<SEC-DOCUMENT>0001062993-13-001412.txt : 20130326
<SEC-HEADER>0001062993-13-001412.hdr.sgml : 20130326
<ACCEPTANCE-DATETIME>20130326164436
ACCESSION NUMBER:		0001062993-13-001412
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		23
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130326
DATE AS OF CHANGE:		20130326

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		13717326

	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>40-F
<SEQUENCE>1
<FILENAME>form40f.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Form 40-F - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><B><FONT size=5>UNITED STATES </FONT><BR></B><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT><BR>WASHINGTON, D.C.
20549</B></P>
<P align=center><B><FONT size=5>FORM 40-F</FONT></B></P>
<P align=center>[&nbsp;&nbsp;&nbsp;] <B>REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934</B></P>
<P align=center>OR</P>
<P align=center>[ x ] <B>ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934</B></P>
<P align=center><B>For the fiscal year ended December 31, 2012 </B></P>
<P align=center>Commission File Number: <u><b>001-31965</b></u></P>
<P align=center><B><U><FONT size=5>TASEKO MINES
LIMITED</FONT></U><BR></B><I>(Exact name of Registrant as specified in its
charter)</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 align=center><U><B>British Columbia </B></U></TD>
    <TD width="33%" align=center><U><B>1040 </B></U></TD>
    <TD width="33%" align=center><U><B>Not Applicable </B></U></TD></TR>
  <TR vAlign=top>
    <TD align=center><I>(Province or Other Jurisdiction of </I></TD>
    <TD width="33%" align=center><I>(Primary Standard Industrial </I></TD>
    <TD width="33%" align=center><I>(I.R.S. Employer </I></TD></TR>
  <TR vAlign=top>
    <TD align=center><I>Incorporation or Organization) </I></TD>
    <TD width="33%" align=center><I>Classification Code) </I></TD>
    <TD width="33%" align=center><I>Identification No.)
</I></TD></TR></TABLE>
<P align=center><B>15</B><B><SUP>th </SUP></B><B>Floor &#150; 1040 West Georgia
Street <BR>Vancouver, British Columbia <BR>Canada V6E 4H8<BR>&nbsp;<U>(778)
373-4533</U><BR></B><I>(Address and telephone number of Registrant&#146;s principal
executive offices)</I></P>
<P align=center><B>Corporation Service Company <BR>Suite 400, 2711 Centerville
Road <BR>Wilmington, Delaware 19808<BR>&nbsp;<U>(800)
927-9800</U><BR></B><I>(Name, address (including zip code) and telephone number
(including <BR>area code) of agent for service in the United States)</I></P>
<P align=center>Securities registered or to be registered pursuant to section
12(b) of the Act: </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=center><U>Title Of Each Class </U></TD>
    <TD width="50%" align=center><U>Name Of Each Exchange On Which Registered
      </U></TD></TR>
  <TR vAlign=top>
    <TD align=center>Common Shares, no par value </TD>
    <TD width="50%" align=center>NYSE MKT Equities </TD></TR></TABLE>
<P align=justify>Securities registered or to be registered pursuant to Section
12(g) of the Act: <B>None</B></P>
<P align=justify>Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act: <B>None </B></P>
<P align=justify>For annual reports, indicate by check mark the information
filed with this Form:<BR>[ x ] Annual Information Form&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[ x ] Audited Annual
Financial Statements</P>
<P align=justify>Indicate the number of outstanding shares of each of the
Registrant&#146;s classes of capital or common stock as of the close of the period
covered by the annual report: <B>190,881,955 Common Shares as of December 31,
2012</B></P>
<P align=justify>Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.<BR>
Yes [ x ]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No [&nbsp;&nbsp;&nbsp;]</P>
<P align=justify>Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the Registrant was required to submit and post such files).
<BR>
Yes [&nbsp;&nbsp;&nbsp;]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No [&nbsp;&nbsp;&nbsp;]</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=center><B>PRINCIPAL DOCUMENTS</B></P>
<P align=justify>The following documents that are filed as exhibits to this
annual report are incorporated by reference herein: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the Company&#146;s Annual Information Form for the year ended December 31, 2012;
  </P>
  <LI>
  <P>the Company&#146;s Audited Consolidated Financial Statements as at December 31,
  2012 and 2011, and for the years ended December 31, 2012 and 2011, and the
  notes thereto; and </P>
  <LI>
  <P>the Company&#146;s Management Discussion and Analysis for the year ended
  December 31, 2012. </P></LI></UL>
<P align=justify>The Company&#146;s Audited Consolidated Financial Statements that
are incorporated by reference into this Registration Statement have been
prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;)
as issued by the International Accounting Standards Board (the &#147;IASB&#148;).</P>
<P align=center><B>DISCLOSURE CONTROLS AND PROCEDURES</B></P>
<P align=justify>Disclosure controls and procedures are defined in Rule
13a-15(e) under the Securities Exchange Act of 1934 (&#147;Exchange Act&#148;) to mean
controls and other procedures of an issuer that are designed to ensure that
information required to be disclosed by the issuer in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the SEC&#146;s rules and forms and
includes, without limitation, controls and procedures designed to ensure that
such information is accumulated and communicated to the issuer&#146;s management,
including its principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding
required disclosure.</P>
<P align=justify>As of the end of the period covered by this report, our
management carried out an evaluation, with the participation of our Chief
Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures. Based upon that evaluation, our Chief
Executive Officer and Chief Financial Officer concluded that, as of the end of
the period covered by this report, our disclosure controls and procedures, as
defined in Rule 13a-15(e), were effective. See &#147;Internal Controls Over Financial
Reporting and Disclosure Controls and Procedures&#148; on page 29 of Exhibit 99.7,
Management Discussion and Analysis of the Company.</P>
<P align=center><B>INTERNAL CONTROLS OVER FINANCIAL REPORTING</B></P>
<P align=justify>The disclosure provided under &#147;Management&#146;s Report on Internal
Control Over Financial Reporting&#148; on page 3 of Exhibit 99.6, Audited
Consolidated Financial Statements, is incorporated by reference herein.</P>
<P align=center><B>ATTESTATION REPORT OF THE REGISTERED PUBLIC ACCOUNTING
FIRM</B></P>
<P align=justify>The Company is required to provide an attestation report of the
Company&#146;s registered public accounting firm on internal control over financial
reporting for the fiscal year ended December 31, 2012. In this report, the
Company&#146;s auditor, KPMG LLP, must state its opinion as to the effectiveness of
the Company&#146;s internal control over financial reporting for the fiscal year
ended December 31, 2012. KPMG LLP has audited the Company&#146;s internal controls
over financial reporting and has issued an attestation report on the Company&#146;s
internal control over financial reporting which is included in Exhibit 99.6.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_3></A>
<P align=center>- 2 -</P>
<P align=center><B>NO CHANGES IN INTERNAL CONTROL OVER FINANCIAL
REPORTING</B></P>
<P align=justify>There were no changes in the Company&#146;s internal control over
financial reporting that occurred during the period covered by this annual
report that have materially affected, or are reasonably likely to affect, the
Company&#146;s internal control over financial reporting.</P>
<P align=center><B>NOTICES PURSUANT TO REGULATION BTR</B></P>
<P align=justify>The Company did not send any notices required by Rule 104 of
Regulation BTR during the year ended December 31, 2012 concerning any equity
security subject to a blackout period under Rule 101 of Regulation BTR. </P>
<P align=center><B>AUDIT AND RISK COMMITTEE </B></P>
<P align=justify>The disclosure provided under &#147;Composition of Audit and Risk
Committee&#148; on page 56 of Exhibit 99.5, Annual Information Form of the Company,
is incorporated by reference herein. The Company&#146;s Board of Directors has
established a separately-designated Audit and Risk Committee of the Board in
accordance with Section 3(a)(58)(A) of the Exchange Act. </P>
<P align=center><B>AUDIT AND RISK COMMITTEE FINANCIAL EXPERT</B></P>
<P align=justify>The Company&#146;s Board of Directors has determined that Richard
Mundie and Alex Morrison, members of the Audit and Risk Committee of the Board,
are audit committee financial experts (as that term is defined in Item 407 of
Regulation S-K under the Exchange Act) and are independent directors under
applicable laws and regulations and the requirements of the NYSE MKT Equities
Exchange.</P>
<P align=center><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></P>
<P align=justify>The disclosure provided under &#147;Principal Accountant Fees and
Services&#148; on page 59 of Exhibit 99.5, Annual Information Form of the Company, is
incorporated by reference herein. </P>
<P align=center><B>AUDIT AND RISK COMMITTEE PRE-APPROVAL POLICIES AND
PROCEDURES</B></P>
<P align=justify>The disclosure provided under &#147;Audit and Risk
Committee&#151;Pre-Approval Policies and Procedures&#148; on page 58 of Exhibit 99.5,
Annual Information Form of the Company, is incorporated by reference herein.
</P>
<P align=center><B>OFF-BALANCE SHEET ARRANGEMENTS</B></P>
<P align=justify>The Company has not entered into any off-balance sheet
arrangements that have or are reasonably likely to have a current or future
effect on the Company&#146;s financial condition, changes in financial condition,
revenues, expenses, results of operations, liquidity, capital expenditures or
capital resources that are material to investors. </P>
<P align=center><B>CONTRACTUAL OBLIGATIONS</B></P>
<P align=justify>The disclosures provided under &#147;Commitments and contingencies&#148;
on page 18 of Exhibit 99.7, Management&#146;s Discussion and Analysis, is
incorporated by reference herein. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_4></A>
<P align=center>- 3 -</P>
<P align=center><B>CODE OF ETHICS</B></P>
<P align=justify>The disclosure provided under &#147;Code of Ethics&#148; on page 58 of
Exhibit 99.5, Annual Information Form of the Company, is incorporated by
reference herein.</P>
<P align=justify>During the Company&#146;s fiscal year ended December 31, 2012, the
Company did not (i) substantively amend its Code of Ethics or (ii) grant a
waiver, including any implicit waiver, from any provision of its Code of Ethics
with respect to any of the directors, executive officers or employees subject to
it.</P>
<P align=center><B>NYSE MKT EQUITIES CORPORATE GOVERNANCE</B></P>
<P align=justify>The Company&#146;s common shares are listed for trading on the NYSE
MKT Exchange (&#147;NYSE MKT&#148;). Section 110 of the NYSE MKT company guide permits
NYSE MKT to consider the laws, customs and practices of foreign issuers in
relaxing certain NYSE MKT listing criteria, and to grant exemptions from NYSE
MKT listing criteria based on these considerations. A company seeking relief
under these provisions is required to provide written certification from
independent local counsel that the non-complying practice is not prohibited by
home country law. A description of the significant ways in which the Company&#146;s
governance practices differ from those followed by domestic companies pursuant
to NYSE MKT standards is contained on the Company&#146;s website at
<U>www.tasekomines.com</U>.</P>
<P align=justify>Upon listing, the Company received an exemption from its quorum
requirements for meetings of shareholders. Under the NYSE MKT listing standards,
the quorum requirement is a minimum of one third of shareholders entitled to
vote. The Company does not meet this requirement and has been granted relief
from this listing standard.</P>
<P align=justify>The Company&#146;s governance practices also differ from those
followed by U.S. domestic companies pursuant to NYSE MKT listing standards in
the following manner:</P>
<P align=justify><I>Board Meetings</I></P>
<P align=justify>Section 802 (c) of the NYSE MKT Company Guide requires that the
Board of Directors hold meetings on at least a quarterly basis. The Board of
Directors of the Company is not required to meet on a quarterly basis under the
laws of the Province of British Columbia.</P>
<P align=justify><I>Solicitation of Proxies</I></P>
<P align=justify>NYSE MKT requires the solicitation of proxies and delivery of
proxy statements for all shareholder meetings, and requires that these proxies
shall be solicited pursuant to a proxy statement that conforms to applicable SEC
proxy rules. The Company is a foreign private issuer as defined in Rule 3b-4
under the United States Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), and the equity securities of the Company are accordingly exempt
from the proxy rules set forth in Sections 14(a), 14(b), 14(c) and 14(f) of the
Exchange Act. The Company solicits proxies in accordance with applicable rules
and regulations in Canada.</P>
<P align=justify><I>Shareholders Approval for Dilutive Private Placement
Financings</I></P>
<P align=justify>Section 713 of the NYSE MKT Company Guide requires that the
Company obtain the approval of its shareholders for share issuances equal to 20
percent or more of presently outstanding shares for a price which is less than
the greater of book or market value of the shares. This requirement does not
apply to public offerings. There is no such requirement under British Columbia
law or under the Company&#146;s home stock exchange rules (Toronto Stock Exchange)
unless the dilutive financing results in a change of control. The Company will seek a waiver from NYSE MKT&#146;s section
713 requirements should a dilutive private placement financing trigger the NYSE
MKT shareholders&#146; approval requirement in circumstances where the same financing
does not trigger such a requirement under British Columbia law or under the
Company&#146;s home country stock exchange rules.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A>
<P align=center>- 4 -</P>
<P align=center><B>MINE SAFETY DISCLOSURE</B></P>
<P align=justify>Pursuant to Section 1503(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (&#147;<B>Dodd-Frank Act</B>&#148;), issuers
that are operators, or that have a subsidiary that is an operator, of a coal or
other mine in the United States are required to disclose in their periodic
reports filed with the SEC information regarding specified health and safety
violations, orders and citations, related assessments and legal actions, and
mining-related fatalities under the regulation of the Federal Mine safety and
Health Administration under the Federal Mine Safety and Health Act of 1977. </P>
<P align=justify>The Company did not have any mines in the United States during
the fiscal year ended December 31, 2012. </P>
<P align=center><B>UNDERTAKING </B></P>
<P align=justify>The Registrant undertakes to make available, in person or by
telephone, representatives to respond to inquiries made by the Commission staff,
and to furnish promptly, when requested to do so by the Commission staff,
information relating to: the securities registered pursuant to Form 40-F; the
securities in relation to which the obligation to file an annual report on Form
40-F arises; or transactions in said securities. </P>
<P align=center><B>CONSENT TO SERVICE OF PROCESS</B></P>
<P align=justify>The Company previously filed an Appointment of Agent for
Service of Process and Undertaking on Form F-X signed by the Company and its
agent for service of process with respect to the class of securities in relation
to which the obligation to file this annual report arises. </P>
<P align=center><B>SIGNATURES</B></P>
<P align=justify>Pursuant to the requirements of the Exchange Act, the Company
certifies that it meets all of the requirements for filing on Form 40-F and has
duly caused this annual report to be signed on its behalf by the undersigned,
thereunto duly authorized. </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>Date: March 26, 2013. </TD>
    <TD width="50%" colSpan=2 align=left><B>TASEKO MINES LIMITED</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="45%" align=center><I>/s/ Peter Mitchell</I> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="45%" align=center>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="45%"
  align=center></TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="45%" align=center>Peter Mitchell </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="5%" align=left>&nbsp;</TD>
    <TD width="45%" align=center><B>Chief Financial Officer</B>
</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_6></A>
<P align=center><B>EXHIBIT INDEX</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 align=center ><B>Exhibit</B> </TD>
    <TD width="90%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center ><B>Number</B> </TD>
    <TD width="90%" align=center><B>Exhibit Description</B> </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">&nbsp; </TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD width="90%" align=left>
      <P align=justify><a href="exhibit99-1.htm">Certification of Chief Executive Officer pursuant to Rule
      13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the
  Sarbanes-Oxley Act of 2002 </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-2.htm">99.2 </a></TD>
    <TD width="90%" align=left>
      <P align=justify><a href="exhibit99-2.htm">Certification of Chief Financial Officer pursuant to Rule
      13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002 </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-3.htm">99.3 </a></TD>
    <TD width="90%" align=left>
      <P align=justify><a href="exhibit99-3.htm">Certification of Chief Executive Officer pursuant to Rule
      13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-4.htm">99.4 </a></TD>
    <TD width="90%" align=left>
      <P align=justify><a href="exhibit99-4.htm">Certification of Chief Financial Officer pursuant to Rule
      13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-5.htm">99.5 </a></TD>
    <TD width="90%" align=left>
      <P align=justify><a href="exhibit99-5.htm">Annual Information Form of the Company for the year ended
      December 31, 2012 </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-6.htm">99.6 </a></TD>
    <TD width="90%" align=left>
      <P align=justify><a href="exhibit99-6.htm">Audited consolidated balance sheets as at December 31,
      2012 and 2011 and the consolidated statements of comprehensive income,
      changes in equity, and cash flows for the years ended December 31, 2012
      and 2011, including the notes thereto and report of the Company&#146;s
      independent registered public accounting firm thereon </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-7.htm">99.7 </a></TD>
    <TD width="90%" align=left>
      <P align=justify><a href="exhibit99-7.htm">Management&#146;s discussion and analysis of financial
      condition and results of operations for the year ended December 31, 2012 </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-8.htm">99.8 </a></TD>
    <TD width="90%" align=left>
  <P align=justify><a href="exhibit99-8.htm">Consent of KPMG LLP </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-9.htm">99.9 </a></TD>
    <TD width="90%" align=left>
  <P align=justify><a href="exhibit99-9.htm">Consent of Scott Jones, P. Eng. </a></P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="90%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top bgcolor="#EEEEEE">
    <TD align=center ><a href="exhibit99-10.htm">99.10 </a></TD>
    <TD width="90%" align=left>
<P align=justify><a href="exhibit99-10.htm">Consent of Ronald G. Simpson, P. Geo</a></P></TD></TR></TABLE>
<BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><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=bottom>
    <TD align=center><B>CERTIFICATION</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>PURSUANT TO SECTION 302</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>OF THE SARBANES-OXLEY ACT OF 2002</B>
</TD></TR></TABLE>
<P align=justify>I, Russell E. Hallbauer, certify that:</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%">(1) </TD>
    <TD>
      <P align=justify>I have reviewed this annual report on Form 40-F of Taseko
      Mines Limited;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Based on my knowledge, this report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Based on my knowledge, the financial statements, and
      other financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the issuer as of, and for, the periods presented in this
      report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>The issuer&#146;s other certifying officer and I are
      responsible for establishing and maintaining disclosure controls and
      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act
      Rules 13a-15(f) and 15d-15(f)) for the issuer and
have:</P></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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>designed such disclosure controls and procedures, or
      caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the issuer,
      including its consolidated subsidiaries, is made known to us by others
      within those entities, particularly during the period in which this report
      is being prepared;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>designed such internal control over financial reporting,
      or caused such internal control over financial reporting 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 generally accepted
      accounting principles;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>evaluated the effectiveness of the issuer&#146;s disclosure
      controls and procedures and presented in this report our conclusions about
      the effectiveness of the disclosure controls and procedures, as of the end
      of the period covered by this report based on such evaluation;
  and</P></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%">(d) </TD>
    <TD>
      <P align=justify>disclosed in this report any change in the issuer&#146;s
      internal control over financial reporting that occurred during the period
      covered by the annual report that has materially affected, or is
      reasonably likely to materially affect, the issuer&#146;s internal control over
      financial reporting; and</P></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%">(5) </TD>
    <TD colSpan=2>
      <P align=justify>The issuer&#146;s other certifying officer and I have
      disclosed, based on our most recent evaluation of internal control over
      financial reporting, to the issuer&#146;s auditors and the audit committee of
      the issuer&#146;s board of directors (or persons performing the equivalent
      functions):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>all significant deficiencies and material weaknesses in
      the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the issuer&#146;s ability to record,
      process, summarize and report financial information; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any fraud, whether or not material, that involves
      management or other employees who have a significant role in the issuer&#146;s
      internal control over financial reporting.</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 >Date: </TD>
    <TD width="45%" align=left >March 26, 2013 </TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="45%" align=left>&nbsp;</TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD width="45%" align=left >/s/ R. Hallbauer </TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="45%"
    align=left>&nbsp;</TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD width="45%" align=left >Russell E. Hallbauer </TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD width="45%" align=left >Chief Executive Officer </TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><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=bottom>
    <TD align=center><B>CERTIFICATION</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>PURSUANT TO SECTION 302</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>OF THE SARBANES-OXLEY ACT OF 2002</B>
</TD></TR></TABLE>
<P align=justify>I, Peter C. Mitchell, certify that:</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%">(1) </TD>
    <TD>
      <P align=justify>I have reviewed this annual report on Form 40-F of Taseko
      Mines Limited;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>Based on my knowledge, this report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>Based on my knowledge, the financial statements, and
      other financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the issuer as of, and for, the periods presented in this
      report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD>
      <P align=justify>The issuer&#146;s other certifying officer and I are
      responsible for establishing and maintaining disclosure controls and
      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act
      Rules 13a-15(f) and 15d-15(f)) for the issuer and
have:</P></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 width="5%"  >&nbsp;</TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>designed such disclosure controls and procedures, or
      caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the issuer,
      including its consolidated subsidiaries, is made known to us by others
      within those entities, particularly during the period in which this report
      is being prepared;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>designed such internal control over financial reporting,
      or caused such internal control over financial reporting 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 generally accepted
      accounting principles;</P></TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%" >&nbsp;</TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>evaluated the effectiveness of the issuer&#146;s disclosure
      controls and procedures and presented in this report our conclusions about
      the effectiveness of the disclosure controls and procedures, as of the end
      of the period covered by this report based on such evaluation;
  and</P></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%">(d) </TD>
    <TD>
      <P align=justify>disclosed in this report any change in the issuer&#146;s
      internal control over financial reporting that occurred during the period
      covered by the annual report that has materially affected, or is
      reasonably likely to materially affect, the issuer&#146;s internal control over
      financial reporting; and</P></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%">(5) </TD>
    <TD colSpan=2>
      <P align=justify>The issuer&#146;s other certifying officer and I have
      disclosed, based on our most recent evaluation of internal control over
      financial reporting, to the issuer&#146;s auditors and the audit committee of
      the issuer&#146;s board of directors (or persons performing the equivalent
      functions):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>all significant deficiencies and material weaknesses in
      the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the issuer&#146;s ability to record,
      process, summarize and report financial information; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any fraud, whether or not material, that involves
      management or other employees who have a significant role in the issuer&#146;s
      internal control over financial reporting.</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 >Date: </TD>
    <TD width="45%" align=left >March 26, 2013 </TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="45%" align=left>&nbsp;</TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD width="45%" align=left >/s/ P. Mitchell </TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="45%"
    align=left>&nbsp;</TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD width="45%" align=left >Peter C. Mitchell </TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD width="45%" align=left >Chief Financial Officer </TD>
    <TD  width="49%" align=left>&nbsp;</TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><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=bottom>
    <TD align=center><B>CERTIFICATION</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>PURSUANT TO</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>18 U.S.C. SECTION 1350,</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>AS ADOPTED PURSUANT TO</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>
  </TD></TR></TABLE>
<P align=justify>I, Russell E. Hallbauer, Chief Executive Officer of Taseko
Mines Limited (the &#147;Company&#148;), hereby certify pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that, to the best of my knowledge:</P>
<P style="MARGIN-LEFT: 5%" align=justify>(1) The Annual Report on Form 40-F of
the Company for the fiscal year ended December 31, 2012 (the &#147;Annual Report&#148;)
fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>(2) The information contained in the
Annual Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >By: </TD>
    <TD width="43%" align=left>/s/ R. Hallbauer </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="43%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >Name: </TD>
    <TD width="43%" align=left>Russell E. Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >Title: </TD>
    <TD width="43%" align=left>Chief Executive Officer </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="43%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >Date: </TD>
    <TD width="43%" align=left>March 26, 2013 </TD></TR></TABLE>
<P align=justify><I>This written statement is being furnished to the Securities
and Exchange Commission as an exhibit to the Company&#146;s Annual Report on Form
40-F. A signed original of this statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request. </I></P>
<P align=justify><I>This certification accompanies this Annual Report on Form
40-F pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not,
except to the extent required by such Act, be deemed filed by the Company for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;). Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except to the extent that the Company specifically incorporates it
by reference.</I></P>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><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=bottom>
    <TD align=center><B>CERTIFICATION</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>PURSUANT TO</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>18 U.S.C. SECTION 1350,</B> </TD></TR>
  <TR vAlign=bottom>
    <TD align=center><B>AS ADOPTED PURSUANT TO</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B>
  </TD></TR></TABLE>
<P align=justify>I, Peter C. Mitchell, Chief Financial Officer of Taseko Mines
Limited (the &#147;Company&#148;), hereby certify pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the
best of my knowledge:</P>
<P style="MARGIN-LEFT: 5%" align=justify>(1) The Annual Report on Form 40-F of
the Company for the fiscal year ended December 31, 2012 (the &#147;Annual Report&#148;)
fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>(2) The information contained in the
Annual Report fairly presents, in all material respects, the financial condition
and results of operations of the Company.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >By: </TD>
    <TD width="43%" align=left>/s/ P. Mitchell </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="43%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >Name: </TD>
    <TD width="43%" align=left>Peter C. Mitchell </TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >Title: </TD>
    <TD width="43%" align=left>Chief Financial Officer </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="5%" align=left>&nbsp;</TD>
    <TD  width="43%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD  align=left >&nbsp;</TD>
    <TD width="5%" align=left >Date: </TD>
    <TD width="43%" align=left>March 26, 2013 </TD></TR></TABLE>
<P align=justify><I>This written statement is being furnished to the Securities
and Exchange Commission as an exhibit to the Company&#146;s Annual Report on Form
40-F. A signed original of this statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request. </I></P>
<P align=justify><I>This certification accompanies this Annual Report on Form
40-F pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not,
except to the extent required by such Act, be deemed filed by the Company for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;). Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except to the extent that the Company specifically incorporates it
by reference.</I></P>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><IMG border=0
src="exhibit99-5x1x1.jpg"></P>
<BR>
<P align=center><B>FOR THE YEAR ENDED DECEMBER 31, 2012</B></P>
<P align=center><B>AS AT MARCH 26, 2013</B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_2></A>
<P align=justify><B><FONT color=#3cbbc1><FONT color=#39b4c1><FONT
color=#2db1ce>TABLE OF CONTENTS</FONT></FONT></FONT></B></P>
<DIV>
<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 bgcolor="#EEEEEE"><a href="#page_2">TABLE OF CONTENTS </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_2">1 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="46%" colSpan=2 rowSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_55">INTEREST OF MANAGEMENT AND
        <BR>
      OTHERS IN MATERIAL TRANSACTIONS </a></TD>
    <TD width="5%" rowSpan=2 align=right bgcolor="#EEEEEE" ><a href="#page_55"><BR>
    54 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_3">INTRODUCTORY NOTES </a></TD>
    <TD width="5%" align=right ><a href="#page_3">2 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_3">Forward-Looking Statements </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_3">2 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left><a href="#page_56">TRANSFER AGENT AND REGISTRAR </a></TD>
    <TD width="5%" align=right ><a href="#page_56">55 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_4">Documents Incorporated by Reference </a></TD>
    <TD width="5%" align=right ><a href="#page_4">3 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_56">MATERIAL CONTRACTS </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_56">55 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_5">Currency and Metric Equivalents </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_5">4 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left><a href="#page_57">INTERESTS OF EXPERTS </a></TD>
    <TD width="5%" align=right ><a href="#page_57">56 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left><a href="#page_6">Resource Category (Classifications) Used <BR>
      in
      this AIF </a></TD>
    <TD rowSpan=2 width="5%" align=right ><a href="#page_6"><BR>
      5 </a></TD>
    <TD  width="5%" align=left >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_58">ADDITIONAL INFORMATION </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_58">57 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left><a href="#page_58">AUDIT AND RISK COMMITTEE </a></TD>
    <TD width="5%" align=right ><a href="#page_58">57 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD rowSpan=5 align=left bgcolor="#EEEEEE"><a href="#page_8">CAUTIONARY NOTE TO UNITED STATES <BR>
      INVESTORS
      CONCERNING ESTIMATES <BR>
      OF RESERVES AND MEASURED, <BR>
      INDICATED AND
      INFERRED <BR>
      RESOURCES </a></TD>
    <TD width="5%" rowSpan=5 align=right bgcolor="#EEEEEE" ><a href="#page_8"><BR>
        <BR>
        <BR>
        <BR>
      7 </a></TD>
    <TD  width="5%" align=left >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_58">Composition of Audit and Risk
      Committee </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_58">57 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=left >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left><a href="#page_59">Relevant Education and Experience </a></TD>
    <TD width="5%" align=right ><a href="#page_59">58 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=left >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_59">Code of Ethics </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_59">58 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=left >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left><a href="#page_60">Principal Accountant Fees and
      Services </a></TD>
    <TD width="5%" align=right ><a href="#page_60">59 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_60">Pre-Approval Policies and Procedures    </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_60">59 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_9">CORPORATE STRUCTURE </a></TD>
    <TD width="5%" align=right ><a href="#page_9">8 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_9">GENERAL DEVELOPMENT OF THE <BR>
      BUSINESS </a></TD>
    <TD width="5%" rowSpan=2 align=right bgcolor="#EEEEEE" ><a href="#page_9"><BR>
      8 </a></TD>
    <TD  width="5%" align=left >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left><B><FONT color=#2db1ce>FIGURES
      </FONT></B></TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" rowSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_12">FIGURE 1: <BR>
    </a></TD>
    <TD width="30%"  rowSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_12">LOCATION OF THE
      TASEKO&#146;S <BR>
      PROPERTIES</a></TD>
    <TD width="5%" rowSpan=2 align=right bgcolor="#EEEEEE"><a href="#page_12"><BR>
    11</a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_9">Gibraltar Mine </a></TD>
    <TD width="5%" align=right ><a href="#page_9">8 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_9">New Prosperity </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_9">8 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_10">Aley Project </a></TD>
    <TD width="5%" align=right ><a href="#page_10">9 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_11">Corporate </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_11">10 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left ><B><FONT color=#2db1ce>TABLES
      </FONT></B></TD>
    <TD width="30%" align=left>&nbsp; </TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_12">DESCRIPTION OF BUSINESS </a></TD>
    <TD width="5%" align=right ><a href="#page_12">11 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#EEEEEE" ><a href="#page_15">Table 1: </a></TD>
    <TD width="30%" align=left bgcolor="#EEEEEE"><a href="#page_15">Mineral Tenures &#150; Gibraltar Mine </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_15">14 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_14">Gibraltar Mine </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_14">13 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD rowSpan=2 width="10%" align=left ><a href="#page_20">Table 2: <BR>
    </a></TD>
    <TD rowSpan=2 width="30%" align=left><a href="#page_20">Gibraltar Mine Mineral Reserves at
        <BR>
      0.20% Copper Cut-off </a></TD>
    <TD rowSpan=2 width="5%" align=right ><a href="#page_20"><BR>
    19 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_23">New Prosperity Project </a></TD>
    <TD width="5%" align=right ><a href="#page_23">22 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_29">Aley Project </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_29">28 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" rowSpan=2 align=left bgcolor="#EEEEEE" ><a href="#page_21">Table 3: <BR>
    </a></TD>
    <TD width="30%" rowSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_21">Gibraltar Mine Mineral Resources at
        <BR>
      0.20% Copper Cut-off </a></TD>
    <TD width="5%" rowSpan=2 align=right bgcolor="#EEEEEE" ><a href="#page_21"><BR>
    20 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_32">Harmony Project </a></TD>
    <TD width="5%" align=right ><a href="#page_32">31 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_34">RISK FACTORS </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_34">33 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD rowSpan=2 width="10%" align=left ><a href="#page_21">Table 4: <BR>
    </a></TD>
    <TD rowSpan=2 width="30%" align=left><a href="#page_21">Gibraltar Mine &#150; Oxide Mineral <BR>
      Reserves at 0.10% ASCu Cut-off </a></TD>
    <TD rowSpan=2 width="5%" align=right ><a href="#page_21"><BR>
    20 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_40">DIVIDENDS </a></TD>
    <TD width="5%" align=right ><a href="#page_40">39 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_40">DESCRIPTION OF CAPITAL STRUCTURE </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_40">39 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left bgcolor="#EEEEEE" ><a href="#page_23">Table 5: </a></TD>
    <TD width="30%" align=left bgcolor="#EEEEEE"><a href="#page_23">Gibraltar Production (100% basis) </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_23">22 </a></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_40">Share Capital </a></TD>
    <TD width="5%" align=right ><a href="#page_40">39 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD rowSpan=2 width="10%" align=left ><a href="#page_27">Table 6: <BR>
    </a></TD>
    <TD rowSpan=2 width="30%" align=left><a href="#page_27">New Prosperity Mineral Reserves at
        <BR>
      CDN$5.50 NSR/t Pit-Rim Cut-off </a></TD>
    <TD rowSpan=2 width="5%" align=right ><a href="#page_27"><BR>
    26 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_41">Senior Notes </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_41">40 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_41">Ratings </a></TD>
    <TD width="5%" align=right ><a href="#page_41">40 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" rowSpan=3 align=left bgcolor="#EEEEEE" ><a href="#page_27">Table 7: <BR>
        <BR>
    </a></TD>
    <TD width="30%" rowSpan=3 align=left bgcolor="#EEEEEE"><a href="#page_27">New Prosperity Mineral Resources
        <BR>
        at 0.14% Copper Cut-off &#150; <BR>
      September 2009 </a></TD>
    <TD width="5%" rowSpan=3 align=right bgcolor="#EEEEEE" ><a href="#page_27"><BR>
        <BR>
    26 </a></TD></TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_42">MARKET FOR SECURITIES </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_42">41 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_42">DIRECTORS AND OFFICERS </a></TD>
    <TD width="5%" align=right ><a href="#page_42">41 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgcolor="#EEEEEE"><a href="#page_44">Committees of the Board of Directors </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" ><a href="#page_44">43 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD rowSpan=2 width="10%" align=left><a href="#page_32">Table 8<B>: </B><BR>
    </a></TD>
    <TD  rowSpan=2 width="30%" align=left><a href="#page_32">Aley Mineral Resources
      as at March <BR>
      1<B>, </B>2012 </a></TD>
    <TD rowSpan=2 width="5%" align=right ><a href="#page_32"><BR>
    31 </a></TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left><a href="#page_44">Principal Occupations and Other <BR>
      Information    </a></TD>
    <TD rowSpan=2 width="5%" align=right ><a href="#page_44"><BR>
      43 </a></TD>
    <TD  width="5%" align=left >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_54">Cease Trade Orders, Bankruptcies, <BR>
      Penalties
      or Sanctions </a></TD>
    <TD width="5%" rowSpan=2 align=right bgcolor="#EEEEEE" ><a href="#page_54"><BR>
      53 </a></TD>
    <TD  width="5%" align=left >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left><B><FONT color=#2db1ce>APPENDIX A
      </FONT></B></TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><a href="#page_55">Potential Conflicts of Interest </a></TD>
    <TD width="5%" align=right ><a href="#page_55">54 </a></TD>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="46%" colSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_61">Audit and Risk Committee Charter </a></TD>
    <TD width="5%" align=right bgcolor="#EEEEEE" >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left bgcolor="#EEEEEE"><a href="#page_55">LEGAL PROCEEDINGS AND <BR>
      REGULATORY ACTIONS </a></TD>
    <TD width="5%" rowSpan=2 align=right bgcolor="#EEEEEE" ><a href="#page_55"><BR>
      54 </a></TD>
    <TD  width="5%" align=left >&nbsp;</TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD>
    <TD width="5%" align=right >&nbsp; </TD>
  </TR>
  <TR vAlign=top>
    <TD  width="5%" align=right >&nbsp;</TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD>
  <TD width="5%" align=right >&nbsp;</TD>
  </TR></TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_3></A>
<P align=center>- 2 -</P>
<P align=justify><B><FONT color=#2db1ce>INTRODUCTORY NOTES </FONT></B></P>
<P align=justify><B>Forward-Looking Statements</B></P>
<P align=justify>This Annual Information Form (&#147;AIF&#148;), including the documents
incorporated by reference, contain forward-looking statements and
forward-looking information (collectively referred to as &#147;forward-looking
statements&#148;) which may not be based on historical fact, including without
limitation statements regarding our expectations in respect of future financial
position, business strategy, future production, reserve potential, exploration
drilling, exploitation activities, events or developments that we expect to take
place in the future, projected costs and plans and objectives. Often, but not
always, forward-looking statements can be identified by the use of the words
&#147;believes&#148;, &#147;may&#148;, &#147;plan&#148;, &#147;will&#148;, &#147;estimate&#148;, &#147;scheduled&#148;, &#147;continue&#148;,
&#147;anticipates&#148;, &#147;intends&#148;, &#147;expects&#148;, and similar expressions.</P>
<P align=justify>Such statements reflect our current views with respect to
future events and are subject to risks and uncertainties and are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by the Company, are inherently subject to significant business,
economic, competitive, political and social uncertainties and contingencies.
