">ITEM 13 </A></TD>
    <TD align=left><A
      href="#page_100">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES </A></TD>
    <TD align=right width="5%"><a href="#page_100">97</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_101">ITEM 14 </A></TD>
    <TD align=left><A
      href="#page_101">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS
      AND USE OF PROCEEDS </A></TD>
    <TD align=right width="5%"><a href="#page_101">98</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_102">ITEM 15 </A></TD>
    <TD align=left><A
      href="#page_102">CONTROLS AND PROCEDURES </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_104">ITEM 16 </A></TD>
    <TD align=left><A
      href="#page_104">AUDIT COMMITTEE, CODE OF ETHICS, ACCOUNTANT FEES AND EXEMPTIONS
      </A></TD>
    <TD align=right width="5%"><a href="#page_104">101</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><a href="#page_104"></a></TD>
    <TD align=left width="5%"><A
      href="#page_104">A. </A></TD>
    <TD align=left><A
      href="#page_104">AUDIT COMMITTEE FINANCIAL EXPERT </A></TD>
    <TD align=right width="5%"><a href="#page_104">101</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_104"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_104">B. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_104">CODE OF ETHICS </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_104">101</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_104"></a></TD>
    <TD align=left width="5%"><A
      href="#page_104">C. </A></TD>
    <TD align=left><A
      href="#page_104">PRINCIPAL ACCOUNTANT FEES AND SERVICES </A></TD>
    <TD align=right width="5%"><a href="#page_104">101</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left bgColor=#eeeeee><a href="#page_105"></a></TD>
    <TD align=left width="5%" bgColor=#eeeeee><A
      href="#page_105">D. </A></TD>
    <TD align=left bgColor=#eeeeee><A
      href="#page_105">EXEMPTIONS FROM LISTING STANDARDS FOR AUDIT COMMITTEES
      </A></TD>
    <TD align=right width="5%" bgColor=#eeeeee><a href="#page_105">102</a></TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" align=left><a href="#page_105"></a></TD>
    <TD align=left width="5%"><A
      href="#page_105">E. </A></TD>
    <TD align=left><A
      href="#page_105">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED
      PURCHASERS </A></TD>
    <TD align=right width="5%"><a href="#page_105">102</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_106">ITEM 17 </A></TD>
    <TD align=left><A
      href="#page_106">FINANCIAL STATEMENTS </A></TD>
    <TD align=right width="5%"><a href="#page_106">103</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_107">ITEM 18 </A></TD>
    <TD align=left><A
      href="#page_107">FINANCIAL STATEMENTS </A></TD>
    <TD align=right width="5%"><a href="#page_107">104</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_108">ITEM 19 </A></TD>
    <TD align=left><A
      href="#page_108">EXHIBITS </A></TD>
    <TD align=right width="5%"><a href="#page_108">105</a></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<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> The Company's
  functional currency is the Canadian dollar. Although substantially all the Company's
  revenues are denominated in US dollars, the cash flows related to the Company's
  assets and liabilities are primarily in Canadian dollars. The Company's labour,
  material, and financing costs are primarily in Canadian dollars. </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>
</UL>
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<p><A name=page_7></A></p>
<p align="center"><b><font color=#ff0000>- 4 - </font></b> </p>
<ul>
  <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>
<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
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<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>
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<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>
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<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>
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<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>
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<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>
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<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>&nbsp;</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><FONT color=#000000>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. </FONT></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)</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> and Ledcor had a 15% interest in any residual profits. Subsequent
  to fiscal year ended September 30, 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 now scheduled for completion
  at the end of September 2007.</P>
<P align=justify>Environmental assessment activities are also underway. The Department
  of Fisheries and Oceans has recommended to the Federal Minister of Environment
  that the Project be referred to a Joint Panel Review. Taseko is actively engaged
  with federal and provincial regulatory agencies in the review of the Project.
</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 </P>
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<P align=center><B><FONT color=#ff0000>- 20 - </FONT></B></P>
<P align=justify>under the debenture is convertible into Taseko common shares
  in the first year at $3.14 per Taseko share. 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 only cut-off and 16.5
  million tons of oxide proven and probable reserves grading 0.148% Cu at a 0.10%
  acid soluble copper cut-off. Long term metals prices used in the 2004 reserve
  estimates were US$1.10 per pound for copper and US$5.00 per pound for molybdenum.
  Silver content, while it is calculated for revenue, was not a determining factor
  in estimating reserves. 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 </P>
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<P align=center><B><FONT color=#ff0000>- 22 - </FONT></B></P>
<P align=justify>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>
<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.
</UL>
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<P align=center><B><FONT color=#ff0000>- 23 - </FONT></B></P>
<UL style="TEXT-ALIGN: justify">
  <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>
  <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 </P>
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<P align=center><B><FONT color=#ff0000>- 24 - </FONT></B></P>
<P align=justify>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>
<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> </DIV>
<BR>
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<TABLE width="80%" border=1 align="center" cellPadding=3 cellSpacing=0
borderColor=#000000
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <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>
<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%">Proven<br>
        Probable<br>
        Proven<br>
        Probable</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>Since the current Taseko management group took over the project
  in 1991, 127,000 metres of HQ and NQ core has been drilled in 275 bore holes,
  and a single 200-metre percussion hole. Core recovery averaged 95.7%. Drill
  company personnel boxed all core and delivered it to Taseko&#8217;s logging
  compound at the Prosperity site twice daily. Taseko geological and engineering
  staff based at the Prosperity site supervised drilling, logging and sampling.
