<SEC-DOCUMENT>0001062993-12-004379.txt : 20121031
<SEC-HEADER>0001062993-12-004379.hdr.sgml : 20121031
<ACCEPTANCE-DATETIME>20121031171155
ACCESSION NUMBER:		0001062993-12-004379
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20120930
FILED AS OF DATE:		20121031
DATE AS OF CHANGE:		20121031

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		121171479

	BUSINESS ADDRESS:	
		STREET 1:		SUITE 1500
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4H1
		BUSINESS PHONE:		604-684-6365

	MAIL ADDRESS:	
		STREET 1:		SUITE 1500
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>form6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
<HTML>
<HEAD>
<TITLE>Taseko Mines Ltd.: Form 6-K - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY bgcolor="#FFFFFF" style="font-size: 10pt;">
<hr noshade align="center" width="100%" size=3 color="black">

<p align="center"><font size="5"><strong>UNITED STATES<br>
  SECURITIES AND EXCHANGE COMMISSION</strong></font><br>
  Washington, D.C. 20549</p>

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">As at <b>October 31, 2012</b></p>

<p align="center">Commission File Number: <b>001-31965</b></p>

<p align="center"><b><u><font size="5">TASEKO MINES LIMITED.</font></u></b><br>
(Translation of registrant's name into English) </p>

<p align="center"><b>Suite 1500 &#150; 1040 West Georgia St.<br>
  Vancouver, British Columbia<br>
  <u>Canada V6E 4H1</u></b><br>
  (Address of principal executive offices) </p>
<p align="center">Indicate by check mark whether the registrant files or will
  file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
  Form 20-F&nbsp;&nbsp;&nbsp;[ x ] Form 40-F</p>
<p align="center">Indicate by check mark if the registrant is submitting the Form
  6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<p align="center"> Indicate by check mark if the registrant is submitting the
  Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]</p>
<HR noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">
<p align="center"><b><u><br>
SUBMITTED HEREWITH</u></b></p>
<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Interim Financial Statements September 30, 2012</a></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-2.htm">99.2</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-2.htm">Management Discussion and Analysis</a></td>
  </tr>
  <tr bgcolor="#FFFFFF">
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-3.htm">99.3</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-3.htm">Form 52-109F2 - CEO</a></td>
  </tr>
  <tr bgcolor="#FFFFFF">
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top" bgcolor="#EEEEEE">&nbsp;</td>
    <td valign="top" bgcolor="#EEEEEE"><a href="exhibit99-4.htm">99.4</a></td>
    <td bgcolor="#EEEEEE"><a href="exhibit99-4.htm">Form 52-109F2 - CFO</a></td>
  </tr>
</table>
<p>&nbsp;</p>

<hr noshade align="center" width="100%" size=5 color="black" style="page-break-after:always;">