Many factors could cause the Company&#146;s actual results, performance or
achievements to be materially different from any future results, performance, or
achievements that may be expressed or implied by such forward-looking
statements, including, among others:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>delays or inability to successfully complete the environmental assessment
  review process at the New Prosperity project; </P>
  <LI>
  <P>the potential for increase in the cash cost of production; </P>
  <LI>
  <P>lack of mineral reserves at the Harmony Project and Aley Project; </P>
  <LI>
  <P>the estimates of mineral resources is a subjective process, the accuracy of
  which is a function of the quantity and quality of available data and the
  assumptions made and judgment used in the engineering and geological
  interpretation, which may prove to be unreliable, and may be subject to
  revision based on various factors; </P>
  <LI>
  <P>fluctuation of metal prices and currency rates; </P>
  <LI>
  <P>uncertain project realization values; </P>
  <LI>
  <P>current global economic conditions; </P>
  <LI>
  <P>changes in mining legislation adversely affecting our operations; </P>
  <LI>
  <P>inability to obtain adequate financing on acceptable terms; </P>
  <LI>
  <P>inability to obtain necessary exploration and mining permits and comply
  with all government requirements including environmental, health and safety
  laws; and </P>
  <LI>
  <P>inability to attract and retain key personnel. </P></LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_4></A>
<P align=center>- 3 -</P>
<P align=justify>Such information is included, among other places, in the AIF
under the heading &#147;Description of Business&#148; and in the Management&#146;s Discussion
and Analysis for the year ended December 31, 2012.</P>
<P align=justify>Should one or more of these risks and uncertainties
materialize, or should underlying factors or assumptions prove incorrect, actual
results may vary materially from those described in forward-looking statements.
Material factors or assumptions involved in developing forward-looking
statements include, without limitation, that:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the Company will obtain all required governmental and regulatory approval
  for the New Prosperity Project; </P>
  <LI>
  <P>the Company will have sufficient working capital and be able to secure
  additional funding necessary for the development of its projects; </P>
  <LI>
  <P>the Gibraltar mine will not experience any significant production
  disruptions that would materially affect revenues; </P>
  <LI>
  <P>the price of gold, copper and other metals will not decline significantly
  nor for a protracted period of time; </P>
  <LI>
  <P>capital costs of the GDP-3 expansion project and the timing of its
  commissioning and tie in will not materially change over time; </P>
  <LI>
  <P>key personnel will continue their employment with the Company. </P></LI></UL>
<P align=justify>These factors should be considered carefully and readers are
cautioned not to place undue reliance on the forward-looking statements. Readers
are cautioned that the foregoing list of risk factors is not exhaustive and it
is recommended that prospective investors consult the more complete discussion
of risks and uncertainties facing the Company included in the Annual Information
Form. See &#147;Risk Factors&#148; for a more detailed discussion of these risks.</P>
<P align=justify>Although the Company believes that the expectations conveyed by
the forward-looking statements are reasonable based on the information available
to it on the date such statements were made, no assurances can be given as to
future results, approvals or achievements. The forward-looking statements
contained in the Annual Information Form and the documents incorporated by
reference herein are expressly qualified by this cautionary statement. The
Company disclaims any duty to update any of the forward-looking statements after
the date of the Annual Information Form to conform such statements to actual
results or to changes in the Company&#146;s expectations except as otherwise required
by applicable law.</P>
<P align=justify><B>Documents Incorporated by Reference</B></P>
<P align=justify>Incorporated by reference into this AIF are the audited
consolidated financial statements and Management&#146;s Discussion and Analysis for
Taseko Mines Limited (the &#147;Company&#148; or &#147;Taseko&#148;) for the year ended December 31,
2012 together with the auditor&#146;s report thereon. The financial statements are
available for review on the SEDAR website located at <U>www.sedar.com</U>. All
financial information in this Annual Information Form is prepared in accordance
with International Financial Reporting Standards (&#147;IFRS&#148;) using Canadian
dollars.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_5></A>
<P align=center>- 4 -</P>
<P align=justify><B>Currency and Metric Equivalents</B></P>
<P align=justify>The Company&#146;s accounts are maintained in Canadian dollars and
all dollar amounts herein are expressed in Canadian dollars unless otherwise
indicated.</P>
<P align=justify>The following factors for converting Imperial measurements into
metric equivalents are provided:</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><B><U>To convert from Imperial</U></B> </TD>
    <TD width="33%" align=left><B><U>To metric</U></B> </TD>
    <TD width="33%" align=left><B><U>Multiply by</U></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>acres </TD>
    <TD bgColor=#e6efff width="33%" align=left>hectares </TD>
    <TD bgColor=#e6efff width="33%" align=left>0.405 </TD></TR>
  <TR vAlign=top>
    <TD align=left>feet </TD>
    <TD width="33%" align=left>metres </TD>
    <TD width="33%" align=left>0.305 </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>miles </TD>
    <TD bgColor=#e6efff width="33%" align=left>kilometres </TD>
    <TD bgColor=#e6efff width="33%" align=left>1.609 </TD></TR>
  <TR vAlign=top>
    <TD align=left>tons (2000 pounds) </TD>
    <TD width="33%" align=left>tonnes </TD>
    <TD width="33%" align=left>0.907 </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>ounces (troy)/ton </TD>
    <TD bgColor=#e6efff width="33%" align=left>grams/tonne </TD>
    <TD bgColor=#e6efff width="33%" align=left>34.286 </TD></TR></TABLE>
<P align=justify>In this AIF, the following capitalized terms have the defined
meanings set forth below:</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 ><B>NYSE MKT</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>The NYSE MKT, formerly known as the NYSE Amex, being one
      of the two stock exchanges (together with the TSX) on which the Common
      Shares are listed. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="75%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>BQ</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>A letter name specifying the dimensions of bits, core
      barrels, and drill rods in the B-size and Q-group wireline diamond
      drilling system having a core diameter of 47.6 mm and a hole diameter of
      59.9mm. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="75%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Common Shares</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>The Company&#146;s common shares without par value, being the
      only class or kind of the Company&#146;s authorized capital. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="75%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>Taseko Mines Limited, including its subsidiaries, unless
      the context requires otherwise. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="75%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Carbonatite</B> <B>deposit</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>Carbonatites deposits are igneous rocks largely
      consisting of the carbonate minerals, calcite and dolomite which contain
      the niobium mineral pyrochlore, rare earth minerals or copper sulphide
      minerals. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="75%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Epithermal deposit</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>A mineral deposit formed at low temperature (50-200&#176;C),
      usually within one kilometre of the earth&#146;s surface, often as structurally
      controlled veins. </P></TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="75%">
      <P align=justify> </P></TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Flotation</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>Flotation is a method of mineral separation whereby after
      crushing and grinding ore, froth created in a slurry by a variety of
      reagents, causes some finely crushed minerals to float to the surface
      where they are skimmed off. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_6></A>
<P align=center>- 5 -</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><B>HQ</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>A letter name specifying the dimensions of bits, core
      barrels, and drill rods in the H-size and Q-group wireline diamond
      drilling system having a core diameter of 63.5 mm and a hole diameter of
      96 mm. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="75%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NSR</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>Net smelter return, a general proxy for the gross value
      of metals derived from concentrates delivered to a smelter for refining.
      </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="75%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Induced</B> <BR><B>Polarization (&#147;IP&#148;)</B>
      <BR><B>Survey</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>A geophysical survey used to identify a feature that
      appears to be different from the typical or background survey results when
      tested for levels of electro-conductivity. IP detects both chargeable,
      pyrite- bearing rock and non-conductive rock that has high content of
      quartz. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="75%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Mineral Deposit</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>A deposit of mineralization, which may or may not be ore.
      </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="75%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Mineral Symbols</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>Ag &#150; silver; Au &#150; gold; Cu &#150; copper; Pb &#150; lead; Zn &#150;
      Zinc; Mo &#150; molybdenum; Nb &#150; niobium. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="75%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>NQ</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>A letter name specifying the dimensions of bits, core
      barrels, and drill rods in the N-size and Q-group wireline diamond
      drilling system having a core diameter of 47.6 mm and a hole diameter of
      75.7 mm. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="75%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Porphyry deposit</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>A type of mineral deposit in which ore minerals are
      widely disseminated, generally of low grade but large tonnage. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="75%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Solvent Extraction/</B> <BR><B>Electrowinning</B>
      <BR><B>(&#147;SX/EW&#148;)</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>Solvent extraction is the technique of transferring a
      solute from one solution to another; for example when copper oxide is
      dissolved into solution, copper becomes the solute. Electrowinning is the
      process in which an electric current flows between a pair of electrodes
      (anode &amp; cathode) in a solution containing metal ions (electrolyte).
      Metal is deposited on the cathode in accordance with the metal&#146;s ability
      to gain or lose electrons. Since ion deposition is selective, the cathode
      product is generally high grade and requires little further refining.
    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="75%">
      <P align=justify></P></TD></TR>
  <TR vAlign=top>
    <TD align=left><B>TSX</B> </TD>
    <TD width="75%" align=left>
      <P align=justify>The Toronto Stock Exchange, being one of the two stock
      exchanges (together with the NYSE MKT) on which the Common Shares are
      listed. </P></TD></TR></TABLE>
<P align=justify><B>Resource Category (Classifications) Used in this AIF
</B></P>
<P align=justify>The discussion of mineral deposit classifications in this AIF
adheres to the resource/reserve definitions and classification criteria
developed by the Canadian Institute of Mining and Metallurgy in 2005. Estimated
mineral resources fall into two broad categories dependent on whether the
economic viability of them has been established and these are namely &#147;resources&#148;
(economic viability not established) and ore &#147;reserves&#148; (viable economic
production is feasible). Resources are sub-divided into categories depending on
the confidence level of the estimate based on level of detail of sampling and
geological understanding of the deposit. The categories, from lowest confidence
to highest confidence, are inferred resource, indicated resource and measured
resource. Reserves are similarly sub-divided by order of confidence into
probable (lowest) and proven (highest). These classifications can be more
particularly described as follows:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_7></A>
<P align=center>- 6 -</P>
<P align=justify>A &#147;<B>Mineral Resource</B>&#148; is a concentration or occurrence of
diamonds, natural solid inorganic material, or natural solid fossilized organic
material including base and precious metals, coal, and industrial minerals in or
on the Earth&#146;s crust in such form and quantity and of such a grade or quality
that it has reasonable prospects for economic extraction. The location,
quantity, grade, geological characteristics and continuity of a Mineral Resource
are known, estimated or interpreted from specific geological evidence and
knowledge. </P>
<P align=justify>An &#147;<B>Inferred Mineral Resource</B>&#148; is that part of a Mineral
Resource for which quantity and grade or quality can be estimated on the basis
of geological evidence and limited sampling and reasonably assumed, but not
verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes. </P>
<P align=justify>An &#147;<B>Indicated Mineral Resource</B>&#148; is that part of a
Mineral Resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence sufficient
to allow the appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration and testing
information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably assumed. </P>
<P align=justify>A &#147;<B>Measured Mineral Resource</B>&#148; is that part of a Mineral
Resource for which quantity, grade or quality, densities, shape, and physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and
economic parameters, to support production planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed and
reliable exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough to confirm both geological and
grade continuity. </P>
<P align=justify>A &#147;<B>Mineral Reserve</B>&#148; is the economically mineable part of
a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary
Feasibility Study. This Study must include adequate information on mining,
processing, metallurgical, and economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can be
justified. A Mineral Reserve includes diluting materials and allowances for
losses that may occur when the material is mined. </P>
<P align=justify>A &#147;<B>Probable Mineral Reserve</B>&#148; is the economically
mineable part of an Indicated and, in some circumstances, a Measured Mineral
Resource demonstrated by at least a Preliminary Feasibility Study. This Study
must include adequate information on mining, processing, metallurgical,
economic, and other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified.</P>
<P align=justify>A &#147;<B>Proven Mineral Reserve</B>&#148; is the economically mineable
part of a Measured Mineral Resource demonstrated by at least a Preliminary
Feasibility Study. This Study must include adequate information on mining,
processing, metallurgical, economic, and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is justified.
The US Securities and Exchange Commission require permits in hand or their
issuance imminent to classify mineralized material as reserves.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_8></A>
<P align=center>- 7 -</P>
<P align=justify><B><FONT color=#2db1ce>CAUTIONARY NOTE TO UNITED STATES
INVESTORS CONCERNING ESTIMATES OF RESERVES AND MEASURED, INDICATED AND INFERRED
RESOURCES</FONT></B></P>
<P align=justify>The disclosure in this AIF, including the documents
incorporated by reference herein, uses terms that comply with reporting
standards in Canada and certain estimates are made in accordance with Canadian
National Instrument 43-101 <I>Standards of Disclosure for Mineral Projects
</I>(&#147;NI 43-101&#148;). NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects.
Unless otherwise indicated, all reserve and resource estimates contained in or
incorporated by reference in this AIF have been prepared in accordance with NI
43-101. These standards differ significantly from the requirements of the SEC,
and reserve and resource information contained herein and incorporated by
reference herein may not be comparable to similar information disclosed by U.S.
companies.</P>
<P align=justify>This AIF includes mineral reserve estimates that have been
calculated in accordance with NI 43-101, as required by Canadian securities
regulatory authorities. For United States reporting purposes, SEC Industry Guide
7 (under the United States Securities Exchange Act of 1934 (the &#147;Exchange
Act&#148;)), as interpreted by Staff of the SEC, applies different standards in order
to classify mineralization as a reserve. As a result, the definitions of proven
and probable reserves used in NI 43-101 differ from the definitions in the SEC
Industry Guide 7. Under SEC standards, mineralization may not be classified as a
"reserve" unless the determination has been made that the mineralization could
be economically and legally produced or extracted at the time the reserve
determination is made. Among other things, all necessary permits would be
required to be in hand or issuance imminent in order to classify mineralized
material as reserves under the SEC standards. Accordingly, certain mineral
reserve estimates contained in this AIF may not qualify as &#147;reserves&#148; under SEC
standards, unless expressly stated to so qualify.</P>
<P align=justify>In addition, this AIF uses the terms &#147;measured mineral
resources&#148;, &#147;indicated mineral resources&#148; and &#147;inferred mineral resources&#148; to
comply with the reporting standards in Canada. We advise investors that while
those terms are recognized and required by Canadian regulations, the SEC does
not recognize them. Investors are cautioned not to assume that any part or all
of the mineral deposits in these categories will ever be converted into mineral
reserves. These terms have a great amount of uncertainty as to their existence,
and great uncertainty as to their economic and legal feasibility.</P>
<P align=justify>Further, &#147;inferred resources&#148; have a great amount of
uncertainty as to their existence and as to whether they can be mined legally or
economically. Therefore, Investors are also cautioned not to assume that all or
any part of the inferred resources exist. In accordance with Canadian rules,
estimates of &#147;inferred mineral resources&#148; cannot form the basis of feasibility
or other economic studies.</P>
<P align=justify>It cannot be assumed that all or any part of &#147;measured mineral
resources&#148;, &#147;indicated mineral resources&#148;, or &#147;inferred mineral resources&#148; will
ever be upgraded to a higher category. Investors are cautioned not to assume
that any part of the reported &#147;measured mineral resources&#148;, &#147;indicated mineral
resources&#148;, or &#147;inferred mineral resources&#148; in this AIF is economically or
legally mineable.</P>
<P align=justify>In addition, disclosure of &#147;contained ounces&#148; in respect of
resources that do not qualify as reserves is permitted disclosure under Canadian
regulations; however, the SEC only permits issuers to report reserves in ounces and requires other
mineralized material to be reported as in place tonnage and grade without
reference to unit measures. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_9></A>
<P align=center>- 8 -</P>
<P align=justify>For the above reasons, information contained in this AIF and
the documents incorporated by reference herein containing descriptions of our
mineral deposits may not be comparable to similar information made public by
U.S. companies subject to the reporting and disclosure requirements under the
United States federal securities laws and the rules and regulations thereunder.</P>
<P align=justify><B><FONT color=#2db1ce>CORPORATE STRUCTURE</FONT></B></P>
<P align=justify>Taseko Mines Limited was incorporated on April 15, 1966,
pursuant to the <I>Company Act </I>of the Province of British Columbia. This
corporate legislation was superseded in 2004 by the <I>British Columbia Business
Corporations </I>Act which is now the corporate law statute that governs us<I>.
</I>Our registered office is located at Suite 1500, 1055 West Georgia Street,
Vancouver, British Columbia, V6E 4N7, and our operational head office is located
at Suite 1500, 1040 West Georgia Street, Vancouver, British Columbia, V6E
4H1.</P>
<P align=justify>The Company has one active material wholly-owned subsidiary,
Gibraltar Mines Ltd. and a second active but not yet material subsidiary, Aley
Corporation. On March 31, 2010, we established an unincorporated joint venture
with Cariboo Copper Corp. (&#147;Cariboo&#148;) over the Gibraltar mine, whereby Cariboo
acquired a 25% interest in the Gibraltar mine and we retained a 75%
interest.</P>
<P align=justify><B><FONT color=#2db1ce>GENERAL DEVELOPMENT OF THE BUSINESS
</FONT></B></P>
<P align=justify><B>Gibraltar Mine</B></P>
<P align=justify>Our principal business activity is operating and expanding the
capacity of the Gibraltar copper and molybdenum mine, which constitutes the
majority of our assets and activity. We have expanded the ore concentrator,
mining fleet capacity and made other production improvements at the Gibraltar
mine. Construction of the Phase 1 concentrator expansion was completed in
February 2008. The majority of the construction schedule of a Phase 2 expansion
program, designed to increase concentrator throughput from 46,000 tons per day
(tpd) to 55,000 tpd, was completed in 2010, as well as installation of the
in-pit crusher and conveyor. The semi-autogenous grinding (&#147;SAG&#148;) mill direct
feed system was completed in May 2011 which eliminated the secondary crushers
and fine ore delivery system bottleneck. The tie-in has allowed Gibraltar to
move towards optimum mill throughput. We continued the expansion with Gibraltar
Development Plan 3 (GDP3). GDP3 included the construction of a new 30,000 tpd
concentrator to complement the existing 55,000 tpd facility as well as a new
molybdenum recovery facility. Construction started on the new concentrator in
2011 and continued through 2012, with commissioning activities beginning in the
fourth quarter of 2012. Commissioning and ramp up of the GDP3 related facilities
are expected to be completed mid-2013.</P>
<P align=justify><B>New Prosperity</B></P>
<P align=justify>Over the past four years, we also continued to advance the New
Prosperity project through the Provincial and Federal environmental assessment
processes. On January 14, 2010, the Company received the environmental
assessment certificate from the British Columbia Provincial Ministry of
Environment. On November 2, 2010, we were advised that the Federal Government would not proceed with permitting on the New
Prosperity project as proposed. We revised our plans for the project and
developed a new design proposal which adds construction costs and life of mine
operating expenditures of approximately $300 million to the original design. The
new plan addresses the concerns identified during the Federal review process and
in February 2011, we submitted a new project description to the Federal
Government. The Federal Government accepted the project description for New
Prosperity during the third quarter 2011.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_10></A>
<P align=center>- 9 -</P>
<P align=justify>On November 7, 2011, the Company was advised that a &#145;Notice of
Commencement&#146; had been posted by the Canadian Environmental Assessment Agency
(&#147;CEAA&#148;) related to the New Prosperity project. The Notice of Commencement
confirmed that the project description had met all criteria required for an
environmental assessment and that a panel review would be conducted by the
Federal Review Agency. The Minister of the Environment indicated that CEAA will
complete this review in not more than 12 months and that CEAA would use
information gathered in the previous environmental assessment. </P>
<P align=justify>The environmental assessment announced by CEAA remains in
process. The public comment period on the draft terms of reference and
environmental impact statement guidelines commenced on January 23, 2012 and was
completed on February 22, 2012. On March 16, 2012, the environmental impact
statement guidelines were finalized by the Minister of the Environment and
issued to Taseko. The terms of reference for the review panel were finalized by
the Minister of the Environment and issued on May 9, 2012. </P>
<P align=justify>On September 20, 2012, the Environmental Impact Statement (EIS)
was submitted to the three-member Review Panel established for the Federal
environmental assessment of the project and, following a review period, the
panel responded with a list of information requests that they considered
necessary prior to proceeding to public hearings. The Company submitted
responses to these requests on February 28, 2013. The next stage in the Federal
environmental assessment process will be public hearings. This will be followed
by the panel&#146;s preparation and submission of a report to the Federal Minister of
the Environment.</P>
<P align=justify><B>Aley Project</B></P>
<P align=justify>In 2010, we completed a successful exploration program at the
Aley niobium project. The program consisted of geological mapping and diamond
drilling in 23 holes, intersecting niobium mineralization across an area
measuring 900 metres east-west and 350 metres north-south. Mineralized
intercepts range up to 200 metres in length and were continuous and close to the
surface.</P>
<P align=justify>We announced a mineral resource estimate for the Aley project
in September 2011. The Inferred Resource estimate was based on assay results
from the central zone obtained through to July 31, 2011 and totaled 159 million
tonnes grading 0.43% Nb2O5 using a base case cut-off of 0.2% Nb2O5.</P>
<P align=justify>The 2011 exploration program included a total of 17,100 metres
of additional drilling in 70 holes in the central zone. This drilling was
targeted to provide sufficient infill drill density to achieve a Measured and
Indicated Resource and to investigate those areas in which the resource is open
to expansion.</P>
<P align=justify>We announced an updated mineral resource estimate for the Aley
project on March 28, 2012. The mineral resource estimate was based on assay
results from the central zone obtained through to March 1, 2012 and totaled 286 million tonnes with an
average grade of 0.37% Nb2O5 at a 0.2% Nb2O5 cutoff plus an additional 144
million tonnes of Inferred Resources with an average grade of 0.32% Nb2O5.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_11></A>
<P align=center>- 10 -</P>
<P align=justify>Condemnation and geotechnical drilling totaling 2,493 metres
was completed in 2012. In addition, 10 km of access road right of way was
cleared and 5 km of road was established. Metallurgical, process, and
construction engineering requirements are scheduled to be concluded in the first
half of 2013. The current focus on the Aley niobium project is upgrading the
resources announced in March 2012 to a NI 43-101 compliant reserve. </P>
<P align=justify>In May 2012, an agreement was reached with the Tsay Keh Dene
first nation group to support the exploration program and environmental studies
for the development of the Aley project. The agreement, which is extensive in
nature, includes provisions for; employment and training opportunities for Tsay
Keh Dene members, contracting and business opportunities for Tsay Keh Dene
businesses, participation and capacity funding, environmental protection through
cooperative design and implementation of environmental management and monitoring
programs, and a framework and commitment to develop a Comprehensive Cooperation
and Benefit Agreement for the eventual development and operation of a mine.</P>
<P align=justify><B>Corporate</B></P>
<P align=justify>Consistent with the Company's strategy to manage its operating
margins effectively in volatile copper markets, we have entered into producer
put options for a portion of our targeted copper production during 2013.
Currently we have approximately 50% of our estimated share of 2013 Gibraltar
production (approximately 59.6 million pounds), hedged at US$3.00 per pound for
the first half of 2013 and US $2.75 per pound, for the second half of 2013. The
put options were purchased at a premium of US $0.18 per pound for the first half
of 2013 and US$0.17 per pound for the second half of 2013. </P>
<P align=justify>The Gibraltar mine became an unincorporated (or &#145;contractual&#146;)
joint venture between the Company and Cariboo Copper Corp. (&#147;Cariboo&#148;) on March
31, 2010. The Company and Cariboo hold 75% and 25% beneficial interests in the
Joint Venture, respectively. Under the Joint Venture Formation Agreement
(&#147;JVFA&#148;), the Company contributed to the Joint Venture certain assets and
obligations pertaining to the Gibraltar mine with a deemed net fair value of
$747 million as of March 31, 2010, and Cariboo paid the Company US$187 million
to obtain its 25% interest in the Joint Venture. The Company continues to be the
operator of the Gibraltar mine under the Joint Venture Operating Agreement which
is filed at www.sedar.com. Cariboo is a Japanese consortium jointly owned by
Sojitz Corporation (50%), Dowa Metals &amp; Mining Co., Ltd. (25%) and Furukawa
Co., Ltd. (25%). </P>
<P align=justify>Aside from the above, the Company has not made any significant
acquisitions or dispositions since January 2006.</P>
<P align=justify>In April 2011, the Company completed a public offering of
US$200 million in senior notes due in 2019, bearing interest at an annual rate
of 7.75%.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_12></A>
<P align=center>- 11 -</P>
<P align=justify><B><FONT color=#2db1ce>DESCRIPTION OF BUSINESS</FONT></B></P>
<P align=justify>Taseko is a mining company that seeks to acquire, develop, and
operate large tonnage mineral deposits which, under conservative metals forward
price assumptions, are potentially capable of supporting a mine for 10 years or
longer. </P>
<P align=justify>Our business is focused on enhancing the production of copper
and molybdenum from the Gibraltar mine and on permitting the New Prosperity gold
and copper project (&#147;New Prosperity&#148;). A feasibility study has been completed
for the New Prosperity project, demonstrating mineral reserves as defined under
Canadian Securities regulations under NI 43-101. As no permits are in place, the
New Prosperity project does not have reserves under US SEC Guide 7 Standards.
Both the Gibraltar mine and the New Prosperity project are located in central
British Columbia, Canada.</P>
<P align=justify>We have two additional properties located in British Columbia:
Aley, an exploration niobium project, and Harmony, an exploration stage gold
property. Aside from the joint venture established with Cariboo, Taseko and its
subsidiaries currently own all of their projects outright.</P>
<P align=justify>The map below
highlights the location of the Company&#146;s four properties in British Columbia,
Canada:</P>
<P align=center><B>Figure 1: Location of the Taseko&#146;s Properties</B></P>
<P align=center><IMG border=0
src="exhibit99-5x12x1.jpg">
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_13></A>
<P align=center>- 12 -</P>
<P align=justify><I>Principal Products and Competitive Conditions</I></P>
<P align=justify>Taseko believes that there will continue to be demand for
copper, molybdenum, gold, and niobium for the foreseeable future, and that there
will be a need to replace depleted reserves from existing mines. Copper markets
in 2012 continued to benefit from improved global economic sentiment. LME
inventories climbed through the fourth quarter of 2012, but remained well below
the high levels experienced in 2010, as demand fell slightly behind supply
during the period. Several previously announced new copper projects were shelved
in late 2012 due to a multiplicity of issues including capital cost escalations,
regulatory impediments, power and water availability and commodity fundamentals
among other items, all of which heighten the probability of deficit conditions
in the copper market in the coming years.</P>
<P align=justify>Molybdenum prices dropped significantly in 2012 as a growth
slowdown in China and weak growth in the US and Japan impacted molybdenum
demand. The slowdown in demand combined with molybdenum production increases in
China created a surplus in the global molybdenum market. Gold continues to
benefit from price supportive macroeconomic factors (quantitative easing,
sovereign debt concerns and current account deficits) as well as an expected
decrease in global mine supply in years to come. The demand for niobium is
supported by overall growth in the global steel industry and specifically from
the increasing use of high strength low alloy steels.</P>
<P align=justify><I>Environmental Protection Requirements</I></P>
<P align=justify>Taseko&#146;s mining, exploration and development activities are
subject to various levels of Federal and Provincial laws and regulations
relating to the protection of the environment, including requirements for
closure and reclamation of mining properties.</P>
<P align=justify>The total liability for reclamation and closure cost
obligations as calculated for financial disclosure purposes, at December 31,
2012 was $106.5 million. </P>
<P align=justify><I>Environmental and Sustainability Policy</I></P>
<P align=justify>Taseko is committed to continual improvement towards the
protection of human health and the stewardship of the natural environment.
Taseko recognizes that responsible environmental management is critical to our
success and has committed that it will:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Consider the environmental impacts of its operations and take appropriate
  steps to prevent environmental pollution; </P>
  <LI>
  <P>Comply with relevant environmental legislation, regulations and corporate
  requirements; </P>
  <LI>
  <P>Integrate environmental policies, programs and practices into all
  activities; </P>
  <LI>
  <P>Ensure that all employees and service providers understand their
  environmental responsibilities and encourage dialogue on environmental issues;
  </P>
  <LI>
  <P>Develop, maintain and test emergency preparedness plans to ensure
  protection of the environment, employees and the public; </P></LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_14></A>
<P align=center>- 13 -</P>
<UL style="TEXT-ALIGN: justify">
  <LI>Work with government and the public to develop effective and efficient
  measures to improve protection of the environment, based on sound science; and

    <br>
  &nbsp;
  <LI>Maintain an environmental committee to review environmental performance,
  objectives and targets, and to ensure continued recognition of environmental
  issues as a high priority. </LI></UL>
<P align=justify><I>Employees</I></P>
<P align=justify>As at December 31, 2012 the corporation had the following
employees and contractors:</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; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Location </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=center>Full time salaried </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=center>Hourly (non-union) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=center>Hourly (Union) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=center>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" noWrap
      align=center>Contractors </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Vancouver </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>25 </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>2 </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>- </TD>
    <TD bgColor=#e6efff  width="2%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=center>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>1 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Williams Lake </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>8 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>- </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>- </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Gibraltar </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>140 </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="10%"
    align=center>- </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="10%"
    align=center>472 </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="10%"
    align=center>12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>173 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>2 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>472 </TD>
    <TD  width="2%" align=center>&nbsp;</TD>
    <TD  width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=center>13 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Occupational Health and Safety Policy</I></P>
<P align=justify>It is the policy of Taseko to provide and maintain safe and
healthy working conditions, and to establish operating practices which safeguard
employees and physical assets.</P>
<P align=justify>To achieve this goal, the Company commits to:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Meeting or exceeding all industry standards and legislative requirements;
  </P>
  <LI>
  <P>Developing and enforcing safe work rules and procedures; </P>
  <LI>
  <P>Providing employees with the information and training necessary for them to
  perform their work safely and efficiently; </P>
  <LI>
  <P>Acquiring and maintaining materials, equipment and facilities so as to
  promote good health and safety; and </P>
  <LI>
  <P>Encouraging employees at all levels to take a leadership role in incident
  prevention by reporting and/or correcting unsafe situations. </P></LI></UL>
<P align=justify><B>Gibraltar Mine</B></P>
<P align=justify>Unless stated otherwise, information of a technical or
scientific nature related to the Gibraltar mine contained in this AIF (including
documents incorporated by reference herein) is summarized or extracted from a
technical report entitled &#147;Technical Report on the 357 Million Ton Increase in
Mineral Reserves at the Gibraltar Mine&#148; dated June 24, 2011 (the &#147;Gibraltar
Technical Report&#148;), prepared by Scott Jones, P. Eng. filed on Taseko&#146;s profile
at <U>www.sedar.com </U>and updated with production and development results
since that time. Mr. Jones is employed by the Company as Vice-President,
Engineering.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_15></A>
<P align=center>- 14 -</P>
<P align=justify><I>Property Description and Location</I></P>
<P align=justify>The Gibraltar mine site covers approximately 113 square
kilometres, located at latitude 52&#176;30&#146;N and longitude 122&#176;16&#146;W in the Granite
Mountain area, approximately 65 kilometres by road north of the City of Williams
Lake in south-central British Columbia, Canada. The Gibraltar mine property
consists of 260 tenures held as summarized in Table 1 below.</P>
<P align=center><B>Table 1: Mineral Tenures &#150; Gibraltar Mine</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=center>Tenure Type </TD>
    <TD width="33%" align=center>Number </TD>
    <TD width="33%" align=center>Area (ha) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Claims </TD>
    <TD width="33%" align=center>230 </TD>
    <TD width="33%" align=center>16,933.68 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Leases </TD>
    <TD width="33%" align=center>30 </TD>
    <TD width="33%" align=center>1,889.68 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total </TD>
    <TD width="33%" align=center>260 </TD>
    <TD width="33%" align=center>18,823.36 </TD></TR></TABLE></DIV>
<P align=justify>There are 30 mining leases at the Gibraltar mine which are
valid until at least July 26, 2023 as long as renewal fees, which are due on an
annual basis, are paid. Rights to use the surface accompany each mining lease.
There are two hundred and thirty claims included in the Gibraltar property
tenure package. Twenty-two of these claims are due to expire in July 2013, ten
are due in October 2013, and two are due in June 2014 with the rest of the
claims due to expire in December 2015 or later. It is intended that all leases
and claims will be renewed prior to their renewal fees being due (in the case of
the leases) and prior to their expiry in the case of the claims.</P>
<P align=justify>There are several land parcels for which surface rights were
purchased outright. There is one fee simple lot at the Gibraltar mine (L3728) on
which the plant site is located and annual taxes are paid. In addition the
Gibraltar mine holds four other land parcels: DL9170, DL9483, DL 9497 and
DL588.</P>
<P align=justify>The Gibraltar mine has operated for most of the active life of
the mine from four open pits. Waste dumps have been developed in various areas
adjacent to the open pits and tailings have been deposited in an impoundment
area, located about three kilometres north of the mill.</P>
<P align=justify>A concentrator expansion completed in 2008 included
commissioning of a new 34&#146; diameter SAG mill, conversion of the rod and ball
mill circuit to ball mill grinding only, and replacement of rougher and cleaner
flotation cells with large high volume current technology flotation cells. The
cleaner and regrind circuit capital projects were completed and expected copper
recovery improvements were realized by the end of 2009. </P>
<P align=justify>With the completion of the in-pit crusher and conveyor,
tailings handling systems, concentrate filter/dryer circuit upgrade in 2010 and
the SAG direct feed system in May 2011, the rated capacity of the operation
increased from 36,000 tpd to 55,000 tpd.</P>
<P align=justify>Capacity expansion continued with GDP3, which included the
construction of a new 30,000 tpd concentrator to complement the existing 55,000
tpd facility as well as a new molybdenum recovery facility. Construction started
on the new concentrator in 2011 and continued through 2012, with commissioning
activities beginning in 2012. Commissioning and ramp up of the related
facilities is expected to be completed in mid-2013.</P>
<P align=justify><I>Accessibility, Climate, Local Resources, Infrastructure and
Physiography</I></P>
<P align=justify>The Gibraltar mine mineral claims cover an area of gentle
topography; local relief is in the order of 200 metres. The plant site is
located at an elevation of approximately 1,100 metres above sea level. The project area has a moderate continental climate
with cold winters and warm summers. Ambient air temperature ranges from a winter
minimum of -34&#176; C to a summer maximum of 35&#176;C. The Gibraltar mine operates year
round.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_16></A>
<P align=center>- 15 -</P>
<P align=justify>Access to the Gibraltar mine from Williams Lake, British
Columbia is via Highway 97 to McLeese Lake, and then a paved road provides
access to the Gibraltar mine site, a total road distance of 65 kilometres.</P>
<P align=justify>The Canadian National Railway has rail service to facilitate
the shipping of copper concentrates through to the Pacific Ocean terminal
Vancouver Wharves, located in North Vancouver, BC. A rail siding and storage
shed for the shipment of concentrate is located 26 kilometres from the mine
site. Electricity is obtained from BC Hydro. Natural gas is provided by Avista
Energy and Terasen Gas. The communities of Williams Lake and Quesnel are
sufficiently close to the site to supply goods, services, and personnel to the
Gibraltar mine. The Gibraltar mine had approximately 612 active personnel at the
end of December 2012.</P>
<P align=justify>Make-up fresh water for the mine site is obtained from a set of
wells on the Gibraltar mine property. The Company owns and operates the
concentrate rail load-out facility on the CN rail line at Macalister.</P>
<P align=justify><I>Gibraltar Mine History</I></P>
<P align=justify>In 1964, Gibraltar acquired a group of claims in the McLeese
Lake area from Malabar Mining Co. Ltd. Canadian Exploration Limited (Canex), at
that time a wholly-owned subsidiary of Placer Development (Placer), and Duval
Corporation (Duval) had also been exploring on claims known as the Pollyanna
Group which they had acquired adjacent to Gibraltar&#146;s claims. In 1969,
Gibraltar, Canex and Duval entered into an agreement providing for the
commingling of Gibraltar&#146;s claims with the Pollyanna Group. In 1971 Gibraltar
acquired Duval&#146;s remaining interest in the property. </P>
<P align=justify>Preliminary development of the Gibraltar mine began in October
1970. The concentrator commenced production on March 8, 1972 and was fully
operational by March 31, 1972. Mining and milling operations were suspended on
December 1, 1993 due to low copper prices and recommenced in September 1994
following the increase in copper prices. A cathode copper plant design with an
annual capacity of 4,535 tonnes (10 million lb.) of market-ready copper metal
began operation in October 1986. Up to the 1998 shutdown, as discussed below,
38,430 tonnes (84.7 million lb.) of electro won copper had been produced from
this facility.</P>
<P align=justify>In October 1996, Westmin Resources Limited (&#147;Westmin&#148;) acquired
100% control of Gibraltar and in December 1997, Boliden Limited Westmin (Canada)
Limited (&#147;Boliden&#148;) acquired Westmin. In March 1998, Boliden announced that it
would cease mining operation at Gibraltar mine at the end of 1998.</P>
<P align=justify>On July 21, 1999, Taseko&#146;s subsidiary, Gibraltar Mines Ltd.,
purchased the Gibraltar mine assets from Boliden and certain of its affiliates,
including all mineral interests, mining and processing equipment and facilities,
and assumed responsibility for reclamation obligations estimated at that time at
about $33 million. Pursuant to the terms of the acquisition, Gibraltar acquired
mining equipment, parts and supplies inventories valued at $19 million, an
existing British Columbia Government environmental deposit of $8 million, and
mineral interests valued at $3.3 million, and received $20.1 million in cash
over 18 months from closing, of which $17 million was received pursuant to a
10-year non-interest bearing convertible debenture issued to Boliden and subsequently acquired by NVI Mining Ltd
(&#147;NVI&#148;). Gibraltar assumed the estimated reclamation liability pertaining to the
Gibraltar mine of $32.9 million and Taseko guaranteed Gibraltar&#146;s obligations to
Boliden. On April 2, 2008, NVI issued a notice to the Company to convert the
principal amount of the debenture of $17.0 million at an effective conversion
rate of $5.14 per common share, which would have resulted in 3,307,393 common
shares of the Company being issued to NVI. The Company issued 2,612,971 common
shares to NVI and made a cash payment of $3.6 million in lieu of issuing the
remaining 694,422 common shares as full and final settlement to NVI and
accordingly the debenture has been discharged.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_17></A>
<P align=center>- 16 -</P>
<P align=justify>From 1999 to 2004, Taseko geologists and engineers explored for
additional mineralized material and to better define known resources. The
on-site staff completed on-going reclamation work and maintained the Gibraltar
mine for re-start. Operating and environmental permits were kept in good
standing. </P>
<P align=justify>On October 1, 2004 when the mine re-opened, there were
approximately 837 million tons of measured and indicated resources outlined at
Gibraltar, including proven and probable sulphide reserves of 163.5 million tons
grading 0.313% copper and 0.010% molybdenum at a 0.20% copper cut-off, and 16.5
million tons of oxide reserves grading 0.148% copper at a 0.10% acid soluble
copper cut-off. The Gibraltar re-start decision was based on the initial four
years of the 12-year mine plan and mining operations recommenced that year.