  A total of 57,778 core samples were taken, each sample was generally two metres
  in length. </P>
<P align=justify>In 1991-1994, drill core was mechanically split, one half of
  which was submitted for preparation and analysis. In 1996-97, 42% was subject
  to whole core sampling, 44% was sampled as sawn half-core, 5% of samples comprised
  the larger portion of core sawn 80:20. The remaining 9% was cored overburden,
  which was not generally sampled. Half of the core remaining after splitting
  is stored in core racks at site.</P>
<P align=justify> Samples were bagged and shipped by commercial surface transport
  to Vancouver area laboratories, where they were prepared. Samples were dried
  at temperatures less than 65&deg; C. In 1991-1993, primary comminution to approximately
  1/4 inch (6.4 mm) size by a jaw crusher with secondary roll crushing to obtain
  minus 15 mesh. In 1994-1997, samples were crushed in a single stage so that
  greater than 60% passed a 10 mesh screen and 500 gram assay splits were riffled
  out for crushing. Coarse rejects were retained until year 2000 in a warehouse
  in Port Kells, British Columbia. Ring and puck pulverization was used. In 1991-1993,
  approximately 95% of the sample passed a 120 mesh screen. In 1994-1997, greater
  than 90% of the sample passed a 150 mesh screen. Pulp rejects are retained indefinitely
  at the Port Kells warehouse.</P>
<P align=justify> All assays and analyses were performed by Assayers Canada (formerly
  Min-En Laboratories). Gold analysis was done by lead collection fire assay,
  using a 30 gram charge and an Atomic Absorption Spectroscopy (AAS) finish. Copper
  analysis was done by Aqua Regia digestion on a 2 gram sample, AAS finish. Mercury
  analysis was done by Cold Vapour AA. Multi-element analysis by Inductively Coupled
  Plasma Emission Spectroscopy (ICP-ES) was also done on all samples. </P>
<P align=justify>In order to assess quality control, duplicate and standard reference
  samples were submitted for assaying, representing more than 10% of the total
  assays. Random duplicates were derived from 5% of all rejects. Every twentieth
  sample was shipped to either Chemex Labs Ltd. (now ALS Chemex) or International
  Plasma Laboratories Ltd. for riffle splitting of the coarse reject, pulverization
  and analysis for gold and copper. In 1994-1997, project-based, bulk standard
  reference materials were created and submitted within the mainstream and duplicate
  analytical streams. </P>
<P align=justify>&nbsp;</P>
<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><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>

<table width="50%" border="0" align="center" cellpadding="0" cellspacing="0" style="font-size: 10pt;border-color:#000000;">
  <tr>
    <td valign="top"><div align="justify">The cut-off used for Prosperity resource
        is based on the copper grade. However, the cut-off is lower than that
        used for Gibraltar because of the significant gold content in the Prosperity
        deposit. A 0.14% Cu cut-off at Prosperity, using a 1.71 Au/Cu ratio (which
        is average for resource), recoveries applicable to 0.14%Cu and 0.24gptAu,
        $500/oz Au, and $1.50/lb Cu would equate to a 0.23% CuEq.</div></td>
  </tr>
</table>
<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>
<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>
<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>
<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 (NSR) per tonne. An NSR cut-off was used because
  both copper and gold provide significant value in this deposit. The NSR of a
  tonne of rock is the net value of a milled tonne of rock based on the metal
  prices and exchange rate stated above after deducting milling losses (recovery)
  and all off-site costs (transportation, treatment and refining, and impurity
  penalties) but not deducting any on-site costs. This cut-off is a pit rim cut-off.
  Rock below this cut-off is waste while rock above this cut-off is ore. $4.00
  represents the cost of on-site processing plus an allowance for rehandling any
  ore that is stockpiled. This type of cut-off is necessary because the ultimate
  pit is justified on the basis of optimizing net present value (NPV); but; however,
  having justified the</P>
<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> mining of all rock within the optimized pit, when once the rock
  is actually mined and reaches the pit rim, then a decision is required as to
  whether to process it. 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>
<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>&nbsp;</P>
<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>
  <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>
  <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 under US regulations. 150,000 metres of diamond drilling
          provides sufficient geological confidence that in conjunction with current
          engineering design and economic assumptions, under Canadian mining disclosure
          standards, a portion of that resource may be classified as a proven
          and probable reserve. However, readers are cautioned that no part of
          the Prosperity Project&#8217;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&#8217;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 </P></TD></TR></TABLE></DIV><BR>
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<P align=center><B><FONT color=#ff0000>- 35 - </FONT></B></P>
<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 0px solid; BORDER-LEFT: #000000 1px solid"
    align=center><div align="justify">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 the metallurgical recoveries will
        be the same as those indicated in locked cycle and pilot plant testing.