<p align="center"><strong><u>SIGNATURES</u></strong></p>

<p align="justify">Pursuant to the requirements of the Securities Exchange Act
  of 1934, the registrant has duly caused this report to be signed on its behalf
  by the undersigned, thereunto duly authorized.</p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td colspan="2" valign="top"><b>Taseko Mines Ltd.</b></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td colspan="2" valign="top">(Registrant)</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td valign="top">Date: October 31, 2012</td>
    <td valign="top">By:</td>
    <td style="BORDER-BOTTOM: #000000 1px solid"><I>/s/ Peter Mitchell</I></td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>Peter C. Mitchell</td>
  </tr>
  <tr>
    <td valign="top">&nbsp;</td>
    <td valign="top">&nbsp;</td>
    <td>&nbsp;</td>
  </tr>
  <tr>
    <td width="50%" valign="top">&nbsp;</td>
    <td width="5%" valign="top">Title:</td>
    <td> Chief Financial Officer </td>
  </tr>
</table>
<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>INTERIM FINANCIAL STATEMENTS SEPTEMBER 30, 2012
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG border=0
src="exhibit99-1x1x1.jpg"></P>
<BR>
<P align=center>Condensed Consolidated Interim Financial Statements
<BR>September 30, 2012<BR>(unaudited)</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT size=4><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Comprehensive Income (Loss)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(unaudited)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 9pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="19%" colSpan=4 align=center nowrap>Three months ended </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="19%" colSpan=4 align=center nowrap>Nine months ended </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Cdn$ in thousands, </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="19%" colSpan=4 align=center nowrap>September 30, </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="19%" colSpan=4 align=center nowrap>September 30, </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>except per share
      amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Note    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2011    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2011    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Revenues </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>3 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;60,999 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;84,204 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;190,729 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;191,354 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>4 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(49,259</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(59,030</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>(145,856</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>(124,330</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Gross profit </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>11,740 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>25,174 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>44,873 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>67,024 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>General and administrative </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(3,695</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(4,233</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(13,103</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(15,723</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Exploration and evaluation </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(6,789</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(5,909</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(15,970</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(7,747</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other operating income (expenses) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>5 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(8,947</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>42,645 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(25,118</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>30,884 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Loss on
      contribution to joint venture </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
align=right>(183</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(3,987</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(7,691</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>57,494 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(9,318</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>70,451 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Finance expenses </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>6 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(3,217</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(5,479</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(11,481</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(11,372</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance income </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>7 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,316 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,216 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>10,083 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>10,539 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Foreign exchange gain (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>469 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(5,479</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>435 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(9,666</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings (loss) before income taxes </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(7,123</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>48,752 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(10,281</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>59,952 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Income tax
      recovery (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=center>8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>3,272
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(18,724</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>1,401
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(25,284</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Net earnings (loss) for the period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(3,851</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;30,028 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(8,880</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;34,668 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other comprehensive income (loss): </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp; Unrealized gains (losses) on
      available-for-sale financial assets, net of tax </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(218</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(2,974</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>274 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(918</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;&nbsp;&nbsp; Realized gains on available-for-sale
      financial assets, net of tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(767</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(5,246</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Total other comprehensive loss for the period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(218</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(2,974</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(493</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(6,164</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff colSpan=3
    align=left><B>Total comprehensive income (loss) for the period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(4,069</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;27,054 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;(9,373</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;28,504 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Earnings (loss) per share </B></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Basic </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;(0.02</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;0.15 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;(0.05</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="8%" align=right>&nbsp;0.18 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Diluted </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;(0.02</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;0.15 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;(0.05</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;0.18 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff colSpan=3 align=left><B>Weighted average shares
      outstanding (thousands) </B></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Basic </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>190,882 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>195,349 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>193,240 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>192,351 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Diluted </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>194,188 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>200,993 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>196,547 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>197,995 </TD>
    <TD bgColor=#e6efff  width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED
      </FONT></FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Cash Flows </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(unaudited)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 9pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="19%" colSpan=4 align=center nowrap>Three months ended </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="19%" colSpan=4 align=center nowrap>Nine months ended </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="19%" colSpan=4 align=center nowrap>September 30, </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="19%" colSpan=4 align=center nowrap>September 30, </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Note    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2011    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2011    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating activities </B></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Net earnings (loss) for the period </TD>
    <TD bgColor=#e6efff  width="1%" align=left></TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>(3,851</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;30,028 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;(8,880</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;34,668 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Adjustments for: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Depreciation </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>5,109 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>4,804 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>13,950 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>10,458 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Income tax expense (recovery)
</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>8 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(3,272</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>18,724 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(1,401</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>25,284 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Income tax paid
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(450</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(8,675</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(1,855</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(33,485</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Income tax received </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,402 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>807 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>1,451 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,787 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>6,651 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Unrealized loss (gain) on
      derivatives </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>5 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>8,468 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(48,320</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>22,482 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(44,873</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Finance expenses
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(2,260</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2,916 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>11,967 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>10,757 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Finance income </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(246</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(1,212</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(9,992</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(16,509</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Unrealized
      foreign exchange loss (gain) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(1,448</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(2,638</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(1,222</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,721 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other operating activities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>16 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>565 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,113 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,373 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>8,304 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; &nbsp;Net change in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=center>16 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>26,676 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(5,393</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>28,261 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(2,422</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash provided by (used for) operating activities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>30,098 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(7,202</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>65,872 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,554 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Investing activities </B></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Purchase of property, plant
      and equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(56,892</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(16,313</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(129,900</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(34,973</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Investment in financial assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(5,255</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(73,728</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(22,627</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(212,829</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Interest received </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>249 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>1,495 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>1,102 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>4,117 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Proceeds from financial assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>904 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>89,232 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>54,377 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>100,884 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Proceeds from sale of
      property, plant and </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>76 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>203 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; &nbsp;Other investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=center>16 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(320</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(400</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(1,145</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(595</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash used for investing activities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(61,238</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>286 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(97,990</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(143,396</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="8%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financing activities </B></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Repayment of debt </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(3,681</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(2,746</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(10,507</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(7,829</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Interest paid </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(621</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(526</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(9,491</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(1,713</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Repurchase of common shares
</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(4,872</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(20,897</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Common shares issued for cash </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>326 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>151 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,182 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>7,347 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Proceeds from debt issuance
</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>192,020 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Debt
      issuance cost </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(6,052</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Cash provided by (used for) financing
      activities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(8,848</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(3,121</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(39,713</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>183,773 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Effect of exchange rate changes on </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;cash and
      equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(5,204</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>18,861
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(5,207</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>13,359
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Increase (decrease) in cash and equivalents
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(45,192</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>8,824 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(77,038</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>56,290 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and
      equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>245,946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>259,259 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>277,792 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>211,793 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left><B>Cash and equivalents, end of period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="8%" align=right><STRONG>&nbsp;200,754</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;268,083 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;200,754 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;268,083 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED
      </FONT></FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Balance Sheets </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(unaudited)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=center nowrap>&nbsp;</TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD  width="10%" align=center nowrap>September 30,&nbsp;</TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="10%" align=center nowrap>December 31, </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Note    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2012    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">2011    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>ASSETS </B></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Cash and equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%"
      align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;200,754 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;277,792 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accounts receivable </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>30,897 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>39,909 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Other financial assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>9 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>17,051 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>86,147 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Inventories </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>10 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>29,324 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>23,290 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Current tax receivable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>7,437 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Prepaids </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>4,254
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>2,348
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>282,280 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>436,923 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other financial assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>9 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>117,244 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>111,641 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Property, plant and equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>11 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>575,108 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>440,565 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Intangible assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5,438 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5,438 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Prepaids </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>165
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><STRONG>&nbsp;980,070 </STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right><B>&nbsp;994,732 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>LIABILITIES </B></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%"
      align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;56,625 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;33,005 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Current portion of long-term debt </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>13 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>15,132 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>13,753 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Interest payable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>6,985 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3,284 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Current tax payable </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>864 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Other financial liabilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>12 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,284 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>10,797 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deferred
      revenue - royalty obligation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>175
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>175
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>88,065 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>61,014 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Long-term debt </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>13 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>217,409 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>218,502 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other financial liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>12 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>37,392 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>45,980 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Provision for environmental rehabilitation
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>101,295 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>96,022 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Deferred tax liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>64,218 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>76,091 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Deferred revenue - royalty obligation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>175 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>306 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>508,554 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>497,915 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>EQUITY </B></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Share capital </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>14 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>367,435 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>378,393 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Contributed surplus </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>36,155 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>33,040 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Accumulated other comprehensive income
      (loss) ("AOCI") </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,891</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,398</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Retained earnings
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>69,817 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>86,782 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>471,516 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>496,817 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><STRONG>&nbsp;980,070 </STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>&nbsp;994,732 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="10%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Commitments and contingencies </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>15 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Subsequent events </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>19 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT size=4><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Changes in Equity </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(unaudited)
  </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 9pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Share </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Contributed </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>Retained </TD>
    <TD  width="2%" align=center nowrap>&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="8%" align=center nowrap>&nbsp; </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Note    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">capital </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">surplus </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">AOCI    </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">earnings </TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Total    </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Balance at January 1, 2011 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%"
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;365,553 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;26,193 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;6,249 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;60,409 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;458,404 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of options </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2,705 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(917</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,788 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Preferred shares redemption </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(26,642</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(2,939</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>(29,581</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Shares issued </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>35,254 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>35,254 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Share-based compensation </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>6,651 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>6,651 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total comprehensive income for the period </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
    align=right>(6,164</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>34,668
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>28,504
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Balance at September 30, 2011 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%"
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;376,870 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;31,927 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;85 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;92,138 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>&nbsp;501,020 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Balance at January 1, 2012 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%"
      align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;378,393 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;33,040 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;(1,398</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;86,782 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;496,817 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of options </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,854 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(672</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,182 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Share-based compensation </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center>&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,787 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>&#150; </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3,787 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Repurchase of common shares </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>14b </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(12,812</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>&#150; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(8,085</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(20,897</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Total comprehensive income for the period
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=center></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(493</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(8,880</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>(9,373</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance at September 30, 2012 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%"
      align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><STRONG>$</STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><STRONG>&nbsp;367,435 </STRONG></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;36,155 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;(1,891</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;69,817 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>&nbsp;471,516 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED </FONT></FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in thousands
      - unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>1. </B></TD>
    <TD><P align=justify><B>REPORTING ENTITY</B></P></TD>
  </TR>
</TABLE>
<P align=justify>Taseko Mines Limited (the Company) is a corporation governed by
  the <I>British Columbia Business Corporations Act. </I>The consolidated
  financial statements of the Company as at and for the period ended September 30,
  2012 comprise the Company, its subsidiaries and its 75% interest in the
  Gibraltar joint venture. The Company is principally engaged in the production
  and sale of metals, as well as related activities including exploration and mine
  development, within the province of British Columbia. Seasonality does not have
  a significant impact on the Company&#146;s operations.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>2. </B></TD>
    <TD><P align=justify><B>SIGNIFICANT ACCOUNTING
      POLICIES</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>Statement of compliance</I></P>
<P align=justify>These condensed consolidated interim financial statements have
  been prepared in accordance with IAS 34, <I>Interim Financial Reporting </I>and
  follow the same accounting policies and methods of application as the Company&#146;s
  most recent annual financial statements. These condensed consolidated interim
  financial statements do not include all of the information required for full
  consolidated annual financial statements and should be read in conjunction with
  the consolidated financial statements of the Company as at and for the year
  ended December 31, 2011 prepared in accordance with International Financial
  Reporting Standards (IFRS) as issued by the International Accounting Standards
  Board (IASB).</P>
<P align=justify>These condensed interim consolidated financial statements were
  authorized for issue by the Audit Committee on October 31, 2012.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>3. </B></TD>
    <TD><P align=justify><B>REVENUE</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Three months ended </B></TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Nine months ended </B></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30, </B></TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30, </B></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Copper concentrate </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;55,900 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;76,535 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;173,591 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;173,142 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Copper cathode </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>2,391 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>3,314 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>4,268 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>4,737 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;58,291 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;79,849 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;177,859 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;177,879 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum concentrate </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,919 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,192 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>10,473 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>10,878 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Silver contained in copper concentrate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>789 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,163 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>2,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>2,597 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;60,999 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;84,204 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;190,729 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;191,354 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>4. </B></TD>
    <TD><P align=justify><B>COST OF SALES</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Three months ended </B></TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Nine months ended </B></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30, </B></TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30, </B></TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Direct mining and processing costs </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;41,564 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;30,105 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;117,128 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;92,364 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Depreciation </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,946 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,609 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>13,449 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,945 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Treatment and refining costs </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,940 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>4,085 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>9,530 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,659 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Transportation costs </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,421 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,325 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>10,490 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,708 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Changes in inventories of finished goods and work in process </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(3,612</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>15,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(4,741</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>3,654 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;49,259 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;59,030 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;145,856 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;124,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED </FONT></FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in thousands
      - unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>5.</B> </TD>
    <TD><P align=justify><B>OTHER OPERATING EXPENSES
      (INCOME)</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Nine months ended</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Realized loss on copper derivative
      instruments </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;784 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;1,820 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;3,378 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;10,509 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Unrealized loss (gain) on copper derivative instruments </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>8,468 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(48,320</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>22,482 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(44,873</TD>
    <TD width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>(Gain) loss on sale of property, plant and
      equipment </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(50</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>23 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Consulting expenses </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,043 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,043 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Management fee income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(255</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(188</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(765</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(563</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;8,947 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;(42,645</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;25,118 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;(30,884</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>6.</B> </TD>
    <TD><P align=justify><B>FINANCE EXPENSES</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Nine months ended</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Interest expense </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;2,690 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;4,752 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;9,836 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;9,760 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accretion on
      provision for environmental rehabilitation (PER) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>527 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>727 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>1,645 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>1,612 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;3,217 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;5,479 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;11,481 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;11,372 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>7.</B> </TD>
    <TD><P align=justify><B>FINANCE INCOME</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Nine months ended</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Interest income </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;1,908 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;1,785 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;5,723 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;4,660 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Realized gain on dual currency deposits </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,365 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,899 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,173 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,284 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Unrealized gain (loss) on dual currency
      deposits </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>43 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,468</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>310 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,319</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Dividend income </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>448 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Change in fair value of warrants </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(529</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gain on sale of
      marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>877 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>5,995 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;3,316 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;2,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;10,083 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;10,539 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>8.</B> </TD>
    <TD><P align=justify><B>INCOME TAX</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Three months ended</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Nine months ended</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Current (recovery) expense </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(2,816</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;7,913 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;3,876 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;8,842 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred
      (recovery) expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(456</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>10,811 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(5,277</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>16,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;(3,272</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;18,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;(1,401</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;25,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED </FONT></FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in thousands
      - unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>9.</B> </TD>
    <TD><P align=justify><B>OTHER FINANCIAL ASSETS</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30,</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>December 31,</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Current: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Copper put option contracts </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;5,854 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;25,407 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Promissory note </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>8,213 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>8,190 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Marketable securities &#150; available for
      sale </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,934 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>11,898 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Short-term investments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>50 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>50 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Dual currency deposits &gt; 3-month term </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>40,602 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;17,051 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;86,147 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Long-term: </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capped floating rate notes </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;20,141 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;20,055 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Subscription receipts <SUP>1</SUP> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>10,000 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Reclamation deposits </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>25,661 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>24,962 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Promissory note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>61,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>66,624 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;117,244 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;111,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP>1 </SUP>During the second quarter, the Company invested a
  total of $10,000 in subscription receipts of a private company which holds
  mineral property interests in a copper-molybdenum project. The subscription
  receipts will be convertible into units comprised of shares or shares and
  warrants.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>10.</B> </TD>
    <TD><P align=justify><B>INVENTORIES</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>September 30,</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>December 31,</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Work in process </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;2,814 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;1,154 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Finished goods: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Copper concentrate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>8,911 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>6,063 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Copper cathode </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>417 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>179 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Molybdenum concentrate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>238 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>244 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Materials and
      supplies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>16,944 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>15,650 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>&nbsp;29,324 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>&nbsp;23,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED </FONT></FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in thousands
      - unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>11.</B> </TD>
    <TD><P align=justify><B>PROPERTY, PLANT &amp;
      EQUIPMENT</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right nowrap>Mineral </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap>Plant and </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">properties<SUP>1</SUP> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">equipment </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">CIP<SUP>3</SUP> </TD>
    <TD width="2%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="1%"
    align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Cost</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>At December 31, 2011 </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;143,305 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;303,672 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;50,705 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;497,682 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Additions </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>30 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>80 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>146,487 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>146,597 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capitalized interest </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,827 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,827 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Disposals </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(473</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(473</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Rehabilitation cost asset<SUP>2</SUP> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,820 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,820 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;New Mine Allowance credit </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(6,526</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(6,526</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Transfers
      between categories<SUP>3</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>22,405 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(22,405</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left>At
      September 30, 2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;147,155 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;319,158 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;179,614 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;645,927 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Accumulated depreciation and impairments</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>At December 31, 2011 </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;17,783 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;39,334 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;57,117 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Depreciation </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,221 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>10,729 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>13,950 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Disposals </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(248</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(248</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>At September 30,
      2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;21,004 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;49,815 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;70,819 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Carrying amounts</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>At December 31,
      2011 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;125,522 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;264,338 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;50,705 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;440,565 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left>At
      September 30, 2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;126,151 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;269,343 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;179,614 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;575,108 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP>1 </SUP>Mineral properties consists of the cost of
  acquiring and developing mineral properties. Development costs include
  capitalized stripping costs, capitalized exploration and evaluation costs,
  capitalized interest, and rehabilitation cost asset.<BR>
  <SUP>2. </SUP>Represents
  movements in the rehabilitation cost asset as a result of changes in estimates
  during the period.<BR>
  <SUP>3. </SUP>Construction in process (CIP) is transferred
  to the relevant category of property, plant and equipment once the asset is
  available for use.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>12.</B> </TD>
    <TD><P align=justify><B>OTHER FINANCIAL
      LIABILITIES</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>September 30,</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>December 31,</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Current: </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Royalty obligations </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;8,213 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;8,190 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Copper call option contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>71 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>2,607 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;8,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;10,797 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Long-term: </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Royalty obligations </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;37,116 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;44,594 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Income tax obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>276 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>1,386 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;37,392 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;45,980 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED </FONT></FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in thousands
      - unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>13.</B> </TD>
    <TD><P align=justify><B>DEBT</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>September 30,</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>December 31,</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Current: </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capital leases </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;10,208 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;6,925 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Secured equipment loans </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>4,924 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>6,828 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;15,132 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;13,753 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Long-term: </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Senior notes </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;191,478 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>&nbsp;197,409 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Capital leases </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>21,411 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>14,862 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Secured
      equipment loans </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>4,520 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>6,231 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>&nbsp;217,409 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>&nbsp;218,502 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>14.</B> </TD>
    <TD><P align=justify><B>EQUITY</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Share capital</I></P>
<P align=justify>The Company&#146;s authorized share capital consists of an unlimited
  number of common shares with no par value. As at September 30, 2012, there were
  190,534,455 common shares issued and outstanding.</P>
<P align=justify><I>(b) Normal course issuer bid</I></P>
<P align=justify>Effective February 3, 2012, the Company commenced a normal
  course issuer bid for up to 10 million common shares of the Company. All shares
  will be purchased on the open market through the facilities of the Toronto Stock
  Exchange at the market price at the time of purchase. The Company&#146;s normal
  course issuer bid will terminate on February 2, 2013 or earlier if the number of
  shares sought in the issuer bid has been obtained. The Company reserves the
  right to terminate the bid earlier at any time. Purchases under the normal
  course issuer bid are subject to the restricted payment limitations in the
  Company&#146;s senior notes indenture.</P>
<P align=justify>During the three-month period ended September 30, 2012,
  1,802,340 common shares have been repurchased for $4,872. As at September 30,
  2012, a total of 6,644,440 common shares have been repurchased under the normal
  course issuer bid for $20,897.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>15.</B> </TD>
    <TD><P align=justify><B>COMMITMENTS AND
      CONTINGENCIES</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Commitments</I></P>
<P align=justify>At September 30, 2012, capital commitments totaled $34,224and
  operating lease commitments totaled $7,269.</P>
<P align=justify><I>(b) Contingencies</I></P>
<P align=justify>The Company has guaranteed the full amount of certain debt
  entered into by the Gibraltar joint venture in which it holds a 75% interest. As
  at September 30, 2012, this debt totaled $42,159 on a 100% basis. The Company
  has also guaranteed its share of additional debt in the Gibraltar joint venture
  totaling $9,444 on 75% basis.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED </FONT></FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in thousands
      - unaudited) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>16.</B> </TD>
    <TD><P align=justify><B>SUPPLEMENTARY CASH FLOW
      INFORMATION</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>Three months ended</B> </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>Nine months ended</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>September 30,</B> </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>September 30,</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Change in non-cash working capital</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Accounts receivable </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;16,135 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>(12,383</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;9,012 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;(14,567</TD>
    <TD width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Inventories </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(4,823</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>17,566 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(6,034</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>869 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Prepaids </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(2,536</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(997</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,906</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,606</TD>
    <TD width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Accounts payable and accrued liabilities </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>14,246 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>257 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>23,619 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5,566 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Interest payable </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,697 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,332 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,701 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,447 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Deferred revenue &#150; royalty obligation </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(43</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(43</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(131</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(131</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred revenue &#150;
      copper </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>(14,125</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;26,676 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;(5,393</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;28,261 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;(2,422</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Operating cash flows &#150; other items</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Realized loss on copper derivative
      instruments </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;784 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;1,820 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;3,378 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;10,509 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>(Gain) loss on sale of property, plant and equipment </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(50</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>23 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Reclamation expenditures </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(169</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(886</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(193</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,915</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Long-term prepaids </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>179 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>165 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(290</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;565 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;1,113 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;3,373 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;8,304 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Investing cash flows &#150; other items</B> </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Net cash reinvested in reclamation deposit </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(320</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(400</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(1,105</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(583</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
align=right>(40</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
align=right>(12</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;(320</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;(400</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;(1,145</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;(595</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="10%">&nbsp;</TD>
    <TD width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Non-cash investing and financing
      activities</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Assets acquired under capital lease </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;1,932 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;6,559 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;16,697 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;7,241 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Interest earned on promissory note </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(1,007</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(1,067</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(3,030</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(3,188</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Interest expense on royalty obligation </TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;245 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;284 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;735 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;851 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Royalty obligation settled by promissory
      note </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(8,190</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;(7,248</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Shares issued for
      preferred shares redemption </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>&nbsp;26,642 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>17.</B> </TD>
    <TD><P align=justify><B>FINANCIAL RISK MANAGEMENT</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Overview</I></P>
<P align=justify>In the normal course of business, the Company is inherently
  exposed to market, liquidity and credit risk through its use of financial
  instruments. The timeframe and manner in which the Company manages these risks
  varies based upon management&#146;s assessment of the risk and available alternatives
  for mitigating risk. The Board approves and monitors risk management processes,
  including treasury policies, counterparty limits, and reporting structures.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD align=left><B><FONT color=#47c1cf><FONT size=4>TASEKO MINES LIMITED </FONT></FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in thousands
      - unaudited) </TD>
  </TR>
</TABLE>
<P align=justify><I>(b) Summary of derivatives and financial assets containing
  embedded derivatives</I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%"
      align=center><B>Notional amount</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%"
      align=center><B>Strike price</B><SUP>1</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%"
      align=center><B>Term to maturity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center
    ><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>At September
      30, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%"
      align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%"
      align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%"
      align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><I>Commodity contracts</I> </TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=center >&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Copper put option contracts </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="18%" align=center>17.2 million lbs </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>US$3.50 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>Q4 2012 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right >&nbsp;1,360 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Copper call option contracts </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>17.2 million lbs </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>US$5.02 to 5.12 </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>Q4 2012 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right >&nbsp;(71</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Copper put option contracts </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="18%" align=center>33.1 million lbs </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>US$3.00 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>Q1-Q2 2013 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right >&nbsp;2,450 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Copper put option contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="18%"
    align=center>26.5 million lbs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="18%"
    align=center>US$2.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="18%"
    align=center>Q3-Q4 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right >&nbsp;2,044 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><I>Dual currency deposits</I> </TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>&nbsp;</TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>&nbsp;</TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>&nbsp;</TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="12%" align=center >&nbsp;</TD>
    <TD  width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;USD/CAD (5% to 5.17%) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="18%"
    align=center>US$65 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="18%"
    align=center>0.9785 to 0.9930 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="18%"
    align=center>&lt; 3 months </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right >&nbsp;63,805 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><I>Capped floating rate notes</I> </TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>&nbsp;</TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>&nbsp;</TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="18%" align=center>&nbsp;</TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="12%" align=center >&nbsp;</TD>
    <TD  width="2%" align=center>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;3-month BA rate + 25 bps </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>C$10 million </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>5.00% </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="18%" align=center>Q4 2013 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right >&nbsp;10,069 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;3-month BA
      rate + 45 bps </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center>C$10
      million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%"
      align=center>5.50% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="18%" align=center>Q4
      2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right
    >&nbsp;10,072 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP>1. </SUP>For the floating rate notes, this value
  represents the cap level for the coupon rate.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>18</B><B>.</B> </TD>
    <TD><P align=justify><B>RELATED PARTIES</B></P></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD width="5%"  >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Transaction value for the</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>Transaction value for</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>three months ended</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>the nine months ended</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30,</B> </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap><B>September 30</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD  width="2%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>Hunter Dickinson Services Inc.: </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>&nbsp;General and administrative expenses </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;324 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;526 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;1,218 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="10%" align=right>&nbsp;1,432 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;Exploration and evaluation expenses </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>121 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>243 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>398 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>675 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Prepaid rent </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>995 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;445 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;769 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;1,616 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;3,102 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD align=left>Gibraltar joint venture: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD bgColor=#e6efff align=left>&nbsp;Other operating income (management
      fee) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;255 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;188 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;765 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>&nbsp;563 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left>&nbsp;Reimburseable compensation expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>19 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>6 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>91 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>77 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD width="5%" >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;274 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;194 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;856 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>&nbsp;640 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="27%" colSpan=4
    align=right><B>Balance due from (to) as at</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>September 30,</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>December 31,</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Hunter Dickinson Services Inc. </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;(81</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>&nbsp;(44</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gibraltar joint
      venture </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>91 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>241 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Hunter Dickinson Services Inc. (HDSI) employs some members of
  the executive management of the Company and invoices the Company for their
  executive services as well as other services.</P>
<P align=justify>Under the terms of the joint venture operating agreement, the
  Gibraltar joint venture pays the Company a management fee for services rendered
  by the Company as operator of the Gibraltar mine. In addition, the Company pays
  compensation expenses for certain individuals providing services to the
  Gibraltar joint venture and invoices the joint venture for these expenses.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>
  <TR>
    <TD vAlign=top width="5%"><B>19</B><B>.</B> </TD>
    <TD><P align=justify><B>SUBSEQUENT EVENTS</B></P></TD>
  </TR>
</TABLE>
<P align=justify>Subsequent to period end, the Company entered into purchase
  obligations totalling $16,385.</P>
<HR align=center color=black SIZE=5 width="100%" noShade>