Copper cathode production at the SX/EW plant recommenced in January 2006.</P>
<P align=justify>The Gibraltar mine became an unincorporated joint venture
between Taseko and Cariboo on March 31, 2010. The Company and Cariboo hold 75%
and 25% beneficial interests in the Joint Venture, respectively. The assets and
liabilities contributed by the Company into the Joint Venture were primarily
mineral property interests, plant and equipment, inventory, prepaid expenses,
reclamation deposits, equipment loans, capital lease obligations and the site
closure and reclamation obligation.</P>
<P align=justify><I>Red Mile Royalty Sale Agreements</I></P>
<P align=justify>On September 29, 2004, Gibraltar and 688888 B.C. Ltd.
(&#147;688888&#148;), a wholly-owned subsidiary of Taseko, entered into certain related
agreements. Pursuant to a Royalty Agreement among, <I>inter alia</I>, Gibraltar
and Wilshire (GP) No. 2 Corporation, in its own capacity and in its capacity as
general partner on behalf of all the limited partners of Red Mile Resources No.
2 Limited Partnership (&#147;Red Mile&#148;), Gibraltar sold to Red Mile a royalty (the
&#147;Royalty Interest&#148;) for $67.4 million (the &#147;Purchase Price&#148;). Annual royalties
payable by Gibraltar to Red Mile range from $0.01 per pound to $0.14 per pound
of copper produced during the period from the Commencement of Commercial
Production (as defined in the Royalty Agreement) to the later of (a) December
31, 2014, and (b) the date that is five years after the end of commercial
production from the mine.</P>
<P align=justify>Pursuant to a Funding Pledge Agreement among, <I>inter
alia</I>, Alberta Capital Trust Corporation (&#147;Alberta Trust&#148;) and Gibraltar, the
Purchase Price was invested in a promissory note with Alberta Trust, and
Gibraltar pledged the promissory note, along with interest earned and to be
earned thereon, to secure its obligations under the Funding Pledge Agreement.
Pursuant to a Pledge, Priorities and Direction Agreement, Gibraltar is entitled
to have released to it funds held under the promissory note, and interest
thereon, to fund its royalty obligations under the Royalty Agreement to the
extent of its royalty payment obligations.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_18></A>
<P align=center>- 17 -</P>
<P align=justify>Pursuant to a Call Option Agreement among, <I>inter alia</I>,
688888 and Red Miles Resources Inc., in its capacity as general partner on
behalf of all of the partners of Red Mile Resources Fund Limited Partnership
(&#147;RMRF&#148;), 688888 has an option to, directly or indirectly, re-acquire the
Royalty Interest by acquiring (&#147;call&#148;) from Red Mile the Royalty Interest or
from RMRF all of the limited partnership units (&#147;LP Units&#148;) of Red Mile held by
RMRF. Pursuant to the Royalty Agreement, RMRF has the right to require Gibraltar
to purchase (&#147;put&#148;) all of Red Mile&#146;s LP Units owned by RMRF.</P>
<P align=justify>Pursuant to the Royalty Agreement, Gibraltar has granted to Red
Mile a net profits interest (&#147;NPI&#148;), which survives any &#147;put&#148; or &#147;call&#148; of the
Red Mile LP Units. The NPI is applicable for the years 2011 to 2014 and varies
depending on the average price of copper for any year during that period. No NPI
is payable until the Company reaches a pre-determined aggregate level of
revenues less defined operating costs and expenditures and, as at December 31,
2012, this threshold has not yet been met.</P>
<P align=justify><I>Property Geology</I></P>
<P align=justify>The Gibraltar mine generally consists of six separate
mineralized zones. Five of these &#150;Pollyanna, Granite, Connector, Gibraltar, and
Gibraltar Extension &#150; occur within the Granite Mountain batholith in a broad
zone of shearing and alteration. A sixth copper mineralized body, the Sawmill
zone, lies about six kilometres to the south, along the southern edge of the
batholith, within a complex contact zone between the batholith and Cache Creek
Group rocks.</P>
<P align=justify>Two major structural orientations have been recognized at
Gibraltar: the Sunset and Granite Creek mineralized systems. The Sunset system
has a northwest strike with one set of structures dipping 35&#176; to 45&#176; to the
south and a conjugate set, known as the Reverse Sunset, dipping 50&#176; to 60&#176; to
the north. The Granite Creek system strikes east-west and dips 20&#176; to 40&#176; to the
south with a subordinate set of structures dipping steeply in a northerly
direction. Structures of the Sunset system that host mineralization are mainly
shear zones, with minor development of stockwork and associated foliation
lamellae. Host structures of the Granite Creek system are predominantly oriented
stockwork zones.</P>
<P align=justify>The Granite Creek system provides the major structures that
control mineralization of the Pollyanna, Granite and Sawmill zones. These bodies
have the characteristic large diffuse nature of porphyry copper type
mineralization. The Gibraltar deposit is essentially a system of interconnected
Sunset zones, which create a large body of uniform grade. The Gibraltar
Extension deposit is contained within a large complex shear zone.</P>
<P align=justify><I>Mineralization</I></P>
<P align=justify>Pyrite and chalcopyrite are the principal primary iron and
copper sulphide minerals. Sixty percent of the copper occurs in fine-grained
chalcopyrite. Coarser grained chalcopyrite also occurs, usually in quartz veins
and shear zones. Small concentrations of bornite (a sulphide mineral of copper
and iron), associated with magnetite and chalcopyrite, is present on the
extremities of the Pollyanna and Sawmill deposits. Oxide copper mineralization
is also present between the Gibraltar and Pollyanna open pits in the Connector
Zone. Molybdenite (molybdenum sulphide mineral) is a minor but economically
important associate of chalcopyrite in the Pollyanna, Granite and Sawmill
deposits.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_19></A>
<P align=center>- 18 -</P>
<P align=justify><I>Exploration and Drilling</I></P>
<P align=justify>From 1999-2004, Taseko geologists and engineers explored for
additional mineralized material and to better define known resources. A core
drilling program for pit definition for the Granite Lake and PGE Connector
deposits and property exploration at the 98 Oxide Zone, was carried out between
September and November 2005. A further drilling program carried out in 2006 was
designed to define the mineral resources between the existing pits by tying
together the extensive mineralization zones, and to test for additional
mineralization at depth. </P>
<P align=justify>The 2007 program tested a number of targets to define further
mineralization, provided definition drilling in the Pollyanna-Granite saddle
zone and Granite West areas and included condemnation drilling for the proposed
extensions of both the #5 and #6 Dump footprints. The targets for further
mineralization were Gibraltar South, Pollyanna North IP anomaly, Granite South
and the Gunn Zone.</P>
<P align=justify>The 2008 exploration program was conducted on the southern and
eastern margins of the Gibraltar pit and northwest of the Gibraltar West pit.
The objective was to upgrade identified inferred resources to indicated or
measured categories through &#147;in-fill&#148; drilling. Holes drilled in the Gibraltar
West pit area were incorporated into the 2008 reserve estimate for the new
Gibraltar Extension Pit.</P>
<P align=justify>The 2010 program was conducted on the northern and western
margins of the Gibraltar pit, and one hole on the southwest margin. The
objective was to define the ultimate limit of the Gibraltar pit to the north and
west. The 2010 drilling program met the objective of delineating mineralization
to the north and west of the Gibraltar pit. A total of 28,129 feet (8,574
metres) was drilled in 34 drill holes in 2010 averaging 827 feet (252 metres) in
length. The holes encountered 79 intercepts at a 0.2% TCu cutoff ranging in
length from 20 to 260 feet and grading from 0.2% to 1.2% TCu. Additionally, a
hole drilled on the south edge of Gibraltar pit encountered, as anticipated,
significant &#8805; 0.20 % copper mineralization.</P>
<P align=justify>The 2011 program was aimed at identifying mineralization
down-dip of the Gibraltar and Granite deposits. 5 holes totaling 12,229 feet
(3,727 metres) were drilled. A deep zone of anomalous copper &#177; molybdenum
mineralization encountered in drillhole 2011-003 extends from approximately 2600
to 3700 feet and consists of intermittent intercepts grading up to 1.3% TCu and
0.4% Mo. Further examination of the results is required to assess the potential
for classification as reserve or resource.</P>
<P align=justify><I>Sampling and Analytical Procedures</I></P>
<P align=justify>Drill core was boxed at the drill site and transported by
company truck to a secure logging, sampling and sample preparation facility at
the Gibraltar mine. The drill core was mechanically split into two halves
lengthwise. Half core was taken as an assay sample. The remaining half core and
coarse reject after sample preparation at the analytical laboratories are stored
at the Gibraltar mine. The remaining pulps after analysis are stored at a secure
warehouse at Port Kells, BC.</P>
<P align=justify>The 2011 sample preparation was performed by Eco Tech
Laboratory Stewart Group, Kamloops. The entire sample was dried, and jaw-crushed
to 70% passing 10 mesh (&lt;2 mm). A 500 g split was then taken and the samples
were pulverized to 95% passing 150 mesh (106 microns). The coarse reject samples
were returned to Gibraltar mine after analysis for long term storage. The sample
pulps are retained at the Port Kells warehouse of Taseko.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_20></A>
<P align=center>- 19 -</P>
<P align=justify>Taseko implemented a rigorous quality control quality assurance
(QA/QC) program after taking over the Gibraltar mine. This QA/QC program was in
addition to the procedures used internally by the analytical laboratories. The
results of this program indicate that analytical results are of high quality and
suitable for use in detailed modeling and resource evaluation studies.</P>
<P align=justify><I>Gibraltar Mine Reserves and Resources</I></P>
<P align=justify>The Gibraltar mine mineral reserves are based on the published
reserves at March 31, 2011 and reduced for ore production from the Granite pit
between March 31, 2011 and December 31, 2012.</P>
<P align=justify>The reserve estimates use long-term metal prices of US$2.25/lb
for copper and US$14.00/lb for molybdenum and a foreign exchange of
C$1=US$0.85.</P>
<P align=justify>The proven and probable reserves as of December 31, 2012 are
tabulated in Table 2 below.</P>
<P align=center><B>Table 2: Gibraltar Mine Mineral Reserves at 0.20% Copper
Cut-off</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left ><BR><B>Pit</B> </TD>
    <TD width="16%" align=left><BR><B>Category</B> </TD>
    <TD width="16%" align=center><B>Tons</B> <BR><B>(millions)</B> </TD>
    <TD width="16%" align=center><B>Cu</B> <BR><B>(%)</B> </TD>
    <TD width="16%" align=center><B>Mo</B> <BR><B>(%)</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Connector</B> <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>45.1</B> <BR><B>30.5</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.299</B> <BR><B>0.284</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.012</B> <BR><B>0.010</B> </TD></TR>
  <TR vAlign=top>
    <TD width="16%" align=left><B>Subtotal</B> </TD>
    <TD width="16%" align=center><B>75.6</B> </TD>
    <TD width="16%" align=center><B>0.293</B> </TD>
    <TD width="16%" align=center><B>0.011</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Gibraltar</B> <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>143.6</B> <BR><B>71.6</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.276</B> <BR><B>0.267</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.008</B> <BR><B>0.010</B> </TD></TR>
  <TR vAlign=top>
    <TD width="16%" align=left><B>Subtotal</B> </TD>
    <TD width="16%" align=center><B>215.2</B> </TD>
    <TD width="16%" align=center><B>0.273</B> </TD>
    <TD width="16%" align=center><B>0.009</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Granite</B> <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>187.1</B> <BR><B>30.8</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.321</B> <BR><B>0.325</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.010</B> <BR><B>0.005</B> </TD></TR>
  <TR vAlign=top>
    <TD width="16%" align=left><B>Subtotal</B> </TD>
    <TD width="16%" align=center><B>217.9</B> </TD>
    <TD width="16%" align=center><B>0.321</B> </TD>
    <TD width="16%" align=center><B>0.009</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Gibraltar Extension</B>
    <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>72.6</B> <BR><B>31.1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.356</B> <BR><B>0.301</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.002</B> <BR><B>0.002</B> </TD></TR>
  <TR vAlign=top>
    <TD width="16%" align=left><B>Subtotal</B> </TD>
    <TD width="16%" align=center><B>103.7</B> </TD>
    <TD width="16%" align=center><B>0.340</B> </TD>
    <TD width="16%" align=center><B>0.002</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Pollyanna</B> <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>106.6</B> <BR><B>51.2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.291</B> <BR><B>0.279</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="16%"
      align=center><B>0.009</B> <BR><B>0.010</B> </TD></TR>
  <TR vAlign=top>
    <TD width="16%" align=left><B>Subtotal</B> </TD>
    <TD width="16%" align=center><B>157.8</B> </TD>
    <TD width="16%" align=center><B>0.287</B> </TD>
    <TD width="16%" align=center><B>0.009</B> </TD></TR>
  <TR vAlign=top>
    <TD colSpan=2 align=left><B>Total</B> </TD>
    <TD width="16%" align=center><B>770.3</B> </TD>
    <TD width="16%" align=center><B>0.301</B> </TD>
    <TD width="16%" align=center><B>0.008</B> </TD></TR></TABLE></DIV>
<P align=justify>The table below uses the terms &#145;measured resources&#146; and
&#145;indicated resources&#146;. The Company advises investors that while those terms are
recognized and required by Canadian regulations, the SEC does not recognize
them. The mineral reserves stated above are contained within the mineral
resources indicated in Table 3 below:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_21></A>
<P align=center>- 20 -</P>
<P align=center><B>Table 3: Gibraltar Mine Mineral Resources at 0.20% Copper
Cut-off</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Category</B> </TD>
    <TD width="25%" align=center><B>Tons (millions)</B> </TD>
    <TD width="25%" align=center><B>Cu (%)</B> </TD>
    <TD width="25%" align=center><B>Mo (%)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Measured</B> </TD>
    <TD width="25%" align=center><B>640.3</B> </TD>
    <TD width="25%" align=center><B>0.305</B> </TD>
    <TD width="25%" align=center><B>0.008</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Indicated</B> </TD>
    <TD width="25%" align=center><B>278.7</B> </TD>
    <TD width="25%" align=center><B>0.290</B> </TD>
    <TD width="25%" align=center><B>0.008</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total</B> </TD>
    <TD width="25%" align=center><B>919.0</B> </TD>
    <TD width="25%" align=center><B>0.301</B> </TD>
    <TD width="25%" align=center><B>0.008</B> </TD></TR></TABLE></DIV>
<P align=justify>There are also oxide reserves, identified in: Connector,
Gibraltar, Gibraltar Extension and Pollyanna pits as shown in below. These oxide
reserves are in addition to the sulphide reserves stated in Table 2 and are
contained within the resources stated in Table 3.</P>
<P align=center><B>Table 4: Gibraltar Mine &#150; Oxide Mineral Reserves at 0.10%
ASCu Cut-off</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left ><B>Pit</B> </TD>
    <TD width="22%" align=left><B>Category</B> </TD>
    <TD width="22%" align=center><B>Tons (millions)</B> </TD>
    <TD width="22%" align=center><B>ASCu (%)</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Connector</B> <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=center><B>9.5</B> <BR><B>1.3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=center><B>0.14</B> <BR><B>0.12</B> </TD></TR>
  <TR vAlign=top>
    <TD width="22%" align=left><B>Subtotal</B> </TD>
    <TD width="22%" align=center><B>10.8</B> </TD>
    <TD width="22%" align=center><B>0.14</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Gibraltar</B> <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=center><B>1.6</B> <BR><B>0.6</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=center><B>0.14</B> <BR><B>0.14</B> </TD></TR>
  <TR vAlign=top>
    <TD width="22%" align=left><B>Subtotal</B> </TD>
    <TD width="22%" align=center><B>2.3</B> </TD>
    <TD width="22%" align=center><B>0.14</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Gibraltar Extension</B>
    <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=center><B>0.1</B> <BR><B>0.1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=center><B>0.12</B> <BR><B>0.13</B> </TD></TR>
  <TR vAlign=top>
    <TD width="22%" align=left><B>Subtotal</B> </TD>
    <TD width="22%" align=center><B>0.2</B> </TD>
    <TD width="22%" align=center><B>0.12</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left ><B>Pollyanna</B> <BR><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=left><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=center><B>0.4</B> <BR><B>0.0</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="22%"
      align=center><B>0.12</B> <BR><B>0.10</B> </TD></TR>
  <TR vAlign=top>
    <TD width="22%" align=left><B>Subtotal</B> </TD>
    <TD width="22%" align=center><B>0.4</B> </TD>
    <TD width="22%" align=center><B>0.11</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Total</B> </TD>
    <TD width="22%" align=left>&nbsp; </TD>
    <TD width="22%" align=center><B>13.7</B> </TD>
    <TD width="22%" align=center><B>0.14</B> </TD></TR></TABLE></DIV>
<P align=justify>The mineral resource and reserve estimations were completed by
Gibraltar mine staff under the supervision of Scott Jones, P.Eng.,
Vice-President, Engineering, a Qualified Person under NI 43-101 and the author
of the Gibraltar Technical Report. Mr. Jones has verified the methods used to
determine grade and tonnage in the geological model, reviewed the long-range
mine plan, and directed the updated economic evaluation. </P>
<P align=justify><I>Mining Operations</I></P>
<P align=justify>The Gibraltar mine is a typical open pit operation that
utilizes drilling, blasting, cable shovel loading and large-scale truck hauling
to excavate rock. The Gibraltar mine is planned to enable excavation of sulphide
mineralized material of sufficient grade that can be economically mined,
crushed, ground and processed to a saleable product by froth flotation. Tailings
are pumped to a storage facility.</P>
<P align=justify>Rock containing lower grade sulphide mineralization or oxide
mineralization is also mined but is not immediately processed. The lower grade
sulphide material is stockpiled for later processing in the concentrator. In
addition, a portion of the low grade sulphide material and all of the oxide
material can be leached with a highly diluted sulphuric acid, which is naturally
assisted by bacterial action, and the resultant copper sulphate solution can be
processed to cathode copper in the Gibraltar mine&#146;s SX/EW plant. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_22></A>
<P align=center>- 21 -</P>
<P align=justify>A phased expansion of the mill has been underway since 2007.
Phase 1 concentrator construction was completed in February 2008, followed by
ramp up to the rated processing capacity of 46,000 tpd. The Phase 2 expansion
program, designed to increase the concentrator throughput from 46,000 tpd to
55,000 tpd was completed in 2011.</P>
<P align=justify>The new in-pit 60-inch by 89-inch crusher and overland conveyor
system was completed and commissioned mid-2010. The system is designed to reduce
operating costs and improve mine productivity by replacing the original
Gibraltar crusher and supplanting approximately three diesel-powered haulage
trucks with an electrically driven overland conveyor belt.</P>
<P align=justify>Replacement of the single-line tailings system with a two line
system and substitution of the natural gas fired concentrate dryer with a filter
press was completed in 2010. This equipment reduces operating cost and provides
a more stable operating platform, and will be able to manage increased volume as
mill throughput increases.</P>
<P align=justify>Construction of the SAG Direct Feed System was started in the
fourth quarter of 2010 and completed mid-2011. The system is designed to improve
mill availability, increase throughput and reduce costs by eliminating the
complicated secondary crusher and fine ore feed system. The new direct feed
system allows larger mill feed more appropriate for autogenous grinding.</P>
<P align=justify>In 2012, the construction of GDP3 continued and commissioning
commenced. GDP3 includes the construction of a new 30,000 tpd concentrator to
complement the existing 55,000 tpd facility and the construction of a new
molybdenum recovery facility, which will service both Gibraltar
concentrators.</P>
<P align=justify>Construction of the related process facilities and
infrastructure, as well as the construction of the molybdenum plant, are now
substantially complete and commissioning of all new facilities is well underway.
Commissioning of the plant electrical distribution systems, reclaim water
system, tailings pumping system, grinding mills, primary crusher and associated
ore stockpile and reclaim systems are all nearing completion. First feed was
introduced into the new concentrator on February 21, 2013, and the facility is
advancing quickly towards commercial production. Ramp up of the new concentrator
to design capacity is expected to be completed in mid-2013.</P>
<P align=justify>Gibraltar&#146;s copper concentrate has a nominal 28% copper grade
and no significant deleterious elements. Gibraltar&#146;s copper concentrate is
currently sold at prices based on London Metal Exchange (&#147;LME&#148;) quotations under
agreements with MRI Trading AG (&#147;MRI&#148;) of Switzerland and Cariboo, for the
treatment and refining of copper concentrate from the Gibraltar mine. Under the
terms of the MRI sales agreement, the Company has secured long-term and fixed
rates for processing copper concentrate until December 31, 2014. The Company has
the right to price payable copper within the concentrate based on a quotational
period, declared prior to, and covering each ensuing calendar year. Although
two-thirds of Gibraltar&#146;s copper concentrate is currently sold to MRI, in the
event that MRI is unable to purchase Gibraltar&#146;s copper concentrate as provided
in the MRI sales agreement, alternative markets exist.</P>
<P align=justify>On March 31, 2010, the Company entered into the JVFA with
Cariboo. As part of the JVFA, the Company entered into an off-take agreement
with Cariboo for the treatment and refining of certain copper concentrate from
the Gibraltar mine.</P>
<P align=justify>Gibraltar copper cathode is nominally 99.9%+ pure copper, and
is currently sold under an agreement with Trafigura AG of Switzerland, which
includes provisions for 100% of the cathode production. Gibraltar also has an agreement with Derek Raphael
to treat a minimum of 75% of its molybdenum concentrate.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_23></A>
<P align=center>- 22 -</P>
<P align=justify>The following table is a summary of the operating statistics
for the year ended December 31, 2012. All mining during 2012 took place in the
Granite pit.</P>
<P align=center><B>Table 5: Gibraltar Production (100% basis)</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left>Total tons mined (millions)<SUP>1</SUP> </TD>
    <TD width="50%" align=center>66.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total tons milled (millions) </TD>
    <TD width="50%" align=center>16.3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stripping ratio </TD>
    <TD width="50%" align=center>3.0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper grade (%) </TD>
    <TD width="50%" align=center>0.314 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum grade (%Mo) </TD>
    <TD width="50%" align=center>0.011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper recovery (%) </TD>
    <TD width="50%" align=center>85.6 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum recovery (%) </TD>
    <TD width="50%" align=center>36.0 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper production (millions lb) <SUP>2</SUP> </TD>
    <TD width="50%" align=center>89.7 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum production (thousands lb) </TD>
    <TD width="50%" align=center>1,317 </TD></TR></TABLE></DIV><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%"><SUP>1</SUP> </TD>
    <TD>
      <P align=justify>Total tons mined includes sulphide ore, low grade
      stockpile material, overburden, and waste rock which were moved from
      within pit limit to outside pit limit during the period.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>2</SUP> </TD>
    <TD>
      <P align=justify>Copper production includes concentrate and
  cathode.</P></TD></TR></TABLE>
<P align=justify>For 2013, the Gibraltar mine is expected to operate close to
its current production capacity of 55,000 tpd, increasing to 85,000 tpd once
GDP3 is fully commissioned which is anticipated to occur in mid-2013.</P>
<P align=justify>There have been no material environmental non-compliance
incidents since the mine reopened in 2004.</P>
<P align=justify><B>New Prosperity Project</B></P>
<P align=justify>Unless stated otherwise, information of a technical or
scientific nature related to the New Prosperity project contained in this AIF is
summarized or extracted from a technical report entitled &#147;Technical Report, on
the 344 million tonne increase in mineral reserves at the New Prosperity Gold &#150;
Copper Project&#148; dated December 17, 2009, prepared by Scott Jones, P. Eng. filed
on Taseko&#146;s profile on SEDAR at <U>www.sedar.com</U>. Mr. Jones is employed by
the Company as Vice-President, Engineering.</P>
<P align=justify><I>Property Description and Location</I></P>
<P align=justify>The New Prosperity project is located at latitude 51&#176; 28&#146; N and
longitude 123&#176; 37&#146; W in the Clinton Mining Division, approximately 125
kilometres southwest of the City of Williams Lake, British Columbia.
Twenty-three additional claims were acquired in August 2012 bringing the total
tenure to one mineral lease (number 787863) and 60 mineral claims covering the
mineral rights for approximately 147 square kilometres. The new claims are in
good standing until August 2013, while the balance are in good standing until
August 2018. The claims are 100% owned by Taseko and are not subject to any
royalties or carried interests.</P>
<P align=justify>On May 12, 2010, the Company entered into a gold stream
transaction with Franco-Nevada Corporation (&#147;Franco-Nevada&#148;), under which
Franco-Nevada will purchase gold equal to 22% of the life of mine gold produced at the project. Staged cash
deposits aggregating US$350 million will be paid during mine construction, and
two million Franco-Nevada warrants will be issued on the date of the first
advance of the cash payment. For each ounce of gold delivered to Franco-Nevada,
Taseko will receive a further cash payment of US$400/oz (subject to an
inflationary adjustment) or the prevailing market price, if lower. The deposit
will be credited with the difference between US$400/oz and the market price of
gold for each ounce delivered until the deposit is fully credited. Each warrant
is exercisable to purchase one Franco-Nevada common share at a price of $75.00
until June 16, 2017 and will be listed under the same terms as the warrants
listed on TSX under the symbol FNV.WT.A. The conditions to funding the gold
stream include obtaining full financing of the project, receipt of all material
permits to construct and operate New Prosperity, and securing marketing
arrangements for the majority of the concentrate. Franco-Nevada may terminate
this agreement on ten business days&#146; written notice to Taseko. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_24></A>
<P align=center>- 23 -</P>
<P align=justify>As this is a greenfield project, there are no existing
environmental liabilities on the property and there has been no development at
the site. When additional site work is required, permit applications will be
made. The Company does not hold any surface rights.</P>
<P align=justify><I>Accessibility, Climate, Local Resources, Infrastructure and
Physiography</I></P>
<P align=justify>Access from Williams Lake is via Highway 20 to Lee&#146;s Corner,
then via an all-weather main logging haulage road to the site, a total road
distance of 192 kilometres. The Canadian National railway services Williams Lake
and has rolling stock available to move copper concentrates by rail to points of
sale in North America. The City of Williams Lake is sufficiently close and is
capable of supplying goods, services, and personnel to a mine.</P>
<P align=justify>Multiple high-voltage transmission lines from the existing
Peace River hydroelectric power grid are situated 118 kilometres east of the New
Prosperity project, a natural gas transmission pipeline is situated 112
kilometres northeast, and ample water is available nearby for a mining
operation. </P>
<P align=justify>The New Prosperity project is located on the Fraser Plateau in
the Taseko Lakes region on the eastern side of the Chilcotin Mountain Range,
which forms part of British Columbia&#146;s Coast Mountain Range. The landscape is
characterized by the low rounded summits of the Chilcotin Range and moderately
sloping upland. The New Prosperity project is located within the Fish Creek and
Fish Lake watershed in a broad valley with slopes of moderate relief. Elevations
at the site range between 1,450 metres and 1,600 metres above sea level. </P>
<P align=justify>Local climatic conditions are moderated primarily by elevation,
aspect, physiography, and the proximity of the area to the Chilcotin Mountains.
The annual mean temperature at the New Prosperity project site is estimated to
be 2&#186;C. The coldest months of December and January average -10&#186;C, and the
warmest months of July and August average 13&#186;C. </P>
<P align=justify><I>New Prosperity Project History</I></P>
<P align=justify>Prospectors discovered mineralization in the 1930&#146;s.
Exploration continued intermittently and by a variety of operators until about
1991, and included extensive IP, magnetic and soil geochemistry surveys, and 176
percussion and diamond drill holes, totalling approximately 27,100 metres. This
work helped define the New Prosperity project mineralization to a depth of 200
metres, and outlined a copper-gold mineralized zone approximately 850 metres in
diameter.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_25></A>
<P align=center>- 24 -</P>
<P align=justify>In 1969, Taseko acquired the New Prosperity project and drilled
12 percussion holes totalling 1,265 metres and six diamond drill holes totalling
1,036 metres immediately to the south of the area previously explored, and
Taseko discovered significant tonnage grading 0.25% to 0.30% copper.</P>
<P align=justify>In 1970, Nittetsu Mining Company optioned the New Prosperity
project from Taseko Mines Limited and completed 236 metres of core drilling in 4
holes before returning the property to Taseko. In 1972, Taseko tested the
property with two additional diamond drill holes totalling 156 metres. Quintana
Minerals Corporation optioned the property from Taseko in 1973 and completed a
23-hole diamond drill program totalling 4,705 metres during 1973-74. </P>
<P align=justify>Bethlehem Copper Corp. optioned the New Prosperity project in
1979 and by 1981 had completed 3,225 metres of percussion drilling in 36 holes
and 10,445 metres of diamond drilling in 37 holes. Following the corporate
merger of Bethlehem Copper Corp. and Cominco Ltd., Cominco acquired the
Bethlehem option agreement on the New Prosperity project. Cominco continued to
drill the property, completing 1,620 metres of percussion drilling in 19 holes
and 3,707 metres of diamond drilling in 29 holes over the period 1982 to
1989.</P>
<P align=justify>Cominco work programs also included 50 line kilometres of IP,
magnetic and soil geochemical surveys. The IP survey outlined a 2 by 3 kilometre
east-west trending zone of high chargeability. Also undertaken was a limited
metallurgical testwork program which focused on achieving high copper recovery,
with little emphasis on gold recovery, using a conventional copper flotation.
</P>
<P align=justify>After a period of disagreement with Cominco which included a
Court process, Taseko acquired 100% of the New Prosperity project free
whatsoever of any royalties or third party interests in 1993 through settlement
agreements.</P>
<P align=justify><I>Geological Setting</I></P>
<P align=justify>The New Prosperity project is located within the western-most
portion of the Intermontane Belt at the boundary between the Intermontane and
Coast morphologic belts. The surrounding area is underlain by poorly exposed,
Late Paleozoic to Cretaceous litho tectonic assemblages which have been intruded
by plutons of Mid-Cretaceous to Early Tertiary age. The main Coast Plutonic
Complex is 50 kilometres southwest of the New Prosperity project area.</P>
<P align=justify>The Yalakom Fault is the major fault in the region and lies to
the southwest of the deposit on the New Prosperity project. Estimates of Eocene
dextral strike-slip offsets for the Yalakom Fault have been postulated variously
as ranging from 80 to 190 kilometres, 125 to 175 kilometres or 115 kilometres.
It may have imparted some related structural controls that are important to the
localization of mineralization at the deposit.</P>
<P align=justify><I>Mineralization</I></P>
<P align=justify>The New Prosperity project hosts a large porphyry gold-copper
deposit. The deposit is predominantly hosted in Cretaceous andesitic
volcaniclastic and volcanic rocks. In the western portion of the deposit, the
host rocks have been intruded by the multi-phase, steeply dipping Fish Creek
Stock. The stock is surrounded by an east-west trending, south dipping swarm of
subparallel quartz-feldspar porphyritic dykes. The stock and dykes comprise the
Late Cretaceous Fish Lake Intrusive Complex that is spatially and genetically
related to the deposit. Post mineralization porphyritic diorite occurs as narrow
dykes that cross-cut all host rocks. The central portion of the deposit is cut by two major faults,
striking north-south and dipping steeply to the west.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_26></A>
<P align=center>- 25 -</P>
<P align=justify>Pyrite and chalcopyrite are the principal sulphide minerals in
the deposit on the New Prosperity project. They are uniformly distributed in
disseminations, fracture fillings, veins and veinlets and may be accompanied by
bornite and lesser molybdenite and tetrahedrite-tenantite. Native gold occurs as
inclusions in and along microfractures with copper-bearing minerals and
pyrite.</P>
<P align=justify><I>Exploration</I></P>
<P align=justify>Up to 1991, exploration programs at the New Prosperity project
included extensive IP and magnetic geophysical and soil geochemical surveys, and
176 percussion and diamond drill holes totalling approximately 27,100 metres.
This work helped define the New Prosperity project mineralization to a depth of
200 metres, and outlined a gold-copper mineralized zone approximately 850 metres
in diameter.</P>
<P align=justify>In 1991 Taseko drilled 10 holes totalling 7,506 metres in a
&#147;cross&#148; pattern to test the core of the deposit on the New Prosperity project
over a north-south distance of 550 metres. All of the holes intersected
continuous significant copper and gold grades and extended the mineralization to
810 metres below surface. A scoping-level metallurgical testwork program was
completed which demonstrated that acceptable gold and copper recoveries could be
achieved by bulk sulphide flotation followed by regrinding and conventional
copper flotation. In the same year baseline environmental and monitoring studies
were initiated by the Company. </P>
<P align=justify>Diamond drilling continued in 1992, and by the end of the year
an additional 116 HQ and NQ diameter vertical drill holes totalling 60,558
metres had been drilled, expanding the deposit to 1400 metres east-west, 600
metres north-south and to 850 metres below surface.</P>
<P align=justify>Subsequent to 1993, the Company completed a 12-hole (4,605
metres) inclined core drilling program in 1994 to investigate the distribution
of fracture controlled gold and copper mineralization in the deposit. In
addition, 22 holes (3,171 metres) were drilled to investigate geotechnical
conditions in the proposed New Prosperity project development areas.</P>
<P align=justify>In 1996 and 1997, an additional 107 holes (49,465 metres) were
completed in order to upgrade the confidence limits of the deposit. Of this
total, 20 holes (2,203 metres) were drilled vertically and 87 holes (47,262
metres) were inclined. These holes significantly increased the density of pierce
points in the deposit and added to the geotechnical and geochemical
characterization of the rock in the deposit. </P>
<P align=justify>Over the 34-year period from 1963 to 1997, a total of 154,631
metres has been drilled in 452 holes on the New Prosperity project. Of this
total, 273 holes (83,453 metres) were drilled vertically and 174 holes (71,178
metres) were inclined. Sizes of cored holes have included BQ, HQ, and NQ
totalling 148,322 metres, with an average drill spacing of 70 metres. The
balance of 6,309 metres is from percussion drilling. There has been no
production from the New Prosperity project.</P>
<P align=justify>Work on the New Prosperity project was deferred from 2000-2005
first due to low metal prices and then later as the Company turned its attention
to re-starting the Gibraltar mine. In November 2005, work was reactivated on the
New Prosperity gold-copper project. A pre-feasibility level study was completed
in the first quarter of fiscal 2007, and a full feasibility study was completed in September 2007. In late 2009 and 2010,
additional metallurgical testing and geotechnical investigations were undertaken
in support of detailed engineering.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_27></A>
<P align=center>- 26 -</P>
<P align=justify><I>Sampling and Analysis </I></P>
<P align=justify>Details of sampling and analysis of drill cores are described
in the December 17, 2009 technical report, &#147;Technical Report on the 344 Million
Tonne Increase in Mineral Reserves at the New Prosperity Gold-Copper Project&#148;.