        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. </div></td>
  </tr>
  <tr valign=bottom>
    <td
    style="BORDER-RIGHT: #000000 0px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 0px solid"
    align=center>&nbsp;</td>
  </tr>
</table>
<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 now
  scheduled for the end of September 2007.</P>
<P align=justify>&nbsp;</P>
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<P align=center><B><FONT color=#ff0000>- 36 - </FONT></B></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>
<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 </P>
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<P align=center><B><FONT color=#ff0000>- 37 - </FONT></B></P>
<P align=justify>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 was done by Independent
  Mining Consultants Inc. of Tucson, Arizona.</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>During the period from 1971 to 1989, previous operators sent
  either split or sawn half core samples for assaying. Samples were taken continuously
  over lengths ranging between 1.5 to 2.0 metres, and crossing lithologic boundaries
  in most instances. Early gold analyses included chemical extraction followed
  by gravimetric or Atomic Absorption (AA) finish. Check assaying procedures were
  included at various laboratories including Chemex, Bondar Clegg, General Testing
  and Bell-White Labs.</p>
<p align=justify> Drill core sample lengths chosen by Misty Mountain were varied
  to selectively isolate vein material and to avoid sampling across lithologic
  boundaries. Samples totalled 22,421 in number from 35,652 metres of core, and
  for the most part each sample was between 1.75 and 2.25 metres (actual range
  0.06 &#8211; 6.10 metres) in length. Whole NQ2 core rather than half core was
  sampled to obtain maximum assay precision.</p>
<p align=justify> Sample preparation was carried out at Assayers Canada Vancouver,
  BC, where drill core was crushed to 60% passing 10 mesh and pulverized to 90%
  - 150 mesh. Prepared samples were sent to Chemex Labs Ltd. for mainstream assay
  and to CDN Laboratories for check assay. A one-assay ton charge was used for
  gold fire assay with an AA finish; a one-gram sample was assayed for silver
  using AA. All samples were sent for 32-element ICP analysis. A total of 23,690
  prepared samples was analysed at Chemex and 1,132 prepared samples was analysed
  at CDN Laboratories using a similar assaying procedure. </p>
<p align=justify><strong><em>Security of Samples</em><em></em></strong></p>
<p align=justify> Sample pulps are stored in the Company&#8217;s warehouse at
  Port Kells, BC. Drill core is stored at site. </p>
<p align=justify><b><i>Estimates of Mineralization </i></b></p>
<table width="100%" border="1" cellpadding="3" cellspacing="0" bordercolor="#FF0000" style="font-size: 10pt;border-color:#FF0000;">
  <tr>
    <td valign="top"><p align="center">Cautionary Note to Investors Concerning
        Estimates of Measured and Indicated Resources</p>
      <p> The following section uses the terms &#8216;measured resources&#8217;
        and &#8216;indicated resources&#8217;. 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. Investors
        are cautioned not to assume that any part or all of mineral deposits in
        these categories will ever be converted into reserves.</p></td>
  </tr>
</table>
<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 resources are estimated to be 22 million tonnes grading
  1.77 g/t gold and indicated resources are estimated to be 42 million tonnes
  grading 1.41 g/t gold, for a total of approximately 3 million ounces of contained
  gold. There are additional inferred resources of 21 million tonnes grading 1.04
  g/t gold. The estimates were done at a 0.60 g/t gold </p>
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<P align=center><B><FONT color=#ff0000>- 38 - </FONT></B></P>
<P align=justify>cut-off and strip ratio of 0.82/1.0. The cut-off was established
  by an in-house scoping study based on a 10,000 tonnes per day operation with
  an operating cost of $12.94/tonne, and a gold price of US$375/oz.US$375/oz,
  and a CDN:US dollar exchange rate of 0.7.</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>
<P align=justify>&nbsp;</P>
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<P align=center><B><FONT color=#ff0000>- 39 - </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>
<P align=justify>&nbsp;</P>
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<P align=center><B><FONT color=#ff0000>- 40 - </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>
<p align="justify" style="margin-left:5%">&nbsp;</p>
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<P align=center><B><FONT color=#ff0000>- 41 - </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 mineralized material of
  480 million tonnes grading 0.43 g/t gold and 0.22% Cu at a C$4.00 net smelter
  return per tonne (NSR/t) cut-off. 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>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 at the end of September 2007.</p>
<p align=justify>An environmental assessment under the Canadian and British Columbia
  Environmental Assessment Acts is in progress. The Department of Fisheries and
  Oceans has recommended to the Federal Minister of Environment that the Project
  be referred to a Joint Panel Review. Taseko is actively engaged with federal
  and provincial regulatory agencies in the review of the Project. </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>
<p align=justify><em></em></p>
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<P align=center><B><FONT color=#ff0000>- 42 - </FONT></B></P>
<P align=justify><em>Deferral of costs to remove overburden</em></P>
<p align="justify" style="margin-left:5%"> For
  Canadian GAAP purposes, costs incurred to remove overburden is deferred based
  on a pit-by-pit analysis considering the development of each pit at each mine
  (currently there is only one mine). Capitalization of overburden removal ceases
  when the pit enters into the production stage. </p>
<p align="justify" style="margin-left:5%"> As
  mining activity moves from one distinct pit to the next pit in sequence, the
  cost of removal of overburden material from the new pit is capitalized until
  that pit reaches the production stage. Currently, there is one developmental
  pit at the mine site, Granite East Pit (previously the Granite Lake East Pit),
  where overburden removal costs are being deferred. </p>
<p align="justify" style="margin-left:5%"> Under
  US GAAP, the Company capitalizes overburden removal costs relating to economically
  mineable pits which have not yet entered the production stage. Once a pit enters
  the production stage, no further overburden removal costs are capitalized, and
  the amounts previously capitalized are amortized on a units of production basis
  over the expected life of the pit. </p>
<p><em>Mineral property interests</em></p>
<p align="justify" style="margin-left:5%"> For
  Canadian GAAP purposes, exploration and development expenditures incurred subsequent
  to completing a feasibility study which either &#8220;increase production&#8221;
  or &#8220;extend the life of existing production&#8221; are capitalized. </p>
<p align="justify" style="margin-left:5%">An initial determination of whether
  a proposed expenditure program will increase or extend the life of existing
  production is done prior to the commencement of the expenditure program, to
  determine whether the expenditure program should commence in the first place.</p>
<p align="justify" style="margin-left:5%"> If
  an expenditure program (for example, a drilling program designed to increase
  mineralized material to proven and probable reserves) results in, or is expected
  to result in, an increase in reserves which will be economically mineable in
  future periods, the costs of that expenditure program are capitalized until
  those newly-increased reserves are brought into production, at which point those
  capitalized costs will then start to be amortized on a units of production basis.