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</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>MANAGEMENT DISCUSSION AND ANALYSIS
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.2 - Filed by newsfilecorp.com</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><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>This management&#146;s discussion and analysis ("MD&amp;A") is
intended to help the reader understand Taseko Mines Limited (&#147;Taseko&#148;, &#147;we&#148;,
&#147;our&#148; or the &#147;Company&#148;), our operations, financial performance, and current and
future business environment. This MD&amp;A is intended to supplement and
complement the unaudited condensed consolidated interim financial statements and
notes thereto, prepared in accordance with IFRS for the three-month and
nine-month periods ended September 30, 2012 (collectively, the &#147;Financial
Statements&#148;). You are encouraged to review the Financial Statements in
conjunction with your review of this MD&amp;A. This MD&amp;A should be read in
conjunction with the annual audited consolidated financial statements for the
year ended December 31, 2011, prepared in accordance with IFRS, the related
MD&amp;A, and the most recent Form 40-F/Annual Information Form on file with the
US Securities and Exchange Commission (&#147;SEC&#148;) and Canadian provincial securities
regulatory authorities. </P>
<P align=justify>This MD&amp;A is prepared as of October 31, 2012. All dollar
figures stated herein are expressed in Canadian dollars, unless otherwise
specified. </P>
<P align=justify><B>Cautionary Statement on Forward-Looking Information </B></P>
<P align=justify>This discussion includes certain statements that may be deemed
"forward-looking statements". All statements in this discussion, other than
statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities, and events or
developments that the Company expects are forward-looking statements. Although
we believe the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those
in the forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued availability of
capital and financing and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those
projected in the forward-looking statements. All of the forward-looking
statements made in this MD&amp;A are qualified by these cautionary statements.
We disclaim any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise,
except to the extent required by applicable law. Further information concerning
risks and uncertainties associated with these forward-looking statements and our
business may be found in our most recent Form 40-F/Annual Information Form on
file with the SEC and Canadian provincial securities regulatory authorities.</P>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><FONT color=#47c1cf>CONTENTS </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_3"><B>FINANCIAL
      HIGHLIGHTS </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_3"><B>3</B></A></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_3"><B>RECENT
      DEVELOPMENTS AND MARKET REVIEW </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_3"><B>3</B></A></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_4"><B>REVIEW
      OF OPERATIONS AND PROJECTS </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_4"><B>4</B></A></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_6"><B>FINANCIAL
      PERFORMANCE </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_6"><B>6</B></A></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_12"><B>FINANCIAL
      CONDITION REVIEW </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_12"><B>12</B>
      </A></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_14"><B>SUMMARY
      OF QUARTERLY RESULTS </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_14"><B>14</B>
      </A></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_14"><B>CRITICAL
      ACCOUNTING POLICIES AND ESTIMATES </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_14"><B>14</B>
      </A></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_15"><B>INTERNAL
      CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS </B><B>AND
      PROCEDURES </B></A></TD>
    <TD bgColor=#eeeeee  width="10%" align=right><A
      href="#page_15"><B>15</B>
      </A></TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_16"><B>RELATED
      PARTY TRANSACTIONS </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_16"><B>16</B>
      </A></TD>
  </TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="10%" align=right>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_16"><B>NON-GAAP
      PERFORMANCE MEASURES </B></A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_16"><B>16</B>
      </A></TD>
  </TR></TABLE>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_3></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><FONT color=#47c1cf>FINANCIAL HIGHLIGHTS </FONT></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=1 width="100%">