Sample pulps are stored in the Company&#146;s warehouse at Port Kells, BC. Coarse
rejects from analytical work are retained in Taseko&#146;s secure warehouse in
Surrey, BC.</P>
<P align=justify><I>Reserves and Resources</I></P>
<P align=justify>The Company and its consultants carried out progressive
engineering, metallurgical and environmental studies over the period 1998 to
2010, including a feasibility level study of the project in 2000, and a mill
redesign and project cost review in 2006.</P>
<P align=justify>In 2007, a feasibility study update incorporated the 2000
Feasibility Study, 2006 Mill Redesign, additional revisions to the processing
plant and infrastructure, updates to the tailings facility design and pit
geotechnical analysis, and revisions to the design and scheduling of the open
pit.</P>
<P align=justify>In 2008, Taseko worked with various consultants to investigate
value engineering opportunities, energy efficiency, and operating ease in
various areas of the concentrator and support infrastructure.</P>
<P align=justify>In 2009, Taseko incorporated different long term prices for
copper and gold from those assumed in 2007 and re-evaluated the reserves on the
basis of $1.65/lb Cu and $650/oz Au. The resulting mineral reserves are shown in
Table 6.</P>
<P align=center><B>Table 6: New Prosperity Mineral Reserves at CDN$5.50 NSR/t
Pit-Rim Cut-off</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=center><B>Category</B> <BR><BR></TD>
    <TD width="16%" align=center><B>Tonnes</B> <BR><B>(millions)</B> <BR></TD>
    <TD width="16%" align=center><B>Gold</B> <BR><B>(g/t)</B> <BR></TD>
    <TD width="16%" align=center><B>Copper</B> <BR><B>(%)</B> <BR></TD>
    <TD width="16%" align=center><B>Recoverable</B> <BR><B>Gold Ounces</B>
      <BR><B>(millions)</B> </TD>
    <TD width="16%" align=center><B>Recoverable</B> <BR><B>Copper Pounds</B>
      <BR><B>(billions)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>Proven <BR>Probable </TD>
    <TD width="16%" align=center>481 <BR>350 </TD>
    <TD width="16%" align=center>0.46 <BR>0.35 </TD>
    <TD width="16%" align=center>0.26 <BR>0.18 </TD>
    <TD width="16%" align=center>5.0 <BR>2.7 </TD>
    <TD width="16%" align=center>2.4 <BR>1.2 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Total </TD>
    <TD width="16%" align=center>831 </TD>
    <TD width="16%" align=center>0.41 </TD>
    <TD width="16%" align=center>0.23 </TD>
    <TD width="16%" align=center>7.7 </TD>
    <TD width="16%" align=center>3.6 </TD></TR></TABLE></DIV>
<P align=justify>The table below uses the terms &#145;measured resources&#146; and
&#145;indicated resources&#146;. The Company advises investors that while those terms are
recognized and required by Canadian regulations, the SEC does not recognize
them. The mineral resources shown in Table 7 include the mineral reserves shown
in Table 6. Resource estimates were based on a copper cut-off of 0.14%.</P>
<P align=center><B>Table 7: New Prosperity Mineral Resources at 0.14% Copper
Cut-off &#150; September 2009</B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=center><B>Category</B> </TD>
    <TD width="25%" align=center><B>Tonnes (millions)</B> </TD>
    <TD width="25%" align=center><B>Gold (g/t)</B> </TD>
    <TD width="25%" align=center><B>Copper (%)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>Measured <BR>Indicated </TD>
    <TD width="25%" align=center>547.1 <BR>463.4 </TD>
    <TD width="25%" align=center>0.46 <BR>0.34 </TD>
    <TD width="25%" align=center>0.27 <BR>0.21 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Total </TD>
    <TD width="25%" align=center>1,010.5 </TD>
    <TD width="25%" align=center>0.41 </TD>
    <TD width="25%" align=center>0.24 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_28></A>
<P align=center>- 27 -</P>
<P align=justify>In 2010 Taseko worked with various consultants to advance
project engineering to the detailed phase and to advance various permit
applications. Taseko temporarily suspended work on detailed engineering and
permitting in November 2010 following the federal cabinet&#146;s decision on the
environmental assessment.</P>
<P align=justify>In early 2012 Taseko completed a geotechnical field
investigation to support the design and environmental assessment of the
relocated tailings facility at New Prosperity.</P>
<P align=justify><I>Planned Mining Operations</I></P>
<P align=justify>The proposed mine plan utilizes a large-scale conventional
truck shovel open pit mining and milling operation. Following a one and a half
year pre-strip period, total material mined from the open pit over years 1 - 31
averages 170,000 tonnes per day at a life-of-mine strip ratio of 1.5:1. A
declining net smelter return cut-off is applied to the mill feed, which defers
lower grade ore for later processing. The stockpiled ore is processed in the
final years of the mine plan. </P>
<P align=justify>The New Prosperity processing plant has been designed with a
nominal capacity of 70,000 tonnes per day. The plant consists of a single 12
meter diameter SAG mill, two 7.9 -metre diameter ball mills, followed by
processing steps that include bulk rougher flotation, regrinding, cleaner
flotation, thickening and filtering to produce a copper-gold concentrate.
Expected life-of-mine metallurgical recovery is 87% for copper and 69% for gold,
with annual production averaging 110 million pounds copper and 234,000 ounces
gold over the 33-year mine life. </P>
<P align=justify>The copper-gold concentrate will be hauled with highway trucks
to an expanded load-out facility at Gibraltar Mines Ltd.&#146;s existing facility
near Macalister for rail transport to various points of sale, but primarily
through the Port of Vancouver for shipment to smelters/refineries around the
world. </P>
<P align=justify>Power would be supplied via a new 124 kilometre long, 230 kV
transmission line from Dog Creek on the BC Hydro Grid. Infrastructure would also
include the upgrade of sections of the existing road to the site, construction
of a short spur to the minesite, an on-site camp, equipment maintenance shop,
administration office, concentrator facility, warehouse, and explosives
facilities. </P>
<P align=justify>Based on this update, the project would employ up to 460
permanent hourly and staff personnel. In addition, approximately 60 contractor
personnel would be employed in areas including catering, concentrate haulage,
explosives delivery, and bussing. </P>
<P align=justify><I>Environmental Assessment</I></P>
<P align=justify>The Ministry of Environment of British Columbia accepted
Taseko&#146;s Environmental Assessment report on March 13, 2009 and proceeded with an
Environmental Assessment Office (&#147;EAO&#148;) led review of this Project in a
coordinated manner with the CEAA on their respective Provincial and Federal
environmental assessment processes.</P>
<P align=justify>On January 14, 2010, Taseko received the environmental
assessment certificate for the New Prosperity project from the Province.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_29></A>
<P align=center>- 28 -</P>
<P align=justify>The Federal process conducted by a three-person panel, included
six weeks of public hearings in March and April of 2010 as part of the
environmental review. The panel's findings were essentially the same as the
conclusions reached in the Provincial Environmental Assessment, but they were
not mandated to assess economic and social value generated by the project. In
July 2010, the panel submitted its final report to the Federal Government for
their approval.</P>
<P align=justify>In November 2010, the Federal Minister of Environment announced
that the New Prosperity mine project, as proposed, would not be granted federal
authorizations to proceed. Taseko suspended work on detailed engineering and
permitting after the federal announcement. The Company has reviewed and revised
its plan and has put forth a new design proposal, which adds construction costs
and life of mine operating expenditures of approximately $300 million to the
original design. The new plan responds to the concerns identified during the
federal review process and on February 21, 2011 the Company submitted a project
description for the New Prosperity project to the Federal Government.</P>
<P align=justify>On November 7, 2011 the CEAA announced that the New Prosperity
Gold-Copper Mine project would undergo an environmental assessment by a federal
review panel. In announcing the decision the Minister of the Environment
indicated that the time for the Agency to complete these activities and for the
panel to conduct its review, including holding public hearings and preparing its
report, is to be no more than 12 months, in total.</P>
<P align=justify>On January 23, 2012 the Agency released draft environmental
impact statement (EIS) guidelines and the draft terms of reference for the
review panel for a 30 day public comment period. On March 16, 2012 the EIS
guidelines were finalized by the Minister of the Environment and issued to
Taseko. </P>
<P align=justify>The terms of reference for the review panel were finalized by
the Minister of the Environment and issued on May 9, 2012. </P>
<P align=justify>On September 20, 2012, the Environmental Impact Statement (EIS)
was submitted to the three-member Review Panel established for the federal
environmental assessment of the project and, following a review period, the
panel responded with a list of information requests that they consider necessary
prior to proceeding to public hearings. The Company submitted responses to these
requests on February 28, 2013. The next stage in the federal environmental
assessment process will be public hearings. This will be followed by the panel&#146;s
preparation and submission of a report to the Federal Minister of the
Environment.</P>
<P align=justify><B>Aley Project</B></P>
<P align=justify><I>Property Acquisition</I></P>
<P align=justify>In June 2007, Taseko acquired 100% of the Aley niobium project
in northern British Columbia through the acquisition of all the issued and
outstanding shares in the capital of a private company, for a total cash
consideration of $1.5 million and 894,730 common shares then valued at $2.9
million. Taseko purchased the residual net smelter royalty for a total cash
consideration of $0.3 million and the issuance of units having a value at the
time of $0.8 million (consisting of 240,000 common shares and 120,000
warrants).</P>
<P align=justify>Niobium is a metal used in making high strength low alloy
steels required in the manufacture of automobiles, bridges, pipes, jet turbines
and other high technology applications. Ninety percent of niobium enters the
market as ferro-niobium (FeNb); 15% of all steel produced worldwide contains FeNb, a number that may increase to 20% in the near
future. The increase in demand for FeNb has resulted largely from the overall
growth in the global steel market. Demand for ferro-niobium has grown at
approximately 5-7% per annum in recent years and Taseko anticipates that growth
to continue over the next 10 years. Ferro-niobium is currently selling for
approximately $40/kg Nb and Taseko expects prices to increase to $50/kg by 2015
and $60/kg by 2020. Currently, 90% of the world&#146;s niobium is supplied by three
mines: CBMM (Companhia Brasileira de Metalurgia e Minera&#231;&#227;o), Anglo American of
South America Ltda mines in Brazil and the Niobec mine operated by Iamgold in
Quebec, Canada,</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_30></A>
<P align=center>- 29 -</P>
<P align=justify><I>Location, Access and Infrastructure</I></P>
<P align=justify>The property is located in the Omineca Mining Division in
British Columbia, Canada, centred at latitude 56&#176;27&#146;N and longitude 123&#176;13&#146;W.
Logging roads from Mackenzie, BC lead to the Ospika Logging Camp on the east
side of Williston Lake. The property is located about 30 kilometres from the
Ospika Camp and is currently accessed via helicopter. </P>
<P align=justify><I>Property Description</I></P>
<P align=justify>Three additional claims were acquired in October 2012 bringing
the total tenure to 107 contiguous mineral claims that cover 435 square
kilometres. The new claims are in good standing until October 2013 and the
balance are in good standing until January 2021. The claims are 100% owned by us
and are not subject to any royalties or carried interests.</P>
<P align=justify><I>Aley Project History</I></P>
<P align=justify>A previous operator identified six zones from surface
exploration, which included mapping, sampling and trenching. Twenty holes,
totalling 3,058 metres were drilled in 1985-86. Of these, 16 were drilled in the
Saddle, Saddle West and Central zones.</P>
<P align=justify>In 2004, another operator took samples from trenches for
metallurgical testing. Approximately 1200 kilograms of material was collected
from three sites &#150; two in the Central zone and one from the Saddle zone. Sample
analysis was done by Process Research Associates (PRA), and test work was
similar to that developed for the Niobec mine in Quebec. The test work included
de-sliming, magnetic separation, carbonate rougher flotation, niobium rougher
and scavenger flotation, and the first and second niobium rougher and cleaner
flotation stages. Enough work was completed to benchmark reagent use and
operating conditions for unit processes. The results obtained compared
favourably to the operating results at Niobec.</P>
<P align=justify><I>Geology</I></P>
<P align=justify>The Aley project hosts a carbonatite complex that intrudes
Cambrian to Ordovician sedimentary rocks of the Kechika (limestone), Skoki
(dolomite to volcaniclastics), and Road River Group formations (clastic
sedimentary rocks). The intrusion is ovoid in plan with a diameter of
approximately 2 km surrounded for up to 500m by a fenite (quartz-albite syenite)
aureole. The fenite comprises massive units and occasional breccias. The
carbonatite is predominantly composed of dolomite carbonatite with minor calcite
carbonatite. Niobium (Nb) occurs in the mineral pyrochlore, as crystals that
precipitated from the carbonatite magmas, and has also been altered to other
niobium bearing minerals such as fersmite (Nb-oxide) and columbite (Fe-bearing
Nb-Tantalum oxide). Niobium mineralization occurs in subvertical to moderately
inclined bands that probably formed at the edges of the magma chamber, and which
were elongated during intrusion into the sedimentary rocks.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_31></A>
<P align=center>- 30 -</P>
<P align=justify>Of the six known mineralized zones, the best exploration
results to date have been derived from the Central Zone.</P>
<P align=justify><I>Recent Exploration</I></P>
<P align=justify>Taseko completed an initial exploration program on the Aley
deposit in 2007 that included 11 diamond drill holes to check the results of the
1985-86 drilling program and to plan for subsequent exploration work. No work
was done on the Aley project in 2008 or 2009.</P>
<P align=justify>Taseko completed a significant exploration program on the Aley
project in the summer of 2010, comprising geological mapping and 4,460 metres of
diamond drilling in 23 holes in the Central Zone. These holes intersected
excellent grade niobium mineralization across an area measuring over 900 metres
east-west and 350 metres north-south. Mineralized drill intercepts ranged up to
over 200 metres in length. Niobium mineralization intersected was highly
continuous and close to surface. The extensive body of niobium mineralization
indicated by the 2010 drilling was open to expansion in at least three
directions and to depth.</P>
<P align=justify>In 2011 a drill program completed 17,094 metres over 70 holes
in the central zone. The objective of the drill program was the delineation of
the continuity and extent of Nb mineralization in the Central Zone with infill
drilling. The program also sought to establish a better understanding of the
deposit geometry and the continuity and extent of Nb mineralization.</P>
<P align=justify>Condemnation and geotechnical drilling totaling 2,493 metres
was completed in 2012. In addition 10 km of access road right of way was cleared
and 5 km of road was established.</P>
<P align=justify><I>Sampling and Analysis</I></P>
<P align=justify>Details of sampling and analysis of drill cores are described
in the March 29 2012 technical report, &#147;Technical Report Aley Carbonatite
Niobium Project&#148;. Sample pulps are stored in the Company&#146;s warehouse at Port
Kells, BC. Drill core is stored at the Company&#146;s warehouse in Mackenzie, BC.</P>
<P align=justify><I>Estimates of Mineralization</I></P>
<P align=justify>The 2010 drilling program resulted in the establishment of an
inferred resource of 158 million tonnes grading 0.43% Nb2O5 for the Central Zone
at a 0.2% Nb2O5 cut-off grade as documented in the October 26, 2011 technical
report, &#147;Technical Report Aley Carbonatite Niobium Project&#148;.</P>
<P align=justify>The inclusion of the data from the 2011 drill program resulted
in an increased and upgraded in-pit mineral resource for the Central Zone. The
resource as documented in the March 29, 2012 technical report, &#147;Technical Report
Aley Carbonatite Niobium Project&#148; is summarized in Table 8 for a range of
cut-off grades with the base case of 0.2% Nb2O5 in boldface. Table 8 uses the
terms &#145;measured resources&#146;, &#145;indicated resources&#146; and &#145;inferred resources&#146;. The
Company advises investors that while those terms are recognized and required by
Canadian regulations, the SEC does not recognize them. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_32></A>
<P align=center>- 31 -</P>
<P align=center><B>Table 8: Aley Mineral Resources as at March 1, 2012</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
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    rowSpan=2 align=center><B>COG %</B> <BR><B>Nb</B><B>2</B><B>O</B><B>5</B>
    </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="26%" colSpan=2 align=center><B>MEASURED</B> </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="26%" colSpan=2 align=center><B>INDICATED</B> </TD>
    <TD width="3%" align=center>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="26%" colSpan=2 align=center><B>MEASURED+INDICATED</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=center><B>Tonnes 000's</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=center><B>% Nb2O5</B> </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=center><B>Tonnes 000's</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=center><B>% Nb2O5</B> </TD>
    <TD width="3%" align=center>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=center><B>Tonnes 000's</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=center><B>% Nb</B><B>2</B><B>O</B><B>5</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.10</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>137,373 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.36 </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>215,145 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right><B>0.31</B> </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>352,518 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>0.33</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.15</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>126,769 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.38 </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>197,767 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right><B>0.33</B> </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>324,536 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>0.35</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.20</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>112,651 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.41 </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>173,169 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right><B>0.35</B> </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>285,820 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>0.37</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.25</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>96,183 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.44 </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>131,999 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right><B>0.39</B> </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>228,182 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>0.41</B> </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.30</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>81,377 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.47 </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>102,966 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right><B>0.42</B> </TD>
    <TD width="3%" align=right>&nbsp;</TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>184,343 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>0.45</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    rowSpan=2 align=center><B>COG %</B> <BR><B>Nb2O5</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="26%" colSpan=2 align=center><B>INFERRED</B> </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=center><B>Tonnes 000's</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=center><B>% Nb2O5</B> </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.10</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>177,350 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.29 </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.15</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>168,733 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.30 </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.20</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>144,216 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.32 </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.25</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>97,891 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.37 </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    align=center><B>0.30</B> </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>68,976 </TD>
    <TD
    style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid"
    width="13%" align=right>0.41 </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="3%" align=left>&nbsp;</TD>
    <TD width="13%" align=left>&nbsp; </TD>
    <TD width="13%" align=left>&nbsp; </TD></TR></TABLE>
<P align=justify>The resource is constrained by a 45&#176;wall slope Lerchs-Grossman
pit assuming a metal price of US$50/kg Nb with process recovery of 50%. General
&amp; administration, processing and ore mining costs were assumed to be
$30/tonne. Base waste mining costs were assumed to be $1.50/tonne.</P>
<P align=justify><I>Exploration and Development</I></P>
<P align=justify>Condemnation and geotechnical drilling totaling 2,493 metres
was completed in 2012. In addition 10 km of access road right of way was cleared
and 5 km of road was established. Metallurgical, process, and construction
engineering requirements are scheduled to be concluded in the first half of
2013. The current focus on the Aley niobium project is upgrading the resources
announced in March 2012 to a NI 43-101 compliant reserve. </P>
<P align=justify>Baseline environmental studies are ongoing</P>
<P align=justify><B>Harmony Project</B></P>
<P align=justify>Gibraltar Mines Ltd., a subsidiary of Taseko Mines Limited,
acquired the Harmony gold project in October 2001 through a transaction with
Continental Minerals Corporation (formerly Misty Mountain Gold Ltd.) for
consideration of $2.23 million in cash and the issuance of tracking preferred
shares in Gibraltar&#146;s capital stock. The tracking preferred shares were
exchanged for Taseko common shares in 2011.</P>
<P align=justify>As there had not been significant exploration or development
conducted on the Harmony project for several years, due to historically low gold
prices, the Harmony gold property was written down to a nominal value in 2004.
The Company is considering further technical studies of Harmony.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_33></A>
<P align=center>- 32 -</P>
<P align=justify><I>Location, Access and Infrastructure</I></P>
<P align=justify>The Harmony project is located at latitude 53<SUP>o </SUP>31&#146; N
and longitude 132<SUP>o </SUP>13&#146; W in the Skeena Mining Division, on Graham
Island, Queen Charlotte Islands (also known as Haida Gwaii), on the
north-western coast of British Columbia, Canada.</P>
<P align=justify><I>Property Description</I></P>
<P align=justify>The Harmony project comprises of 40 mineral claims and 173
square kilometres. All claims are in good standing until July 2013. The claims
are 100% owned by Taseko and are not subject to any royalties or carried
interests.</P>
<P align=justify><I>Exploration History</I></P>
<P align=justify>Prospectors discovered mineralization at Harmony in 1970. The
project claims were optioned by various companies during the period 1970 to
1975, which carried out geological mapping, geochemical surveys and minor
drilling. Consolidated Cinola Mines Ltd. acquired the ground in 1977 and, with
partners, carried out detailed drilling totalling 30,116 metres in 231 holes by
1984. In 1981, 465 metres of an underground drift and crosscuts were excavated
for a metallurgical bulk sample. A 45 tonne per day pilot mill was established
to treat about 5,200 tonnes of material and in 1982 a feasibility study for a
10,000-15,000 tonnes per day operation was completed. From 1986 to 1988, City
Resources drilled 83 diamond drill holes and 64 reverse-circulation drill holes,
totalling 13,356 metres, and completed 117.6 metres of underground development
to obtain a bulk sample, conducted bench scale metallurgical testing, and
developed open pit scenarios for the project. Barrack Gold of Australia acquired
City Resources and the project in 1989, however Barrack subsequently was put
into bankruptcy and City Resources was acquired in the early 1990&#146;s by a new
group of investors who renamed the company to Misty Mountain Gold Ltd. From 1989
&#150; 1999, additional drilling, metallurgical and engineering studies were carried
out at the Harmony project.</P>
<P align=justify><I>Geology and Mineralization</I></P>
<P align=justify>The Harmony project hosts the Specogna epithermal gold deposit,
controlled by the Sandspit fault. Dacite dykes of Tertiary age have intruded
along the fault. Contemporaneous, pervasive silicification, hydrothermal
brecciation, stockwork and banded quartz veining and gold mineralization have
developed along the hanging wall of the fault. This extends for a strike
distance of at least 800 metres, eastwards from the fault at least 200 metres
and to a depth of at least 240 metres. Pyrite and marcasite are the dominant
metallic minerals. Gold occurs as native gold and electrum, which are commonly
visible. Silver is also present as an alloy with gold.</P>
<P align=justify><I>Sampling and Analysis</I></P>
<P align=justify>Details of sampling and analysis of drill cores are described
in the 2004 Annual Information Form. Sample pulps are stored in the Company&#146;s
warehouse at Port Kells, BC. Drill core is stored at site.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_34></A>
<P align=center>- 33 -</P>
<P align=justify><I>Estimates of Mineralization</I></P>
<P align=justify>In 2001, measured and indicated resources were estimated by the
Company based on various reports to be 64 million tonnes grading 1.53 grams
Au/tonne, containing approximately 3 million ounces of gold. There were also
inferred resources estimated at 21 million tonnes grading 1.04 grams Au/tonne.
The estimates were done at a 0.60 grams Au/tonne cut-off.</P>
<P align=justify><I>Aboriginal Issues</I></P>
<P align=justify>The Queen Charlotte Islands-Haida Gwaii, including the area
surrounding the Harmony gold project, is subject to aboriginal peoples&#146; land
claims. Aboriginal land claims are subject to the B.C. Treaty Commission
Legislation and the B.C. Treaty Commission, both established in 1993.</P>
<P align=justify><I>Exploration and Development</I></P>
<P align=justify>In late 2007, after completion of the Queen Charlotte-Haida
Gwaii Land and Resource Management Plan designating the area in which the
Harmony project is located as a mineral development zone, Taseko has initiated a
review of the metallurgical flow sheet and prior mine development planning to
establish further work programs. </P>
<P align=justify><B><FONT color=#2db1ce>RISK FACTORS</FONT></B></P>
<P align=justify>There are a number of risks that may have a material and
adverse impact on the future operating and financial performance of Taseko and
could cause the Company&#146;s operating and financial performance to differ
materially from the estimates described in forward-looking statements relating
to the Company.</P>
<P align=justify><B><I>Changes in the market price of copper, gold and other
metals, which are volatile and have fluctuated widely, affect the profitability
of our operations and financial condition.</I></B></P>
<P align=justify>Our profitability and long-term viability depend, in large
part, upon the market price of copper, gold and other metals and minerals
produced from our mineral properties. The market price of copper, gold and other
metals is volatile and is affected by numerous factors beyond our control,
including:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>expectations with respect to the rate of inflation;
  <LI>the relative strength of the U.S. dollar and certain other currencies;
  <LI>interest rates;
  <LI>global or regional political or economic conditions, including interest
  rates and currency values;
  <LI>supply and demand for industrial products and jewellery containing metals;
  and
  <LI>sales by central banks and other holders, speculators and producers of
  copper, gold and other metals in response to any of the above factors.
</LI></UL>
<P align=justify>A decrease in the market price of copper, gold and other metals
could affect our ability to finance the development of the New Prosperity
project and the exploration, development and operation of our other mineral properties, including the
Gibraltar mine, which could have a material adverse effect on our financial
condition and results of operations. Copper and gold prices are near historical
highs and there can be no assurance that the market price of copper and other
metals will remain at current levels or that such prices will improve. There is
no assurance that if commercial quantities of copper, gold and other metals are
discovered, that a profitable market may exist or continue to exist for a
production decision to be made or for the ultimate sale of the metals.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_35></A>
<P align=center>- 34 -</P>
<P align=justify><B><I>Mining is inherently dangerous and subject to conditions
or events beyond our control, which could have a material adverse effect on our
business.</I></B></P>
<P align=justify>Mining involves various types of risks and hazards,
including:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>environmental hazards;
  <LI>industrial accidents;
  <LI>metallurgical and other processing problems;
  <LI>unusual or unexpected rock formations;
  <LI>structural cave-ins or slides;
  <LI>flooding;
  <LI>fire;
  <LI>metals losses; and
  <LI>periodic interruptions due to inclement or hazardous weather conditions.
  </LI></UL>
<P align=justify>These risks could result in damage to, or destruction of,
mineral properties, production facilities or other properties, personal injury,
environmental damage, delays in mining, increased production costs, monetary
losses, and possible legal liability. We may not be able to obtain insurance to
cover these risks at economically feasible premiums. Insurance against certain
environmental risks, including potential liability for pollution or other
hazards as a result of the disposal of waste products occurring from production,
is not generally available to us or to other companies within the mining
industry. We may suffer a material adverse impact on our business if we incur
losses related to any significant events that are not covered by its insurance
policies.</P>
<P align=justify><B><I>Lack of infrastructure could delay or prevent us from
developing advanced projects.</I></B></P>
<P align=justify>Completion of the development of our advanced projects is
subject to various requirements, including the availability and timing of
acceptable arrangements for power, water and transportation facilities. The lack
of availability on acceptable terms or the delay in the availability of any one
or more of these items could prevent or delay development of our advanced
projects. If adequate infrastructure is not available in a timely manner, there
can be no assurance that:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>the development of our projects will be commenced or completed on a timely
  basis, if at all;
  <LI>the resulting operations will achieve the anticipated production volume;
  or
  <LI>the construction costs and ongoing operating costs associated with the
  development of our advanced projects will not be higher than anticipated.
</LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_36></A>
<P align=center>- 35 -</P>
<P align=justify><B><I>We are subject to significant governmental
regulation.</I></B></P>
<P align=justify>Our operations and exploration and development activities in
Canada are subject to extensive federal, provincial, territorial and local laws
and regulations governing various matters, including:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>environmental protection;
  <LI>management and use of toxic substances and explosives;
  <LI>management of tailings and other wastes generated by our operations;
  <LI>management of natural resources;
  <LI>exploration and development of mines, production and post-closure
  reclamation;
  <LI>exports;
  <LI>price controls;
  <LI>taxation;
  <LI>regulations concerning business dealings with First Nations groups;
  <LI>labour standards and occupational health and safety, including mine
  safety; and
  <LI>historic and cultural preservation. </LI></UL>
<P align=justify>Failure to comply with applicable laws and regulations may
result in civil or criminal fines or penalties or enforcement actions, including
orders issued by regulatory or judicial authorities enjoining or curtailing
operations or requiring corrective measures, installation of additional
equipment or remedial actions, any of which could result in the Company
incurring significant expenditures. We may also be required to compensate
private parties suffering loss or damage by reason of a breach of such laws,
regulations or permitting requirements. It is also possible that future laws and
regulations, or a more stringent enforcement of current laws and regulations by
governmental authorities, could cause additional expense, capital expenditures,
restrictions on or suspensions of our operations and delays in the development
of our properties.</P>
<P align=justify><B><I>There are risks associated with the New Prosperity
Project.</I></B></P>
<P align=justify>On January 14, 2010, Taseko received an environmental
assessment certificate for the New Prosperity Project from the British Columbia
Provincial Ministry of Environment. Applications for Provincial permits were
submitted in June 2010 but were put in abeyance following the November 2010
Federal decision. In November 2010, the Federal Minister of Environment
announced that the New Prosperity Project, as proposed, could not be granted
Federal authorizations to proceed. The Company submitted a new project
description to the Federal Government in February 2011. Failure to obtain
certificates and permits in a timely manner or at all will delay or even lead to
abandonment of the New Prosperity Project, which could negatively affect the
Company.</P>
<P align=justify>Furthermore, the feasibility of the New Prosperity Project
assumes specified, long-term price levels for gold and copper. The prices of
these metals have historically been volatile, and the Company has no control of
or influence on these prices, which are determined in international markets.
There can be no assurance that the price of gold or copper will remain at
current levels or that it will not decline below the prices assumed in the
feasibility study.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_37></A>
<P align=center>- 36 -</P>
<P align=justify>The New Prosperity Project will require substantial financing,
including a possible combination of debt and equity financing. On May 12, 2010,
the Company entered into a gold stream transaction agreement with Franco-Nevada Corporation
(&#147;Franco-Nevada&#148;), whereby the Company may receive funding in staged deposits
totalling US $350 million. The investment by Franco-Nevada is subject to (among
other conditions) the condition precedent that the New Prosperity project plan
that we had agreed with them must receive appropriate governmental approval.
Because our revised New Prosperity project plan is not the one we agreed with
Franco-Nevada in 2010, this condition will not be satisfied, and so
Franco-Nevada may currently terminate this agreement on ten business days&#146;
written notice to Taseko. However, we believe Franco-Nevada currently has no
economic incentive to do so and is awaiting the outcome of our new proposal to
the Canadian federal environmental authorities. If our revised mine proposal is
ultimately accepted by the authorities, we intend to seek Franco-Nevada&#146;s
agreement to reconfirm the terms of our gold stream transaction with them, but
there is no assurance that Franco-Nevada will agree to provide such
reconfirmation. Until then, Franco-Nevada could terminate the agreement. There
is also a risk that Franco-Nevada will be unable to fund its obligations at the
time we receive the necessary approvals. The investment by Franco-Nevada is also
subject to certain other conditions precedent which the Company may not be able
to satisfy. There can be no assurance that gold stream, debt or equity financing
will be available on acceptable terms. Other general risks include those typical
of very large construction projects, including the general uncertainties
inherent in engineering and construction costs, the need to comply with
generally increasing environmental regulation, and accommodation of local and
community concerns. The economics of the feasibility study are sensitive to the
US dollar and Canadian dollar exchange rate, and this rate has been subject to
large fluctuations in the last several years.</P>
<P align=justify><B><I>We are subject to risks associated with joint
ventures.</I></B></P>
<P align=justify>Taseko participates in a joint venture with Cariboo with
respect to the Gibraltar mine. Taseko may enter into more joint ventures in the
future with other third parties. There are risks associated with joint ventures,
including, for example:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>disagreement with a venture counterparty about how to develop, operate or
  finance a project;
  <LI>that a venture counterparty may at any time have economic or business
  interests or goals which are, or which become, inconsistent with our business
  interests or goals;
  <LI>that a venture counterparty may not comply with a joint venture agreement;

  <LI>the possibility that a venture counterparty in an investment might become
  bankrupt;
  <LI>that such venture counterparty may be in a position to take action
  contrary to Taseko&#146;s instructions or requests or contrary to Taseko&#146;s policies
  or objectives;
  <LI>possible litigation between joint venture counterparty about joint venture
  matters;
  <LI>the inability to exert control over decisions related to a joint venture
  that Taseko does not have a controlling interest in; or
  <LI>the possibility that Taseko may not be able to sell its interest in the
  joint venture if it desires to exit the joint venture. </LI></UL>
<P align=justify>These risks could result in legal liability, affect our ability
to develop or operate a project under a joint venture, or have a material and
adverse effect on our earnings, cash flows, financial condition or results of
operations.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_38></A>
<P align=center>- 37 -</P>
<P align=justify><B><I>We are currently dependent on the Gibraltar mine and
suspension of production at that mine may materially adversely affect our
business.</I></B></P>
<P align=justify>We are in the process of developing the New Prosperity project,
the Harmony project and the Aley project. Therefore, until these other projects
are developed and operational and are beginning to produce revenue, we are
dependent upon the Gibraltar mine for revenues. If the Gibraltar mine were to
cease production for any reason, it would have a material adverse effect on our
results of operations, business and financial position.</P>
<P align=justify><B><I>Our future success depends upon our ability to develop
our existing reserves.</I></B></P>
<P align=justify>We have not yet received the permits necessary to mine all of
our proven and probable reserves that are economically recoverable. In order to
develop our proven and probable reserves, we must receive various governmental
permits. We make no assurances that we will be able to obtain the governmental
permits that we would need to continue developing our proven and probable
reserves. Furthermore, we may not be able to mine all of our proven and probable
reserves as profitably as we do at our current operations.</P>
<P align=justify>Our mining operations are conducted on properties owned or
leased by us. We may not be able to negotiate new leases or obtain contracts for
properties containing surface, underground or subsidence rights necessary to
develop any of our proven and probable reserves. Additionally, we may not be
able to maintain our leasehold interest in properties on which mining operations
are not commenced during the term of the lease.</P>
<P align=justify><B><I>Our projects, which are still under development, may not
achieve anticipated production capacity, may experience unanticipated costs or
may be delayed or not completed at all.</I></B></P>
<P align=justify>Our projects are still under development. The development of a
project is a complex and challenging process that may take longer and cost more
than predicted, or may not be completed at all. In addition, anticipated
production capacity may not be achieved. We may encounter unforeseen geological
conditions or delays in obtaining required construction, environmental or
operating permits or mine design adjustments. Construction delays cause reduced
production and cash flow while certain fixed costs, such as minimum royalties,
must still be paid on a predetermined schedule.</P>
<P align=justify><B><I>As our existing copper and molybdenum supply agreements
expire, our revenues and operating profits could be negatively impacted if we
are unable to extend existing agreements or enter into new agreements due to
competition, changing copper and molybdenum purchasing patterns or other
variables.</I></B></P>
<P align=justify>As our copper and molybdenum supply agreements at the Gibraltar
mine expire, we will compete with other copper and molybdenum suppliers to renew
these agreements or to obtain new sales. To the extent our other mines in
operation do not have contracts for copper and molybdenum or if we cannot renew
these copper and molybdenum supply agreements with our customers or find
alternate customers willing to purchase our copper and molybdenum, our revenue
and operating profits could suffer.</P>
<P align=justify>Our customers may decide not to extend existing agreements or
enter into new long-term contracts or, in the absence of long-term contracts,
may decide to purchase less copper and molybdenum than in the past or on
different terms, including under different concentrate pricing terms. To the
degree that we operate outside of long-term contracts, our revenues are subject
to pricing in the concentrate spot market that can be
significantly more volatile than the pricing structure negotiated through a
long-term copper and molybdenum concentrate supply agreement. This volatility
could adversely affect the profitability of our operations if conditions in the
spot market pricing for copper and molybdenum concentrate are unfavourable.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_39></A>
<P align=center>- 38 -</P>
<P align=justify><B><I>Our business requires substantial capital
expenditures.</I></B></P>
<P align=justify>Our business is capital intensive due to construction of new
mines and infrastructure and maintenance of existing operations. Specifically,
the exploration, permitting and development of reserves, mining costs, the
maintenance of machinery and equipment and compliance with applicable laws and
regulations require substantial capital expenditures. While a significant amount
of the capital expenditures required to build-out our Gibraltar Mine has been
spent, we must continue to invest capital to maintain or to increase the amount
of reserves that we develop and the amount of metal that we produce. We cannot
assure you that we will be able to maintain our production levels or generate
sufficient cash flow, or that we will have access to sufficient financing to
continue our production, exploration, permitting and development activities at
or above our present levels and we may be required to defer all or a portion of
our capital expenditures. Our business, results of operations and financial
condition may be adversely affected if we cannot make such capital
expenditures.</P>
<P align=justify><B><I>We operate our mines with a limited and efficient work
force. Our ability to operate our company efficiently could be impaired if we
lose key personnel or fail to continue to attract qualified
personnel.</I></B></P>
<P align=justify>We manage our business with a number of key personnel at each
location, including key contractors, the loss of a number of whom could have a
material adverse effect on us. In addition, as our business develops and
expands, we believe that our future success will depend greatly on our continued
ability to attract and retain highly-skilled and qualified personnel and
contractors. We cannot be certain that key personnel will continue to be
employed by us or that we will be able to attract and retain qualified personnel
and contractors in the future. Failure to retain or attract key personnel could
have a material adverse effect on us.</P>
<P align=justify><B><I>Any change in consumption patterns of copper could affect
our ability to sell the copper we produce.</I></B></P>
<P align=justify>The copper market is volatile and cyclical and consumption of
copper is influenced by global economic growth, trends in industrial production
and conditions in the housing and automotive industries and economic growth in
China, which is the largest consumer of refined copper in the world. Should
demand weaken and consumption patterns change, in particular, if consumers seek
out lower cost substitute materials, the price of copper could be adversely
affected, which could negatively affect our results of operations.</P>
<P align=justify><B><I>Capital costs may increase/delays in commissioning or
start-up - GDP3 expansion project.</I></B></P>
<P align=justify>Capital costs with respect to GDP3 expansion are inherently
uncertain, particularly beyond one year, and could change materially over time.