  For greater clarity, if an expenditure program does not result in, or is not
  expected to result in, an increase in economically mineable reserves, the costs
  of such a program are expensed in the period incurred. </p>
<p align="justify" style="margin-left:5%"> For
  US GAAP purposes, the Company expenses exploration costs and capitalizes development
  costs. </p>
<p align="justify" style="margin-left:5%"> During
  the year ended September 30, 2006, the Company deferred approximately $2.625
  million (2005 &#8211; $nil; 2004 &#8211; $nil) related to the costs of an expansion
  drilling program in the vicinity of the existing pits designed to increase reserves
  at the Gibraltar Mine. </p>
<p align="justify" style="margin-left:5%">There were no differences between Canadian
  and United States GAAP for the Company for these costs during the year ended
  September 30, 2006.</p>
<p align="justify" style="margin-left:5%"> The
  Company also tests for impairment of mineral property interests at least once
  a year. </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><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>
<p align=justify>&nbsp;</p>
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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, 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>&nbsp;</p>
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<P align=center><B><FONT color=#ff0000>- 45 - </FONT></B></P>
<P align=justify><B>Exploration </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>
<p align=justify>&nbsp;</p>
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<P align=center><FONT color=#ff0000>&nbsp;<B>- 46 -</B></FONT><B> </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>
<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>&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B><FONT color=#ff0000>- 47 - </FONT></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 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>&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_51></A>
<P align=center><B><FONT color=#ff0000>- 48 - </FONT></B></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 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 </p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B><FONT color=#ff0000>- 49 - </FONT></B></P>
<P align=justify>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>
<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>&nbsp;</p>
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<P align=center><B><FONT color=#ff0000>- 50 - </FONT></B></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>
<blockquote>
  <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>
</blockquote>
<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>
<p align=justify>&nbsp; </p>
<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>
  <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<br>
    </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>&nbsp; </p>
</DIV>
<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>
  <div>
    <p align=justify><b>Notes: </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>
      </table>
    </div>
    <br>
  </div>
</DIV>
<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>
  <div>
    <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>Director</td>
          <td align=left>June 1996</td>
          <td align=left>Present</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>
      </table>
    </div>
    <br>
  </div>
</DIV>
<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>
<div>
  <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 >Great Basin Gold Ltd. </td>
        <td align=left>Director </td>
        <td align=left>March 1993 </td>
        <td align=left>November 2006 </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>
</div>
<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>
  <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> </div>
</DIV>
<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>
<div>
  <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>
  <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> </div>
</div>
<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>
  <div>
    <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>
      <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 </p>
</DIV>
<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>
<div>
  <p align=justify>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:<br>
  </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>
  <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>
</div>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_62></A>
<P align=center><B><FONT color=#ff0000>- 59 - </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 $nil. </p>
<p align=justify>Russell E. Hallbauer, President, Chief Executive Officer and
  director, Jeffrey R. Mason, Secretary, Chief Financial Officer and director,
  John W. McManus, Vice President of Operations and Ronald W. Thiessen, former
  President and Chief Executive Officer and a current director and Chairman of
  the Board are each a "Named Executive Officer" of Taseko for the purposes of
  the following disclosure. </p>
<p align=justify>The compensation paid to the Named Executive Officers during
  the Company&#146;s three most recently completed financial years is as set out
  below: </p>
<p align=center>&nbsp; </p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_63></A>
<P align=center><B><FONT color=#ff0000>- 60 - </FONT></B></P>
<DIV>
  <p align=center><b>Summary Compensation Table</b></p>
  <div>
    <table
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
bordercolor=#000000 cellspacing=0 cellpadding=3 width="100%" border=1>
      <tr valign=top>
        <td valign=bottom align=center rowspan=3
      ><br> <br> <br> <br>
          NAMED EXECUTIVE <br>
          OFFICERS <br>
          Name and Principal <br>
          Position </td>
        <td valign=bottom align=center width="8%" rowspan=3
      ><br> <br> <br> <br> <br> <br> <br>
          Year </td>
        <td colspan="3" rowspan=2 align=center valign=bottom>Annual Compensation
          <br> <br></td>
        <td colspan="3" align=center valign=bottom>Long Term Compensation </td>
        <td valign=bottom align=center width="10%"
      rowspan=3><br> <br> <br> <br> <br>
          All Other <br>
          Compensation <br>
          ($) </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>
  <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</p>
</DIV>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_64></A>
<P align=center><B><FONT color=#ff0000>- 61 - </FONT></B></P>
<div>
  <p align=justify> 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%">$2.63 </td>
        <td align=center width="16%">March 28, 2011 </td>
      </tr>
    </table>
  </div>
  <br>
  <p align=justify>The share options exercised by the Named Executive Officers
    during the financial year ended September 30, 2006 and the values of such
    options at the end of such year were as follows: </p>
  <p align=center><b>Aggregate Option Exercises During the Most Recently Completed
    Financial Year and <br>
    Financial Year-End Option Values </b></p>
  <div>
    <table
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
bordercolor=#000000 cellspacing=0 cellpadding=3 width="100%" border=1>
      <tr valign=top>
        <td align=left><br> <br>
          NAMED EXECUTIVE <br>
          OFFICERS <br>
          Name </td>
        <td align=center width="20%"><br>
          Securities <br>
          Acquired on <br>
          Exercise <br>
          (#) </td>
        <td align=center width="20%"><br> <br>
          Aggregate Value <br>
          Realized <br>
          ($) </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 </p>
</div>
<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>
<div>
  <p align=justify>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>
    <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>&nbsp; </p>
<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>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 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 </p>
<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>
<p align=justify>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>
<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>
  </table>
</div>
<br>
<p align=justify>&nbsp; </p>
<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>
<table width="100%" border=1 cellpadding=3 cellspacing=0
bordercolor=#000000
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <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>
</table>
<table width="100%" border=1 cellpadding=3 cellspacing=0
bordercolor=#000000
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <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>
<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</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> 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>
<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>
<p align=justify>&nbsp; </p>
<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><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>
<p align=justify>&nbsp;</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>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 nature of the various costs
  incurred by HDI are retained in the financial statements presentation and apportioned
  amongst the line items according to the type of costs. 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>&nbsp;</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>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>
<p align=justify>The nature of the various costs incurred by HDI on the Company&#8217;s
  behalf are retained in the financial statement presentation, apportioned amongst
  the line items according to the type of cost.</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>
<p align=justify>&nbsp;</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><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>
<p align=justify>&nbsp;</p>
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<P align=center><B><FONT color=#ff0000>- 71 - </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>