  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="30%" colSpan=7 align=center valign="bottom"><B>Three months ended </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="30%" colSpan=7 align=center valign="bottom"><B>Nine months ended </B></TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="30%" colSpan=7 align=center valign="bottom"><B>September 30, </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="30%" colSpan=7 align=center valign="bottom"><B>September 30, </B></TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>% </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>% </B></TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(Cdn$ in
      thousands) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Change </B></TD>
    <TD
     width="2%" align=center valign="bottom"
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Change </B></TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Revenues </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>60,999 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>84,204 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(28%</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-RIGHT: #000000 1px solid">) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>190,729 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>191,354 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0% </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Gross profit </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">11,740 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">25,174 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(53%</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">44,873 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">67,024 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(33%</TD>
  <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Net earnings (loss) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(3,851</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>30,028 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(113%</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-RIGHT: #000000 1px solid">) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(8,880</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>34,668 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(126%</TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Per share (&#147;EPS&#148;) <SUP>1 </SUP></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(0.02</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.15 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(113%</TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(0.05</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.18 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(126%</TD>
  <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Adjusted net earnings (loss) <SUP>2
    </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>1,491 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(1,991</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>175% </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>5,805 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>7,842 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(26%</TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Per share (&#147;adjusted EPS&#148;) <SUP>1,2 </SUP></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.01 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(0.01</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">175% </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.03 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.04 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(26%</TD>
  <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Adjusted EBITDA <SUP>2 </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>6,216 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>13,667 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(42%</TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-RIGHT: #000000 1px solid">) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>27,791 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>37,773 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(26%</TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Capital
      expenditures </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">56,892    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">16,313    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">249%    </TD>
    <TD
     width="2%" align=left valign="bottom"
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">129,900 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">34,973    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">271%    </TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#ffffff>&nbsp; </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#ffffff style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#ffffff><B>Sept. 30, </B></TD>
    <TD  width="2%" align=center valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#ffffff><B>Dec. 31, </B></TD>
    <TD  width="2%" align=center valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom" bgColor=#ffffff>&nbsp;</TD>
    <TD width="8%" align=center valign="bottom" bgColor=#ffffff><B>% </B></TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
     width="2%" align=left valign="bottom"
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Change </B></TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Cash and equivalents </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>200,754 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>277,792 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(28%</TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Dual currency deposits within other financial assets </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">40,602 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">&gt;(100%</TD>
  <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Non-cash working capital <SUP>2 </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(6,539</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>98,117 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>(107%</TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Net debt (cash) <SUP>2 </SUP></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">31,787 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(86,139</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">137% </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Equity </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom"
    bgColor=#e6efff
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">471,516 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">496,817 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(5%</TD>
  <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
  </TR></TABLE>
<P align=justify><SUP>1 </SUP>Calculated using weighted average number of shares
outstanding under the basic method.<BR><SUP>2 </SUP>Adjusted net earnings,
adjusted EPS, EBITDA, adjusted EBITDA, non-cash working capital and net debt are
non-GAAP financial performance measures with no standard definition under IFRS.
See pages 16-19 of this MD&amp;A. </P>
<P align=justify>Revenues for the third quarter 2012 were $61.0 million, a 28%
decrease from the prior-year quarter as a result of a 26% reduction in copper
sales volumes and a slight decrease in average realized copper prices. During
the quarter, mill throughput and production were reduced due to significant
planned downtime associated with GDP3 tie-ins and were noteworthy factors in the
decline in sales volumes.</P>
<P align=justify>Gross profit for the third quarter was $11.7 million, compared
to $25.2 million in the prior-year quarter. In addition to the above noted
decrease in revenues, there was a 13% increase in per unit cost of sales in the
quarter which combined for a 53% decrease in gross profit in the third quarter
2012 compared to the 2011. The GDP3 expansion has also impacted operating costs
-- notably labour costs. Most of the required labour force to operate the GDP3
concentrator has already been hired.</P>
<P align=justify>Adjusted net earnings for the third quarter 2012 were $1.5
million or $0.01 per share compared to an adjusted net loss of $2.0 million or
$0.01 per share in the prior-year quarter.</P>
<P align=justify><B><FONT color=#47c1cf>RECENT DEVELOPMENTS AND MARKET REVIEW
</FONT></B></P>
<P align=justify><I>Market review </I></P>
<P align=justify>The spot market for copper based on London Metals Exchange
(LME) demonstrated significant strength during the third quarter of 2012. The
highest price level during the quarter was US$8,363 per tonne on September 14th
which was 10% above the $7,635 per tonne level at the beginning of the quarter.
Prices demonstrated modest volatility throughout the quarter and closed at
US$8,301 per tonne on September 28th which was the last trading day of the
quarter.</P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_4></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>Copper markets were buoyed by a slightly improved global
economic sentiment through the summer based partially on the perception that the
European financial situation was stabilizing. In addition, broadly there was an
acceptance that despite the slowing demand for copper in China, there is still
support that current copper pricing levels and balanced supply and demand in the
marketplace would prevail. The average realized price for copper during the
third quarter of 2012 was US$3.64 per pound. </P>
<P align=justify><B><FONT color=#47c1cf>REVIEW OF OPERATIONS AND PROJECTS
</FONT></B></P>
<P align=justify><I>Gibraltar mine </I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 9pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="52%" colSpan=13
    align=center valign="bottom" style="BORDER-TOP: #000000 1px solid"><B>Three months ended </B></TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Operating Data (100% basis) </B></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Sept. 30, </B></TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>June 30, </B></TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Mar. 31, </B></TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Dec. 31, </B></TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="8%" align=center valign="bottom"><B>Sept. 30, </B></TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="8%"
      align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011 </B></TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Tons mined (millions) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>16.8 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>15.8 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>15.7 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>15.4 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>13.7 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Tons milled (millions) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>4.3 </B></TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">3.9 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">3.9 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4.3 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">4.0 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Strip ratio </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>2.8 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>3.4 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.9 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.7 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.9 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Copper concentrate </B></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Grade (%) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>0.321 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.334 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.305 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.292 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.293 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Recovery (%) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>82.8 </B></TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">88.1 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">87.0 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">86.5 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">87.2 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Production (million pounds)</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>22.9 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>23.0 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>20.7 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>21.8 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>20.5 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Sales (million pounds) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>20.5 </B></TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">25.7 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">17.0 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">19.7 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">28.0 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Inventory (million pounds)
      <SUP>5 </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>4.3 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.6 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>6.8 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>4.2 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>2.4 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Copper cathode </B></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Production (million pounds)</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>0.7 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.9 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.1 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.5 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>0.8 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Sales (million pounds) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>0.9 </B></TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.7 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">- </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.9 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">1.2 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Molybdenum </B></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Grade (%) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>0.009 </B></TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.013 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.013 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.012 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">0.012 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Recovery (%) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>33.7 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>36.7 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>43.1 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>38.8 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>33.5 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;Production (thousand pounds) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>276 </B></TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">379 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">438 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">388 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">324 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Sales (thousand pounds) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>279 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>361 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>472 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>358 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>319 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Per unit data (US$ per pound) </B><SUP>1,4 </SUP></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=left valign="bottom">&nbsp; </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; &nbsp;Operating cash costs <SUP>1,2
      </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;2.35 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;2.12 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;2.38 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1.91 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1.91 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; &nbsp;By-product credits <SUP>3 </SUP></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom"><B>(0.15</B></TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(0.23</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(0.39</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(0.25</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="8%" align=right valign="bottom">(0.28</TD>
  <TD  width="2%" align=left valign="bottom">) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Net operating cash costs of production
      <SUP>1 </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff><B>$</B></TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff><B>&nbsp;2.20 </B></TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1.89 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1.99 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1.66 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>$</TD>
    <TD width="8%" align=right valign="bottom" bgColor=#e6efff>&nbsp;1.64 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Total cash costs
      of sales <SUP>1 </SUP></TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>$</B></TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>&nbsp;2.60 </B></TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;2.47 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;2.23 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;2.20 </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">$</TD>
    <TD width="8%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;2.33 </TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=justify><SUP>1 </SUP>Operating cash costs, net operating cash costs of
production and total cash costs of sales are non-GAAP financial performance
measures with no standard definition under IFRS. See pages 16-19 of the
Company&#146;s MD&amp;A. <BR><SUP>2 </SUP>Operating cash costs are comprised of
direct mining and processing costs which include personnel costs, mine site
general &amp; administrative costs, non-capitalized stripping costs, maintenance
&amp; repair costs, operating supplies and external services. Non-cash costs
such as share-based compensation and depreciation have been excluded. <BR><SUP>3
</SUP>By-product credits are calculated based on actual sales of molybdenum and
silver for the period divided by the total pounds of copper produced during the
period.<BR><SUP>4 </SUP>Per unit data may not sum due to rounding. <BR><SUP>5
</SUP>Balance of finished goods inventory as at the end of the period. </P>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>In third quarter 2012, Gibraltar mined 16.8 million tons of
material, a 6% increase over tons mined in the second quarter and a 23% increase
over the third quarter 2011. The strip ratio in the third quarter 2012 was 2.8,
below the 3.4 strip ratio in the second quarter and slightly lower than the 2.9
strip ratio in the third quarter of 2011. </P>
<P align=justify>Gibraltar milled 4.3 million tons during the third quarter
2012, a 10% increase over the second quarter&#146;s tons milled and a 7% increase
over third quarter 2011. Concentrator throughput continued to improve during the
third quarter and during September, factoring in mill availability, operated at
95% of the designed capacity of 55,000 tons per day. Mill availability, however,
was lower due to significant planned downtime associated with GDP3 tie-ins.
Operating time during third quarter 2012 was 86.9% compared to 91.4% in the
second quarter.</P>
<P align=justify>Copper concentrate production during third quarter 2012 was
22.9 million pounds, in line with the 23.0 million pounds produced in the second
quarter and a 12% increase over the 20.5 million pounds produced in the third
quarter 2011. The impact of the increase in tons milled in the third quarter
compared to the second quarter was offset by lower quarter-over-quarter copper
head grades and recoveries.</P>
<P align=justify>Molybdenum production during third quarter 2012 was 276
thousand pounds, down 27% compared to the second quarter as a result of lower
molybdenum head grades and recoveries. Year over year, molybdenum production is
lower primarily due to a decrease in head grade. </P>
<P align=justify>In the third quarter 2012, total net operating cash costs per
pound of copper produced averaged US$2.20, a 16% increase over the US$1.89 per
pound averaged in the second quarter and a 34% increase over the US$1.64
averaged during third quarter 2011. Negatively impacting cash costs per pound is
the decline in recoveries from 88.1% in second quarter to 82.8% in the third
quarter. This decrease in recoveries resulted in lost production of
approximately 1.2 million pounds of copper in concentrate which equates to an
increase in net operating cash costs US$0.14 per pound, all else equal. As mill
operations focus during the third quarter was achieving design rates in mill
throughput, the modifications implemented affected grind size reporting to
flotation which adversely impacted copper recovery. Currently, the mill is
maintaining the increased throughput while achieving design grind size and
attendant improved copper recovery. Also impacting net operating cash costs was
the decrease in by-products credits from US$0.23 per pound in the second quarter
to US$0.15 per pound in the third quarter, due to a decrease in both molybdenum
production and average realized molybdenum prices. The new molybdenum plant is
planned for commissioning during the fourth quarter and molybdenum recovery is
expected to reach design rates during the first half of 2013. </P>
<P align=justify><I>Gibraltar Development Plan (GDP3) </I></P>
<P align=justify>Construction activities continue to proceed as planned with the
majority of the concrete and steelwork having been completed and major
components such as the SAG and ball mill installed. The new reclaim barge is
completed and was launched during October, and commissioning of the first phase
of conveyors for the project was completed and turned over to operations and is
now in production. Current work underway is mostly comprised of completion of
installation of electrical and instrumentation wiring, pump and piping
installation, and testing of circuits in preparation of wet commissioning. Wrap
up work on structural and access features is also ongoing.</P>
<P align=justify>The project remains on time and on budget with commissioning of
the molybdenum plant to begin in November and the main concentrator in December
2012.</P>
<P align=justify><I>New Prosperity project </I></P>
<P align=justify>The environmental assessment announced by CEAA remains in
process under the timeline identified in their November 7, 2011 press release.
On September 20, 2012, we submitted the Environmental Impact Statement (EIS) to
the three-member Review Panel established for the federal environmental
assessment of the project. The Review Panel terms of reference require that the
Panel determine whether it has sufficient information to proceed to public
hearings no later than December 11, 2012. The next stage in the federal
environmental assessment process will be public hearings, followed by the
Panel&#146;s preparation and submission of a report to the Federal Minister of the
Environment. </P>
<P align=center>5 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Aley project </I></P>
<P align=justify>The Aley project continued to advance in the third quarter with
good progress on metallurgical testing, engineering refinement on mine site
components, tailings storage facility, and transmission line options. Field work
consisted of environmental baseline data gathering, access upgrading, and
geotechnical data gathering in the concentrator and tailings locations. We
expect to advance engineering to enable an investment decision in early 2013.
</P>
<P align=justify><B><FONT color=#47c1cf>FINANCIAL PERFORMANCE</FONT></B><B>
</B></P>
<P align=justify><I>Earnings </I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=1 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Three months ended September 30,
      </B></TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Nine months ended September 30,
    </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>% </B></TD>
    <TD style="BORDER-RIGHT: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>% </B></TD>
    <TD  width="2%" align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change&nbsp;</B><B><U> </U></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="6%"
    align=center><STRONG><STRONG>Change</STRONG></STRONG>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="6%"
    align=center><STRONG>Change&nbsp;</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Net (loss) earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(3,851</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>30,028 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(33,879</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(113%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(8,880</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>34,668 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(43,548</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(126%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized loss (gain) on derivatives </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>8,468 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(48,320</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>56,788 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(118%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>22,482 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(44,873</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>67,355 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(150%</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Gain on sale of marketable securities and
      dividend income </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(877</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(6,443</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>5,566 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(86%</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Changes in fair value of warrants </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>- </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>529 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(529</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(100%</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Non-recurring consulting expenses </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>4,043 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(4,043</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(100%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>4,043 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(4,043</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(100%</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrealized (income) loss on DCDs </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(43</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>1,468 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(1,511</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(103%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(310</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>1,319 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(1,629</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(124%</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Loss on contribution to joint venture
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>183 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(183</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(100%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>- </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>3,987 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(3,987</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(100%</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;FX translation (gains) losses </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(977</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(230</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(747</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>325% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(1,286</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>3,701 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(4,987</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(135%</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Estimated tax effect of adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(2,106</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>10,837 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(12,943</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(119%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(5,324</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>10,911 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(16,235</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(149%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Adjusted net
      earnings (loss) <SUP>1 </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>1,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(1,991</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>3,482 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(175%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    vAlign=bottom  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>5,805 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>7,842 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(2,038</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(26%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD></TR></TABLE>
<TABLE width="100%"
border=0 cellPadding=1 cellSpacing=0
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; ">
  <TR vAlign=top>
    <TD align=left><sup>1 </sup>Adjusted net earnings is non-GAAP financial
performance measures with no standard definition under IFRS. See pages 16-19 of
this MD&amp;A. </TD>
  </TR>
</TABLE>
<P align=justify>In the third quarter of 2012, we realized a net loss of $3.9
million, compared to net income of $30.0 million in the prior-year quarter.
Included in net earnings are a number of items that management believes require
adjustment in order to better measure the underlying performance of the
business, and has presented these items in the table above. </P>
<P align=justify>Unrealized gains/losses on derivatives can vary significantly
each period and have a significant impact on earnings. These swings are a result
of changes in the derivatives comprising our hedge program at the balance sheet
date, and marking-to-market this copper hedge position using the forward copper
price at the balance-sheet date. The hedge position at the end of September 30,
2012 was comprised of collars hedging 17.2 million pounds of our share of
Gibraltar&#146;s copper production for fourth quarter 2012 and put options hedging
59.6 million pounds of our share of Gibraltar&#146;s copper production for 2013. In
contrast, the hedge position at the end of September 30, 2011 was comprised of
put options on 18.5 million pounds of our share of Gibraltar&#146;s copper production
for the remainder of 2011 as well as collars hedging 68.5 million pounds of our
share of Gibraltar&#146;s production for all of 2012. </P>
<P align=center>6 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>To arrive at adjusted net earnings, we removed the foreign
currency translation impact, the unrealized gains/losses on the derivative
instruments, and the unrealized income/losses on dual currency deposits (DCDs)
from our adjusted net earnings measure as they are not indicative of a realized
economic gain/loss or the underlying performance of the business in the period.
The realized gains/losses on these monetary items and derivative and financial
positions are reflected in net earnings in the period in which the position is
settled. </P>
<P align=justify>The resultant adjusted net earnings are a non-GAAP performance
measure that we believe is more representative of ongoing operations.
Contributing to the $3.5 -million increase in the quarterly adjusted net
earnings year over year are the following changes: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>$9.8-million decrease in cost of sales;
  <LI>$5.2-million decrease in foreign exchange losses;
  <LI>$2.3-million decrease in finance expense;
  <LI>$1.3-million decrease in various other expenses;
  <LI>offset by a $23.2-million decrease in revenues;
  <LI>$0.9-million increase in exploration and evaluation expenses; and
  <LI>an estimated $9.1 million for the associated tax effects of these items.
  </LI></UL>
<P align=justify>Contributing to the $2.0 -million decrease in the nine-month
adjusted net earnings are the following changes: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>$21.5-million increase in cost of sales;
  <LI>$8.2-million increase in exploration and evaluation expenses;
  <LI>$0.6-million decrease in revenues;
  <LI>offset by a $7.1-million decrease in realized losses on copper derivative
  instruments;
  <LI>$5.1-million decrease in foreign exchange losses;
  <LI>$3.0-million increase in finance income;
  <LI>$2.9-million decrease in general and administrative and other expenses;
  and
  <LI>an estimated $10.5 million for the associated tax effects of these items.
  </LI></UL>
<P align=justify>Each of the above-noted changes is examined in further detail
in the sections below. </P>
<P align=center>7 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Revenues </I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=1 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Three months ended September
      30,</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Nine months ended September 30,</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>%</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>%</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change&nbsp;</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><STRONG>Change</STRONG>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Copper concentrate </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>55,900 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>76,535 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(20,635</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(27%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>173,591 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>173,142 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>449 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>0% </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left>Copper cathode </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>2,391 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>3,314 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>(923</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>(28%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>4,268 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>4,737 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>(469</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>(10%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>58,291 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>79,849 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(21,558</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(27%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>177,859 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>177,879 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(20</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>0% </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Molybdenum concentrate </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>1,919 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>3,192 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>(1,273</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>(40%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>10,473 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>10,878 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>(405</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>(4%</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Silver contained in copper concentrate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>789 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>1,163 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(374</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(32%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>2,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>2,597 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(200</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(8%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>60,999 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>84,204 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>(23,205</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>(28%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>190,729 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>191,354 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>(625</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="6%" align=right>0% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff colSpan=3
    align=left>(thousands of pounds, unless otherwise noted) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>Copper concentrate </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>15,409 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>20,989 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>(5,580</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>(27%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>47,374 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>44,146 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>3,228 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>7% </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Copper cathode </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>679 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>860 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(182</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(21%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>1,202 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>1,193 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>1% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>&nbsp; Total copper sales </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>16,088 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>21,849 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>(5,761</TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>(26%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#ffffff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>48,576 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>45,339 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>3,237 </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff vAlign=bottom width="6%" align=right>7% </TD>