Capital costs may increase significantly beyond what we or others in the mining
industry anticipate. Capital costs may vary from estimates for a variety of
reasons, including, among others:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>failure to obtain and maintain the necessary regulatory and partner
  approvals; </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_40></A>
<P align=center>- 39 -</P>
<UL style="TEXT-ALIGN: justify">
  <LI>natural phenomena, such as inclement weather conditions or floods;
  <LI>labour shortages or strikes;
  <LI>delay or lack of success completing construction activities; or
  <LI>delays, interruption or reduction in production or construction activities
  due to fires, failure of critical equipment, shortage of supplies, underground
  floods, earthquakes, tailings dam failures, lack of tailings capacity, ground
  movements and cave-ins, or other difficulties. </LI></UL>
<P align=justify>There may be unexpected delays in commissioning or start-up of
the GDP3 facility due to technical or other difficulties. Any such delays would
have a negative effect on the ability to increase production at the Gibraltar
mine.</P>
<P align=justify><B><I>Increased competition could adversely affect our ability
to attract necessary capital funding or acquire suitable producing properties or
prospects for mineral exploration in the future.</I></B></P>
<P align=justify>The mining industry is intensely competitive. Significant
competition exists for the acquisition of properties producing or capable of
producing copper, gold or other metals. We may be at a competitive disadvantage
in acquiring additional mining properties because we must compete with other
individuals and companies, many of which have greater financial resources,
operational experience and technical capabilities than we do. We may also
encounter increasing competition from other mining companies in our efforts to
hire experienced mining professionals. Competition for exploration resources at
all levels is currently very intense. Increased competition could adversely
affect our ability to attract necessary capital funding, or to acquire it on
acceptable terms, or acquire suitable producing properties or prospects for
mineral exploration in the future.</P>
<P align=justify>Recent increases in copper, gold and molybdenum prices have
encouraged increases in mining exploration, development and construction
activities, which have resulted in increased demand for and cost of contract
exploration, development and construction services and equipment. Increased
demand for and cost of services and equipment could cause project costs to
increase materially, resulting in delays if services or equipment cannot be
obtained in a timely manner due to inadequate availability, and increased
potential for scheduling difficulties and cost increases due to the need to
coordinate the availability of services or equipment, any of which could
materially increase project exploration, development or construction costs,
result in project delays, or both.</P>
<P align=justify><B><FONT color=#2db1ce>DIVIDENDS</FONT></B></P>
<P align=justify>The Company has not paid dividends in the two years ended
December 31, 2012. The Company has no plans to pay a dividend in the foreseeable
future.</P>
<P align=justify><B><FONT color=#2db1ce>DESCRIPTION OF CAPITAL STRUCTURE
</FONT></B></P>
<P align=justify><B>Share Capital</B></P>
<P align=justify>Taseko&#146;s share capital consists of an unlimited number of no
par value common shares. As of March 26, 2013, there were 191,104,955 common
shares issued and outstanding as fully paid and non-assessable.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_41></A>
<P align=center>- 40 -</P>
<P align=justify>The holders of Taseko&#146;s common shares are entitled to one vote
for each share on all matters submitted to a vote of shareholders.</P>
<P align=justify>There have been no changes in the classification of common
shares (reclassifications, consolidations, reverse splits or the like) within
the previous five years. All common shares of Taseko rank <I>pari passu
</I>(i.e. equally) for the payment of any dividends and distributions in the
event of a windup.</P>
<P align=justify>There are no constraints imposed on the foreign ownership of
securities of Taseko however an acquisition of control of Taseko by a
non-Canadian would be subject to a review by the Canadian government under its
foreign investment laws.</P>
<P align=justify><B>Senior Notes</B></P>
<P align=justify>The Company has US$200 million aggregate principal amount of
publicly-traded senior notes (&#147;Notes&#148;) due in 2019, bearing interest at an
annual rate of 7.75%. The Company may redeem some or all of the Notes at any
time on or after April 15, 2015 at redemption prices ranging from 103.875% to
100%, plus accrued and unpaid interest to the date of redemption. Prior to April
15, 2015, all or part of the Notes may be redeemed at 100% plus a make-whole
premium, plus accrued and unpaid interest to the date of redemption. In
addition, until April 15, 2014, the Company may redeem up to 35% of the
principal amount of Notes, in an amount not greater than the net proceeds of
certain equity offerings, at a redemption price of 107.75%, plus accrued and
unpaid interest to the date of redemption. The Notes are guaranteed on a senior
unsecured basis by the Company&#146;s two existing subsidiaries, and future
subsidiaries of the Company other than immaterial subsidiaries. The subsidiary
guarantees are, in turn, guaranteed by the Company.</P>
<P align=justify><B>Ratings</B></P>
<P align=justify>The following table sets out the ratings of Taseko&#146;s senior
notes by the rating agencies indicated as at March 26, 2013:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="66%" colSpan=2 align=center><B>Rating Agency</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="33%" align=center><B>Standard &amp; Poor&#146;s Rating Services</B>
    </TD>
    <TD width="33%" align=center><B>Moody&#146;s Investor Services</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Senior Notes </TD>
    <TD width="33%" align=center>B </TD>
    <TD width="33%" align=center>B3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Trend/Outlook </TD>
    <TD width="33%" align=center>Stable </TD>
    <TD width="33%" align=center>Stable </TD></TR></TABLE></DIV>
<P align=justify>Standard &amp; Poor&#146;s Rating Services&#146; (&#147;S&amp;P&#148;) credit
ratings are on a long-term rating scale that ranges from AAA to D, which
represents the range from highest to lowest quality of such securities rated.
S&amp;P has assigned Taseko a corporate credit rating of B and a credit rating
of B on the senior notes. According to S&amp;P, this rating generally means the
relevant issuer currently has the capacity to meet its finance commitments, but
that adverse business, financial, or economic conditions will likely impair the
relevant issuer&#146;s capacity or willingness to meet its financial commitments.
S&amp;P adds that an issuer or obligation rated &#145;B&#146; should be able to withstand
a mild level of stress and still meet its financial obligations. The ratings
from AAA to D may be modified by the addition of a plus (+) or a minus (-) sign
to show relative standing within the major categories. In addition, S&amp;P may
add a rating outlook of &#147;positive&#148;, &#147;negative&#148; or &#147;stable&#148; which assesses the
potential direction of a long-term credit rating over the intermediate term
(typically six months to two years).</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_42></A>
<P align=center>- 41 -</P>
<P align=justify>Moody&#146;s Investor Services&#146; (&#147;Moody&#146;s&#148;) credit ratings are on a
long-term debt rating scale that ranges from AAA to Caa, which represents the
range from highest to lowest quality of such securities rated. Moody&#146;s has
assigned Taseko a corporate family credit rating of B3 and a credit rating of B3
on the senior notes. According to Moody&#146;s, this rating generally means that the
obligations are considered speculative and are subject to high credit risk.
Moody&#146;s appends numerical modifiers 1, 2 and 3 to each generic rating
classification from AA through C. The modifier 1 indicates that the security
ranks in the higher end of its generic rating category, the modifier 2 indicates
a mid-range ranking and the modifier 3 indicates a ranking in the lower end of
the generic category.</P>
<P align=justify>We understand that the credit ratings accorded to the senior
notes by S&amp;P and Moody&#146;s are not recommendations to purchase, hold or sell
the senior notes as such ratings do not comment as to market price or
suitability for a particular investor. There is no assurance that any rating
will remain in effect for any given period of time or that any rating will not
be revised or withdrawn entirely by a rating agency in the future if, in its
judgment, circumstances so warrant.</P>
<P align=justify><B><FONT color=#2db1ce>MARKET FOR SECURITIES</FONT></B></P>
<P align=justify>Taseko&#146;s common shares are listed on the Toronto Stock Exchange
(TSX) and the NYSE MKT under the symbols TKO and TGB, respectively. The
following table shows the price ranges and volume traded by month in 2012, based
on trading information published by each Exchange. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="42%" colSpan=3 align=center><B>Toronto Stock Exchange </B></TD>
    <TD width="42%" colSpan=3 align=center><B>NYSE MKT Exchange </B></TD></TR>
  <TR vAlign=top>
    <TD align=left><BR><BR><B>2012 </B></TD>
    <TD width="14%" align=center><BR><BR><B>High (C$) </B></TD>
    <TD width="14%" align=center><BR><BR><B>Low (C$) </B></TD>
    <TD width="14%" align=center><BR><B>Average Daily </B><BR><B>Share Volume
      </B></TD>
    <TD width="14%" align=center><BR><BR><B>High (US$) </B></TD>
    <TD width="14%" align=center><BR><BR><B>Low (US$) </B></TD>
    <TD width="14%" align=center><B>Average </B><BR><B>Daily Share
      </B><BR><B>Volume </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>December </TD>
    <TD width="14%" align=center>3.03 </TD>
    <TD width="14%" align=center>2.78 </TD>
    <TD width="14%" align=center>173,500 </TD>
    <TD width="14%" align=center>3.05 </TD>
    <TD width="14%" align=center>2.80 </TD>
    <TD width="14%" align=center>354,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left>November </TD>
    <TD width="14%" align=center>3.19 </TD>
    <TD width="14%" align=center>2.65 </TD>
    <TD width="14%" align=center>209,100 </TD>
    <TD width="14%" align=center>3.20 </TD>
    <TD width="14%" align=center>2.61 </TD>
    <TD width="14%" align=center>427,800 </TD></TR>
  <TR vAlign=top>
    <TD align=left>October </TD>
    <TD width="14%" align=center>3.37 </TD>
    <TD width="14%" align=center>2.70 </TD>
    <TD width="14%" align=center>153,400 </TD>
    <TD width="14%" align=center>3.43 </TD>
    <TD width="14%" align=center>2.71 </TD>
    <TD width="14%" align=center>306,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left>September </TD>
    <TD width="14%" align=center>3.46 </TD>
    <TD width="14%" align=center>2.93 </TD>
    <TD width="14%" align=center>224,200 </TD>
    <TD width="14%" align=center>3.53 </TD>
    <TD width="14%" align=center>2.97 </TD>
    <TD width="14%" align=center>558,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left>August </TD>
    <TD width="14%" align=center>2.96 </TD>
    <TD width="14%" align=center>2.47 </TD>
    <TD width="14%" align=center>238,500 </TD>
    <TD width="14%" align=center>3.00 </TD>
    <TD width="14%" align=center>2.46 </TD>
    <TD width="14%" align=center>374,900 </TD></TR>
  <TR vAlign=top>
    <TD align=left>July </TD>
    <TD width="14%" align=center>2.87 </TD>
    <TD width="14%" align=center>2.50 </TD>
    <TD width="14%" align=center>224,000 </TD>
    <TD width="14%" align=center>2.80 </TD>
    <TD width="14%" align=center>2.49 </TD>
    <TD width="14%" align=center>312,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>June </TD>
    <TD width="14%" align=center>2.91 </TD>
    <TD width="14%" align=center>2.55 </TD>
    <TD width="14%" align=center>155,300 </TD>
    <TD width="14%" align=center>2.87 </TD>
    <TD width="14%" align=center>2.45 </TD>
    <TD width="14%" align=center>485,900 </TD></TR>
  <TR vAlign=top>
    <TD align=left>May </TD>
    <TD width="14%" align=center>3.54 </TD>
    <TD width="14%" align=center>2.62 </TD>
    <TD width="14%" align=center>225,100 </TD>
    <TD width="14%" align=center>3.60 </TD>
    <TD width="14%" align=center>2.57 </TD>
    <TD width="14%" align=center>585,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left>April </TD>
    <TD width="14%" align=center>3.55 </TD>
    <TD width="14%" align=center>2.99 </TD>
    <TD width="14%" align=center>321,300 </TD>
    <TD width="14%" align=center>3.58 </TD>
    <TD width="14%" align=center>3.02 </TD>
    <TD width="14%" align=center>647,600 </TD></TR>
  <TR vAlign=top>
    <TD align=left>March </TD>
    <TD width="14%" align=center>4.10 </TD>
    <TD width="14%" align=center>3.37 </TD>
    <TD width="14%" align=center>345,100 </TD>
    <TD width="14%" align=center>4.15 </TD>
    <TD width="14%" align=center>3.37 </TD>
    <TD width="14%" align=center>807,800 </TD></TR>
  <TR vAlign=top>
    <TD align=left>February </TD>
    <TD width="14%" align=center>4.29 </TD>
    <TD width="14%" align=center>3.52 </TD>
    <TD width="14%" align=center>678,900 </TD>
    <TD width="14%" align=center>4.30 </TD>
    <TD width="14%" align=center>3.53 </TD>
    <TD width="14%" align=center>984,200 </TD></TR>
  <TR vAlign=top>
    <TD align=left>January </TD>
    <TD width="14%" align=center>3.66 </TD>
    <TD width="14%" align=center>2.79 </TD>
    <TD width="14%" align=center>403,300 </TD>
    <TD width="14%" align=center>3.65 </TD>
    <TD width="14%" align=center>2.75 </TD>
    <TD width="14%" align=center>828,400 </TD></TR></TABLE></DIV>
<P align=justify><B><FONT color=#2db1ce>DIRECTORS AND OFFICERS</FONT></B></P>
<P align=justify>As at March 26, 2013, the directors and executive officers of
Taseko, as a group, beneficially owned, directly or indirectly, or exercised
control or direction over 3,677,360 common shares, representing less than two
percent of the total number of common shares outstanding before giving effect to
the exercise of options to purchase common shares held by such directors and
executive officers. The statement as to the number of common shares beneficially
owned, directly or indirectly, or over which control or direction is exercised
by the directors and executive officers of Taseko as a group is based upon
information furnished by the directors and officers.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_43></A>
<P align=center>- 42 -</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><B>Name, Position and Office, and</B> </TD>
    <TD width="25%" align=left><B>Period a Director and/or</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Province or
      State and Country of Residence</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="25%"
      align=left><B>Officer of Taseko</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Directors</B> </TD>
    <TD width="25%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>William Armstrong, Director <BR>Surrey,
      British Columbia, Canada </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since May 2006 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>T. Barry Coughlan, Director <BR>Vancouver, British
      Columbia, Canada </TD>
    <TD width="25%" align=left>Since February 2001 <BR></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Scott D. Cousens, Director <BR>Vancouver,
      British Columbia, Canada </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since October 1992 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert A. Dickinson, Director <BR>Lions Bay, British
      Columbia, Canada </TD>
    <TD width="25%" align=left>Since January 1991 <BR></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Russell E. Hallbauer, President, Chief
      Executive Officer and Director <BR>West Vancouver, British Columbia,
      Canada </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since July 2005 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Wayne Kirk, Director <BR>Orcas, Washington, USA </TD>
    <TD width="25%" align=left>Since July 2004 <BR></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Alex Morrison, Director <BR>Greenwood
      Village, Colorado, USA </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since April 2011 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Richard Mundie, Director <BR>Vancouver, British Columbia,
      Canada </TD>
    <TD width="25%" align=left>Since January 2010 <BR></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Ronald W. Thiessen, Chairman of the Board
      and Director <BR>West Vancouver, British Columbia, Canada </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since October 1993 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Executive Officers </TD>
    <TD width="25%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Brian Battison, Vice President Corporate
      Affairs <BR>Tsawwassen, British Columbia, Canada </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since September 2007 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Scott Jones, Vice President, Engineering <BR>North
      Vancouver, British Columbia, Canada </TD>
    <TD width="25%" align=left>Since December 2007 <BR></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>John W. McManus, Senior Vice President,
      Operations <BR>West Vancouver, British Columbia, Canada </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since October 2005 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Peter Mitchell, Chief Financial Officer <BR>West Vancouver,
      British Columbia, Canada </TD>
    <TD width="25%" align=left>Since September 2008 <BR></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>David Rouleau, Vice President, Operations
      <BR>Vancouver, British Columbia, Canada </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since June 2010 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Robert Rotzinger, Vice President, Capital Projects <BR>West
      Vancouver, British Columbia, Canada </TD>
    <TD width="25%" align=left>Since January 2013 <BR></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Trevor Thomas, Secretary <BR>Vancouver,
      British Columbia, Canada </TD>
    <TD bgColor=#e6efff width="25%" align=left>Since August 2008
  <BR></TD></TR></TABLE>
<P align=justify>Except where indicated, each director and senior officer of
Taseko has held the same or similar principal occupation with the organization
indicated or a predecessor thereof for the last five years.</P>
<P align=justify>At the annual general meeting held in June 2012 all the
directors listed above were re-elected to a term of office expiring at the next
annual general meeting of Taseko, which is currently scheduled for June 2013.
Some of the directors serve together on a number of boards of other publicly
listed companies.</P>
<P align=justify>Although the directors oversee the management of Taseko&#146;s
affairs, a cost sharing arrangement exists between a number of the public
resource companies on which several of the directors serve pursuant to a corporate services agreement with Hunter
Dickinson Services Inc. (&#147;HDSI&#148;) dated July 2, 2010. HDSI is a private company
which until early 2010 was owned equally by eight public companies, one of which
was Taseko. HDSI provides executive, engineering, geological and administrative
services to, and incurs costs on behalf of, these companies and allocates the
full costs to them.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_44></A>
<P align=center>- 43 -</P>
<P align=justify>All officers have a term of office lasting until their removal
or replacement by the Board of Directors. However, there are certain services
agreements in place with respect to these persons which will affect any
termination of services. The President and CEO is currently employed by HDSI and
provides services to the Company under the terms of the corporate services
agreement.</P>
<P align=justify><B>Committees of the Board of Directors</B></P>
<P align=justify><I>Audit Committee<BR></I>The Audit Committee is comprised of
Richard Mundie (Chairman), Wayne Kirk, and Alex Morrison.</P>
<P align=justify><I>Compensation Committee<BR></I>The Compensation Committee is
comprised of T. Barry Coughlan (Chairman), William P. Armstrong, and Richard A.
Mundie.</P>
<P align=justify><I>Nominating and Governance Committee<BR></I>The Nominating
and Governance Committee is comprised of Wayne Kirk (Chairman), T. Barry
Coughlan and Alex Morrison.</P>
<P align=justify><I>Investment Committee<BR></I>The Investment Committee
consisting is comprised of Russell Hallbauer (Chairman), William P. Armstrong,
Ronald W. Thiessen and Wayne Kirk.</P>
<P align=justify><I>Executive Committee<BR></I>The Executive Committee is
comprised of Russell Hallbauer (Chairman), William P. Armstrong, T. Barry
Coughlan and Ronald W. Thiessen.</P>
<P align=justify><I>Environmental, Health and Safety Committee<BR></I>The
Environmental, Health and Safety Committee is comprised of William P. Armstrong
(Chairman), Alex Morrison and Richard A. Mundie.</P>
<P align=justify><B>Principal Occupations and Other Information</B></P>
<P align=justify><B>William P. Armstrong, P.Eng. &#150; Director </B></P>
<P align=justify>Mr. Armstrong earned his Bachelors and Masters Degrees in
Geological Engineering from the University of British Columbia and has more than
45 years of experience in the mining industry. He recently retired from Teck
Cominco Ltd., where he was General Manager, Resource Evaluations and was
responsible for the evaluation of potential acquisitions and divestitures. He
was also responsible for the company&#146;s mineral reserves and resources. During
his career with Cominco Ltd., and Teck Cominco Ltd., Mr. Armstrong was involved
in feasibility studies, construction and operation of a large number of mines,
including coal deposits, underground and open pit base metal mines and precious
metal mines.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_45></A>
<P align=center>- 44 -</P>
<P align=justify>Mr. Armstrong is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Euromax Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>October 2011 </TD>
    <TD width="25%" align=left>February 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Hansa Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>August 2008 </TD>
    <TD width="25%" align=left>April 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>May 2006 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>T. Barry Coughlan, B.A. &#150; Director</B></P>
<P align=justify>Barry Coughlan is a self-employed businessman and senior
executive with international experience who has been involved in the financing
and management of publicly traded companies for over 25 years. During this
period, Mr. Coughlan has been involved in the financing of over thirty private
companies and their subsequent listing on both International and North American
markets. His principal occupation is President and Director of TBC Ventures
Ltd., a private investment company.</P>
<P align=justify>Mr. Coughlan is, or was within the past five years, an officer
and or a director of the following companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amarc Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>February 2009 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Creso Exploration Inc. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>July 2010 </TD>
    <TD width="25%" align=left>October 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Farallon Mining Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>March 1998 </TD>
    <TD width="25%" align=left>January 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Great Basin Gold Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>February 1998 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>ICN Resources Ltd. (formerly Icon <BR>Industries
      Ltd.) <BR></TD>
    <TD width="25%" align=left>President and CEO </TD>
    <TD width="25%" align=left>September 1991 </TD>
    <TD width="25%" align=left>November 2009 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>September 1991 </TD>
    <TD width="25%" align=left>January 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Northcliff Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Quadro Resources Ltd. (formerly <BR>Tri-Gold Resources
      Corp.) </TD>
    <TD width="25%" align=left>President, CEO and <BR>Director </TD>
    <TD width="25%" align=left>June 1986 <BR></TD>
    <TD width="25%" align=left>Present <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Quartz Mountain Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>January 2005 </TD>
    <TD width="25%" align=left>December 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rathdowney Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>March 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>February 2001 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vatic Ventures Corporation </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>January 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Scott D. Cousens &#150; Director</B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_46></A>
<P align=center>- 45 -</P>
<P align=justify>Scott D. Cousens provides management, technical and financial
services to a number of publicly traded companies, as indicated below. Since
1991, Mr. Cousens&#146; principal occupation has been his role as a director of
Hunter Dickinson Inc. (&#147;HDI&#148;) and its wholly owned subsidiary, Hunter Dickinson
Services Inc. (&#147;HDSI&#148;), a company providing management and administrative
services to several publicly-traded companies. Mr. Cousens&#146; focus has been on
the development of relationships within the international investment community.
Substantial financings and subsequent corporate success has established strong
ties with North American, European and Asian investors.</P>
<P align=justify>Mr. Cousens is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amarc Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>September 1995 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Atlatsa Resources Corporation <BR>(formerly Anooraq
      Resources <BR>Corporation) </TD>
    <TD width="25%" align=left>Director <BR><BR></TD>
    <TD width="25%" align=left>September 1996 <BR><BR></TD>
    <TD width="25%" align=left>June 2009 <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Continental Minerals Corporation </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 1994 </TD>
    <TD width="25%" align=left>April 2011 </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Heatherdale Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 2009 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>November 2009 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Northern Dynasty Minerals Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 1996 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Northcliff Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 2011 </TD>
    <TD width="25%" align=left>February 2012 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>May 2012 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Quartz Mountain Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 2012 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>November 2012 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rathdowney Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rockwell Diamonds Inc. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 2000 </TD>
    <TD width="25%" align=left>November 2008 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>October 1992 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Robert A. Dickinson, B.Sc., M.Sc. - Director</B></P>
<P align=justify>Mr. Dickinson is an economic geologist who has been actively
involved in mineral exploration and mine development for over 40 years. He is
Chairman of HDI and HDSI as well as a director and member of the management team
of a number of the public companies associated with HDI. He is also President
and Director of United Mineral Services Ltd., a private resources company. He
also serves as a Director of the Britannia Mine Museum and a Trustee of the BC
Mineral Resources Education Program.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_47></A>
<P align=center>- 46 -</P>
<P align=justify>Mr. Dickinson is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Amarc Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>April 1993 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>April 2004 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Atlatsa Resources Corporation <BR>(formerly
      Anooraq Resources <BR>Corporation) </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>October 2004 </TD>
    <TD width="25%" align=left>June 2009 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Co-Chairman </TD>
    <TD width="25%" align=left>October 2004 </TD>
    <TD width="25%" align=left>June 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Continental Minerals Corporation </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 2004 </TD>
    <TD width="25%" align=left>April 2011 </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Curis Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 2010 </TD>
    <TD width="25%" align=left>November 2012 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>November 2010 </TD>
    <TD width="25%" align=left>December 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Detour Gold Corporation </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>August 2006 </TD>
    <TD width="25%" align=left>February 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Heatherdale Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 2009 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Northcliff Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>June 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Northern Dynasty Minerals Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 1994 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>April 2004 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Quartz Mountain Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>December 2003 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>December 2011 </TD>
    <TD width="25%" align=left>November 2012 </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Rathdowney Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>March 2011 </TD>
    <TD width="25%" align=left>December 2011 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>March 2011 </TD>
    <TD width="25%" align=left>December 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>January 1991 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Russell E. Hallbauer, P.Eng. &#150; Director, President &amp;
CEO</B></P>
<P align=justify>Mr. Hallbauer graduated from the Colorado School of Mines with
a B.Sc. in Mining Engineering in 1979. He is a Registered Professional Engineer
with the Association of Professional Engineers of British Columbia. He has been
a member of the Canadian Institute of Mining and Metallurgy since 1975 and is a
director and former chairman of the Mining Association of B.C.</P>
<P align=justify>In 1983, he joined Teck Corporation&#146;s Bullmoose mine, advancing
through Engineering and Supervisory positions to become Mine Superintendent in
1987, and in 1992, became General Manager of Quintette. In 1995, he assumed new
responsibilities in Vancouver when he was appointed General Manager, Coal Operations, overseeing Teck&#146;s
three operating coal mines in the Province. In 2002, he was appointed General
Manager, Base Metal Joint Ventures, responsible for Teck Cominco&#146;s interests in
Highland Valley Copper, Antamina in Peru, and Louvicourt in Quebec. Mr.
Hallbauer is a director of HDSI (and HDI), a company providing management and
administrative services to several publicly-traded companies (including Taseko),
and focuses on directing corporate development and financing activities.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_48></A>
<P align=center>- 47 -</P>
<P align=justify>Mr. Hallbauer is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=3 align=left>Curis Resources Ltd. <BR><BR></TD>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>December 2010 </TD>
    <TD width="25%" align=left>September 2012 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Co-Chairman </TD>
    <TD width="25%" align=left>September 2012 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 2010 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Northern Dynasty Minerals Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>April 2008 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>President/CEO/Director </TD>
    <TD width="25%" align=left>July 2005 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Wayne Kirk, LLB &#150; Director</B></P>
<P align=justify>Wayne Kirk is a retired attorney and professional consultant.
With over 35 years professional experience Mr. Kirk also has over 9 years senior
executive experience in the mining industry.</P>
<P align=justify>Mr. Kirk is a citizen of the United States and is a resident of
the state of Washington. A Harvard University graduate, Mr. Kirk received his
law degree in 1968. From 1992 to 2001 Mr. Kirk was the Vice President, General
Counsel and Corporate Secretary of Homestake Mining Company. Prior to his
retirement in June 2004 he spent two years as Special Counsel for the law firm,
Thelen Reid &amp; Priest, in San Francisco.</P>
<P align=justify>Mr. Kirk is, or within the past five years was, a director of
the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Atlatsa Resources Corporation <BR>(formerly Anooraq
      Resources <BR>Corporation) </TD>
    <TD width="25%" align=left>Director <BR><BR></TD>
    <TD width="25%" align=left>July 2005 <BR><BR></TD>
    <TD width="25%" align=left>September 2011 <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Gabriel Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 2008 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Great Basin Gold Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>July 2004 </TD>
    <TD width="25%" align=left>January 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Luna Gold Corporation </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>May 2012 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Northern Dynasty Minerals Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>July 2004 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_49></A>
<P align=center>- 48 -</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>July 2004 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Alexander Morrison, CA - Director</B></P>
<P align=justify>Alex Morrison is a mining executive and chartered accountant
with over 25 years of experience in the mining industry.</P>
<P align=justify>Mr. Morrison is a citizen of the United States and is a
resident of the state of Colorado.</P>
<P align=justify>Mr. Morrison has held senior executive positions at a number of
mining companies, most recently serving as Vice President and Chief Financial
Officer of Franco-Nevada Corporation from 2007 to 2010. From 2002 to 2007, Mr.
Morrison held increasingly senior positions at Newmont Mining Corporation,
including Vice President, Operations Services and Vice President, Information
Technology. Prior to that, Mr. Morrison was Vice President and Chief Financial
Officer of NovaGold Resources Inc., Vice President and Controller of Homestake
Mining Company and held senior financial positions at Phelps Dodge Corporation
and Stillwater Mining Company. Mr. Morrison began his career with
PricewaterhouseCoopers LLP after obtaining his Bachelor of Arts in Business
Administration from Trinity Western University. </P>
<P align=justify>Mr. Morrison is, or within the past five years was, an officer
and/or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Detour Gold Corporation </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>May 2010 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Franco-Nevada Corporation </TD>
    <TD width="25%" align=left>Chief Financial Officer </TD>
    <TD width="25%" align=left>January 2008 </TD>
    <TD width="25%" align=left>April 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>April 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pershing Gold Corporation </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 2012 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Richard Mundie, CA &#150; Director </B></P>
<P align=justify>Richard Mundie is a Chartered Accountant with a Bachelor of
Commerce degree from the University of British Columbia. Mr. Mundie has held a
number of senior leadership positions in the mining sector for over 25 years in
key organizations in British Columbia and overseas. From 2005 to 2007, he was
Vice President, Asia Affairs and Chief Representative (China), for Teck Cominco
Limited. In this role, he was active in the international mining community and
participated in several joint programs to build stronger relationships with the
Chinese Government. </P>
<P align=justify>Mr. Mundie also held the position of Vice President &#150;
Commercial for a period of ten years with Teck Cominco. In this role, he was
responsible for marketing the company&#146;s commercial mineral products, gaining
invaluable experience in Europe, South America, United States, Japan, Korea, and
Taiwan. </P>
<P align=justify>Between 1983 and 1995, he held a number of financial and
leadership positions with Cominco and in 1992, he assumed the role of Director
of Business Development with wide responsibilities for mergers, acquisitions and divestitures.
Earlier career positions included a number of finance related roles in the
resources sector, transport and public accounting with PricewaterhouseCoopers
LLP.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_50></A>
<P align=center>- 49 -</P>
<P align=justify>Mr. Mundie is, or within the past five years was, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Far West Mining Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>August 2010 </TD>
    <TD width="25%" align=left>June 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mundoro Capital Inc. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>May 2010 </TD>
    <TD width="25%" align=left>December 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Panoro Minerals Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>March 2010 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>January 2010 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Ronald W. Thiessen, FCA &#150; Chairman of the Board and
Director</B></P>
<P align=justify>Ronald Thiessen is a Chartered Accountant with professional
experience in finance, taxation, mergers, acquisitions and re-organizations.
Since 1986, Mr. Thiessen has been involved in the acquisition and financing of
mining and mineral exploration companies. Mr. Thiessen&#146;s principal occupation is
his role as a director of HDSI (and HDI), a company providing management and
administrative services to several publicly-traded companies (including Taseko),
and focuses on directing corporate development and financing activities. </P>
<P align=justify>Mr. Thiessen is, or was within the past five years, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Amarc Resources Ltd. <BR><BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>September 1995 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>President and Chief <BR>Executive Officer </TD>
    <TD width="25%" align=left>September 2000 <BR></TD>
    <TD width="25%" align=left>Present <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Atlatsa Resources Corporation <BR>(formerly Anooraq
      Resources <BR>Corporation) </TD>
    <TD width="25%" align=left>Director <BR><BR></TD>
    <TD width="25%" align=left>April 1996 <BR><BR></TD>
    <TD width="25%" align=left>June 2011 <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Continental Minerals Corporation <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 1995 </TD>
    <TD width="25%" align=left>April 2011 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Co-Chairman </TD>
    <TD width="25%" align=left>January 2006 </TD>
    <TD width="25%" align=left>April 2011 </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Detour Gold Corporation <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>July 2006 </TD>
    <TD width="25%" align=left>May 2012 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>July 2006 </TD>
    <TD width="25%" align=left>March 2009 </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Farallon Mining Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>August 1994 </TD>
    <TD width="25%" align=left>January 2011 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>December 2005 </TD>
    <TD width="25%" align=left>January 2011 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_51></A>
<P align=center>- 50 -</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Great Basin Gold Ltd. <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>October 1993 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>November 2006 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Northern Dynasty Minerals Ltd. <BR><BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>November 1995 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>President and Chief <BR>Executive Officer </TD>
    <TD width="25%" align=left>November 2001 <BR></TD>
    <TD width="25%" align=left>Present <BR></TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Quartz Mountain Resources Ltd. <BR><BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>December 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>President and Chief <BR>Executive Officer </TD>
    <TD width="25%" align=left>December 2011 <BR></TD>
    <TD width="25%" align=left>Present <BR></TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Taseko Mines Limited <BR></TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>October 1993 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Chairman </TD>
    <TD width="25%" align=left>May 2006 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Brian Battison &#150; Vice President, Corporate Affairs</B></P>
<P align=justify>Brian Battison is responsible for all matters relating to
corporate and public affairs, including government and community relations,
sustainability and economic and social responsibility. Mr. Battison has over 25
years of experience in policy development, issue management and communication in
both the private and public sectors. He has been a senior political and policy
advisor for the government of British Columbia, served as Interim President
&amp; CEO of the Mining Association of BC and spent more than a decade operating
a private full service communications consulting firm specializing in strategic
planning, program development, implementation and evaluation in the areas of
mining and resource development, electrical energy, and health care.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited <BR></TD>
    <TD width="25%" align=left>Vice President, Corporate <BR>Affairs </TD>
    <TD width="25%" align=left>September <BR>2007 </TD>
    <TD width="25%" align=left>Present <BR></TD></TR></TABLE></DIV>
<P align=justify><B>Scott Jones, P.Eng. &#150; Vice President, Engineering</B></P>
<P align=justify>Scott Jones has 30 years of experience in the mining industry.