<p
align=justify>&nbsp; </p>
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<P align=center><B><FONT color=#ff0000>- 72 - </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>
<p align=justify>&nbsp;</p>
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<P align=center><B><FONT color=#ff0000>- 73 - </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
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<A name=page_77></A>
<P align=center><B><FONT color=#ff0000>- 74 - </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>&nbsp;</p>
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<P align=center><B><FONT color=#ff0000>- 75 - </FONT></B></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>
<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>&nbsp; </p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_79></A>
<P align=center><B><FONT color=#ff0000>- 76 - </FONT></B></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>
<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>&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_80></A>
<P align=center><B><FONT color=#ff0000>- 77 - </FONT></B></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 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>&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<A name=page_81></A>
<P align=center><B><FONT color=#ff0000>- 78 - </FONT></B></P>
<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>
<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>&nbsp;</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><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 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>&nbsp;</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><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>
<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>&nbsp; </p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_84></A>
<P align=center><B><FONT color=#ff0000>- 81 - </FONT></B></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 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>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_85></A>
<P align=center><B><FONT color=#ff0000>- 82 - </FONT></B></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 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>&nbsp; </p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_86></A>
<P align=center><B><FONT color=#ff0000>- 83 - </FONT></B></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>
<table
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellspacing=0 cellpadding=0 width="100%" border=0 >
  <tr>
    <td  >&nbsp;</td>
    <td valign=top>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <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>
</table>
<br>
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<table width="100%" border=0 cellpadding=0
cellspacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; " >
  <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>
<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 </p>
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<P align=justify>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>
<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>&nbsp;</p>
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<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 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 </p>
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<P align=justify>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>
<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>
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<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 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>&nbsp;</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
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<P align=center><B><FONT color=#ff0000>- 89 - </FONT></B></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>
<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 </p>
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<P align=justify>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>
<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</p>
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<P align=justify> 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 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 </p>
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<P align=justify>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.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>&nbsp;</p>
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<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>
<p align=justify>&nbsp;</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>
<p align=justify>&nbsp;</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>&nbsp;</P>
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<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>
<p align=justify>&nbsp;</p>
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<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>
<p align=justify>&nbsp;</p>
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<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>
<p align=justify>&nbsp;</p>
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<P align=center><B><FONT color=#ff0000>- 99 - </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&#8217;s internal controls over financial reporting as of September
  30, 2006. Based on its assessment, management identified a material weakness
  in our internal controls over financial reporting with respect to accounting
  for income taxes and related disclosures where the Company did not have effective
  review procedures. 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. As a result of this material
  weakness, we concluded that the Company&#8217;s internal controls over financial
  reporting were not effective as of September 30, 2006. </p>
<p align=justify>In order to remediate the material weakness identified in Management&#8217;s
  Report on Internal Control Over Financial Reporting, we have since implemented
  additional review procedures and improved documentation and analysis with respect
  to accounting for income taxes and related disclosures. We </p>
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<P align=center><B><FONT color=#ff0000>- 100 - </FONT></B></P>
<P align=justify>believe that these new procedures enable us to comply with the
  requirements related to accounting for income taxes and related disclosures.
  In so doing, management has remediated the material weakness identified in Management&#8217;s
  Report on Internal Control Over Financial Reporting. </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>
<p align=justify>&nbsp;</p>
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<P align=center><B><FONT color=#ff0000>- 101 - </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 </p>
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<P align=center><B><FONT color=#ff0000>- 102 - </FONT></B></P>
<p align=justify>committee routinely considers such requests at committee meetings,
  and if acceptable to a majority of the 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>
<p align=justify>&nbsp; </p>
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<P align=center><B><FONT color=#ff0000>- 103 - </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>
<p align=justify>&nbsp; </p>
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<P align=center><B><FONT color=#ff0000>- 104 - </FONT><BR>
  </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>
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<p align="center"><B><FONT color=#ff0000>- 105 - </FONT><BR>
  </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>
<table width="100%" border=0 cellpadding=0
cellspacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <tr>
    <td>&nbsp;</td>
    <td >&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>
</table>
<p><br>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<p><A name=page_109></A> </p>
<p align="center"><B><FONT color=#ff0000>- 106 - </FONT><BR>
  </B></p>
<p>&nbsp; </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>4.11 </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>
<table width="100%" border=0 cellpadding=0
cellspacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <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>
</table>
<p><br>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<p><A name=page_110></A> </p>
<p align="center"><B><FONT color=#ff0000>- 107 - </FONT><BR>
  </B></p>
<p>&nbsp; </p>
<p>&nbsp; </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>99.1 </td>
    <td align=left width="90%" bgcolor=#eeeeee > <p align=justify>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 (8)</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>
  <tr>
    <td valign=top>&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign=top>(8)</td>
    <td>Filed as an exhibit with Taseko&#8217;s Annual Report on Form 20-F/A for
      the year ended September 30, 2006 filed on April 19, 2007.</td>
  </tr>
</table>
<p><br>
</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<p><A name=page_111></A> </p>
<p align="center"><B><FONT color=#ff0000>- 108 - </FONT><BR>
  </B></p>
<P align=center><B><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: August 2, 2007</P>
<HR align=center width="100%" color=black noShade SIZE=5>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.1
<SEQUENCE>3
<FILENAME>exhibit12-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit12-1.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 12.1</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<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%" >August 2, 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>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>4
<FILENAME>exhibit12-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit12-2.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 12.2</TITLE>
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</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<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%" >August 2, 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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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>5