    <TD bgColor=#ffffff vAlign=bottom width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Average realized copper price (US$ per
      pound) <SUP>1</SUP> </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>3.64 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>3.73 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>($0.08</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(2%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>3.65 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>$</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>4.01 </TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>($0.36</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(9%</TD>
    <TD bgColor=#e6efff vAlign=bottom width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Average LME copper
      price (US$ per pound) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>3.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>4.07 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>($0.58</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(14%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    vAlign=bottom width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>3.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>4.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>($0.59</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(14%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="2%"
    align=left>) </TD></TR></TABLE>
<TABLE width="100%"
border=0 cellPadding=1 cellSpacing=0
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; ">
  <TR vAlign=top>
    <TD align=left><sup>1</sup> The average exchange rate used for third quarter
2012 and nine months ended September 30, 2012 were CAD/USD $0.9949 and $1.0021,
respectively (2011: $0.9807 and $0.9781) . </TD>
  </TR>
</TABLE>
<P align=justify>Revenues for the third quarter 2012 decreased by $23.2 million,
or 28%, compared to revenues in the prior-year period as a result of
significantly lower copper sales. Our copper revenues during the third quarter
decreased by 27% year over year as a result of a 26% decrease in copper sales
volumes combined with a 2% decrease in average realized copper prices. The
Company&#146;s average realized copper price of US$3.64 per pound for the third
quarter 2012 was better than the LME average of US$3.50 per pound.</P>
<P align=justify>For the nine months ended September 30, 2012, revenues remained
relatively constant compared to the prior-year period. Our copper revenues for
the first nine months of 2012 also remained relatively constant compared to 2011
due to a 7% increase in copper sales volumes being offset by a 9% decrease in
average realized copper prices. Our average realized copper price of US$3.65 per
pound for the nine months ended September 30, 2012 was in line with the LME
average for the period.</P>
<P align=center>8 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Cost of sales </I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=1 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Three months ended September
      30,</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Nine months ended September 30,</B>    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>%</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>%</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >(Cdn$ in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >Direct mining and processing
      costs </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>41,564 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>30,105 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>11,459 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>38% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>117,128 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>92,364 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>24,764 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>27% </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Depreciation </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>4,946 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>4,609 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>337 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>7% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>13,449 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>9,945 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>3,504 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>35% </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >Treatment and refining costs    </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>2,940 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>4,085 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(1,145</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%" align=left>)</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>(28%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>9,530 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>8,659 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>871 </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD bgColor=#e6efff vAlign=bottom width="6%" align=right>10% </TD>
    <TD bgColor=#e6efff vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Transportation costs </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>3,421 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>4,325 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(904</TD>
    <TD vAlign=bottom  width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(21%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>10,490 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>9,708 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>782 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>8% </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Changes in inventories of finished goods and WIP </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(3,612</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>15,906 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(19,518</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(123%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(4,741</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>3,654 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(8,395</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(230%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>49,259 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>59,030 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(9,771</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>(17%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    vAlign=bottom  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>145,856 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>124,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>21,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom width="6%"
    align=right>17% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >(thousands of pounds) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom  width="2%"
align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Copper production </TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>17,771 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>15,994 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>1,777 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>11% </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom
    width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>51,332 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>45,412 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>5,919 </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>13% </TD>
    <TD vAlign=bottom  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Copper sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>16,088 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>21,849 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(5,761</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>(26%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff vAlign=bottom  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>48,576 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>45,339 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>3,237 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
    width="6%" align=right>7% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >(C$ per pound) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left >Direct mining and processing costs per pound
      produced </TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>2.34 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>1.88 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>0.46 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom>24% </TD>
    <TD
    width="2%" align=left vAlign=bottom style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>2.28 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>2.03 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>0.25 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom>12% </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Depreciation per pound
      produced </TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="6%" align=right>0.28 </TD>
    <TD vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="6%" align=right>0.29 </TD>
    <TD vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>($0.01</TD>
    <TD vAlign=bottom  width="2%" align=left>)</TD>
    <TD vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>(3%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom
     width="2%" align=left>) </TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="6%" align=right>0.26 </TD>
    <TD vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="6%" align=right>0.22 </TD>
    <TD vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%" align=left>$</TD>
    <TD vAlign=bottom width="6%" align=right>0.04 </TD>
    <TD vAlign=bottom  width="2%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom  width="1%"
    align=left>&nbsp;</TD>
    <TD vAlign=bottom width="6%" align=right>20% </TD>
    <TD vAlign=bottom  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left >Treatment and refining costs per pound sold    </TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>0.18 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>0.19 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom>($0.01</TD>
    <TD  width="2%" align=left vAlign=bottom>) </TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom>(2%</TD>
    <TD
    width="2%" align=left vAlign=bottom style="BORDER-RIGHT: #000000 1px solid">) </TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>0.20 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>0.19 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>$</TD>
    <TD width="6%" align=right vAlign=bottom>0.01 </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD>
    <TD  width="1%" align=left vAlign=bottom>&nbsp;</TD>
    <TD width="6%" align=right vAlign=bottom>3% </TD>
    <TD  width="2%" align=left vAlign=bottom>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    >Transportation costs per pound sold </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="6%" align=right>0.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="6%" align=right>0.20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="6%" align=right>0.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="6%" align=right>7% </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" vAlign=bottom  width="2%"
align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="6%" align=right>0.22 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="6%" align=right>0.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="6%" align=right>0.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
    width="6%" align=right>1% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom
     width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>Contributing to the year-over-year increase in direct mining
and processing costs for the third quarter was a 23% increase in tons mined and
a 7% increase in tons milled. In addition, direct mining and processing costs
for the third quarter 2012 compared to the prior-year quarter were negatively
impacted by higher labour, maintenance, external services and consumable
costs.</P>
<P align=justify>Depreciation expenses during the third quarter have increased
year over year, reflecting an increase in assets placed into service as well as
an increase in production levels. Treatment and refining costs and
transportation costs have decreased, consistent with the decrease in sales
volumes.</P>
<P align=justify>For the nine months ended September 30, 2012, direct mining and
processing costs increased by 27% over the prior-year period. Contributing to
the year-over-year increase in direct mining and processing costs was a 15%
increase in tons mined and 12% increase in tons milled. Also adversely impacting
direct mining and processing costs for the nine months ended September 30, 2012
compared to the prior-year period were higher labour, maintenance and consumable
costs.</P>
<P align=center>9 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_10></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Other expenses and income </I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=1 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Three months ended September
      30,</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Nine months ended September 30,</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>%</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>%</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >(Cdn$ in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >General and administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>3,695 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>4,233 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(538</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(13%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>13,103 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>15,723 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(2,620</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(17%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Exploration and evaluation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>6,789
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>5,909
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>880
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>15%
</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>15,970
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>7,747
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>8,223
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>106%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Other operating expenses (income) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>8,947 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(42,645</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>51,592 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(121%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>25,118 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(30,884</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>56,002 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(181%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Loss
      on contribution to joint venture </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>183
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
align=right>(183</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(100%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>3,987
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(3,987</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(100%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Finance expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>3,217 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>5,479 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(2,262</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(41%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>11,481 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>11,372 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>109 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>1% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Finance income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>3,316
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>2,216
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>1,100
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>50%
</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>10,083
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>10,539
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
align=right>(456</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>(4%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Foreign exchange (gain) loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(469</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>5,479 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(5,948</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>109% </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(435</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>9,666 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(10,101</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(105%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE>
<P align=justify>The $0.5 -million decrease in general and administrative
expenses in third quarter 2012 is primarily due to a $0.6 -million decrease in
share-based compensation costs, offset by increases in various other expenses.
For the nine months ended September 30, 2012, general and administrative
expenses decreased by $2.6 million. Contributing to the variation was a $2.8
-million decrease in share-based compensation costs, offset by increases in
various other expenses. </P>
<P align=justify>The increase in third quarter exploration and evaluation
expenses year over year reflects a significant increase in activity at both the
Aley project and the New Prosperity project. During third quarter 2012,
approximately $5.6 million was spent on Aley and approximately $1.2 million was
spent on the New Prosperity project. For the nine months ended September 30,
2012, approximately $9.9 million was spent on Aley, approximately $5.9 million
was spent on the New Prosperity project, and $0.2 million was spent on other
projects.</P>
<P align=justify>The increase in other operating expenses in third quarter 2012
is primarily attributable to gains and losses associated with our copper hedge
program. In third quarter 2012, we recognized $8.5 million in unrealized losses
and $0.8 million in realized losses. This compares to $48.3 million in
unrealized gains and $1.8 million in realized losses that were recognized in
third quarter 2011. For the nine months ended September 30, 2012, there was a
$56.0 -million increase in other operating expenses compared to the prior-year
period. We have recognized $22.5 million in unrealized losses and $3.4 million
in realized losses year to date, compared to $44.9 million in unrealized gains
and $10.5 million in realized losses that were recognized in the prior-year
period. The amount of gain or loss on the copper hedge program is driven by
changes in copper prices relative to the fixed price in our put and call option
contracts. </P>
<P align=justify>Finance expenses for third quarter 2012 are net of $2.2 million
of interest capitalized on the GDP3 project and this explains the decrease in
finance expenses compared to third quarter 2011. After adjusting for capitalized
interest, finance expenses in the third quarter have remained relatively
constant year over year. For the nine months ended September 30, 2012, after
adjusting for capitalized interest of $4.8 million, finance expenses have
increased due to inclusion of a full nine months of interest expense on the
senior notes in 2012 compared to five and a half month&#146;s interest in 2011
excluding the period prior to the transaction.</P>
<P align=justify>Finance income is primarily comprised of income earned on the
promissory note and reclamation deposits, as well as gains and losses on the
dual currency deposits. During third quarter 2012, income from these items
increased $1.1 million compared to third quarter 2011. For the nine months ended
September 30, 2012, interest income and the dual currency deposits contributed
$4.6 million more to finance income when compared to the prior-year period.
During the nine months ended September 30, 2011, we realized a $6.0 -million
gain on the sale of marketable securities which explains the net decrease in
finance income compared to the nine-month period for 2012.</P>
<P align=center>10 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_11></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>Foreign exchange gains and losses arise as a result of the
significant transactions we undertake in US dollars. All of our revenue
transactions are denominated in US dollars. We incur certain capital and
operating expenditures in US dollars, as well as make interest payments on our
senior notes in US dollars. As a result of movements in exchange rates between
the date we initially record our transaction and the date payment is
made/received, we incur foreign exchange gains and losses. In addition, we have
significant monetary assets and liabilities denominated in US dollars that are
translated to our functional currency, which is Canadian dollars, at each
balance sheet date resulting in a foreign exchange gain or loss. These monetary
assets and liabilities include cash, accounts receivable, interest payable and
the senior notes. <I></I></P>
<P align=justify><I>Income tax </I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=1 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Three months ended September
      30,</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="1%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    width="33%" colSpan=10 align=center><B>Nine months ended September 30,</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>%</B> </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center>&nbsp; </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="6%" align=center><B>%</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >(Cdn$ in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
      align=center><B>Change</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >Current (recovery) expense
</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>(2,816</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>7,913 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>(10,729</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>(136%</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>3,876 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>8,842 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>(4,966</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>(56%</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Deferred (recovery) expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
align=right>(456</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>10,811
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(11,267</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(104%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(5,277</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>16,442
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(21,719</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%"
    align=right>(132%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(3,272</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>18,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(21,996</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(117%</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(1,401</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>25,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(26,685</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>(106%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Effective tax rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>45.9%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>38.4%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;
    </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>13.6%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>42.2%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Canadian statutory rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>25.0% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>26.5% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=left>&nbsp; </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>25.0% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>26.5% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >BC
      Mineral tax rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>9.8%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>9.8%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;
    </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
     width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>9.8%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=right>9.8%
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="6%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The effective tax rate for third quarter 2012 is approximately
11.1 percentage points higher than the statutory rate primarily due to the BC
Mineral tax, permanent differences and unrecognized tax benefits.</P>
<P align=justify>The effective tax rate for third quarter 2011 is higher than
the statutory rate due to the mineral tax, permanent differences and
unrecognized tax benefits. Certain items that are deductible for income tax
purposes are not deductible for BC Mineral tax purposes as well as
non-deductible share-based compensation contributed to a 2.1 percentage point
increase over the statutory rate.</P>
<P align=justify>The effective tax rate for the nine months ended September 30,
2012 is in a recovery position when compared to the statutory rate. The
difference from the statutory rate primarily due to the BC Mineral tax,
permanent differences and unrecognized tax benefits account for the majority of
the difference. Other items, including the impact of the reduction of corporate
tax rates and benefits not recognized for tax purposes created minor impacts on
the effective tax rate. </P>
<P align=justify>The effective tax rate for the nine months ended September 30,
2011 is higher than the statutory rate due to the mineral tax, permanent
differences and unrecognized tax benefits. Certain items that are deductible for
income tax purposes are not deductible for BC Mineral tax purposes which
contributed to an increase over the statutory rate. In addition, permanent
differences, such as non-deductible share-based compensation, accounted for the
remaining differences from the statutory rate.</P>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><FONT color=#47c1cf>FINANCIAL CONDITION REVIEW
</FONT></B></P>
<P align=justify><I>Balance sheet review </I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>As
      at </B></TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="12%" align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>As
      at </B></TD>
  <TD style="BORDER-TOP: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>September 30, 2012 </B></TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="12%"
      align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2011 </B></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Cash and equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>200,754 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>277,792 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current assets excluding cash </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>81,526 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>159,131 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Non-current assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>580,546 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>446,003 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>117,244 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>111,806 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Total assets </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>980,070 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>994,732 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>88,065 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>61,014 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Long-term debt </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>217,409 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>218,502 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other liabilities
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>203,080 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>218,399 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Total liabilities </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>508,554 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right><B>497,915 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Equity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>471,516 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right><B>496,817 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Non-cash working capital <SUP>1 </SUP></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(6,539</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>98,117 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net debt (cash) <SUP>1 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>31,787 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(86,139</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Total common shares outstanding (millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>190.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>196.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<TABLE width="100%"
border=0 cellPadding=0 cellSpacing=0
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; ">
  <TR>
    <TD align=left><sup>1 </sup>Non-cash working capital and net debt (cash) are
non-GAAP financial performance measures with no standard definition under IFRS.
See pages 16-19 of this MD&amp;A. </TD>
  </TR>
</TABLE>
<P align=justify>Our asset base is comprised principally of non-current assets
including property, plant and equipment, reflecting the capital intensive nature
of the mining business. Our current assets include cash, accounts receivable,
other financial assets and inventories (supplies and production inventories),
along with other current assets that are primarily prepaid expenses and
deposits. Production inventories, accounts receivable and cash balances
fluctuate in relation to our shipping and cash settlement schedules, which
provide for payment typically one month after the month of arrival at the
receiving port.</P>
<P align=justify>Current assets including cash have decreased by $154.6 million,
offset by a $134.5 -million increase in property, plant and equipment. </P>
<P align=justify>Total liabilities have increased from $497.9 million as at
December 31, 2011 to $508.6 million at September 30, 2012. Current liabilities
have increased by $27.1 million, offset by a $15.3 -million decrease in other
liabilities. </P>
<P align=justify>During the third quarter 2012, the Company moved into a net
debt position. Previously, the Company&#146;s cash position more than offset its
debt. The net debt position is primarily a result of the cumulative spending on
GDP3 expansion outpacing the cash generated from operations. </P>
<P align=justify>As at October 31, 2012, there were 190,572,455 common shares
outstanding. In addition, there were 12,897,500 director, employee and
contractor stock options. More information on these instruments and the terms of
their exercise is set out in note 21 of our 2011 annual financial statements.
</P>
<P align=justify><I>Liquidity, cash flow and capital resources </I></P>
<P align=justify>At September 30, 2012, the Company had cash and equivalents of
$200.8 million, as compared to $277.8 million at December 31, 2011. At December
31, 2011, an additional $40.6 million of highly-liquid money market instruments
were recorded as current other financial assets, but were converted to cash and
equivalents during first quarter 2012. We maintained our strategy of retaining
significant liquidity to fund operations and the GDP3 expansion. </P>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_13></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>Operating cash flow for third quarter 2012 was an inflow of
$30.1 million compared to an outflow of $7.2 million for the prior-year quarter.
Adjusting for a $26.7 -million increase in non-cash working capital, operations
generated a cash inflow of $3.4 million during the third quarter of 2012. This
compares to adjusted operating cash outflow of $2 million in the third quarter
of 2011. </P>
<P align=justify>The principal use of operating cash flows during the quarter
was capital expenditures, investment in financial assets (including the purchase
of copper put options), and the repurchase of common shares. With the issuance
of the senior notes, future uses of operating cash flow include the repayment of
debt and interest. </P>
<P align=justify>Future changes in market copper and molybdenum prices could
impact the timing and amount of cash available for future investment in capital
projects and/or other uses of capital. To partially mitigate these risks, we
enter into copper hedges on a portion of our share of Gibraltar copper
production. Alternative sources of funding for future capital or other liquidity
needs include future operating cash flow, strategic partnerships, such as the
Gibraltar joint venture and the Franco-Nevada gold stream transaction, and debt
or equity financings. These alternatives are regularly evaluated to determine
the optimal mix of capital resources to address our capital needs and minimize
our weighted average cost of capital. </P>
<P align=justify>Cash used for investing activities for third quarter 2012 was
$61.2 million, of which $56.9 million was invested in property, plant and
equipment. The prior-year quarter reflects $16.3 million invested in property,
plant and equipment and $73.7 million invested in dual currency deposits. </P>
<P align=justify>Cash used for financing activities for third quarter 2012 was
$8.8 million compared to $3.1 million for the prior-year quarter. Included in
third quarter 2012 is the repurchase of common shares for $4.9 million and a
combined $4.3 million for debt repayment and interest charges. Included in third
quarter 2011 was a combined $3.3 million for debt repayment and interest
charges. </P>
<P align=justify><I>Hedging strategy </I></P>
<P align=justify>We implemented our hedging program in 2009 as copper prices
were recovering from the commodity pricing collapse that occurred in late 2008
and early 2009. Since that time, our strategy has been to hedge at least 50% of
our copper production using put options that are either purchased outright or
funded by the sale of calls that are significantly out of the money using either
a zero-cost basis or funded basis.</P>
<P align=justify>The amount and duration of our hedge position is based on our
assessment of business-specific risk elements combined with the copper pricing
outlook. Currently we have 17.2 million pounds, or 90%, of our share of the
estimated remaining 2012 Gibraltar production hedged at US$3.50 per pound. This
increased hedging level is based on the potential risks associated with a copper
price correction during the build-out of GDP3. This corresponds with a period of
heightened vulnerability given the scope of the capital expenditure and working
capital requirements during 2012. The project is scheduled to be completed and
commissioned in late 2012.</P>
<P align=justify>We have also hedged 33.1 million pounds of our share of
Gibraltar&#146;s production for the first half of 2013 at US$3.00 per pound and 26.5
million pounds for the second half of 2013 at US$2.75 per pound. </P>
<P align=justify>We review our copper price and quantity exposure at least
quarterly to ensure that adequate revenue protection is in place. Our hedge
positions are typically extended adding incremental quarters at established put
strike prices to provide the necessary price protection.</P>
<P align=justify>Considerations on the cost of the hedging program include an
assessment of Gibraltar&#146;s estimated production costs, anticipated copper prices
and estimated gross margins during the relevant period. </P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_14></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><FONT color=#47c1cf>SUMMARY OF QUARTERLY RESULTS
</FONT></B></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 1px solid" >&nbsp;    </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="24%" colSpan=7
      align=center valign="bottom" style="BORDER-TOP: #000000 1px solid">2012 </TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="33%" colSpan=10
    align=center valign="bottom" style="BORDER-TOP: #000000 1px solid">2011 </TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-TOP: #000000 1px solid">2010 </TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >($ in thousands, </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp; </TD>
    <TD  width="2%" align=center valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=center valign="bottom">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom">&nbsp; </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"
      >except per share amounts) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Q3</TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Q2</TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Q1</TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Q4</TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Q3</TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Q2</TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Q1</TD>
    <TD  width="2%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=center valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">Q4</TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >Revenues </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>60,999 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>74,377 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>55,353 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>60,512 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>84,204 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>48,349 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>58,801 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>108,959 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Net earnings (loss) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">(3,851</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">3,315 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">(8,344</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">(7,694</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">30,028 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">(1,113</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">5,753 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">25,550 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >&nbsp;&nbsp;&nbsp;&nbsp; EPS