Prior to joining Taseko in 2006, he was a Senior Mining Engineer for Teck
Cominco where he was involved in property valuation and feasibility studies. He
has also held various senior positions in both underground and open pit
operations for Teck Cominco and at Barrick Gold&#146;s Hemlo Operations. He has a
B.Sc. in Mine Engineering from McGill University.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_52></A>
<P align=center>- 51 -</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited <BR></TD>
    <TD width="25%" align=left>Vice President, <BR>Engineering </TD>
    <TD width="25%" align=left>December 2007 <BR></TD>
    <TD width="25%" align=left>Present <BR></TD></TR></TABLE></DIV>
<P align=justify><B>John McManus, P. Eng. &#150; Senior Vice-President,
Operations</B></P>
<P align=justify>John McManus holds a Bachelor of Science degree in mining
engineering from the Colorado School of Mines and a Technologist Diploma in
Mining from the British Columbia Institute of Technology.</P>
<P align=justify>Mr. McManus has worked in the mining industry in British
Columbia for over 30 years where he gained experience in mine operations, mine
engineering and environmental management. Prior to joining Taseko in 2005, he
was the General Manager, Coal Mountain Operations at Elk Valley Coal
Corporation. Before that, Mr. McManus was the Mine Manager at Teck Cominco&#146;s
coal mining joint venture Bullmoose operation, General Superintendent at the
Elkview coal mine and Superintendent of Engineering at the Quintette operation.
His past experience also includes five years working in operations and
engineering at the Highland Valley and Lornex copper mines and three years
working in gold exploration in the Yukon, British Columbia and California.</P>
<P align=justify>Mr. McManus is, or was within the past five years, an officer
and or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>European Nickel PLC </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>August 2010 </TD>
    <TD width="25%" align=left>December 2011 </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2 align=left>Taseko Mines Limited <BR><BR></TD>
    <TD width="25%" align=left>Vice President, Operations </TD>
    <TD width="25%" align=left>October 2005 </TD>
    <TD width="25%" align=left>December 2007 </TD></TR>
  <TR vAlign=top>
    <TD width="25%" align=left>Senior Vice President, <BR>Operations </TD>
    <TD width="25%" align=left>December 2007 <BR></TD>
    <TD width="25%" align=left>Present <BR></TD></TR></TABLE></DIV>
<P align=justify><B>Peter Mitchell, CPA, CA &#150; Chief Financial Officer</B></P>
<P align=justify>Peter Mitchell is a Chartered Accountant with degrees in
Economics (BA) from the University of Western Ontario and Business
Administration (MBA) from the University of British Columbia. Prior to his role
with Taseko, Mr. Mitchell held executive positions with several private equity
portfolio companies. He was most recently President of Florida Career College, a
portfolio investment of Greenhill Capital and Abrams Capital. Prior to this
position he was President and CEO of Vatterott Education Holdings which was
owned by Wellspring Capital.</P>
<P align=justify>Mr. Mitchell is, or was within the past five years, an officer
and or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Northcliff Resources Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>June 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Northern Dynasty Minerals Ltd. </TD>
    <TD width="25%" align=left>Director </TD>
    <TD width="25%" align=left>May 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_53></A>
<P align=center>- 52 -</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Chief Financial Officer </TD>
    <TD width="25%" align=left>September 2008 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>David Rouleau, P. Eng. &#150; Vice-President, Operations</B></P>
<P align=justify>Dave Rouleau holds a Bachelor of Science Mine Engineering
Degree from the South Dakota School of Mines and a Mining Technology Diploma
from Haileybury School of Mines. Prior to joining Taseko, Mr. Rouleau was a key
member of Canadian Natural Resources senior management team developing the $10
billion Horizon Oil Sands Project in Fort McMurray, Alberta. Mr. Rouleau was
responsible for all aspects of the 200 million tonne per year mining operation
supporting 110,000 barrels per day of synthetic crude oil production. Mr.
Rouleau's background also includes 17 years with Teck Cominco in various mine
operations and engineering roles. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Vice President, Operations </TD>
    <TD width="25%" align=left>June 2010 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Robert Rotzinger, P. Eng. &#150; Vice-President, Capital
Projects</B></P>
<P align=justify>Robert Rotzinger has over 18+ years&#146; experience in the mining
industry with Taseko and predecessor companies. Mr. Rotzinger has been a key
participant in the $700 million capital investment program at the Gibraltar mine
over the last five years, with his most recent role overseeing the 3<SUP>rd
</SUP>phase of this mine expansion plan. In 2010, he was a co-recipient of the
Association of Mineral Exploration British Columbia (AMEBC) E.A.Scholz Award for
Excellence in Mine Development for the expansion and modernization of the
Gibraltar mine. He also received PowerSmart Excellence Awards from BC Hydro in
2008 for Outstanding Energy Efficient Project and again in 2010 for the
Application of New Energy Efficient Technology. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Vice President, </TD>
    <TD width="25%" align=left>January 2013 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>&nbsp;</TD>
    <TD  width="25%" align=left>Capital
      Projects&nbsp;&nbsp;&nbsp;&nbsp;</TD>
    <TD  width="25%" align=center>&nbsp;</TD>
    <TD  width="25%"
align=center>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><B>Trevor Thomas, LLB &#150; Secretary</B></P>
<P align=justify>Trevor Thomas has practiced in the areas of corporate
commercial, corporate finance, securities and mining law since 1995, both in
private practice environment as well as in-house positions and is currently
general counsel for Hunter Dickinson Inc. Prior to joining Hunter Dickinson Inc.
he served as in-house legal counsel with Placer Dome Inc.</P>
<P align=justify>Mr. Thomas is, or within the past five years was, an officer
and or director of the following public companies:</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_54></A>
<P align=center>- 53 -</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=1 cellSpacing=0 borderColor=#000000 cellPadding=3 width="100%">

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD width="25%" align=left><B>Positions Held</B> </TD>
    <TD width="25%" align=left><B>From</B> </TD>
    <TD width="25%" align=left><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Amarc Resources Ltd. </TD>
    <TD width="25%" align=left>Secretary </TD>
    <TD width="25%" align=left>February 2008 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left><BR>Atlatsa Resources Corporation <BR>(formerly Anooraq
      Resources Corporation) </TD>
    <TD width="25%" align=left>Asst Secretary <BR><BR></TD>
    <TD width="25%" align=left>November <BR>2007 <BR></TD>
    <TD width="25%" align=left>July 2011 <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Continental Minerals Corporation </TD>
    <TD width="25%" align=left>Secretary </TD>
    <TD width="25%" align=left>February 2008 </TD>
    <TD width="25%" align=left>April 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Farallon Mining Ltd. <BR></TD>
    <TD width="25%" align=left>Secretary <BR></TD>
    <TD width="25%" align=left>December <BR>2007 </TD>
    <TD width="25%" align=left>January 2011 <BR></TD></TR>
  <TR vAlign=top>
    <TD align=left>Heatherdale Resources Ltd. <BR></TD>
    <TD width="25%" align=left>Secretary <BR></TD>
    <TD width="25%" align=left>November <BR>2009 </TD>
    <TD width="25%" align=left>September <BR>2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Northcliff Resources Ltd. </TD>
    <TD width="25%" align=left>Secretary </TD>
    <TD width="25%" align=left>June 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Northern Dynasty Minerals Ltd. </TD>
    <TD width="25%" align=left>Secretary </TD>
    <TD width="25%" align=left>February 2008 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rathdowney Resources Ltd. </TD>
    <TD width="25%" align=left>Secretary </TD>
    <TD width="25%" align=left>March 2011 </TD>
    <TD width="25%" align=left>Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>Rockwell Diamonds Inc. <BR></TD>
    <TD width="25%" align=left>Secretary <BR></TD>
    <TD width="25%" align=left>February 2008 <BR></TD>
    <TD width="25%" align=left>September <BR>2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Taseko Mines Limited </TD>
    <TD width="25%" align=left>Secretary </TD>
    <TD width="25%" align=left>August 1, 2008 </TD>
    <TD width="25%" align=left>Present </TD></TR></TABLE></DIV>
<P align=justify><B>Cease Trade Orders, Bankruptcies, Penalties or
Sanctions</B></P>
<P align=justify>No director or executive officer of Taseko is as of the date of
this AIF, or has been within the 10 years before the date of this AIF, a
director or executive officer of any company that was the subject of a cease
trade order or similar penalty or sanction while that person was acting in that
capacity, or was the subject of a cease trade order or similar penalty or
sanction after the director or executive officer ceased to act in that capacity
and which resulted from any event that occurred while that person was acting in
the capacity of a director or executive officer.</P>
<P align=justify>Except as disclosed below, no director or executive officer of
the Company, or a shareholder holding a sufficient number of securities of the
Company to affect materially control of the Company, (i) is, or within ten years
prior to the date hereof has been, a director or executive officer of any
company (including the Company) that, while that person was acting in that
capacity, or within a year of that person ceasing to act in that capacity,
became bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency or was subject to or instituted any proceedings, arrangement or
compromise with creditors or had a receiver, receiver manager or trustee
appointed to hold its assets, or (ii) has, within ten years prior to the date
hereof, become bankrupt, made a proposal under any legislation relating to
bankruptcy or insolvency, or become subject to or instituted any proceedings,
arrangement or compromise with creditors, or had a receiver, receiver manager or
trustee appointed to hold the assets of the director, executive officer or
shareholder.</P>
<P align=justify>In September, 2012, Great Basin Gold Ltd. (&#147;GBG&#148;), a company
for which Messrs. T. Barry Coughlan and Ronald W. Thiessen were at the time, and
currently remain directors and for which Mr. Wayne Kirk was at that time a
former director having resigned as a director in January 2012, filed for
creditor protection under the Companies Creditors Arrangement Act (&#147;CCAA&#148;) in
Canada, as well, GBG&#146;s principal South African subsidiary Southgold Exploration
(Pty) Ltd. (&#147;Southgold&#148;), filed for protection under the South African Companies
Act business rescue procedures. The two insolvency proceedings were
primarily caused by production ramp-up shortfalls at GBG&#146;s newly opened
Burnstone Mine due to unforeseen ground faulting and water control problems,
combined with gold productions shortfalls at GBG&#146;s Nevada Hollister trial mine.
These production shortfalls cause a cash-flow deficiency which caused GBG and
Southgold to default under certain term loan agreements with an aggregate value
of approximately $200 million. The default of these term loan agreements in turn
cause GBG to default under the terms of a class of listed debentures with an
aggregate value of approximately $126 million in principal. The outcome of the
insolvency proceedings insofar as the potential for financial recovery by
creditors and shareholders of GBG is not yet ascertainable.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_55></A>
<P align=center>- 54 -</P>
<P align=justify>No director or executive officer of the Company, or a
shareholder holding a sufficient number of securities of the Company to affect
materially the control of the Company, has been subject to (i) any penalties or
sanctions imposed by a court relating to securities legislation or by a
securities regulatory authority or has entered into a settlement agreement with
a securities regulatory authority; or (ii) any other penalties or sanctions
imposed by a court or regulatory body that would likely be considered important
to a reasonable investor in making an investment decision.</P>
<P align=justify><B>Potential Conflicts of Interest </B></P>
<P align=justify>Several directors of Taseko also serve as directors of one or
more other resource companies involved in mineral exploration and/or
development. It may occur from time to time that as a consequence of his
activity in the mineral industry and serving on such other boards that a
director may become aware of potential resource property opportunities which are
of interest to more than one of the companies on whose boards that person
serves. Furthermore, it is possible that the directors of Taseko and the
directors of one or more such other companies may also agree to allow joint
participation on Taseko&#146;s properties or the properties of that other company.
Accordingly, situations may arise in the ordinary course which involve a
director in an actual or potential conflict of interest as well as issues in
connection with the general obligation of a director to make corporate
opportunities available to the company on which the director serves. In all such
events, any director who might have a disclosable financial interest in a
contract or transaction by virtue of office, employment or security holdings or
other such interest in another company or in a property interest under
consideration by the Taseko Board, would be obliged to abstain from voting as a
Taseko director in respect of any transaction involving that other company(s) or
in respect of any property in which an interest is held by him. The directors
will use their best business judgment to help avoid situations where conflicts
or corporate opportunity issues might arise and they must at all times fulfill
their duties to act honestly and in the best interests of Taseko.</P>
<P align=justify><B><FONT color=#2db1ce>LEGAL PROCEEDINGS AND REGULATORY
ACTIONS</FONT></B></P>
<P align=justify>The Company has not been subject to any potentially material
legal proceedings during this fiscal year.</P>
<P align=justify>The Company has not been subject to any regulatory actions
during this fiscal year.</P>
<P align=justify><B><FONT color=#2db1ce>INTEREST OF MANAGEMENT AND OTHERS IN
MATERIAL TRANSACTIONS</FONT></B></P>
<P align=justify>None of the directors or senior officers of the Company, nor
any person who has held such a position since the beginning of the last
completed financial year end of the Company, nor any associate or affiliate of
the foregoing persons, has any substantial or material interest, direct or indirect, by way of beneficial ownership of securities or
otherwise, in any material transaction of the Company other than as set out
herein.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_56></A>
<P align=center>- 55 -</P>
<P align=justify>HDSI is a private company with certain directors in common with
the Company and which provides geological, corporate development, administrative
and management services to, and incurs third party costs on behalf of the
Company and its subsidiaries. On July 2, 2010, the HDSI services agreement was
modified and services are now provided based on annually set hourly rates.
Transactions with HDSI are reflected in the Company's statement of operations
and comprehensive income (loss) and are measured at the exchange amount based on
the agreement. The services are rendered at no more than fair market value.</P>
<P align=justify><B><FONT color=#2db1ce>TRANSFER AGENT AND
REGISTRAR</FONT></B></P>
<P align=justify>The Company&#146;s registrar and transfer agent for its common
shares is Computershare Trust Company of Canada, located in Vancouver, BC.</P>
<P align=justify><B><FONT color=#2db1ce>MATERIAL CONTRACTS</FONT></B></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%">(a) </TD>
    <TD colSpan=2>
      <P align=justify>Red Mile Royalty Sale Agreements dated September 29,
      2004:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">i) </TD>
    <TD>
      <P align=justify>Royalty Agreement among, <I>inter alia</I>, Gibraltar and
      Wilshire (GP) No. 2 Corporation, in its own capacity and in its capacity
      as general partner on behalf of all the limited partners of Red Mile
      Resources No. 2 Limited Partnership (&#147;Red Mile&#148;), pursuant to which
      Gibraltar sold to Red Mile a royalty (the &#147;Royalty Interest&#148;) for
      $67,357,000 (the &#147;Purchase Price&#148;);</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">ii) </TD>
    <TD>
      <P align=justify>Call Option Agreement among, <I>inter alia</I>, 688888
      B.C. Ltd. (&#147;688888&#148;), a wholly- owned subsidiary of Taseko, and Red Mile
      Resources Inc., in its capacity as general partner on behalf of all of the
      partners of Red Mile Resources Fund Limited Partnership (&#147;RMRF&#148;), pursuant
      to which 688888 has an option to, directly or indirectly, re-acquire the
      Royalty Interest by acquiring from Red Mile the Royalty Interest or from
      RMRF all of the limited partnership units of Red Mile held by
  RMRF;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">iii) </TD>
    <TD>
      <P align=justify>Funding Pledge Agreement among, <I>inter alia</I>,
      Alberta Capital Trust Corporation (&#147;Alberta Trust&#148;) and Gibraltar,
      pursuant to which the Purchase Price was invested in a promissory note
      with Alberta Trust, and Gibraltar pledged the promissory note, along with
      interest earned and to be earned thereon, to secure its obligations under
      the Funding Pledge Agreement; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">iv) </TD>
    <TD>
      <P align=justify>Pledge, Priorities and Direction Agreement, pursuant to
      which Gibraltar is entitled to have released to it funds held under a
      promissory note, and interest thereon, to fund its royalty obligations
      under the Royalty Agreement to the extent of its royalty payment
      obligations;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD colSpan=2>
      <P align=justify>Corporate Services Agreement dated July 2, 2010 between
      HDSI and the Company, pursuant to which HDSI agreed to provide technical,
      geological, corporate communications, administrative and management
      services to the Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD colSpan=2>
      <P align=justify>Copper Concentrate Agreement dated April 17, 2008 between
      Gibraltar and MRI, pursuant to which Gibraltar sells copper concentrate to
      MRI;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_57></A>
<P align=center>- 56 -</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%">(d) </TD>
    <TD>
      <P align=justify>Joint Venture Formation Agreement dated March 18, 2010
      between the Company, Gibraltar and Cariboo, pursuant to the formation of
      the Gibraltar Joint Venture;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(e) </TD>
    <TD>
      <P align=justify>Joint Venture Operating Agreement with Cariboo, dated
      March 18, 2010 whereby the Gibraltar mine is operated in a 75:25 joint
      venture with Cariboo;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(f) </TD>
    <TD>
      <P align=justify>Off-Take Agreement dated March 18, 2010 between the
      Company, Gibraltar and Cariboo, pursuant to which the Gibraltar Joint
      venture sells copper concentrate to Cariboo;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(g) </TD>
    <TD>
      <P align=justify>At the Market Issuance Agreement, dated October 18, 2010,
      with McNicoll, Lewis &amp; Vlak LLC, pursuant to which the Company may, at
      its discretion, from time to time sell up to a maximum of 18,600,000, of
      its common shares through "at-the-market" issuance;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(h) </TD>
    <TD>
      <P align=justify>Purchase and Sale Agreement dated May 12, 2010 between
      Franco-Nevada Corporation and the Company, pursuant to which Franco-Nevada
      will purchase gold equal to 22% of the life-of-mine gold to be produced by
      Taseko from its proposed New Prosperity gold-copper mine; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>Indenture, dated as of April 15, 2011, between the
      Company, as issuer and Parent Guarantor, Gibraltar Mines Ltd., as
      Subsidiary Guarantor, and Aley Corporation, as Subsidiary Guarantor, and
      The Bank of New York Mellon, as U.S. trustee, and BNY Trust Company of
      Canada, as Canadian Co-Trustee.</P></TD></TR></TABLE>
<P align=justify><B><FONT color=#2db1ce>INTERESTS OF EXPERTS</FONT></B></P>
<P align=justify>The following is a list of the persons or companies named as
having prepared or certified a statement, report or valuation, in this AIF
either directly or in a document incorporated by reference and whose profession
or business gives authority to the statement, report or valuation made by the
person or company:</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%">(a) </TD>
    <TD>
      <P align=justify>The Company&#146;s independent auditors are KPMG LLP,
      Chartered Accountants, who have issued an independent auditors&#146; report
      dated February 21, 2013 in respect of the Company&#146;s consolidated financial
      statements as at December 31, 2012 and for the fiscal year ended December
      31, 2012 and the Company&#146;s internal control over financial reporting as at
      December 31, 2012;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Scott Jones, P. Eng. authored the &#147;Technical Report on
      the 357 Million Ton Increase in Mineral Reserves at the Gibraltar Mine&#148;
      dated June 24, 2011; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Scott Jones, P. Eng. authored the &#147;Technical Report on
      the 344 million tonne increase in mineral reserves at the New Prosperity
      Gold &#150; Copper Project&#148; dated December 17, 2009.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Ronald G. Simpson, authored the &#147;Technical Report Aley
      Carbonatite Niobium Project&#148; dated October 26, 2011 and the &#147;Technical
      Report Aley Carbonatite Niobium Project&#148; dated March 29,
  2012.</P></TD></TR></TABLE>
<P align=justify>To our knowledge, Scott Jones and Ronald Simpson do not hold,
directly or indirectly, more than 1% of our issued and outstanding common
shares. KPMG are the auditors of the Company and have confirmed that they are independent of the Company
within the meaning of the &#145;Rules of Professional Conduct&#146; of the Institute of
Chartered Accountants of B.C.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_58></A>
<P align=center>- 57 -</P>
<P align=justify>Based on information provided by the relevant persons, and
except as otherwise disclosed in this AIF, none of the persons or companies
referred to above has received or will receive any direct or indirect interests
in our property or the property of an associated party or an affiliate of ours
or have any beneficial ownership, direct or indirect, of our securities or of an
associated party or an affiliate of ours.</P>
<P align=justify><B><FONT color=#2db1ce>ADDITIONAL INFORMATION</FONT></B></P>
<P align=justify>Additional information, including additional financial
information, directors&#146; and officers&#146; remuneration, indebtedness of officers,
executive stock options and interests of management and others in material
transactions, where applicable, is contained in annual financial statements,
MD&amp;A, proxy circulars and interim financial statements available at the
SEDAR internet web site (<U>www.sedar.com</U>).</P>
<P align=justify>The following documents can be obtained upon request from
Taseko&#146;s Shareholder Communication Department by calling (778) 373-4533:</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%">(i) </TD>
    <TD>
      <P align=justify>this Annual Information Form, together with any document
      incorporated herein by reference;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Annual Report of the Company and any interim
      financial statements filed with Securities Commissions subsequent to the
      audited financial statements for the Company&#146;s most recently completed
      financial year; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the Proxy Circular for the 2012 annual general meeting of
      the Company.</P></TD></TR></TABLE>
<P align=justify>The Company may require the payment of a reasonable charge from
persons, other than security holders of the Company, requesting copies of these
documents.</P>
<P align=justify><B><FONT color=#2db1ce>AUDIT AND RISK COMMITTEE</FONT></B></P>
<P align=justify>The Audit and Risk Committee has adopted a charter that sets
out its mandate and responsibilities, and is attached to this AIF as Appendix
A.</P>
<P align=justify><B>Composition of Audit and Risk Committee</B></P>
<P align=justify>The Audit and Risk Committee, consisting of Richard Mundie,
Wayne Kirk and Alex Morrison, reviews all financial statements of the Company
prior to their publication, reviews audits, considers the adequacy of audit
procedures, recommends the appointment of independent auditors, reviews and
approves the professional services to be rendered by them and reviews fees for
audit services. The charter has set criteria for membership which all members of
the Audit and Risk Committee are required to meet consistent with National
Instrument 52-110 <I>Audit Committees </I>and other applicable regulatory
requirements. The Audit and Risk Committee, as needed, meets separately (without
management present) with the Company&#146;s auditors to discuss the various aspects
of the Company&#146;s financial statements and the independent audit.</P>
<P align=justify>Each Audit and Risk Committee member is an independent director
and is financially literate. Mr. Mundie is the Audit and Risk Committee&#146;s
chairman.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_59></A>
<P align=center>- 58 -</P>
<P align=justify><B>Relevant Education and Experience </B></P>
<P align=justify>Disclosure respecting the education and experience of the Audit
and Risk Committee is provided in their biographies above. As a result of their
education and experience, each member of the Audit Committee has familiarity
with, an understanding of, or experience in: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>the accounting principles used by the Company to prepare its financial
  statements, and the ability to assess the general application of those
  principles in connection with estimates, accruals and reserves;
  <LI>reviewing or evaluating financial statements that present a breadth and
  level of complexity of accounting issues that are generally comparable to the
  breadth and complexity of issues that can reasonably be expected to be raised
  by the Company&#146;s financial statements, and
  <LI>internal controls and procedures for financial reporting. </LI></UL>
<P align=justify><B>Code of Ethics</B></P>
<P align=justify>The Company has adopted a code of ethics that applies to all
directors, officers and employees of the Company, including the Chief Executive
Officer, Chief Financial Officer and other senior finance staff. A copy of the
Code of Ethics, which is included as a part of the Company&#146;s Governance Policies
and Procedures Manual, is available on the Company&#146;s website at
<U>www.tasekomines.com </U>and at the SEDAR internet web site
<U>www.sedar.com</U>.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_60></A>
<P align=center>- 59 -</P>
<P align=justify><B>Principal Accountant Fees and Services</B></P>
<P align=justify>The following table discloses the aggregate fees billed for
each of the last two years for professional services rendered by the Company&#146;s
audit firm for various services.</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><B>Services:</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>Year ended</B> </TD>
    <TD  width="2%" noWrap align=left>&nbsp;</TD>
    <TD  width="1%" noWrap align=left>&nbsp;</TD>
    <TD width="12%" noWrap align=right><B>Year ended</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%" noWrap
      align=right><B>December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%" noWrap
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" noWrap
      align=right><B>December 31, 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>Audit Fees </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>&nbsp;462,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>&nbsp;727,100 </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>Audit Related
      Fees<SUP>1</SUP> </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>&#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="12%" align=right>&#150; </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>Tax Fees </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>&#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="12%"
    align=right>&#150; </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>All Other Fees </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>&#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="12%" align=right>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px 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="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;462,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>&nbsp;727,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>(1) &#147;Audit-Related Fees&#148; include services that are
traditionally performed by the auditor. </P>
<P align=justify><B>Pre-Approval Policies and Procedures</B></P>
<P align=justify>Management of the Company requests approval from the Audit and
Risk Committee for all audit and non-audit services to be provided by the
Company&#146;s auditors. The Audit and Risk Committee pre-approves all such services
with set maximum dollar amounts for each itemized service. During such
deliberations, the Audit and Risk Committee assesses, among other factors,
whether the services requested would be considered &#147;prohibited services&#148; as
contemplated under Canadian independence standards and by the US Securities and
Exchange Commission, and whether the services requested and the fees related to
such services could impair the independence of the auditors. No audit-related
fees, tax fees or other non-audit fees for such &#147;prohibited services&#148; were
approved by the Audit and Risk Committee.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_61></A>
<P align=center><B>APPENDIX A<BR></B><B>Audit and Risk Committee Charter</B></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="10%" ><FONT color=#2db1ce><B>1.</B>
      </FONT></TD>
    <TD><FONT color=#2db1ce>
      <P align=justify><B>PURPOSE: RESPONSIBILITIES AND
    AUTHORITY</B></P></FONT></TD></TR></TABLE>
<P align=justify>The Audit and Risk Committee (the &#147;Audit Committee&#148; or
&#147;Committee&#148;) shall carry out its responsibilities under applicable laws,
regulations and stock exchange requirements with respect to the employment,
compensation and oversight of the Company&#146;s independent auditor, and other
matters under the authority of the Committee. The Committee also shall assist
the Board of Directors in carrying out its oversight responsibilities relating
to the Company&#146;s financial, accounting and reporting processes, the Company&#146;s
system of internal accounting and financial controls, the Company&#146;s compliance
with related legal and regulatory requirements, and the fairness of transactions
between the Company and related parties. In furtherance of this purpose, the
Committee shall have the following responsibilities and authority:</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%">(a) </TD>
    <TD>
      <P align=justify><B><I>Relationship with Independent
    Auditor.</I></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>(i) Subject to the law of British
Columbia as to the role of the Shareholders in the appointment of independent
auditors, the Committee shall have the sole authority to appoint or replace the
independent auditor.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii) The Committee shall be directly
responsible for the compensation and oversight of the work of the independent
auditor (including resolution of disagreements between management and the
independent auditor regarding financial reporting) for the purpose of preparing
or issuing an audit report or related work. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(iii) The independent auditor shall
report directly to the Committee.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(iv) The Committee shall approve in
advance all audit and permitted non-audit services with the independent auditor,
including the terms of the engagements and the fees payable; provided that the
Committee Chairman may approve services to be performed by the independent
auditors and the fee therefor between Committee meetings if the amount of the
fee does not exceed $50,000, provided that any such approval shall be reported
to the Committee at the next meeting thereof. The Committee may delegate to a
subcommittee the authority to grant pre-approvals of audit and permitted
non-audit services, provided that the decision of any such subcommittee shall be
presented to the full Committee at its next scheduled meeting.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(v) At least annually, the Committee
shall review and evaluate the experience and qualifications of the lead partner
and senior members of the independent auditor team.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(vi) At least annually, the Committee
shall obtain and review a report from the independent auditor regarding:</P>
<P style="MARGIN-LEFT: 15%" align=justify>(A) the independent auditor&#146;s internal
quality-control procedures;</P>
<P style="MARGIN-LEFT: 15%" align=justify>(B) any material issues raised by the
most recent internal quality-control review, or peer review, of the auditor, or
by any inquiry or investigation by governmental or
professional authorities within the preceding five years respecting one or more
independent audits carried out by the firm;</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_62></A>
<P align=center>- 2 -</P>
<P style="MARGIN-LEFT: 15%" align=justify>(C) any steps taken to deal with any
such issues; and</P>
<P style="MARGIN-LEFT: 15%" align=justify>(D) all relationships between the
independent auditor and the Company. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(vii) At least annually, the Committee
shall evaluate the qualifications, performance and independence of the
independent auditor, including considering whether the auditor&#146;s quality
controls are adequate and the provision of permitted non-audit services is
compatible with maintaining the auditor&#146;s independence. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(viii) The Committee shall ensure the
rotation of the lead (or coordinating) audit partner having primary
responsibility for the audit, the concurring partner responsible for reviewing
the audit, and other audit partners as required by law. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(ix) The Committee shall consider
whether, in order to assure continuing auditor independence, it is appropriate
to adopt a policy of rotating the independent auditing firm on a regular
basis.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(x) The Committee shall recommend to
the Board policies for the Company&#146;s hiring of employees or former employees of
the independent auditor who were engaged on the Company&#146;s account or
participated in any capacity in the audit of the Company.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(xi) The Committee shall oversee the
implementation by management of appropriate information technology systems for
the Company, including as required for proper financial reporting and
compliance.</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%">(b) </TD>
    <TD>
      <P align=justify><B><I>Financial Statement and Disclosure
      Review.</I></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>(i) The Committee shall review and
discuss with management and the independent auditor the annual audited financial
statements, including disclosures made in management&#146;s discussion and analysis,
and recommend to the Board whether the audited financial statements should be
filed with applicable securities regulatory authorities and included in the
Company&#146;s annual reports.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii) The Committee shall review and
discuss with management (and, to the extent the Committee deems it necessary or
appropriate, the independent auditor) the Company&#146;s quarterly financial
statements, including disclosures made in management&#146;s discussion and analysis,
and recommend to the Board whether such financial statements should be filed
with applicable securities regulatory authorities.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(iii) The Committee shall review and
discuss with management and the independent auditor significant financial
reporting issues and judgments made in connection with the preparation of the
Company&#146;s financial statements, including the independent auditor&#146;s assessment
of the quality of the Company&#146;s accounting principles, any significant changes in
the Company&#146;s selection or application of accounting principles, any major
issues as to the adequacy of the Company&#146;s internal controls over financial
reporting, and any special steps adopted in light of material control
deficiencies.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_63></A>
<P align=center>- 3 -</P>
<P style="MARGIN-LEFT: 10%" align=justify>(iv) At least annually and prior to
the publication of annual audited financial statements, the Committee shall
review and discuss with management and the independent auditor a report from the
independent auditor on:</P>
<P style="MARGIN-LEFT: 15%" align=justify>(A) all critical accounting policies
and practices used by the Company;</P>
<P style="MARGIN-LEFT: 15%" align=justify>(B) all alternative accounting
treatments of financial information that have been discussed with management
since the prior report, ramifications of the use of such alternative disclosures
and treatments, the treatment preferred by the independent auditor, and an
explanation of why the independent auditor&#146;s preferred method was not adopted;
and.</P>
<P style="MARGIN-LEFT: 15%" align=justify>(C) other material written
communications between the independent auditor and management since the prior
report, such as any management letter or schedule of unadjusted differences, the
development, selection and disclosure of critical accounting estimates, and
analyses of the effect of alternative assumptions, estimates or GAAP methods on
the Company&#146;s financial statements.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(v) Prior to their filing or issuance,
the Committee shall review the Company&#146;s Annual Information Form/Annual Report
to the SEC, quarterly and annual earnings press releases, and other financial
press releases, including the use of &#147;pro forma&#148; or &#147;adjusted&#148; non-GAAP
information.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(vi) The Committee shall review and
discuss with management the financial information and earnings guidance provided
to analysts and rating agencies. Such discussion may be specific or it may be in
general regarding the types of information to be disclosed and the types of
presentations to be made.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(c) <B><I>Conduct of the Annual
Audit</I></B>. The Committee shall oversee the annual audit, and in the course
of such oversight the Committee shall have the following responsibilities and
authority: </P>
<P style="MARGIN-LEFT: 10%" align=justify>(i) The Committee shall meet with the
independent auditor prior to the audit to discuss the planning and conduct of
the annual audit, and shall meet with the independent auditor as may be
necessary or appropriate in connection with the audit.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii) The Committee shall ascertain
that the independent auditor is registered and in good standing with the
Canadian Public Accounting Board and the Public Company Accounting Oversight
Board and that the independent auditor satisfies all applicable Canadian
independence standards, Independence Standards Board Standard No. 1, and SEC
Regulation S-X, Section 2-01. The Committee shall obtain from the auditor a
written statement delineating all relationships between the auditor and the
Company as per ISB Standard 1, and review relationships that may impact the
objectivity and independence of the auditor. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_64></A>
<P align=center>- 4 -</P>
<P style="MARGIN-LEFT: 10%" align=justify>(iii) The Committee shall discuss with
the independent auditor the matters required to be discussed by Statement on
Auditing Standards No. 61 relating to the conduct of the audit, including</P>
<P style="MARGIN-LEFT: 15%" align=justify>(A) the adoption of, or changes to,
the Company&#146;s significant auditing and accounting principles and practices as
suggested by the independent auditor, internal auditors or management;</P>
<P style="MARGIN-LEFT: 15%" align=justify>(B) the management letter provided by
the independent auditor and the Company&#146;s response to that letter; and</P>
<P style="MARGIN-LEFT: 15%" align=justify>(C) any difficulties encountered in
the course of the audit work, including any restrictions on the scope of
activities or access to requested information, and any significant disagreements
with management.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(iv) The Committee shall obtain from
the independent auditor assurance that the audit was conducted in a manner
consistent with Section 10A of the Securities Exchange Act of 1934 and that, in
the course of conducting the audit, the independent auditor has not become aware
of information indicating that an illegal act has or may have occurred or, if
such an act may have occurred, that the independent auditor has taken all action
required by Section 10A(b) of the Securities Exchange Act of 1934.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(v) The Committee shall make such
inquiries to the management and the independent auditor as the Committee members
deem necessary or appropriate to satisfy themselves regarding the efficacy of
the Company&#146;s financial and internal controls and procedures and the auditing
process.</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%">(d) </TD>
    <TD>
      <P align=justify><B><I>Compliance and
Oversight.</I></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>(i) The Committee shall meet
periodically with management and the independent auditor in separate executive
sessions. The Committee may also, to the extent it deems necessary or
appropriate, meet with the Company&#146;s investment bankers and financial analysts
who follow the Company. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii) The Committee shall discuss with
management and the independent auditor the effect of regulatory and accounting
initiatives as well as off-balance sheet structures on the Company&#146;s financial
statements. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(iii) The Committee shall discuss with
management the Company&#146;s major financial risk exposures and the steps management
has taken to monitor and control such exposures, including the Company&#146;s risk
assessment and risk management policies, and regularly review the top risks
identified by management and the policies and practices adopted by the Company
to mitigate those risks.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(iv) At least annually and prior to
the filing of the AIF/Annual Report to the SEC, the Committee shall review with
management and the independent auditor the disclosure controls and procedures
and confirm that the Company (with CEO and CFO participation) has evaluated the
effectiveness of the design and operation of the controls within 90 days prior
to the date of filing of the AIF/Annual Report to the SEC. The
Committee also shall review with management and the independent auditor any
deficiencies in the design and operation of internal controls and significant
deficiencies or material weaknesses therein and any fraud involving management
or other employees who have a significant role in the Company&#146;s internal
controls. As a part of that review, the Committee shall review the process
followed in preparing and verifying the accuracy of the required CEO and CFO
annual certifications.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_65></A>
<P align=center>- 5 -</P>
<P style="MARGIN-LEFT: 10%" align=justify>(v) At least annually and prior to the
filing of the AIF/Annual Report to the SEC, the Committee shall review with
management and the independent auditor management&#146;s internal control report and
assessment of the internal controls and procedures, and the independent
auditor&#146;s report on and assessment of the internal controls and procedures. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(vi) The Committee shall establish
procedures for the receipt, retention and treatment of complaints received by
the Company regarding accounting, internal accounting controls or auditing
matters, and the confidential, anonymous submission by employees of concerns
regarding questionable accounting or auditing matters.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(vii) The Committee shall discuss with
management and the independent auditor any correspondence with regulators or
governmental agencies and any employee complaints or reports which raise
material issues regarding the Company&#146;s financial statements or accounting
policies.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(viii) At least annually, the
Committee shall meet with the Company&#146;s legal counsel and discuss any legal
matters that may have a material impact on the financial statements or the
Company&#146;s compliance policies.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(ix) The Committee shall oversee the
preparation of reports relating to the Audit Committee required under applicable
laws, regulations and stock exchange requirements. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(x) The Committee shall exercise
oversight with respect to anti-fraud programs and controls</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%">(e) </TD>
    <TD>
      <P align=justify><B><I>Related Party
  Transactions.</I></B></P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>(i) The Committee shall review for
fairness to the Company proposed transactions, contracts and other arrangements
between the Company and its subsidiaries and any related party or affiliate, and
make recommendations to the Board whether any such transactions, contracts and
other arrangements should be approved or continued. The foregoing shall not
include any compensation payable pursuant to any plan, program, contract or
arrangement subject to the authority of the Company&#146;s Compensation Committee.