<FILENAME>exhibit13-1.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit13-1.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 13.1</TITLE>
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<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center>EXHIBIT 13.1 </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%" >August 2, 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>6
<FILENAME>exhibit13-2.htm
<DESCRIPTION>CERTIFICATION
<TEXT>
<!DOCTYPE HTML PUBLIC "exhibit13-2.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - Exhibit 13.2</TITLE>
   <META name="HandheldFriendly" content="true">
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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%" >August 2, 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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`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>10
<FILENAME>filename10.htm
<TEXT>
<!DOCTYPE HTML PUBLIC "newcorresp.pdf">


<HTML>
<HEAD>
   <TITLE>Filed by Automated Filing Services Inc. (604) 609-0244 - Taseko Mines Limited - SEC Correspondence</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

<BODY style="font-size:10pt;">

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=justify><B>1020 &#8226; 800 West Pender Street <BR>
  Vancouver, BC Canada V6C 2V6 <BR>
  Tel (604) 684 &#8226; 6365 Fax (604) 684 &#8226; 8092 <BR>
  1 800 667 &#8226; 2114 </B></P>
<P align=justify>October 9, 2007 </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>Nasreen Mohammed </TD></TR>
  <TR vAlign=top>
    <TD align=left>United States Securities and Exchange Commission </TD></TR>
  <TR vAlign=top>
    <TD align=left>Division of Corporation Finance </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mail Stop 7010 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Washington, DC 20549-7010 </TD></TR>
  <TR vAlign=top>
    <TD align=right>Via EDGAR CORRESPONDENCE </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 align=left><B>RE:</B> </TD>
    <TD align=left width="95%" ><B>TASEKO MINES LIMITED</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%" ><B>FORM 20-FA/1 FOR THE YEAR
      ENDED SEPTEMBER 30, 2006</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%" ><B>FILED APRIL 19, 2007</B>
</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="95%" ><B>FILE NO. 1-32461</B> </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="95%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>Dear Ms. Mohammed: </P>
<P align=justify>We acknowledge receipt of your follow-up Comment Letter dated
September 20, 2007 in respect of Form 20-FA/1 filed by Taseko Mines Limited (the
"Company") for the year ended September 30, 2006. We have filed a Form 20-FA/3
on EDGAR, and we provide the following explanations in response to your
comments. Your comments are in italics to the left, our responses to the right.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center>-2-</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 align=left width="40%"><B><U>SEC comment</U></B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD colspan="2" align=left><B><U>Response</U></B> </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>1. </TD>
    <TD align=left width="40%"><I>Financial Statements</I> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="40%">&nbsp;</TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="40%"><I>General</I> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="5%">&nbsp;</TD>
    <TD align=left width="48%">&nbsp; </TD>
  </TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="40%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="48%">&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=8></TD>
    <TD align=left width="40%" rowSpan=8> <P align=justify><I>We understand from
        your</I> <I>response to prior comments 1, 4</I> <I>and 5, that you intend
        to include</I> <I>disclosures in future filings,</I> <I>describing your
        Canadian and</I> <I>U.S. accounting policies for</I> <I>foreign currencies,
        overburden</I> <I>removal costs, and exploration</I> <I>and development
        costs. Please</I> <I>submit with your next response</I> <I>the draft disclosures
        that you</I> <I>plan to include to comply with</I> <I>these prior comments,
        and any</I> <I>additional disclosures that</I> <I>would be necessary to
        comply</I> <I>with the comments in this letter.</I> </P></TD>
    <TD align=left width="2%"></TD>
    <TD colspan="2" align=left> <P align=justify><U>Our intended policy note re:
        "functional currency" is as</U> <U>follows:</U> </P></TD>
  </TR>
  <TR>
    <TD align=left width="2%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%"> <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="48%"> <P align=justify>The Company's functional currency
        is the Canadian dollar as the Canadian dollar is the currency of the primary
        economic environment in which the Company operates. While the Company
        receives its metal sales revenues in United States dollars, the majority
        of the Company's supplies, labor, and services are denominated in Canadian
        dollars. All of the business operations of the Company are located in
        Canada. A majority of the Company's financings are in Canadian dollars.
      </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%"> <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%"> <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"></TD>
    <TD colspan="2" align=left> <P align=justify>We will add another accounting
        policy note to explain the Company's <U>accounting policy for foreign
        currency translation</U>. </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%"> <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="48%"> <P align=justify>Foreign currency monetary assets
        and liabilities are translated into Canadian dollars at the exchange rate
        in effect at the balance sheet date. Non-monetary assets, liabilities,
        revenues and expenses are translated into Canadian dollars at the rate
        of exchange prevailing on the respective dates of the transactions. Foreign
        exchange gains and losses are included in earnings. </P>
      <P align=justify>For operations considered self-sustaining, of which the
        Company has none, foreign currency assets and liabilities are translated
        into Canadian dollars at the exchange rate in effect at the balance sheet
        date. Revenues and expenses are translated at the average rate for the
        fiscal period. The resulting foreign exchange gains and losses are accumulated
        in a separate component of shareholders&#146; equity until there has been
        a realized reduction in the net investment in such operations. </P></TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center>-3-</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 ></TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD colspan="2" align=left  > <P align=justify>Our intended Canadian GAAP
        policy note re: <U>"overburden</U> <U>removal" </U>(also referred to as
        "deferred stripping costs") is as follows: </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="48%"  > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="48%" > <P align=justify>Overburden removal costs are
        accounted for as variable production costs to be included in the cost
        of inventory produced, unless the overburden removal activity can be shown
        to be a betterment of the mineral property, in which case these costs
        are capitalized. Betterment occurs when the overburden removal activity
        provides access to additional sources of reserves that will be produced
        in future periods which would not have otherwise been accessible in the
        absence of the stripping activity. </P></TD>
  </TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="2%"  >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="48%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD colspan="2" align=left  > <P align=justify>For US GAAP purposes, we note
        that there is diversity in accounting practice relating to the treatment
        of <B>deferred</B> <B>stripping costs</B>, and understand that there is
        currently a technical working group addressing this issue. Some companies
        choose to expense such costs, whereas others choose to capitalize them.
        The Company capitalizes these costs when they meet the definition of an
        asset. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="48%"  > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD colspan="2" align=left  > <P align=justify>Accordingly, we will expand
        our US GAAP reconciliation note (Note 19) re: <U>"overburden removal costs"
        </U>as follows: </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="48%"  > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="48%" > <P align=justify>Under Canadian GAAP, overburden
        removal costs in certain circumstances may be considered a betterment
        and consequently, capitalized and amortized over future periods typically
        using the units of production method. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="48%"  > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="48%" > <P align=justify>Under US GAAP, the Company capitalizes
        overburden removal costs relating to economically mineable pits which
        have not yet entered the production phase. Once a pit enters the production
        phase, no further overburden removal costs are capitalized, and the amounts
        previously capitalized are amortized on a units of production basis over
        the expected life of the pit. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="48%"  > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="48%" > <P align=justify>During the year ended September
        30, 2006, the Company capitalized $285,000 (2005 &#150; $nil; 2004 &#150;
        $nil) in overburden removal costs for both Canadian and US GAAP purposes.