      <SUP>1 </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>(0.02</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.02 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>(0.04</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>(0.04</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.15 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>(0.01</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.03 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.14 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Adjusted net earnings (loss) <SUP>2 </SUP></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">1,491 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">4,009 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">305 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">9,941 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">(1,991</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">1,863 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">7,971 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">31,274 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >&nbsp;&nbsp;&nbsp;&nbsp;
      Adjusted EPS <SUP>1 </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.01 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.02 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.00 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.05 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>(0.01</TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.01 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.04 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>0.17 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >EBITDA <SUP>2, </SUP><sup>3</sup> </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">(1,232</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">13,350 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">(4,337</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">(4,830</TD>
    <TD  width="2%" align=left valign="bottom">) </TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">56,523 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">3,685 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">15,301 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">46,353 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"
    >Adjusted EBITDA <SUP>2, </SUP><sup>3 </sup></TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">6,216 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">13,492 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">8,081 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">19,220 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">13,667 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">7,488 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">16,617 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">52,491 </TD>
  <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD colSpan=3 align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">(US$ per
      pound, except where indicated) </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
  <TD  width="2%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff >Realized copper price <SUP>2
      </SUP></TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>3.64 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>3.52 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>3.87 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>3.56 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>3.73 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>4.25 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>4.28 </TD>
    <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD width="6%" align=right valign="bottom" bgColor=#e6efff>4.09 </TD>
  <TD  width="2%" align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" >Total cash costs of sales <SUP>2 </SUP></TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2.60 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2.47 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2.23 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2.20 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2.33 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2.37 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">2.08 </TD>
    <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
    <TD  width="1%" align=left valign="bottom">&nbsp;</TD>
    <TD width="6%" align=right valign="bottom">1.69 </TD>
  <TD  width="2%" align=left valign="bottom">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid"
    >Copper sales (million pounds) </TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">16.1 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">19.8 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">12.7 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">15.4 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">21.8 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">10.7 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">12.8 </TD>
    <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%"
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">25.2 </TD>
  <TD
    width="2%" align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR></TABLE>
<P align=justify><SUP>1 </SUP>Calculated using weighted average number of shares
outstanding under the basic method. Sum of all the quarters may not add up to
the yearly total due to rounding. <BR><SUP>2 </SUP>Adjusted net earnings (loss),
adjusted EPS, EBITDA, adjusted EBITDA, realized copper price and total cash
costs of sales are non-GAAP financial performance measure with no standard
definition under IFRS. See pages 16-19 of the Company&#146;s MD&amp;A. <BR><SUP>3
</SUP>Certain prior-period measures have been recalculated to conform to the
presentation adopted for the current period. </P>
<P align=justify>Our financial results for the last eight quarters reflect:
volatile copper prices that impact realized prices; variability in the quarterly
sales volumes due to timing of shipments which impacts revenue recognition; and
a trend of increasing production costs caused by inflationary pressures on key
input costs. In certain areas such as labour and mining operations, our
operating costs are expected to remain elevated through the completion and
commissioning of GDP3. Most of the required labour force to operate the GDP3
concentrator has already been hired and is currently training and job shadowing
in order to facilitate an efficient ramp up. There are other cost elements in
the mine and mill operations where we have identified significant opportunities
for improvement and expect to see a downward trend starting in the first quarter
of 2013. Our focus has always been on long-term reduction of unit costs and we
believe further efficiencies will be gained once GDP3 achieves design capacity
mid next year.</P>
<P align=justify><B><FONT color=#47c1cf>CRITICAL ACCOUNTING POLICIES AND
ESTIMATES </FONT></B></P>
<P align=justify>The Company's significant accounting policies are presented in
note 2 of the 2011 annual financial statements. The preparation of the Financial
Statements in conformity with IFRS requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized
in the period in which the estimates are revised and in any future periods
affected. </P>
<P align=justify>Significant areas where judgment is applied include reserve and
resource estimation; asset valuations and the measurement of impairment charges
or reversals; finished and in-process inventory quantities; plant and equipment
lives; tax provisions; provisions for environmental rehabilitation; assessment
of joint control in business combinations; and share-based compensation. Key
estimates and assumptions made by management with respect to these areas have
been disclosed in the notes to the Financial Statements and the 2011 annual
financial statements as appropriate.</P>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_15></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The accuracy of reserve and resource estimates is a function of
the quantity and quality of available data and the assumptions made and judgment
used in the engineering and geological interpretation, and may be subject to
revision based on various factors. Changes in reserve and resource estimates may
impact the carrying value of property, plant and equipment; the calculation of
depreciation expense; the capitalization of stripping costs incurred during
production; and the timing of cash flows related to the provision for
environmental rehabilitation. </P>
<P align=justify>Changes in forecast prices of commodities, exchange rates,
production costs and recovery rates may change the economic status of reserves
and resources. Forecast prices of commodities, exchange rates, production costs
and recovery rates, and discount rates assumptions, either individually or
collectively, may impact the carrying value of derivative financial instruments,
inventory, property, plant and equipment, and intangibles, as well as the
measurement of impairment charges or reversals. </P>
<P align=justify>In early 2012, the Company was advised by its auditors, KPMG
LLP, that the Public Company Accounting Oversight Board (PCAOB) communicated to
the auditors that based on their inspection results, that an alternative
accounting treatment might be more appropriate for the Company&#146;s 2010 joint
venture transaction with Cariboo. Pursuant to that transaction, Cariboo
purchased a 25% joint venture interest in the Gibraltar mining operations for
$187 million. This transaction implied a total value for the Gibraltar mining
operations of approximately $748 million and in the Company&#146;s annual
reconciliation of accounts from Canadian generally accepted accounting
principles (GAAP) to United States GAAP, it recognized a gain calculated as 100%
of the difference between the Company&#146;s carrying cost of the Gibraltar mining
operations of $368 million and its implied value, for a reported gain of $380
million. Under US GAAP, 100% of the gain is recognized if the Company no longer
controls the joint venture. The accounting identified by the PCAOB is dependent
on whether a change of control of the Gibraltar mining operations occurred as a
result of the joint venture transaction.</P>
<P align=justify>Depending on the outcome of anticipated discussions with the
PCAOB and the SEC, it is possible that the Company may have to reverse the gain
recognition for US GAAP purposes on 100% of the Gibraltar mining operations and
recognize a gain only on the 25% actually sold or potentially recognize the gain
as an equity transaction rather than through income. This would necessitate
related restatements to the carrying value of the Gibraltar mining operations
and the presentation of Cariboo&#146;s minority interest in the 2010 US GAAP
reconciliation and would have no effect on cash flows in 2010 or thereafter.
Based on the review of PCAOB&#146;s comments to date, the Company believes that the
accounting approach taken on the joint venture transaction and subsequent
accounting were and continue to be appropriate.</P>
<P align=justify><B><FONT color=#47c1cf>INTERNAL CONTROLS OVER FINANCIAL
REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES </FONT></B></P>
<P align=justify>The Company's management is responsible for establishing and
maintaining adequate internal control over financial reporting and disclosure
controls and procedures.</P>
<P align=justify>Our internal control system over financial reporting is
designed to provide reasonable assurance to management and the Board of
Directors regarding the preparation and fair presentation of published financial
statements. Internal control over financial reporting includes those policies
and procedures that: </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%" BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>pertain to the maintenance of records that in reasonable
      detail accurately and fairly reflect the transactions and dispositions of
      the assets of the Company;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>provide reasonable assurance that transactions are
      recorded as necessary to permit preparation of financial statements in
      accordance with IFRS, and that receipts and expenditures of the Company
      are being made only in accordance with authorizations of management and
      directors of the Company; 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%">(3) </TD>
    <TD>
      <P align=justify>provide reasonable assurance regarding prevention or
      timely detection of unauthorized acquisition, use or disposition of the
      Company&#146;s assets that could have a material effect on the financial
      statements.</P></TD></TR></TABLE>
<P align=center>15 </P>
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  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>Our internal control system over disclosure controls and
procedures is designed to provide reasonable assurance that material information
relating to the Company is made known to management and disclosed to others and
information required to be disclosed by the Company in our annual filings,
interim filings or other reports filed or submitted by us under securities
legislation is recorded, processed, summarized and reported within the time
periods specified in the securities legislation.</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 reporting and
disclosure.</P>
<P align=justify>There have been no changes in our internal control over
financial reporting and disclosure controls and procedures during the period
ended September 30, 2012 that have materially affected, or are reasonably likely
to materially affect, internal control over financial reporting and
disclosure.</P>
<P align=justify><B><FONT color=#47c1cf>RELATED PARTY TRANSACTIONS
</FONT></B></P>
<P align=justify><I>Key management personnel </I></P>
<P align=justify>Key management personnel include the members of the Board of
Directors and executive officers of the Company. </P>
<P align=justify>During third quarter 2012, the Company incurred total
compensation expenses of $1.5 million for its key management personnel.</P>
<P align=justify><I>Other related parties </I></P>
<P align=justify>Hunter Dickinson Services Inc. ("HDSI") is a private company
which has certain directors in common with the Company. HDSI carries out
geological, engineering, corporate development, administrative, financial
management, investor relations, and other management activities for the Company.
The terms and conditions of the transactions are similar to transactions
conducted on an arm&#146;s length basis. During third quarter 2012, the Company
incurred general and administrative expenses of $0.3 million and exploration and
evaluation expenses of $0.1 million with HDSI. This compares to general and
administrative expenses of $0.5 million and exploration and evaluation expenses
of $0.2 million in third quarter 2011. </P>
<P align=justify>The Gibraltar joint venture pays a management fee to the
Company for services rendered as operator of the Gibraltar mine. In addition,
the Company pays compensation expenses for certain individuals providing
services to the Gibraltar joint venture and invoices the joint venture for
reimbursement of these expenses. During the third quarter 2012, the Company has
recognized $0.3 million of income for these services rendered, compared to $0.2
million in third quarter 2011.</P>
<P align=justify><B><FONT color=#47c1cf>NON-GAAP PERFORMANCE MEASURES
</FONT></B></P>
<P align=justify>This document includes certain non-GAAP performance measures
that do not have a standardized meaning prescribed by IFRS. These measures may
differ from those used by, and may not be comparable to such measures as
reported by, other issuers. The Company believes that these measures are
commonly used by certain investors, in conjunction with conventional IFRS
measures, to enhance their understanding of the Company&#146;s performance. These
measures have been derived from the Company&#146;s financial statements and applied
on a consistent basis. The following tables below provide a reconciliation of
these non-GAAP measures to the most directly comparable IFRS measure.<B>
</B></P>
<P align=center>16 </P>
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<TABLE
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border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Total cash costs per pound </I></P>
<P align=justify>Total cash costs of sales include all costs absorbed into
inventory, as well as by-product credits, treatment &amp; refining costs and
transportation costs, less non-cash items such as depreciation and share-based
compensation. Total cash costs per pound sold are calculated by dividing the
aggregate of the applicable costs by copper pounds sold. Total cash costs of
production are total cash costs of sales adjusted for the net movement in
inventory during the period. Total cash costs per pound produced are calculated
by dividing the aggregate of the applicable costs by copper pounds produced.
These measures are calculated on a consistent basis for the periods presented.
</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp; </TD>
    <TD
    align=left valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD colSpan=4
      align=right valign="bottom" style="BORDER-TOP: #000000 1px solid"><B>Three months ended</B> </TD>
    <TD
    align=right valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD colSpan=4
      align=right valign="bottom" style="BORDER-TOP: #000000 1px solid"><B>Nine months ended</B> </TD>
    <TD
    align=center valign="bottom" style="BORDER-TOP: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD colspan="4" align=right valign="bottom"> <B>September 30,</B> </TD>
    <TD align=right valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">&nbsp;</TD>
    <TD colspan="4" align=right valign="bottom"> <B>September 30,</B> </TD>
    <TD align=center valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">($ in thousands,
      unless otherwise indicated) </TD>
    <TD  width="1%"
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD  width="1%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD  width="1%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD  width="1%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="10%"
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2011</B> </TD>
    <TD  width="1%"
    align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff><B>Cost of sales</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>49,259</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>59,030</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>145,856</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff><B>124,330</B> </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Less non-cash items: </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp; </TD>
    <TD align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;Depreciation </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(4,946</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(4,609</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(13,449</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>(9,945</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Share-based compensation </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(18</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(92</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(86</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(178</TD>
    <TD align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Less by-product credits: </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Molybdenum </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(1,919</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(3,192</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(10,473</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(10,878</TD>
    <TD align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Silver </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(789</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(1,163</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(2,397</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(2,597</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Total cash costs of sales</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>41,587</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>49,974</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>119,451</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>100,732</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Total copper sold (thousand pounds) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>16,088 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>21,849 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>48,576 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>45,339 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Total cash costs per pound sold </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">2.59 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">2.29 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">2.46 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">2.22 </TD>
    <TD align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Average exchange rate for the period (CAD/USD) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">0.9949 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">0.9807 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1.0021 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">0.9781 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Total cash
      costs of sales (US$ per pound)</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2.60</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2.33</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2.45</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2.27</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD valign="bottom" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Total cash costs of sales</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>41,587</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>49,974</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>119,451</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>100,732</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Net change in inventory </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">3,612 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(15,906</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">4,741 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(3,654</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Total cash costs of production</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>45,199</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>34,068</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>124,192</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>97,078</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Less offsite costs: </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">&nbsp;Treatment and refining costs </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(2,940</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(4,085</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(9,530</TD>
    <TD align=left valign="bottom">) </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">(8,659</TD>
    <TD align=left valign="bottom">) </TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;Transportation costs </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(3,421</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(4,325</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(10,490</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">(9,708</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">) </TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom"><B>Net operating cash costs</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>38,838</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>25,658</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>104,172</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom"><B>78,711</B> </TD>
    <TD align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" bgColor=#e6efff>Total copper produced (thousand pounds) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>17,771 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>15,994 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>51,332 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right valign="bottom" bgColor=#e6efff>45,412 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom">Total cash costs per pound produced </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">2.19 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">1.60 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">2.03 </TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=left valign="bottom">&nbsp;</TD>
    <TD align=right valign="bottom">1.73 </TD>
    <TD align=left valign="bottom">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD
      align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">Average exchange rate for the period (CAD/USD) </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">0.9949 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">0.9807 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">1.0021 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=right valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">0.9781 </TD>
    <TD align=left valign="bottom" bgColor=#e6efff style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>Net operating
      cash costs of production</B> <B>(US$ per pound)</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2.20</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>1.64</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2.03</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>1.78</B> </TD>
    <TD
    align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD></TR></TABLE>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Adjusted net earnings </I></P>
<P align=justify>Adjusted net earnings remove the effect of the following
transactions from net earnings as reported under IFRS: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Unrealized gains/losses on derivative instruments;
  <LI>Gains/losses on the sale of financial instruments;
  <LI>Changes in the fair value of financial instruments;
  <LI>Foreign currency translation gains/losses; and
  <LI>Non-recurring transactions, including non-recurring tax adjustments.
</LI></UL>
<P align=justify>Management believes these transactions do not reflect the
underlying operating performance of our core mining business and are not
necessarily indicative of future operating results. Furthermore, unrealized
gains/losses on derivative instruments, changes in the fair value of financial
instruments, and foreign currency translation gains/losses are not necessarily
reflective of the underlying operating results for the reporting periods
presented.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="23%" colSpan=4
      align=right><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="2%"
align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="1%"
align=center>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="23%" colSpan=4
      align=right><B>Nine months ended</B> </TD>
  <TD style="BORDER-TOP: #000000 1px solid" width="2%"
  align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>September 30,</B> </TD>
    <TD width="2%" align=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>September 30,</B> </TD>
  <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>($ in thousands,
      except per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2011</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Net (loss) earnings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>(3,851</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>30,028</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>(8,880</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>34,668</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized loss (gain) on derivative instruments </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>8,468 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(48,320</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>22,482 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(44,873</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Gain on sale of marketable securities and
      dividend income </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(877</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(6,443</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Changes in fair value of warrants </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>529 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Unrealized (income) loss on DCDs </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(43</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,468 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(310</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,319 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss on the contribution to JV </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>183 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,987 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Non-recurring consulting expenses </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>4,043 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>4,043 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Foreign currency translation losses (gains) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(977</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(230</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,286</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,701 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Estimated tax effect of adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(2,106</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>10,837 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(5,324</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>10,911 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Adjusted net
      earnings (loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>1,491</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>(1,991</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
      align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>5,805</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>7,842</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Adjusted EPS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>0.01</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>(0.01</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>0.03</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>0.04</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>EBITDA and adjusted EBITDA </I></P>
<P align=justify>EBITDA represents net earnings before interest, income taxes,
and depreciation. We present EBITDA because we consider it an important
supplemental measure of our performance and believe it is frequently used by
securities analysts, investors and other interested parties in the evaluation of
companies in our industry, many of which present EBITDA when reporting their
results. We believe issuers of &#147;high yield&#148; securities also present EBITDA
because investors, analysts and rating agencies consider it useful in measuring
the ability of those issuers to meet debt service obligations. We believe EBITDA
is an appropriate supplemental measure of debt service capacity, because cash
expenditures on interest are, by definition, available to pay interest, and tax
expense is inversely correlated to interest expense because tax expense goes
down as deductible interest expense goes up; depreciation is a non-cash charge.
</P>
<P align=justify>We present adjusted EBITDA as a further supplemental measure of
our performance and ability to service debt. </P>
<P align=justify>We prepare adjusted EBITDA by
  adjusting EBITDA to eliminate the impact of a number of items we consider
  non-recurring or do not consider indicative of our ongoing operating
  performance. You are encouraged to evaluate each adjustment and the reasons we
  consider them appropriate for supplemental analysis.</P>
<P align=justify>Adjusted EBITDA is calculated by adding to EBITDA certain items
of expense and deducting from EBITDA certain items of income that we believe are
not likely to recur or are not indicative of our future operating performance
consisting of: </P>
<P align=center>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_19></A><BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD align=left><B><FONT color=#56c7d3><FONT color=#47c1cf><FONT
      size=4><FONT color=#56c7d3><FONT color=#47c1cf>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD></TR>
  <TR>
    <TD align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Management&#146;s Discussion and Analysis </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
  align=left>&nbsp;</TD></TR></TABLE>
<UL style="TEXT-ALIGN: justify">
  <LI>Unrealized gains/losses on derivative instruments;
  <LI>Gains/losses on the sale of marketable securities;
  <LI>Changes in the fair value of financial instruments;
  <LI>Foreign currency translation gains/losses; and
  <LI>Non-recurring transactions. </LI></UL>
<P align=justify>While recurring in nature, we believe unrealized gains/losses
on derivative instruments are not necessarily reflective of the underlying
operating results for the reporting periods presented. </P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="23%" colSpan=4
      align=right><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="23%" colSpan=4
      align=right><B>Nine months ended</B> </TD>
  <TD style="BORDER-TOP: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>September 30,</B> </TD>
    <TD  width="2%" align=right>&nbsp;</TD>
    <TD  width="1%" align=right>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>September 30,</B> </TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>($ in thousands,
      except per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=right>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>2011</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Net (loss) earnings</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>(3,851</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>30,028</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>(8,880</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>34,668</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Add: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Depreciation </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5,109 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>4,804 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>13,950 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>10,458 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest expense </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,690 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,752 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,836 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,760 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Interest income </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,908</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(1,785</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(5,723</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(4,660</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Income tax
      (recovery) expense </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(3,272</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>18,724 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(1,401</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>25,284 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>EBITDA</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>(1,232</B></TD>
    <TD bgColor=#e6efff  width="2%" align=left><B>)</B> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>56,523</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>7,782</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>75,510</B> </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjustments: </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Gain on sale of marketable securities
      and dividend income </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(877</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(6,443</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Changes in fair value of warrants </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>529 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Unrealized (income) loss on DCDs </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(43</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,468 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(310</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,319 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Foreign currency translation (gains) losses </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(977</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(230</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,286</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,701 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Non-recurring consulting expenses </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>4,043 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>4,043 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Loss on contribution to JV </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>183 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,987 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Unrealized loss (gain) on derivative instruments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>8,468 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(48,320</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>22,482 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>(44,873</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Adjusted
      EBITDA</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>6,216</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>13,667</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>27,791</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right><B>37,773</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=center>19 </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>FORM 52-109F2 - CEO
<TEXT>
<!DOCTYPE HTML PUBLIC "TKO 2012-Q3 Form 52-109F2 CEO Certification.pdf">