</P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii) As used herein the term &#147;related
party&#148; means any officer or director of the Company or any subsidiary, or any
shareholder holding a greater than 10% direct or indirect financial or voting
interest in the Company, and the term &#147;affiliate&#148; means any person, whether
acting alone or in concert with others, that has the power to exercise a
controlling influence over the Company and its subsidiaries. "Related party"
includes Hunter Dickinson Services Inc. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_66></A>
<P align=center>- 6 -</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%">(f) </TD>
    <TD>
      <P align=justify><B><I>Additional duties. </I></B>The Committee shall
      perform the following additional duties:</P></TD></TR></TABLE>
<P style="MARGIN-LEFT: 10%" align=justify>(i) The Committee shall review and
recommend hedging and dividend policies.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(ii) The Committee shall oversee the
Company&#146;s insurance program and approve insurance policy limits.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(iii) The Committee shall review the
appointment of senior financial personnel and make recommendations to the Board
of Directors regarding the appointment of the Chief Financial Officer.</P>
<P style="MARGIN-LEFT: 10%" align=justify>(iv) The Committee shall recommend to
the Nominating and Governance Committee the qualifications and criteria for
membership on the Committee.</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 ><FONT color=#2db1ce><B>2.</B> </FONT></TD>
    <TD width="90%" align=left><FONT color=#2db1ce><B>STRUCTURE AND
      MEMBERSHIP</B> </FONT></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>(a) <B>Number and qualification</B>.
The Committee shall consist of three persons unless the Board should from time
to time otherwise determine. All members of the Committee shall meet the
experience and financial literacy requirements of National Instrument NI 52-110
and the rules of the Toronto Stock Exchange and the NYSE MKT. At least one
member of the Committee shall be a &#147;financial expert&#148; as defined in Item 407 of
SEC Regulation S-K. </P>
<P style="MARGIN-LEFT: 5%" align=justify>(b) <B>Selection and Removal</B>.
Members of the Committee shall be appointed by the Board, upon the
recommendation of the Nominating and Corporate Governance Committee. The Board
may remove members of the Committee at any time with or without cause.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(c) <B>Independence</B>. All of the
members of the Committee shall be &#147;independent&#148; as required for audit committees
by National Instrument NI 52-110, the rules of the Toronto Stock Exchange and
the NYSE MKT, and SEC Rule 10A-3.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(d) <B>Chair</B>. Unless the Board
elects a Chair of the Committee, the Committee shall elect a Chair by majority
vote.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(e) <B>Compensation</B>. The
compensation of the Committee shall be as determined by the Board.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(f) <B>Term</B>. Members of the
Committee shall be appointed for one-year terms. Each member shall serve until
his or her replacement is appointed, or until he or she resigns or is removed
from the Board or the Committee.</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 ><FONT color=#2db1ce><B>3.</B> </FONT></TD>
    <TD width="90%" align=left><FONT color=#2db1ce><B>PROCEDURES AND
      ADMINISTRATION</B> </FONT></TD></TR></TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>(a) <B>Meetings</B>. The Committee
shall meet as often as it deems necessary in order to perform its
responsibilities, but not less than quarterly. The Committee shall keep minutes
of its meetings and any other records as it deems appropriate.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_67></A>
<P align=center>- 7 -</P>
<P style="MARGIN-LEFT: 5%" align=justify>(b) <B>Subcommittees</B>. The Committee
may form and delegate authority to one or more subcommittees, consisting of at
least one member, as it deems appropriate from time to time under the
circumstances.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(c) <B>Reports to the Board</B>. The
Committee shall regularly report to the Board with respect to such matters as
are relevant to the Committee&#146;s discharge of its responsibilities, and shall
report in writing on request of the Chairman of the Board.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(d) <B>Charter</B>. The Committee
shall, at least annually, review and reassess the adequacy of this Charter and
recommend any proposed changes to the Board for approval.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(e) <B>Independent Advisors</B>. The
Committee shall have the authority to engage such independent legal and other
advisors as it deems necessary or appropriate to carry out its responsibilities.
Such independent advisors may be regular advisors to the Company. The Committee
is empowered, without further action by the Board, to cause the Company to pay
appropriate compensation to advisors engaged by the Committee.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(f) <B>Investigations</B>. The
Committee shall have the authority to conduct or authorize investigations into
any matters within the scope of its responsibilities as it deems appropriate,
including the authority to request any Officer or other person to meet with the
Committee and to access all Company records.</P>
<P style="MARGIN-LEFT: 5%" align=justify>(g) <B>Annual Self-Evaluation</B>. The
Committee shall evaluate its own performance at least annually.</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 ><FONT color=#2db1ce><B>4.</B> </FONT></TD>
    <TD width="90%" align=left><FONT color=#2db1ce><B>ADDITIONAL POWERS</B>
      </FONT></TD></TR></TABLE>
<P align=justify>The Committee shall have such other duties as may be delegated
from time to time by the Board of Directors.</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 ><FONT color=#2db1ce><B>5.</B> </FONT></TD>
    <TD width="90%" align=left><FONT color=#2db1ce><B>LIMITATION OF
      COMMITTEE&#146;S ROLE</B> </FONT></TD></TR></TABLE>
<P align=justify>While the Committee has the responsibilities and powers set
forth in this Charter, it is not the duty of the Committee to plan or conduct
audits or to determine that the Company&#146;s financial statements and disclosures
are complete and accurate and are in accordance with GAAP and applicable rules
and regulations. These are the responsibilities of management and the
independent auditor.</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 ><FONT color=#2db1ce><B>6.</B> </FONT></TD>
    <TD width="90%" align=left><FONT color=#2db1ce><B>COMMITTEE MEMBER
      INDEPENDENCE, FINANCIAL LITERACY AND</B> <B>FINANCIAL EXPERT
      REQUIREMENTS</B> </FONT></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 ><B>A.</B> </TD>
    <TD width="95%" align=left><B>Independence</B> </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >(a) </TD>
    <TD width="95%" align=left>See Appendix 2 of the Company&#146;s Corporate
      Governance Overview and Guidelines. </TD></TR>
  <TR>
    <TD  align=left>&nbsp;</TD>
    <TD  width="95%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>B.</B> </TD>
    <TD width="95%" align=left><B>Financial Literacy and Financial Expert
      Requirements</B> </TD></TR></TABLE>
<P align=justify><B>NI 52-110</B></P>
<P align=justify>Section 3.1(4) states that each audit committee member must be
financially literate.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_68></A>
<P align=center>- 8 -</P>
<P align=justify>Section 1.6 defines the meaning of financial literacy as
follows:</P>
<P align=justify>&#147;For the purposes of this Instrument, an individual is
financially literate if he or she has the ability to read and understand a set
of financial statements that present a breadth and level of complexity of
accounting issues that are generally comparable to the breadth and complexity of
the issues that can reasonably be expected to be raised by the issuer&#146;s
financial statements.&#148;</P>
<P align=justify><B>NYSE MKT Section 803(B)(2)(a)(iii)</B></P>
<P align=justify>Each issuer must have an Audit Committee of at least three
members, each of whom:</P>
<P align=justify>&#147;is able to read and understand fundamental financial
statements, including a company&#146;s balance sheet, income statement, and cash flow
statement. Additionally, each issuer must certify that it has, and will continue
to have, at least one member of the audit committee who is financially
sophisticated, in that he or she has past employment experience in finance or
accounting, requisite professional certification in accounting, or any other
comparable experience or background which results in the individual&#146;s financial
sophistication, including but not limited to being or having been a chief
executive officer, chief financial officer, other senior officer with financial
oversight responsibilities. A director who qualifies as an audit committee
financial expert under Item 407(d)(5)(ii) of Regulation S-K is presumed to
qualify as financially sophisticated.&#148;</P>
<P align=justify><B>ITEM 407(d)(5)(ii) 0F REGULATION S-K, DEFINITION OF
FINANCIAL EXPERT</B></P>
<P align=justify>For purposes of this Item, an audit committee financial expert
means a person who has the following attributes:</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%">(A) </TD>
    <TD>
      <P align=justify>An understanding of generally accepted accounting
      principles and financial statements;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>The ability to assess the general application of such
      principles in connection with the accounting for estimates, accruals and
      reserves;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>Experience preparing, auditing, analyzing or evaluating
      financial statements that present a breadth and level of complexity of
      accounting issues that are generally comparable to the breadth and
      complexity of issues that can reasonably be expected to be raised by the
      small business issuer&#146;s financial statements, or experience actively
      supervising one or more persons engaged in such activities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>An understanding of internal control over financial
      reporting; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(E) </TD>
    <TD>
      <P align=justify>An understanding of audit committee
  functions.</P></TD></TR></TABLE>
<P align=justify>A person shall have acquired such attributes through: </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%">(A) </TD>
    <TD>
      <P align=justify>Education and experience as a principal financial
      officer, principal accounting officer, controller, public accountant or
      auditor or experience in one or more positions that involve the
      performance of similar functions;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>Experience actively supervising a principal financial
      officer, principal accounting officer, controller, public accountant,
      auditor or person performing similar
functions;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_69></A>
<P align=center>- 9 -</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%">(C) </TD>
    <TD>
      <P align=justify>Experience overseeing or assessing the performance of
      companies or public accountants with respect to the preparation, auditing
      or evaluation of financial statements; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>Other relevant experience.</P></TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.6 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG border=0
src="exhibit99-6x1x1.jpg"></P>
<BR>
<P align=center>Consolidated Financial Statements <BR>December 31, 2012 and
2011</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_2></A>
<P align=justify><B>MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL STATEMENTS
</B></P>
<P align=justify>The consolidated financial statements, the notes thereto and
other financial information contained in the Management&#146;s Discussion and
Analysis have been prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board and are the
responsibility of the management of Taseko Mines Limited. The financial
information presented elsewhere in the Management&#146;s Discussion and Analysis is
consistent with the data that is contained in the consolidated financial
statements. The consolidated financial statements, where necessary, include
amounts which are based on the best estimates and judgment of management. </P>
<P align=justify>In order to discharge management&#146;s responsibility for the
integrity of the financial statements, the Company maintains a system of
internal accounting controls. These controls are designed to provide reasonable
assurance that the Company&#146;s assets are safeguarded, transactions are executed
and recorded in accordance with management&#146;s authorization, proper records are
maintained and relevant and reliable financial information is produced. These
controls include maintaining quality standards in hiring and training of
employees, establishing policies and procedures, a corporate code of conduct and
ensuring that there is proper accountability for performance within appropriate
and well-defined areas of responsibility. </P>
<P align=justify>The Board of Directors is responsible for overseeing
management&#146;s performance of its responsibilities for financial reporting and
internal control. The Audit Committee, which is composed of non-executive
directors, meets with management as well as the external auditors to ensure that
management is properly fulfilling its financial reporting responsibilities to
the Directors who approve the consolidated financial statements. The external
auditors have full and unrestricted access to the Audit Committee to discuss the
scope of their audits, the adequacy of the system of internal controls and
review financial reporting issues. </P>
<P align=justify>The consolidated financial statements have been audited by KPMG
LLP, the Company&#146;s independent registered chartered accountants, in accordance
with Canadian generally accepted auditing standards and standards of the Public
Company Accounting Oversight Board (United States). </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>/s/ Russell Hallbauer </TD>
    <TD width="50%" align=left>/s/ Peter Mitchell </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Russell Hallbauer </TD>
    <TD width="50%" align=left>Peter Mitchell </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD width="50%" align=left>Chief Financial Officer </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vancouver, British Columbia </TD>
    <TD width="50%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>February 21, 2013 </TD>
    <TD width="50%" 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>
<P align=center><B>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL
REPORTING </B></P>
<P align=justify>The Company&#146;s management, including the Chief Executive Officer
and the Chief Financial Officer, is responsible for establishing and maintaining
adequate internal control over financial reporting. Internal control over
financial reporting is defined in Rule 13a-15(f) and Rule 15d-15(f) promulgated
under the Securities Exchange Act of 1934, as amended (the &#147;Exchange Act&#148;) as a
process designed by, or under the supervision of, the Company&#146;s principal
executive and principal financial officers and effected by the Company&#146;s Board
of Directors, management and other personnel, to provide reasonable assurance
regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with International
Financial Reporting Standards. The Company&#146;s internal control over financial
reporting includes those policies and procedures that: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>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>
  <LI>
  <P>provide reasonable assurance that transactions are recorded as necessary to
  permit preparation of financial statements in accordance with generally
  accepted accounting principles, 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>
  <LI>
  <P>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></LI></UL>
<P align=justify>The Company&#146;s management, under the supervision of the Chief
Executive Officer and the Chief Financial Officer, assessed the effectiveness of
the Company&#146;s internal control over financial reporting as defined in Rule
13a-15(f) and Rule 15d-15(f) under the Exchange Act as of December 31, 2012. In
making this assessment, it used the criteria set forth in the Internal
Control-Integrated Framework issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO). Based on this assessment, management has
concluded that, as of December 31, 2012, the Company&#146;s internal control over
financial reporting is effective based on those criteria.</P>
<P align=justify>The effectiveness of the Company&#146;s internal control over
financial reporting as of December 31, 2012 has been audited by KPMG LLP, the
Company&#146;s independent registered chartered accountants, as stated in their
report immediately preceding the Company&#146;s audited consolidated financial
statements for the years ended December 31, 2012 and 2011. </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>/s/ Russell Hallbauer </TD>
    <TD width="50%" align=left>/s/ Peter Mitchell </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Russell Hallbauer </TD>
    <TD width="50%" align=left>Peter Mitchell </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD width="50%" align=left>Chief Financial Officer </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vancouver, British Columbia </TD>
    <TD width="50%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>February 21, 2013 </TD>
    <TD width="50%" 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>&nbsp;<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  rowSpan=5 align=left><IMG border=0
      src="exhibit99-6x4x1.jpg"></TD>
    <TD width="28%" align=left><B>KPMG LLP</B> </TD>
    <TD width="15%" align=left >Telephone </TD>
    <TD width="28%" align=left>(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD width="28%" align=left><B>Chartered Accountants</B> </TD>
    <TD width="15%" align=left >Fax </TD>
    <TD width="28%" align=left>(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD width="28%" align=left>PO Box 10426 777 Dunsmuir Street </TD>
    <TD width="15%" align=left >Internet </TD>
    <TD width="28%" align=left>www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD width="28%" align=left>Vancouver BC V7Y 1K3 </TD>
    <TD width="15%" align=left >&nbsp; </TD>
    <TD width="28%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="28%" align=left>Canada </TD>
    <TD width="15%" align=left >&nbsp; </TD>
    <TD width="28%" align=left>&nbsp; </TD></TR></TABLE>
<P align=center><b>INDEPENDENT AUDITORS&rsquo; REPORT OF REGISTERED PUBLIC <br>
ACCOUNTING FIRM</b></P>
<P align=justify>To the Shareholders of Taseko Mines Limited </P>
<P align=justify>We have audited the accompanying consolidated financial statements of Taseko Mines Limited, which comprise the consolidated balance sheets as at December 31, 2012 and 2011, the consolidated statements of comprehensive income (loss), changes in equity and cash flows for the years then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. </P>
<P align=justify><i>Management&rsquo;s Responsibility for the Consolidated Financial Statements </i></P>
<P align=justify>Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error. </P>
<P align=justify><i>Auditors&rsquo; Responsibility </i></P>
<P align=justify>Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement. </P>
<P align=justify>An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on our judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, we consider internal control relevant to the entity&rsquo;s preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.</P>
<P align=justify>We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="70%">

  <TR vAlign=top>
    <TD align=left>KPMG LLP is a Canadian limited liability partnership and a
      member firm of the KPMG </TD></TR>
  <TR vAlign=top>
    <TD align=left>network of independent member firms affiliated with KPMG
      International Cooperative </TD></TR>
  <TR vAlign=top>
    <TD align=left>(&#147;KPMG International&#148;), a Swiss entity. </TD></TR>
  <TR vAlign=top>
    <TD align=left>KPMG Canada provides services to KPMG LLP.
</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_5></A><IMG border=0
src="exhibit99-6x4x1.jpg">&nbsp;<BR>
<P align=right><I>Taseko Mines Limited <BR></I><I>Page 2 </I></P>
<P align=justify><i>Opinion </i></P>
<P align=justify>In our opinion, the consolidated financial statements present fairly, in all material respects, the consolidated financial position of Taseko Mines Limited as at December 31, 2012 and December 31, 2011, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board. </P>
<P align=justify><i>Other Matter </i></P>
<P align=justify>We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), Taseko Mines Limited's internal control over financial reporting as of December 31, 2012, based on the criteria established in Internal Control &mdash; Integrated Framework, issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO), and our report dated March 26, 2013 expressed an unqualified opinion on the effectiveness of Taseko Mines Limited&rsquo;s internal control over financial reporting. </P>
<P align=justify><b>\\s\\  KPMG LLP </b></P>
<P align=justify>Chartered Accountants </P>
<P align=justify>March 26, 2013 <br>
Vancouver, Canada </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  rowSpan=5 align=left><IMG border=0
      src="exhibit99-6x4x1.jpg"></TD>
    <TD width="28%" align=left><B>KPMG LLP</B> </TD>
    <TD width="15%" align=left >Telephone </TD>
    <TD width="28%" align=left>(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD width="28%" align=left><B>Chartered Accountants</B> </TD>
    <TD width="15%" align=left >Fax </TD>
    <TD width="28%" align=left>(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD width="28%" align=left>PO Box 10426 777 Dunsmuir Street </TD>
    <TD width="15%" align=left >Internet </TD>
    <TD width="28%" align=left>www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD width="28%" align=left>Vancouver BC V7Y 1K3 </TD>
    <TD width="15%" align=left >&nbsp; </TD>
    <TD width="28%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="28%" align=left>Canada </TD>
    <TD width="15%" align=left >&nbsp; </TD>
    <TD width="28%" align=left>&nbsp; </TD></TR></TABLE>
<P align=justify><b>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></P>
<P align=justify>To the Board of Directors of Taseko Mines Limited </P>
<P align=justify>We have audited Taseko Mines Limited (the &ldquo;Company&quot;)&rsquo;s internal control over financial reporting as of December 31, 2012 based on the criteria established in Internal Control&mdash;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. </P>
<P align=justify>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</P>
<P align=justify>A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements. </P>
<P align=justify>Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="70%">

  <TR vAlign=top>
    <TD align=left>KPMG LLP is a Canadian limited liability partnership and a
      member firm of the KPMG </TD></TR>
  <TR vAlign=top>
    <TD align=left>network of independent member firms affiliated with KPMG
      International Cooperative </TD></TR>
  <TR vAlign=top>
    <TD align=left>(&#147;KPMG International&#148;), a Swiss entity. </TD></TR>
  <TR vAlign=top>
    <TD align=left>KPMG Canada provides services to KPMG LLP.
</TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<IMG border=0
src="exhibit99-6x4x1.jpg">&nbsp;<BR>
<P align=right><I>Taseko Mines Limited <BR></I><I>Page 2 </I></P>
<P align=justify>In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on the criteria established in Internal Control&mdash;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).</P>
<P align=justify>We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated balance sheets of the Company and subsidiaries as of December 31, 2012 and 2011 and the related consolidated statements of comprehensive income (loss), changes in equity and cash flows for the years then ended, and our report dated March 26, 2013 expressed an unqualified opinion on those consolidated financial statements. </P>
<P align=justify><b>\\s\\  KPMG LLP </b></P>
<P align=justify>Chartered Accountants </P>
<P align=justify>March 26, 2013 <br>
Vancouver, Canada </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 colSpan=9 align=left><B><FONT color=#0000ff><FONT color=#64d5db><FONT
      color=#55c6c2><FONT color=#2ebbc2><FONT color=#28adca>TASEKO MINES LIMITED
      </FONT></FONT></FONT></FONT></FONT></B></TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colSpan=9 align=left>Consolidated Statements of Comprehensive Income
      (Loss) </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" colSpan=9 align=left>(Cdn$ in
      thousands, except share and per share amounts) </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%">&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 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="23%" colSpan=4 align=right>For the years 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="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=right>December 31, </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=center>Note
    </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>2012
    </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>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%">&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>Revenues </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>4 </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>253,607 </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>251,866 </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="10%" align=center>5
</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>(201,911</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>(165,565</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="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>51,696 </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>86,301 </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>General and administrative </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>(19,084</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>(21,100</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="10%" align=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(17,807</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(10,411</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other operating (expenses) income </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>7 </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>(30,541</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>5,175 </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="10%" align=center>3
</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>(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="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>(15,736</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>55,978 </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>Finance expenses </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>8 </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>(14,211</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>(16,003</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="10%" align=center>9 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>12,092 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>17,270 </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 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="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>(701</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>(6,489</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(Loss) earnings before income taxes </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>(18,556</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>50,756 </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 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="10%" align=center>10
    </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>2,891
    </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>(23,782</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 (loss) earnings for the year </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=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><B>(15,665</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right><B>26,974 </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="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 comprehensive loss : </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>&nbsp; &nbsp;Unrealized losses on available-for-sale
      financial assets, net of tax </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>(2,726</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(2,401</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&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="10%"
    align=center>10 </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>(1,241</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>(5,246</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>Total other
      comprehensive loss for the year </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=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><B>(3,967</B></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><B>(7,647</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </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 style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total
      comprehensive income (loss) for the year </B></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; </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>(19,632</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>19,327 </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>
    <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>Earnings (loss) per share </B></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>22 </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>&nbsp; &nbsp;Basic </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>(0.08</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.14 </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="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>(0.08</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>0.14 </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><B>Weighted average shares outstanding
      (thousands) </B></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>22 </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>&nbsp; &nbsp;Basic </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>192,599 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>193,213 </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="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=right>192,599 </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>197,748 </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_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=#28adca>TASEKO MINES LIMITED </FONT></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></TR>
  <TR vAlign=top>
    <TD colSpan=3 align=left>Consolidated Statements of Cash Flows </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 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="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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%">&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 align=left>&nbsp; </TD>
    <TD width="1%" align=left>&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="23%" colSpan=4 align=right>For the years ended </TD>
    <TD width="2%" align=center>&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=center>&nbsp;</TD>
    <TD width="1%" align=center>&nbsp;</TD>
    <TD width="10%" align=right>&nbsp; </TD>
    <TD width="2%" align=right>&nbsp;</TD>
    <TD width="1%" align=right>&nbsp;</TD>
    <TD width="10%" align=right>December 31, </TD>
    <TD width="2%" align=center>&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=center>Note
    </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="10%" align=right>2012
    </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>2011
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=center>&nbsp;</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></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Operating 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></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) for the year </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=right>(15,665</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>26,974 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Adjustments for: </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>&nbsp; &nbsp; &nbsp; &nbsp;Depreciation </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>19,501 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>12,827 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Income tax
      expense (recovery) </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>10 </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>(2,891</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>23,782 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Income tax paid </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>(2,308</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(38,660</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Income tax
      received </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>5,402 </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>&nbsp; &nbsp; &nbsp; &nbsp;Share-based compensation </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>5,423 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>8,215 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Unrealized loss
      (gain) on derivatives </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>7 </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>24,801 </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>(22,944</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Finance expenses </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>21,607 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20,892 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Finance income
    </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>(7,328</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>(12,653</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Unrealized foreign exchange loss
      (gain) </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>813 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,586</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp; &nbsp;Other operating
      activities </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>24 </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>2,046 </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>9,452 </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;Net
      change in non-cash working capital </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>24
    </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>1,542
    </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>(21,614</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 operating activities </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>52,943 </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>4,685 </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><B>Investing activities </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>&nbsp; &nbsp;Purchase of property, plant and equipment </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>(181,997</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(51,792</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Investment in financial 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>(27,763</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>(235,595</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Interest received </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>1,314 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,528 </TD>
    <TD width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Proceeds from financial 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>54,434 </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>169,936 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colSpan=3 align=left>&nbsp; &nbsp;Proceeds from sale of property,
      plant and equipment </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>203 </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 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="10%"
    align=center>24 </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>(855</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>(1,066</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD colSpan=3 align=left>Cash provided by (used for) investing activities
    </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(154,664</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(116,989</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="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>Financing activities </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>&nbsp; &nbsp;Repayment of debt </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>(14,491</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>(10,729</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="10%" align=center>&nbsp; </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(17,763</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(10,121</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="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>(20,897</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></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Common shares issued for cash </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>1,571 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>8,420 </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="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=right>15,491 </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>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="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>- </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>(6,052</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)
</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff colSpan=3 align=left>Cash provided by (used for)
      financing activities </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>(36,089</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>173,538 </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>Effect of exchange rate changes on </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>&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="10%" 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="10%"
    align=right>(4,987</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="10%" align=right>4,765
    </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="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=right>(142,797</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>65,999 </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 year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%"
      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="10%"
      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 year </B></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=left>&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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>134,995 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="10%"
    align=right>277,792 </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_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=#28adca>TASEKO MINES LIMITED </FONT></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></TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Balance Sheets </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 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="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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%">&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 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=right>December 31, </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>December 31, </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=center>Note
    </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>2012
    </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>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%">&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>ASSETS </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 assets </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;Cash and equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>24 </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>134,995 </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>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>11 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>28,966 </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>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>29,865 </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>13 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>27,556 </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>2,309 </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>5,123
    </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>228,814 </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>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>102,737 </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>14 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>631,997 </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>15 </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 align=left>Prepaids </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>4,500 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>165 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Other receivable </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>10 </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>12,961 </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>&#150; </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; </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>986,447 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>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><B>LIABILITIES </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>Current liabilities </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>&nbsp;Accounts payable and accrued liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>16 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>42,938 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>33,005 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Current portion of long-term debt </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=right>18,067 </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>13,753 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest payable </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>19 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,213 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,284 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Other financial liabilities </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>17 </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>10,995 </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>10,972 </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>75,213 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>61,014 </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>Long-term debt </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>19 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>234,793 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>218,502 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other financial liabilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=center>17 </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>35,162 </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>46,286 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Provision for environmental rehabilitation </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=center>18 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>106,517 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>96,022 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Deferred tax liabilities </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>10 </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>71,480 </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>76,091 </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>523,165 </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>&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>368,128 </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>37,487 </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 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>(5,365</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>63,032 </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>463,282 </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; </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>986,447 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="10%"
      align=right><B>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>23 </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>20b </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_9></A><BR>
<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><B><FONT color=#28adca>TASEKO MINES LIMITED </FONT></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>
    <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 colSpan=6 align=left>Consolidated Statements of Changes in Equity </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 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="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=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=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=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=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=left>&nbsp;
    </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>
    <TD  width="1%">&nbsp;</TD>
    <TD width="8%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD 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=right>Share </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>Contributed </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=right>Retained </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 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="8%" align=center>Note
    </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>capital </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>surplus </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>AOCI
    </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>earnings </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>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%">&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, 2011 </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>365,553 </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>26,193 </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>6,249 </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>60,409 </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>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=center>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4,228 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(1,368</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>2,860 </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=center>20 </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 for cash and preferred share redemption </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center>20 </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=center>21 </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>8,215 </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>8,215 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total comprehensive income (loss) for the year </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=center></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>(7,647</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>29,312
    </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>21,665
    </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 December 31, 2011 </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 style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>378,393 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>33,040 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>(1,398</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>86,782 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" bgColor=#e6efff width="8%"
    align=right><B>496,817 </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%" 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>
    <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; </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>378,393 </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>33,040 </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>(1,398</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>86,782 </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>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>2,547 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(976</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>1,571 </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>21 </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>5,423 </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>5,423 </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>20 </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 loss for the year </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=left></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>(3,967</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>(15,665</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>(19,632</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance at December 31, 2012 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=left>&nbsp; </TD>
    <TD  width="2%" 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="8%"
      align=right><B>368,128 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>37,487 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>(5,365</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>63,032 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" width="8%"
      align=right><B>463,282 </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=#28adca>TASEKO MINES LIMITED </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) </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 year ended December 31,
  2012 comprise the Company, its subsidiaries and its 75% interest in the
  Gibraltar joint venture since its formation on March 31, 2010. 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>(a) Statement of compliance</I></P>
<P align=justify>These consolidated financial statements have been prepared in
  accordance with International Financial Reporting Standards (IFRS) as issued by
  the International Accounting Standards Board.</P>
<P align=justify>These consolidated financial statements were authorized for
  issue by the Board of Directors on February 21, 2013.</P>
<P align=justify><I>(b) Basis of measurement</I></P>
<P align=justify>These consolidated financial statements have been prepared on a
  historical cost basis except for fair-value-through-profit-or-loss,
  available-for-sale and derivative financial instruments, which are measured at
  fair value.</P>
<P align=justify>These consolidated financial statements are presented in
  Canadian dollars, which is the Company&#146;s functional currency. Non-Canadian
  dollar monetary assets and liabilities are translated into Canadian dollars at
  the closing exchange rate as at the balance sheet date. Non-monetary assets and
  liabilities, revenues and expenses are translated in Canadian dollars at the
  prevailing rate of exchange on the dates of the transactions. All financial
  information presented in Canadian dollars has been rounded to the nearest
  thousand, unless otherwise noted.</P>
<P align=justify>The preparation of these consolidated 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; valuation of
  derivative instruments; 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 these consolidated
  financial statements as appropriate.</P>
<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, inventories, property, plant and equipment, and
  intangibles, as well as the measurement of impairment charges or reversals.</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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>(c) Basis of consolidation</I></P>
<P align=justify><I>Subsidiaries</I></P>
<P align=justify>Subsidiaries are entities controlled by the Company, either
  directly or indirectly. The financial statements of subsidiaries are included in
  these consolidated financial statements from the date that control commences
  until the date that control ceases. All intercompany balances, transactions,
  income and expenses are eliminated in preparing the consolidated financial
  statements.</P>
<P align=justify><I>Joint ventures</I></P>
<P align=justify>A joint venture is a contractual arrangement whereby the
  Company and other parties undertake an economic activity that is subject to
  joint control (i.e., when the strategic financial and operating policy decisions
  relating to the activities of the joint venture require the unanimous consent of
  the parties sharing control).</P>
<P align=justify>Joint venture arrangements that involve the joint control, and
  often the joint ownership, by the venturers of one or more assets contributed
  to, or acquired for the purpose of, the joint venture and dedicated to the
  purposes of the joint venture are referred to as jointly controlled assets
  (JCA). The assets are used to obtain benefits for the venturers. Each venturer
  may take a share of the output from the assets and each bears an agreed share of
  the expenses incurred. These joint ventures do not involve the establishment of
  a corporation, partnership or other entity, or a financial structure that is
  separate from the venturers themselves. Each venturer has control over its share
  of future economic benefits through its share of the JCA.</P>
<P align=justify>The Company reports its interests in a JCA using the
  proportionate consolidation method. The Company combines its proportionate share
  of the joint venture&#146;s individual income and expenses, assets and liabilities
  and cash flows on a line-by-line basis with similar items in the consolidated
  financial statements. Unrealized income and expenses resulting from transactions
  between the Company and the joint venture are eliminated to the extent of the
  interest in the joint venture.</P>
<P align=justify><I>(d) Revenue recognition</I></P>
<P align=justify>Revenue is recognized when the significant risks and rewards of
  ownership have been transferred and the amount of revenue is reasonably
  determinable. These conditions are generally satisfied when title passes to the
  customer. Cash received in advance of meeting these conditions is recorded as
  deferred revenue.</P>
<P align=justify>Under the terms of the Company&#146;s concentrate and cathode sales
  contracts, the final sales amount is based on final assay results and quoted
  market prices in a period subsequent to the date of sale. Revenues for these
  sales are recorded at the time of shipment, which is also when the risks and
  rewards of ownership transfer to the customer, based on an estimate of metal
  contained using initial assay results and forward market prices on the expected
  date that final sales prices will be fixed. The period between provisional
  pricing and final settlement can be between one and four months. This
  provisional pricing mechanism represents an embedded derivative. The embedded
  derivative is recorded at fair value each reporting period by reference to
  forward market prices until the date of final pricing, with the changes in fair
  value recorded as an adjustment to revenue.</P>
<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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>(e) Cash and equivalents</I></P>
<P align=justify>Cash and equivalents consist of cash and highly-liquid
  investments having terms of three months or less from the date of acquisition
  and that are readily convertible to known amounts of cash. Cash and equivalents
  exclude cash subject to restrictions.</P>
<P align=justify><I>(f) Financial instruments</I></P>
<P align=justify>Financial assets and liabilities are recognized on the balance
  sheet when the Company becomes party to the contractual provisions of the
  instrument. The classification of financial instruments dictates how these
  assets and liabilities are measured subsequently in the Company&#146;s financial
  statements.</P>
<P align=justify><I>Financial instruments at fair value through profit or loss
  (FVTPL)</I></P>
<P align=justify>Financial instruments are classified as FVTPL when they are
  held for trading. A financial instrument is held for trading if it was acquired
  for the purpose of selling in the near term. Derivative financial instruments
  that are not designated and effective as hedging instruments are classified as
  FVTPL. Financial instruments classified as FVTPL are stated at fair value with
  any changes in fair value recognized in earnings for the period. Financial
  assets in this category include dual currency deposits and derivatives.</P>
<P align=justify>The Company may enter into derivative financial instruments to
  manage exposure to commodity price fluctuations (primarily copper) and to
  improve the returns on its cash assets. These instruments are non-hedge
  derivative instruments.</P>
<P align=justify><I>Loans and receivables</I></P>
<P align=justify>Loans and receivables are financial assets with fixed or
  determinable payments that are not quoted in an active market. Subsequent to
  initial recognition, these financial assets are recorded at amortized cost using
  the effective interest method, except for short-term receivables when the
  recognition of interest would be immaterial. Accounts receivable are assessed
  for evidence of impairment at each reporting date, with any impairment
  recognized in earnings for the period. Financial assets in this category include
  cash and equivalents, accounts receivable, current tax receivable and the
  promissory note.</P>
<P align=justify><I>Available-for-sale financial assets</I></P>
<P align=justify>Marketable securities (except for those marketable securities
  that are derivative instruments), subscription receipts, capped floating rate
  notes and reclamation deposits are designated as available-for-sale and recorded
  at fair value. Unrealized gains and losses are recognized in other comprehensive
  income until the securities are disposed of or when there is evidence of
  impairment in value. If impairment in value has been determined, it is
  recognized in earnings for the period.</P>
<P align=justify><I>Financial liabilities</I></P>
<P align=justify>Financial liabilities are initially recorded at fair value, net
  of transaction costs, and are subsequently measured at amortized cost using the
  effective interest method. The Company has accounted for accounts payable and
  accrued liabilities, debt and the royalty obligation under this method.</P>
<P align=justify><I>Fair value measurement</I></P>
<P align=justify>Fair value is the price that would be received to sell an asset
  or paid to transfer a liability in an orderly transaction between market
  participants at the measurement date. The fair value hierarchy establishes three
  levels to classify the inputs to valuation techniques used to measure fair
  value, by reference to the reliability of the inputs used to estimate the fair
  values.</P>
<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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Level 1 &#150; quoted prices (unadjusted) in
  active markets for identical assets or liabilities;</P>
<P style="MARGIN-LEFT: 5%" align=justify>Level 2 &#150; inputs other than quoted
  prices included within Level 1 that are observable for the asset or liability,
  either directly (i.e., as prices) or indirectly (i.e., derived from prices);
  and</P>
<P style="MARGIN-LEFT: 5%" align=justify>Level 3 &#150; inputs for the asset or
  liability that are not based on observable market data (unobservable
  inputs).</P>
<P align=justify><I>(g) Exploration and evaluation</I></P>
<P align=justify>Exploration and evaluation expenditures relate to the initial
  search for a mineral deposit and the subsequent evaluation to determine the
  economic potential of the mineral deposit. The exploration and evaluation stage
  commences when the Company obtains the legal right or license to begin
  exploration. This stage ends when management determines that there is sufficient
  evidence to support probability of future mining operations of economically
  recoverable reserves, and requires significant judgment on the part of
  management.</P>
<P align=justify>Exploration and evaluation expenditures are recognized in
  earnings in the period in which they are incurred. Once it is expected that
  expenditures can be recovered by future exploitation or sale, they are
  considered development costs and capitalized as part of mineral properties
  within property, plant and equipment.</P>
<P align=justify>Exploration activities primarily consist of expenditures
  relating to drilling programs and include: researching and analyzing existing
  exploration data; conducting geological mapping studies; and taking core samples
  for analysis. Evaluation activities include: examination and testing of
  extraction methods and metallurgical/treatment processes; studies related to
  assessment of transportation and infrastructure requirements; market and finance
  studies; and detailed economic evaluations to determine whether development of
  the reserves is commercially justifiable, including the preparation of scoping,
  preliminary feasibility and final feasibility studies.</P>
<P align=justify><I>(h) Inventories</I></P>
<P align=justify>Inventories are valued at the lower of cost and net realizable
  value. Cost is determined on a weighted average basis and includes direct labour
  and materials; non-capitalized stripping costs; depreciation; freight; and
  overhead costs. Net realizable value is determined with reference to relevant
  market prices, less applicable variable selling costs and estimated remaining
  costs of completion to bring the inventories into saleable form.</P>
<P align=justify>Work in process represents stockpiled ore and metals in the
  processing circuits that have not yet completed the production process, and are
  not yet in a saleable form. Finished goods inventories represent metals in
  saleable form that have not yet been sold. Materials and supplies inventories
  represent consumables used in the production process, as well as spare parts and
  other maintenance supplies that are not classified as capital items.</P>
<P align=justify>The quantity of recoverable metal in stockpiled ore and in the
  processing circuits is an estimate which is based on the tons of ore added and
  removed, expected grade and recovery. The quantity of recoverable metal in
  concentrate is an estimate using initial assay results.</P>
<P align=justify><I>(i) Property, plant and equipment</I></P>
<P align=justify><I>Land, buildings, plant and equipment</I></P>
<P align=justify>Land, buildings, plant and equipment are recorded at cost,
  including all expenditures incurred to prepare an asset for its intended
  use.</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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>Repairs and maintenance costs are charged to expense as
  incurred, except when these repairs significantly extend the life of an asset or
  result in an operating improvement. In these instances, the portion of these
  repairs relating to the betterment is capitalized as part of plant and
  equipment.</P>
<P align=justify>Depreciation is based on the cost of the assets less residual
  value. Where an item of plant and equipment is comprised of major components
  with different useful lives, the components are accounted for as separate items
  and depreciated separately. Depreciation commences when an asset is available
  for use. Estimates of remaining useful lives and residual values are reviewed
  annually. Changes in estimates are accounted for prospectively.</P>
<P align=justify>The depreciation rates of the major asset categories are as
  follows:</P>
<DIV align=center>
  <TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="80%">
    <TR vAlign=top>
      <TD align=left>Land </TD>
      <TD width="50%" align=right>Not depreciated </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Buildings </TD>
      <TD width="50%" align=right>Straight-line basis over 10-25 years </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Plant and equipment </TD>
      <TD width="50%" align=right>Units-of-production basis </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Mining equipment </TD>
      <TD width="50%" align=right>Straight-line basis over 5-20 years </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Light vehicles and other mobile equipment </TD>
      <TD width="50%" align=right>Straight-line basis over 2-5 years </TD>
    </TR>
    <TR vAlign=top>
      <TD align=left>Furniture, computer and office equipment </TD>
      <TD width="50%" align=right>Straight-line basis over 2-3 years </TD>
    </TR>
  </TABLE>
</DIV>
<P align=justify><I>Mineral properties</I></P>
<P align=justify>Mineral properties consist of the cost of acquiring and
  developing mineral properties. Once in production, mineral properties are
  amortized on a units-of-production basis.</P>
<P align=justify>Acquisition costs arise either as an individual asset purchase
  or as part of a business combination, and may represent a combination of either
  proven and probable reserves, resources, or future exploration potential. The
  estimated fair values attributable to proven and probable reserves and resources
  are recorded as mineral properties within property, plant and equipment.