        None of these amounts were amortized on a units of production basis as
        production had not yet occurred from their associated ore bodies. </P></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=center>-4-</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>2. </TD>
    <TD align=left width="40%" ><I>Significant Accounting Policies -</I> <I>-
      Plant and equipment</I> </TD>
    <TD align=left width="2%" ></TD>
    <TD colspan="2" align=left > <P align=justify>For Canadian GAAP purposes,
        the Company is deferring costs related to overburden removal at the Granite
        Pit. </P></TD>
  </TR>
  <TR>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="48%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=5></TD>
    <TD align=left width="40%" rowSpan=5 > <P align=justify><I>We have read the
        disclosure you</I> <I>added in response to prior</I> <I>comment 4, appearing
        in the</I> <I>Critical Accounting Policies and</I> <I>Estimates section
        on page 40,</I> <I>stating "Capitalization of</I> <I>overburden removal
        ceases</I> <I>when the pit enters into the</I> <I>production stage &#150;
        namely, when</I> <I>the pit reaches the point where it</I> <I>is providing
        a minimum of 10%</I> <I>of the mill feed for that</I> <I>particular mine
        on a continuous</I> <I>basis." Tell us how you came to</I> <I>the view
        that this policy is</I> <I>consistent with the guidance in</I> <I>EITF
        04-6, which for U.S. GAAP</I> <I>purposes requires that stripping</I>
        <I>costs be attributed to production</I> <I>(inventory extracted) during
        the</I> <I>production phase, also clarifying</I> <I>that for purposes
        of that Issue,</I> <I>the production phase begins</I> <I>when "saleable
        minerals are</I> <I>extracted (produced) from an</I> <I>ore body, regardless
        of the level</I> <I>of production," except when de</I> <I>minimis saleable
        material has</I> <I>been extracted in conjunction</I> <I>with removing
        overburden to</I> <I>obtain access to the ore body If</I> <I>you believe
        your approach is in</I> <I>agreement with EITF 04-6,</I> <I>please submit
        the policy</I> <I>disclosure revisions that you</I> <I>believe would aptly
        clarify your</I> <I>view, using consistent</I> <I>terminology.</I> </P></TD>
    <TD align=left width="2%" > <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P>
      <P align=justify></P></TD>
    <TD colspan="2" align=left  > <P align=justify>For US GAAP purposes, because
        the Granite Pit is the development of a different ore body that is separate
        from current mine production, and which has not yet reached the production
        phase resulting in the production extraction of saleable minerals, the
        Company is capitalizing the costs of overburden removal at this pit. </P></TD>
  </TR>
  <TR>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD colspan="2" align=left  > <P align=justify>We have amended the disclosure
        in our 20-F. We have deleted the incorrect reference to the "10% mill
        feed" threshold. </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="48%" > <P align=justify></P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="2%"  >&nbsp;</TD>
    <TD colspan="2" align=left  > <P align=justify>We believe that our intended
        policy note disclosure and US GAAP note disclosure changes stated herein,
        re: overburden removal, will be sufficient and appropriate disclosure.
      </P></TD>
  </TR>
  <TR>
    <TD align=left></TD>
    <TD align=left width="40%" ></TD>
    <TD align=left width="2%" ><BR> <BR> <BR></TD>
    <TD align=left width="5%"  >&nbsp;</TD>
    <TD align=left width="48%"
><BR> <BR> <BR></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>-5-</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>3. </TD>
    <TD align=left width="40%"><I>Significant Accounting Policies -</I> <I>- (g)
      Mineral property interests</I> </TD>
    <TD align=left width="2%"></TD>
    <TD colspan="2" align=left>We have added clarifying language in Item 5 of
      the Form 20- FA/3. </TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="48%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="40%" rowSpan=7> <P align=justify><I>We note the disclosure
        you</I> <I>added in response to prior</I> <I>comment 5, appearing in the</I>
        <I>Critical Accounting Policies and</I> <I>Estimates section on page 40,</I>
        <I>stating that exploration and</I> <I>development expenditures</I> <I>incurred
        subsequent to</I> <I>completing a feasibility study</I> <I>which either
        ''increase</I> <I>production" or "extend the life</I> <I>or existing production"
        are</I> <I>capitalized. However, for U.S.</I> <I>GAAP purposes, exploration</I>
        <I>costs should be expensed, while</I> <I>development costs may be</I>
        <I>capitalized. Please make this</I> <I>distinction in your disclosure.
        If</I> <I>your Canadian GAAP policy is</I> <I>not consistent in this area,
        you</I> <I>will need to address the prospect</I> <I>of making revisions
        to your</I> <I>GAAP reconciliation.</I> </P></TD>
    <TD align=left width="2%"></TD>
    <TD colspan="2" align=left> <P align=justify>For Canadian GAAP purposes, during
        the year ended September 30, 2006, the Company capitalized $2,625,000
        in costs related to drilling at the Gibraltar Mine. These costs were designed
        to, and resulted in, an increase in economically mineable reserves at
        the Gibraltar Mine. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%" > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%" > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="2%"></TD>
    <TD colspan="2" align=left> <P align=justify>For US GAAP purposes, we understand
        that there is diversity in accounting policies and practice relating to
        <B>the treatment</B> <B>of drilling costs, where that drilling activity
        results in an</B> <B>increase in economically mineable reserves</B>. Some
        companies choose to expense those costs, whereas others choose to capitalize
        those costs. </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="2%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%"> <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%"> <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="2%"></TD>
    <TD colspan="2" align=left> <P align=justify>For US GAAP purposes, we chose
        to capitalize these costs as these drilling costs relate to a separate
        ore body not yet in production, but which is permitted and scheduled for
        production of saleable minerals in fiscal 2008 and beyond. These costs
        meet the definition of an asset, namely that (a) there is a probable future
        benefit, (b) the entity can obtain the benefit and control access to it,
        and (c) the transaction or event giving rise to it has already occurred.