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<P align=center><IMG src="exhibit99-3x1x1.jpg" border=0> </P>
<P align=center>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form 52-109F2 <BR>Certification of
interim filings - full certificate </P>
<P align=justify>I, Russell E. Hallbauer, President and Chief Executive Officer
of Taseko Mines Limited, certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><I>Review: </I>I have reviewed the interim financial
      report and interim MD&amp;A (together, the &#147;interim filings&#148;) of Taseko
      Mines Limited (the &#147;issuer&#148;) for the interim period ended September 30,
      2012.</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><I>No misrepresentations: </I>Based on my knowledge,
      having exercised reasonable diligence, the interim filings do not contain
      any untrue statement of a material fact or omit to state a material fact
      required to be stated or that is necessary to make a statement not
      misleading in light of the circumstances under which it was made, with
      respect to the period covered by the interim filings.</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><I>Fair presentation: </I>Based on my knowledge, having
      exercised reasonable diligence, the interim financial reports together
      with the other financial information included in the interim filings
      fairly present in all material respects the financial condition, financial
      performance and cash flows of the issuer, as of the date of and for the
      periods presented in the interim filings.</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><I>Responsibility: </I>The issuer&#146;s other certifying
      officer and I are responsible for establishing and maintaining disclosure
      controls and procedures (DC&amp;P) and internal control over financial
      reporting (ICFR), as those terms are defined in National Instrument
      52-109</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Certification of Disclosure in Issuers&#146; Annual and
      Interim Filings, </I>for the issuer.</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><I>Design: </I>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer
      and I have, as at the end of the period covered by the interim
    filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</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>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</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>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</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%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><I>Control framework: </I>The control framework the
      issuer&#146;s other certifying officer and I used to design the issuer&#146;s ICFR
      is the Internal Control &#150; Integrated Framework published by The Committee
      of Sponsoring Organizations of the Treadway Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify>N/A</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><I>Reporting changes in ICFR: </I>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on July 1, 2012 and ended on
      September 30, 2012 that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: October 31, 2012 </P>
<P align=justify>/s/ Russell Hallbauer <BR>_______________________<BR>Russell E.
Hallbauer <BR>President and Chief Executive Officer </P>
<P align=center>2 </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>FORM 52-109F2 - CFO
<TEXT>
<!DOCTYPE HTML PUBLIC "TKO 2012-Q3 Form 52-109F2 CFO Certification.pdf">