      </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%" > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%" > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="48%"> <P align=justify><U>probable future benefit</U>.
        The increase in reserves from a separate ore body not yet in production
        is a benefit to the Company because it will result in increased cash flows
        to the Company. The benefit is probable because the Company already has
        all the necessary prerequisites in place to realize the benefit. Specifically,
        the Company has appropriate title and mining permits, the additional reserves
        have been incorporated into a new positive cashflow mine plan, processing
        facilities already exist, and the geology and rock mechanics are well
        understood. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="48%" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="40%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="48%"> <P align=justify><U>entity can obtain the benefit
        and control access to it</U>. The Company holds appropriate title and
        the rights to exploit the mineral deposit, and specifically the production
        pit and surrounding area. Consequently, the Company can obtain the benefit
        and can control access to it. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="40%"></TD>
    <TD align=left width="2%"></TD>
    <TD align=left width="5%"></TD>
    <TD align=left width="48%"> <P align=justify><U>result of an occurrence of
        a past transaction or event</U>. The Company capitalizes expenditures
        in each reporting period which have been incurred during that period.
        There are no estimates of future costs which are capitalized. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="40%" >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left></TD>
    <TD align=left width="40%"></TD>
    <TD align=left width="2%"></TD>
    <TD colspan="2" align=left> <P align=justify>Consequently, because the Company
        capitalizes drilling costs where that drilling activity results in an
        increase in economically mineable reserves, for both Canadian and US GAAP,
        there is no Canadian GAAP to US GAAP reconciling item. </P></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>-6-</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 ></TD>
    <TD align=left width="2%"  ></TD>
    <TD colspan="2" align=left  > <P align=justify><U>Our intended accounting
        policy note, for both Canadian and</U> <U>US GAAP, regarding "deferred
        development costs" is as</U> <U>follows:</U> </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="48%" > <P align=justify>The Company capitalizes development
        costs which have (a) a probable future benefit which the Company can obtain,
        (b) result from a past transaction, and (c) occur on property controlled
        by the Company on mineralized ore bodies that have, or are determined
        to have as a result of these costs, economically mineable mineral reserves.
      </P></TD>
  </TR>
  <TR>
    <TD >&nbsp;</TD>
    <TD width="2%"  >&nbsp;</TD>
    <TD width="5%"  >&nbsp;</TD>
    <TD width="48%" > <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD colspan="2" align=left  > <P align=justify><U>Our intended amendment to
        the US GAAP reconciliation note</U> <U>(Note 19) re: "exploration and
        development expenditures" is as</U> <U>follows:</U> </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="48%" > <P align=justify>Under Canadian GAAP, costs incurred
        subsequent to determination of the feasibility of mining operations, which
        either increase production or extend the life of existing production,
        are capitalized. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="5%" >&nbsp;</TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ></TD>
    <TD align=left width="2%"  ></TD>
    <TD align=left width="5%"  ></TD>
    <TD align=left width="48%" > <P align=justify>Under US GAAP, exploration costs
        are expensed as incurred, while development costs may be capitalized.
        During the year ended September 30, 2006, the Company capitalized $2,625,000
        of mine development costs for both Canadian and US GAAP purposes. </P></TD>
  </TR>
</TABLE>
<BR>
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<A name=page_7></A>
<P align=center>-7-</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  ></TD>
    <TD align=left width="40%" rowSpan=6> <P align=justify><I>Also clarify whether
        your policy</I> <I>of capitalizing costs of your</I> <I>expenditure programs
        pertains</I> <I>only to costs necessary to</I> <I>establish proven or
        probable</I> <I>reserves, as defined in Industry</I> <I>Guide 7 (under
        existing</I> <I>economic conditions), or also</I> <I>extends to upgrading
        resources,</I> <I>from one category to another,</I> <I>when the purpose
        is not</I> <I>necessarily to establish proven</I> <I>and probable reserves.
        It should</I> <I>be clear whether, in stating that</I> <I>capitalization
        occurs when the</I> <I>program is "designed to increase</I> <I>measure
        and indicated resources</I> <I>to proven and probable</I> <I>reserves,"
        is synonymous with</I> <I>being incurred for the purpose of</I> <I>converting
        mineralized material</I> <I>to proven and probable reserves</I> <I>in
        all cases.</I> </P></TD>
    <TD align=left width="2%"  ></TD>
    <TD colspan="2" align=left  > <P align=justify>Our policy of capitalizing
        costs of an expenditure program pertains solely to costs necessary to
        establish, or to increase proven and probable reserves. </P></TD>
  </TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="2%" > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%" > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%" > <P align=justify>&nbsp;</P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="2%"  ></TD>
    <TD colspan="2" align=left  > <P align=justify>If an expenditure program is
        not expected to, and/or does not result in an increase in proven and probable
        reserves, the costs of such a program are expensed in the period incurred.
      </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="2%"  > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%"  > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%"> <P align=justify> </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  ></TD>
    <TD align=left width="2%"  ></TD>
    <TD colspan="2" align=left  > <P align=justify>We have added clarifying language
        in Item 5 of the Form 20- FA/3. </P></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="2%"  > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="5%"  > <P align=justify>&nbsp;</P></TD>
    <TD align=left width="48%"> <P align=justify> </P></TD>
  </TR>
</TABLE>
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<A name=page_8></A>
<P align=center>-8-</P>
<P align=justify>We trust the foregoing will resolve your comments, appreciating
that some of them will be dealt with in future filings. If you require any
further information, please feel free to contact the writer at 604-684-6365.
</P>
<P align=justify>Yours truly, <BR><B>TASEKO MINES LIMITED </B></P>
<P align=justify><i>/s/ Jeffrey R. Mason</i></P>
<P align=justify>Jeffrey R. Mason, CA <BR>Chief Financial Officer </P>
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  <TR>
    <TD vAlign=top width="5%">cc: </TD>
    <TD>
      <P align=justify>Lang Michener (Vancouver) <BR>KPMG LLP
  (Vancouver)</P></TD></TR></TABLE><BR>
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