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<!--$$/page=--><A name=page_1></A>
<P align=center><IMG src="exhibit99-4x1x1.jpg" border=0> </P>
<P align=center>Form 52-109F2 <BR>Certification of interim filings - full
certificate </P>
<P align=justify>I, Peter C. Mitchell, Chief Financial Officer of Taseko Mines
Limited, certify the following: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">1. </TD>
    <TD>
      <P align=justify><I>Review: </I>I have reviewed the interim financial
      report and interim MD&amp;A (together, the &#147;interim filings&#148;) of Taseko
      Mines Limited (the &#147;issuer&#148;) for the interim period ended September 30,
      2012.</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><I>No misrepresentations: </I>Based on my knowledge,
      having exercised reasonable diligence, the interim filings do not contain
      any untrue statement of a material fact or omit to state a material fact
      required to be stated or that is necessary to make a statement not
      misleading in light of the circumstances under which it was made, with
      respect to the period covered by the interim filings.</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><I>Fair presentation: </I>Based on my knowledge, having
      exercised reasonable diligence, the interim financial report together with
      the other financial information included in the interim filings fairly
      present in all material respects the financial condition, financial
      performance and cash flows of the issuer, as of the date of and for the
      periods presented in the interim filings.</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><I>Responsibility: </I>The issuer&#146;s other certifying
      officer and I are responsible for establishing and maintaining disclosure
      controls and procedures (DC&amp;P) and internal control over financial
      reporting (ICFR), as those terms are defined in National Instrument
      52-109</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD>
      <P align=justify><I>Certification of Disclosure in Issuers&#146; Annual and
      Interim Filings, </I>for the issuer.</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><I>Design: </I>Subject to the limitations, if any,
      described in paragraphs 5.2 and 5.3, the issuer&#146;s other certifying officer
      and I have, as at the end of the period covered by the interim
    filings</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>designed DC&amp;P, or caused it to be designed under our
      supervision, to provide reasonable assurance that</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>material information relating to the issuer is made known
      to us by others, particularly during the period in which the interim
      filings are being prepared; and</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>information required to be disclosed by the issuer in its
      annual filings, interim filings or other reports filed or submitted by it
      under securities legislation is recorded, processed, summarized and
      reported within the time periods specified in securities legislation;
      and</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%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>designed ICFR, or caused it to be designed under our
      supervision, to provide reasonable assurance regarding the reliability of
      financial reporting and the preparation of financial statements for
      external purposes in accordance with the issuer&#146;s
GAAP.</P></TD></TR></TABLE>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_2></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">5.1 </TD>
    <TD>
      <P align=justify><I>Control framework: </I>The control framework the
      issuer&#146;s other certifying officer and I used to design the issuer&#146;s ICFR
      is the Internal Control &#150; Integrated Framework published by The Committee
      of Sponsoring Organizations of the Treadway Commission.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.2 </TD>
    <TD>
      <P align=justify>N/A</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">5.3 </TD>
    <TD>
      <P align=justify>N/A</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><I>Reporting changes in ICFR: </I>The issuer has
      disclosed in its interim MD&amp;A any change in the issuer&#146;s ICFR that
      occurred during the period beginning on July 1, 2012 and ended on
      September 30, 2012 that has materially affected, or is reasonably likely
      to materially affect, the issuer&#146;s ICFR.</P></TD></TR></TABLE>
<P align=justify>Date: October 31, 2012 </P>
<P align=justify>/s/ Peter Mitchell <BR>_______________________<BR>Peter C.
Mitchell <BR>Chief Financial Officer </P>
<P align=center>2</P>
<P>
<HR align=center width="100%" color=black noShade SIZE=5>
</P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>6
<FILENAME>exhibit99-1x1x1.jpg
<DESCRIPTION>GRAPHIC
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