  Exploration potential is recorded as an intangible asset.</P>
<P align=justify>Mineral property development costs include: stripping costs
  incurred in order to provide initial access to the ore body; stripping costs
  incurred during production that generate a future economic benefit by increasing
  the productive capacity or extending the productive life of the mine;
  capitalized exploration and evaluation costs; and capitalized interest.</P>
<P align=justify><I>Construction in progress</I></P>
<P align=justify>Construction in progress includes the purchase price and any
  costs directly attributable to bringing the asset to the location and condition
  necessary for its intended use. Construction in progress includes advances on
  long-lead items. Construction in progress is not depreciated. Once the asset is
  complete and available for use, the costs of construction are transferred to the
  appropriate category of property, plant and equipment, and depreciation
  commences.</P>
<P align=justify><I>Capitalized interest</I></P>
<P align=justify>Interest is capitalized for qualifying assets. Qualifying
  assets are assets that require a substantial period of time to prepare for their
  intended use. Capitalization ceases when the asset is substantially complete or
  if construction is interrupted for an extended period. Where the funds used to
  finance a project form part of general borrowings, the amount capitalized is
  calculated using a weighted average of rates applicable to relevant general
  borrowings of the Company during the period. </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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>Leased assets</I></P>
<P align=justify>Leased assets in which the Company receives substantially all
  the risks and rewards of ownership of the asset are capitalized as finance
  leases at the lower of the fair value of the asset or the estimated present
  value of the minimum lease payments. The corresponding lease obligation is
  recorded within debt on the balance sheet. Assets under operating leases are not
  capitalized and rental payments are included in earnings.</P>
<P align=justify><I>Impairment</I></P>
<P align=justify>The carrying amounts of the Company&#146;s non-financial assets are
  reviewed for impairment whenever circumstances suggest that the carrying value
  may not be recoverable. If such indication exists, the recoverable amount of the
  asset is estimated in order to determine the extent of the impairment, if any.
  These assessments require the use of estimates and assumptions such as long-term
  commodity prices, discount rates, future capital requirements, exploration
  potential and operating performance.</P>
<P align=justify>The recoverable amount of an asset or cash generating unit
  (CGU) is the higher of fair value less costs to sell and value in use. Fair
  value is determined as the amount that would be obtained from the sale of the
  asset in an arm&#146;s-length transaction between knowledgeable and willing parties.
  In assessing value in use, the estimated future cash flows are discounted to
  their present value using a pre-tax discount rate that reflects current market
  assessments of the time value of money and the risks specific to the asset. For
  the purpose of impairment testing, assets that cannot be tested individually are
  grouped together into the smallest group of assets that generates cash inflows
  that are largely independent of the cash flows of other assets or CGU&#146;s. If the
  recoverable amount of an asset or its related CGU is estimated to be less than
  its carrying amount, the carrying amount of the asset or CGU is reduced to its
  recoverable amount and the impairment loss is recognized in earnings for the
  period. </P>
<P align=justify>Where an impairment loss subsequently reverses, the carrying
  amount of the asset or CGU is increased to the revised estimate of its
  recoverable amount, but not to an amount that exceeds the carrying amount that
  would have been determined had no impairment loss been recognized for the asset
  or CGU in prior years. A reversal of an impairment loss is recognized
  immediately in earnings.</P>
<P align=justify><I>(j) Intangible assets</I></P>
<P align=justify>Mineral property acquisition costs arise either as an
  individual asset purchase or as part of a business combination, and may
  represent a combination of either proven and probable reserves, resources, or
  future exploration potential. When management has not made a determination that
  there is probable future economic benefit and the property is not imminently
  expected to move into development, the entire amount is considered acquired
  exploration potential and is classified as an intangible asset. When such
  property moves into development, the acquired exploration intangible asset is
  transferred to non-depreciable mineral properties within property, plant and
  equipment.</P>
<P align=justify><I>(k) Income taxes</I></P>
<P align=justify>Income tax on the earnings for the periods presented comprises
  current and deferred tax. Income tax is recognized in earnings except to the
  extent that it relates to items recognized directly in equity or in other
  comprehensive income. Income tax is calculated using tax rates enacted or
  substantively enacted at the reporting date applicable to the period of expected
  realization or settlement.</P>
<P align=justify>Current tax expense is the expected tax payable on the taxable
  income for the year, adjusted for amendments to tax payable with regards to
  previous years.</P>
<P align=justify>Deferred tax is determined using the balance sheet liability
  method, providing for temporary differences between the carrying amounts of
  assets and liabilities for financial reporting purposes and the amounts used for
  taxation purposes. The following temporary differences are not provided for: the
  initial recognition of assets or liabilities acquired (not in a business combination) that affect neither
  accounting nor taxable profit on acquisition; and differences relating to
  investments in subsidiaries, associates, and joint ventures to the extent that
  they are not probable to reverse in the foreseeable future. The amount of
  deferred tax provided is based on the expected manner of realization or
  settlement of the carrying amount of assets and liabilities. A deferred tax
  asset is recognized only to the extent that it is probable that future taxable
  profits will be available against which the asset can be utilized. Deferred tax
  assets are reviewed at each reporting date and are reduced to the extent it is
  no longer probable that the related tax benefit will be realized. </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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>(l) Share-based compensation</I></P>
<P align=justify>The fair-value method of accounting is used for the Company&#146;s
  share option plan. Fair value is measured at grant date using the Black-Scholes
  option pricing model and is recognized in earnings on a graded amortization
  basis over the option vesting period, with a corresponding increase in equity.
  The amount recognized as an expense is adjusted to reflect the actual number of
  share options that are expected to vest.</P>
<P align=justify><I>(m) Provisions</I></P>
<P align=justify><I>Environmental rehabilitation</I></P>
<P align=justify>The Company records the present value of estimated costs of
  legal and constructive obligations required to retire an asset in the period in
  which the obligation occurs. Environmental rehabilitation activities include
  facility decommissioning and dismantling; removal and treatment of waste
  materials; site and land rehabilitation, including compliance with and
  monitoring of environmental regulations; and related costs required to perform
  this work and/or operate equipment designed to reduce or eliminate environmental
  effects. The provision for environmental rehabilitation (PER) is adjusted each
  period for new disturbances, and changes in regulatory requirements, the
  estimated amount of future cash flows required to discharge the liability, the
  timing of such cash flows and the pre-tax discount rate specific to the
  liability. The unwinding of the discount is recognized in earnings as a finance
  cost.</P>
<P align=justify>When a PER is initially recognized, the corresponding cost is
  capitalized by increasing the carrying amount of the related asset, and is
  amortized to earnings on the same basis as the related asset. Costs are only
  capitalized to the extent that the amount meets the definition of an asset and
  represents future economic benefits to the operation. </P>
<P align=justify>Significant estimates and assumptions are made in determining
  the provision for environmental rehabilitation as there are numerous factors
  that will affect the ultimate liability payable. These factors include
  estimation of the extent and cost of rehabilitation activities; timing of future
  cash flows that are impacted by changes in discount rates; inflation rate; and
  regulatory requirements.</P>
<P align=justify><I>Other provisions</I></P>
<P align=justify>Other provisions are recognized when the Company has a present
  obligation (legal or constructive) that has arisen as a result of a past event
  and it is probable that a future outflow of resources will be required to settle
  the obligation, provided that a reliable estimate can be made of the amount of
  the obligation. Where the effect is material, the provision is discounted using
  a pre-tax rate that reflects current market assessments of the time value of
  money and the risk specific to the obligation. The accretion expense is included
  in finance expense.</P>
<P align=justify><I>(n) Finance income and expenses</I></P>
<P align=justify>Finance income comprises interest income on funds invested,
  gains on the disposal of marketable securities, and changes in the fair value of
  derivatives included in cash and equivalents and marketable securities. Interest
  income is recognized as it accrues in earnings, using the effective interest
  method. </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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>Finance expenses comprise interest expense on borrowings,
  unwinding of the discount on provisions, losses on the disposal of marketable
  securities, changes in the fair value of derivatives included in cash and
  equivalents and marketable securities, and impairment losses recognized on
  financial assets. Borrowing costs that are not directly attributable to the
  acquisition, construction or production of a qualifying asset are recognized in
  earnings using the effective interest method.</P>
<P align=justify><I>(o) Earnings (loss) per share</I></P>
<P align=justify>The Company presents basic and diluted earnings (loss) per
  share data for its common shares, calculated by dividing the earnings (loss)
  attributable to common shareholders of the Company by the weighted average
  number of common shares outstanding during the period. Diluted earnings per
  share is determined by adjusting the earnings attributable to common
  shareholders and the weighted average number of common shares outstanding for
  the effects of all dilutive potential common shares, which comprise preferred
  shares and share options granted.</P>
<P align=justify><I>(p) Government assistance:</I></P>
<P align=justify>Government assistance includes investment tax credits and is
  recognized when there is reasonable assurance that the Company will comply with
  the relevant conditions and that the government assistance will be received.</P>
<P align=justify>Government assistance that meets the recognition criteria and
  that relates to current expenses is recorded as a reduction of the related
  expenses.</P>
<P align=justify>Government assistance that meets the recognition criteria and
  that relates to the acquisition of an asset is recorded as a reduction of assets
  and is applied as a reduction of the cost of the related asset.</P>
<P align=justify>Investment tax credits, until they are refunded or applied to
  reduce the Company's current tax liabilities, are included as "other receivable"
  in the financial statements.</P>
<P align=justify><I>(q) New accounting standards</I></P>
<P align=justify><I>Consolidated Financial Statements </I></P>
<P align=justify>In May 2011, the IASB issued IFRS 10, <I>Consolidated Financial
  Statements </I>and IFRS 12, <I>Disclosure of Interests in Other Entities</I>.
  IFRS 10 establishes principles for the presentation and preparation of
  consolidated financial statements when an entity controls one or more other
  entities. This standard defines the principle of control and establishes control
  as the basis for determining which entities are consolidated in an entity&#146;s
  consolidated financial statements. IFRS 10 sets out three elements of control:
  a) power over the investee; b) exposure, or rights, to variable returns from
  involvement with the investee; and c) the ability to use power over the investee
  to affect the amount of the investors return. IFRS 10 sets out the requirements
  on how to apply the control principle. IFRS 12 outlines the disclosure
  requirements for interests in subsidiaries and other entities to enable users to
  evaluate the risks associated with interests in other entities and the effects
  of those interests on an entity&#146;s financial position, financial performance and
  cash flows. IFRS 10 and IFRS 12 supersede IAS 27, <I>Consolidated and Separate
    Financial Statements </I>and SIC-12, <I>Consolidation &#150; Special Purpose
      Entities</I>. </P>
<P align=justify>IFRS 10 and IFRS 12 are effective for annual periods beginning
  on or after January 1, 2013, with earlier application permitted. The Company has
  completed its assessment of the impact of these amendments and concluded that
  there will be no material impact on its financial statements.</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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>Joint Arrangements </I></P>
<P align=justify>In May 2011, the IASB issued IFRS 11, <I>Joint
  Arrangements</I>, which provides guidance on accounting for joint arrangements.
  If an arrangement has joint control, IFRS 11 classifies joint arrangements as
  either joint operations or joint ventures, depending on the rights and
  obligations of the parties involved. </P>
<P align=justify>A joint operation is an arrangement where the jointly
  controlling parties have rights to the assets and obligations in respect of the
  liabilities relating to the arrangement. An entity accounts for a joint
  operation by recognizing its portion of the assets, liabilities, revenues and
  expenses. A joint venture is an arrangement where the jointly controlling
  parties have rights to the net assets of the arrangement. A joint venture is
  accounted for using the equity method. Proportionate consolidation is no longer
  permitted.</P>
<P align=justify>This standard is effective for annual periods beginning on or
  after January 1, 2013, with early adoption permitted. The Company has completed
  its assessment of the impact of these amendments and concluded that there will
  be no material impact on its financial statements.</P>
<P align=justify><I>Fair Value Measurement </I></P>
<P align=justify>In May 2011, the IASB issued IFRS 13, <I>Fair Value
  Measurement</I>. This standard defines fair value, sets out a single IFRS
  framework for measuring fair value and outlines disclosure requirements about
  fair value measurements. IFRS 13 defines fair value as the price that would be
  received to sell an asset or paid to transfer a liability in an orderly
  transaction between market participants at the measurement date. Fair value is a
  market-based measurement, not an entity-specific measurement, so assumptions
  that market participants would use should be applied in measuring fair value. </P>
<P align=justify>IFRS 13 is effective for annual periods on or after January 1,
  2013, with earlier application permitted. This standard is to be applied
  prospectively as of the beginning of the annual period in which it is initially
  applied and the disclosure requirements do not need to be applied in comparative
  periods before initial application. The Company has completed its assessment of
  the impact of these amendments and concluded that there will be no material
  impact on its financial statements.</P>
<P align=justify><I>Other Comprehensive Income </I></P>
<P align=justify>In June 2011, the IASB and FASB issued amendments to standards
  to align the presentation requirements for other comprehensive income (OCI). The
  IASB issued amendments to IAS 1, <I>Presentation of Financial Statements </I>to
  require companies preparing financial statements under IFRS to group items
  within OCI that may be reclassified to the profit or loss. The amendments also
  reaffirm existing requirements that items in OCI and profit or loss should be
  presented as either a single statement or two consecutive statements. </P>
<P align=justify>The amendments to IAS 1 set out in <I>Presentation of Items of
  Other Comprehensive Income </I>are effective for fiscal years beginning on or
  after July 1, 2012. The Company has completed its assessment of the impact of
  these amendments and concluded that the existing presentation of items within
  OCI is in accordance with the amendments to IAS 1.</P>
<P align=justify><I>Production Stripping Costs</I></P>
<P align=justify>In October 2011, the IASB issued International Financial
  Reporting Interpretation Committee (IFRIC) 20, <I>Stripping Costs in the
    Production Phase of a Surface Mine</I>. This interpretation requires the
  capitalization and depreciation of stripping costs from the production phase of
  a mine if an entity can demonstrate that it is probable that future economic
  benefits will be realized, that costs can be reliably measured, and that the
  component of the ore body for which access has been improved can be identified.
  This interpretation is effective for annual periods beginning on or after
  January 1, 2013. The Company is currently assessing the impact of this
  interpretation on its financial statements.</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=#28adca>TASEKO MINES LIMITED </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) </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>3.</B> </TD>
    <TD><P align=justify><B>INTEREST IN JOINT VENTURE</B></P></TD>
  </TR>
</TABLE>
<P align=justify>On March 31, 2010, the Company entered into an agreement with
  Cariboo Copper Corp. (Cariboo) whereby the Company contributed certain assets
  and liabilities of the Gibraltar mine into an unincorporated joint venture to
  acquire a 75% interest in the joint venture.</P>
<P align=justify>The assets and liabilities contributed by the Company to the
  joint venture were mineral property interests, plant and equipment, inventories,
  prepaid expenses, reclamation deposits, capital lease obligations, and site
  closure and reclamation obligations. Certain key strategic, operating, investing
  and financing policies of the joint venture require unanimous approval such that
  neither venturer is in a position to exercise unilateral control over the joint
  venture. The Company continues to be the operator of the Gibraltar mine.</P>
<P align=justify>During 2011, the construction of the SAG direct feed system was
  completed. Under the terms of agreement with Cariboo, the Company assumed 100%
  of the capital costs in excess of the capital budget for the SAG direct feed
  system at the joint venture formation. The Company recognized a net loss on
  contribution to the joint venture of $3,987 during 2011 as a result of funding
  Cariboo&#146;s portion of the SAG direct feed system project costs above the 2010
  budgeted amount.</P>
<P align=justify>Summary financial information for the joint venture on 100%
  basis is are follows:</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right><B>As at 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 assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>150,582 </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>99,957 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Non-current assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,257,012 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>991,166 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Current liabilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>78,750 </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>59,095 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Non-current
      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>196,454 </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>156,153 </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%">
  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right><B>Years ended 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>Revenues </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>338,143 </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>335,822 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Expenses </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>285,292 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>244,735 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Net 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="12%"
    align=right>52,851 </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>91,087 </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>4.</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="27%" colSpan=4 align=right><B>Years ended 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>Copper concentrate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>232,604 </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>227,140 </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="12%" align=right>5,444 </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>6,936 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Total copper sales </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>238,048 </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>234,076 </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="12%" align=right>12,228 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>14,317 </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="12%"
    align=right>3,331 </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>3,473 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>253,607 </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>251,866 </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_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=#28adca>TASEKO MINES LIMITED </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) </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>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="27%" colSpan=4 align=right><B>Years ended 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>Direct mining costs </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>158,519 </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>125,536 </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="12%" align=right>18,843 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>12,145 </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="12%" align=right>12,628 </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>11,632 </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="12%" align=right>14,006 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>13,108 </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="12%"
    align=right>(2,085</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="12%"
    align=right>3,144 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>201,911 </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>165,565 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Cost of sales consists of direct mining costs (which include
  personnel costs, mine site general &amp; administrative costs, non-capitalized
  stripping costs, repair &amp; maintenance costs, operating supplies and external
  services), depreciation, and offsite costs comprised of treatment &amp; refining
  costs and transportation costs.</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>6.</B> </TD>
    <TD><P align=justify><B>COMPENSATION EXPENSE</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="27%" colSpan=4 align=right><B>Years ended 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>Wages, salaries and benefits </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>49,313 </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>42,314 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Post-employment benefits </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>687 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,135 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Share-based compensation </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>5,410 </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>8,215 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>55,410 </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>51,664 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Compensation expense is presented as a component of cost of
  sales, general and administrative expense, and exploration and evaluation
  expense.</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>7.</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="27%" colSpan=4 align=right><B>Years ended 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>Realized loss on copper derivative
      instruments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>5,010 </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>9,910 </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="12%" align=right>24,801 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(22,944</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Loss on disposition of property, plant and
      equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>192 </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>542 </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="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>6,322 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Impairment of plant and equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,383 </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>1,835 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Management fee
      income </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>(845</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="12%"
    align=right>(840</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="12%"
    align=right>30,541 </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>(5,175</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
  </TR>
</TABLE>
<P align=justify>Consulting expenses are related to the consultants engaged to
  work with the Gibraltar management team to achieve improvements in operational
  performance.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>For the year ended December 31, 2012, certain plant and
  equipment was deemed redundant upon completion of GDP3. which resulted in an
  impairment charge. For the year ended December 31, 2011, certain plant and
  equipment was deemed redundant upon completion of the SAG direct feed project
  during 2011, which resulted in an impairment charge.</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>8.</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="27%" colSpan=4 align=right><B>Years ended 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>Interest expense </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>12,041 </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>13,957 </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 PER
      (note 18) </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>2,170 </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>2,046 </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="12%"
    align=right>14,211 </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>16,003 </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>9.</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="27%" colSpan=4 align=right><B>Years ended 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>Interest income </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>6,668 </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>6,859 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Realized income on dual currency deposits </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>3,768 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,275 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Unrealized income (loss) on dual currency
      deposits </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>(18</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="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>448 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Gain on sale of marketable securities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,418 </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>5,995 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Change in fair
      value of financial instruments </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>- </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>(289</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="12%"
    align=right>12,092 </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>17,270 </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>10.</B> </TD>
    <TD><P align=justify><B>INCOME TAX</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Income tax expense/(recovery)</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 align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right><B>Years ended 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 income tax: </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;Current period </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>484 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>6,166 </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;Current tax adjustments related to prior periods </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>669 </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>(164</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>1,153 </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>6,002 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Deferred income tax: </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;Origination and reversal of temporary differences </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(3,365</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>17,906 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Deferred tax adjustments related to prior periods </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>(679</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="12%"
    align=right>(126</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>(4,044</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="12%"
      align=right>17,780 </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="12%"
    align=right>(2,891</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="12%"
    align=right>23,782 </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_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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>During the year ended December 31, 2012, the Company recognized
  recoveries of income tax of $877 (2011: $907) and interest expense of $232
  (2011: $208) associated with the reversal of historical tax reserves dating back
  to 2007 (2011: 2006).</P>
<P align=justify><I>(b) Income tax recognized directly in OCI</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 align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right><B>Years ended December</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="12%" align=left>&nbsp;</TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>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>Unrealized losses on available-for-sale
      financial assets, before tax </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(3,116</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>(2,744</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Tax benefit </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>390 </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>343 </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;Unrealized losses 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="12%"
    align=right>(2,726</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="12%"
    align=right>(2,401</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Reclassification of realized gains on available-for-sale
      financial assets, before tax </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(1,418</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(5,995</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Tax benefit </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>177 </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>749 </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;Reclassification of realized gains on available-for-sale
      financial assets, net of tax </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>(1,241</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="12%"
    align=right>(5,246</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>Total other comprehensive loss for the year </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>(3,967</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="12%"
    align=right>(7,647</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
  </TR>
</TABLE>
<P align=justify><I>(c) Effective tax rate reconciliation</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 align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right><B>Years ended 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>Income tax at Canadian statutory rate of
      34.75% (2011: 36.25%) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(6,448</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>18,399 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Permanent differences </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,465 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4.862 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Future tax rate differences </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(345</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>(126</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrecognized tax benefits </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(553</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,366 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Other </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>(10</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="12%"
    align=right>(719</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>Income tax expense
      (recovery) at the effective tax rate of 15.6% (2011: 46.9%) </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>(2,891</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="12%"
      align=right>23,782 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><I>(d) Deferred tax assets and liabilities</I></P>
<P align=justify>Deferred tax assets and liabilities are attributable to the
  following:</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right><B>As at 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>Property, plant and equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(104,011</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>(98,568</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Financial instruments at fair value through profit or loss </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(1,130</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(7,196</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Available-for-sale financial assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>766 </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>200 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Provisions </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>20,287 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>17,845 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>8,690 </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>11,149 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Tax loss
      carryforwards </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>3,918 </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>479 </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="12%"
    align=right>(71,480</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="12%"
    align=right>(76,091</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
  </TR>
</TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>e) Unrecognized deferred tax assets and liabilities</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 align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right><B>As at 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>Deductible temporary differences: </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; &nbsp;Debt </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>6,510 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>10,930 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Deferred Tax Asset: </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 style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Debt </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>814 </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>1,366 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Deferred tax assets have not been recognized in respect of
  these items because it is not probable that future taxable profit will be
  available against which the Company can utilize the benefits. There are no
  unrecognized tax liabilities.</P>
<P align=justify><I>f) Other receivables</I></P>
<P align=justify>Other receivables of $12,961 (2011: $Nil) represent mineral tax
  benefits that the Company is entitled to receive as a result of the completion
  of the Gibraltar mine expansion.</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>11.</B> </TD>
    <TD><P align=justify><B>ACCOUNTS RECEIVABLE</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="27%" colSpan=4 align=right><B>As at 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>Trade receivables </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>13,914 </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>29,891 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Other receivables due from related parties </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>241 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Harmonized sales tax receivable </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>9,521 </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>5,767 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>BC mineral exploration tax credit </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,510 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2,610 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Other receivables </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>1,021 </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>1,400 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>28,966 </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>39,909 </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_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=#28adca>TASEKO MINES LIMITED </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) </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>12.</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="27%" colSpan=4 align=right><B>As at 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;Capped floating rate notes </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>10,023 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </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>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,776 </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>25,407 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Marketable securities &#150; available for sale </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>7,196 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>11,898 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Promissory note </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>10,820 </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>8,190 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>29,865 </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>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>&nbsp;</TD>
    <TD width="12%" align=right>10,067 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>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>7,100 </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>25,728 </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 (note 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="12%"
    align=right>59,842 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>102,737 </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>111,641 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1 </font></SUP><font size="1">The Company invested in subscription receipts of a
  private company with directors in common which holds mineral property interests.
  The subscription receipts will be convertible into units comprised of shares, or
  shares and warrants.</font></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>13.</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="27%" colSpan=4 align=right><B>As at 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>Work in process </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>4,065 </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>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>5,395 </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>- </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>265 </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>17,831 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>27,556 </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>23,290 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>In 2012, materials and supplies inventories was written down by
  $362 (2011: $446). This writedown is included in cost of sales. The net
  realizable value of the materials and supplies inventories after the writedown
  was nil (2011: nil).</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_16></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=#28adca>TASEKO MINES LIMITED </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) </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>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>Mineral </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>Plant and </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 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>properties<SUP>1</SUP> </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>equipment </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>CIP <SUP>4</SUP> </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>Total </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>Cost</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=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="10%" 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="10%" 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="10%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>At January 1, 2011 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>98,840 </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>266,417 </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>17,590 </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>382,847 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Additions </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>949 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>27,778 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>45,391 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>74,118 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Rehabilitation cost asset <SUP>2</SUP> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>43,516 </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>43,516 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capitalized interest <SUP>3</SUP> </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>874 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>874 </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>(762</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>(762</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>4</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>13,150 </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>(13,150</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 bgColor=#e6efff align=left>At December 31, 2011 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>143,305 </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>306,583 </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>50,705 </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>500,593 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Additions </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>30 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>54 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>209,382 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>209,466 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Rehabilitation cost asset <SUP>2</SUP> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>8,529 </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>8,529 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capitalized interest <SUP>3</SUP> </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>7,679 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,679 </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>(869</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>(869</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;New Mine Allowance credit </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>(12,538</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>(12,538</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Transfers between categories <SUP>4</SUP> </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>86,170 </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>(86,170</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>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>At December 31,
      2012 </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>151,864 </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>379,400 </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>181,596 </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>712,860 </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>Accumulated depreciation and impairments</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=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="10%"
    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="10%"
    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="10%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>At January 1, 2011 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>14,001 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>27,748 </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>41,749 </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>3,782 </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>12,882 </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>16,664 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Disposals </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>(220</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>(220</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Impairments </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>1,835 </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>- </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>1,835 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" 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>&nbsp;</TD>
    <TD width="10%" align=right>17,783 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>42,245 </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>60,028 </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>4,459 </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>15,481 </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>19,940 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Disposals </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>(488</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>(488</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Impairments </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>1,383 </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>- </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>1,383 </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>At December 31,
      2012 </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>22,242 </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>58,621 </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>80,863 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>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
      December 31, 2012 </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>129,622 </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>320,779 </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>181,596 </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>631,997 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1 </font></SUP><font size="1">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>The capitalization rate for the period was
  7.77% (2011: 5.77%).<BR>
  <SUP>4. </SUP>Construction in process (CIP) is
  transferred to the relevant category of property, plant and equipment once the
  asset is available for use.</font></P>
<P align=justify><I>(a) Leased assets</I></P>
<P align=justify>The Company leases mining equipment under a num ber of capital
  lease agreements. Some leases may not be terminated by the Company prior to the
  end of its term. Most of the leases provide the Company with the option to
  purchase the equipment at a beneficial price. One lease contains a mandatory
  purchase provision. Certain rents are based on an annual average usage for the
  applicable equipment and, if at the end of the term (unless the equipment has
  been purchased by the Company), the actual annual average usage of such
  equipment has been greater than the specified usage, the Company must pay an
  additional amount for each excess hour of actual usage. The leased assets secure
  the lease obligations (note 19).</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_17></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>At December 31, 2012, the net carrying amount of leased assets
was $47,898 (2011: $29,606).</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>INTANGIBLE 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="27%" colSpan=4 align=right><B>As at 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>Aley niobium property </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>5,436 </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>5,436 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>New Prosperity gold-copper property <SUP>1</SUP> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Harmony gold property <SUP>1</SUP> </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 </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 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>5,438 </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>5,438 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1. </font></SUP><font size="1">Carrying amounts for New Prosperity and Harmony
  represent the original mineral property acquisition costs less historical
  impairments.</font></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>16.</B> </TD>
    <TD><P align=justify><B>ACCOUNTS PAYABLE AND ACCRUED
      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="27%" colSpan=4 align=right><B>As at 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>Trade payables </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>39,963 </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>31,055 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Other payables due to related parties </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>100 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>44 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Other payables </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>2,875 </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>1,906 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>42,938 </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>33,005 </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>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="27%" colSpan=4 align=right><B>As at 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>&nbsp;</TD>
    <TD width="12%" align=right>10,820 </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;Copper call option contracts </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>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,607 </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 &#150; royalty obligation </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>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="12%" align=right>175 </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="12%"
    align=right>10,995 </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>10,972 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Long-term: </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;Royalty obligations </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>34,759 </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>44,594 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Income tax obligations </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>272 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,386 </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;Deferred revenue &#150; 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="12%"
    align=right>131 </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>306 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>35,162 </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>46,286 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Red Mile royalty obligation and promissory note</I></P>
<P align=justify>In September 2004, the Company sold a royalty on the Gibraltar
  mine&#146;s copper production to Red Mile Resources No. 2 Limited Partnership (Red
  Mile), an unrelated investment partnership, for $67,357. The proceeds were invested with a trust company in a promissory note (note 12)
  and the Company pledged the promissory note, along with interest earned thereon,
  as security for its royalty obligation.</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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>Pursuant to the agreements, the Company received fees and
  interest for services performed in relation to the Red Mile transaction,
  including $1,750 for indemnifying an affiliate of Red Mile from any claims
  relating to a breach by the Company under the royalty agreement. The
  indemnification funds received were recorded as deferred revenue and will be
  recognized as income over the expected remaining life of the royalty
agreement.</P>
<P align=justify>Annual royalties are payable to Red Mile at rates ranging from
  $0.01 to $0.14 per pound of copper produced during the period from the
  commencement of commercial production (as defined in the agreement) to the
  latter of (i) December 2014 and (ii) five years after the end of commercial
  production from the mine. Funds held in the promissory note are released to
  satisfy the annual royalty payment.</P>
<P align=justify>The Company has a pre-emptive option to effectively purchase
  (call) the royalty interest by acquiring the Red Mile partnership units in
  consideration of a payment which is (i) approximately equal to the funds
  received by the Company less royalty payments to date, or (ii) fair value,
  whichever is lower. Under certain circumstances, the investors in Red Mile also
  have a right to sell (put) their Red Mile partnership units to the Company at
  fair value; however, such right is subject to the Company&#146;s pre-emptive right to
  exercise the &#147;call&#148; in advance of any &#147;put&#148; being exercised and completed.</P>
<P align=justify>The Company has granted to Red Mile a net profits interest
  (NPI) which survives any &#147;put&#148; or &#147;call&#148; of the Red Mile units. The NPI is
  applicable for the years 2011 to 2014 and ranges from 2% to 4%, depending on the
  average copper price each year adjusted for variations in foreign currency
  exchange rates. No NPI is payable until the Company reaches a pre-determined
  aggregate level of revenues less defined operating costs. As at December 31,
  2012 and 2011, these threshold levels have not been met.</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> </TD>
    <TD><P align=justify><B>PROVISIONS</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>Environmental </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">rehabilitation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>At January 1, 2011 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>53,129 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Additions during the year </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>171 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Change in estimates </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>43,346 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Used during the year </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2,670</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Unwind of discount </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>2,046 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At December 31, 2011 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>96,022 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Additions during the year </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>301 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Change in estimates </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>8,221 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Used during the year </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(197</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Unwind of
      discount </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>2,170 </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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At December 31, 2012 </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>106,517 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The PER represents the present value of estimated costs of
  legal and constructive obligations required to retire an asset. The PER has been
  recognized based on the Company&#146;s internal estimates. Assumptions, based on the
  current economic environment, have been made which management believes are a
  reasonable basis upon which to estimate the future liability.</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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>The following significant estimates and assumptions were made
  for the purpose of estimating the PER:</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>December 31,</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>Pre-tax discount rate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2.4% </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>3.1% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Inflation rate </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2.0% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2.0% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Market risk adjustment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>0.5% </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>0.5% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Number of years to mine closure </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>25 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>26 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Number of years over which rehabilitation occurs </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>100 </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>100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Estimates are reviewed regularly to take into account any
  material changes to the assumptions. During 2012, the Company submitted an
  updated decommissioning cost report to the BC Ministry of Energy, Mines and
  Petroleum Resources as a requirement to maintain the M-40 Approval of
  Reclamation Program permit in good standing. The underlying cost assumptions
  supporting the 2012 decommissioning report reflect management&#146;s best estimate
  for closure costs and were incorporated into the PER. There have been some
  adjustments to certain estimates, both in terms of amount and timing, made
  subsequently as a result of updated information. Furthermore, there have been
  changes in discount rates during the current period, which has had a significant
  impact on the PER.</P>
<P align=justify>In general, the expected cash flows become more reliable
  towards the end of the mine&#146;s life, whereas the estimate of a PER at the
  beginning of the mine&#146;s life is more subjective. Actual rehabilitation costs
  will ultimately depend upon future market prices for the necessary
  decommissioning works required, which will reflect market conditions at the
  relevant time. Furthermore, the timing of rehabilitation is likely to depend on
  when the mine ceases to produce at economically viable rates. This, in turn,
  will depend upon future metal prices, which are inherently uncertain.</P>
<P align=justify>As required by the regulatory authorities, before commencing
  work on a project or mine, the Company posts a security which is held in trust
  by the regulatory authorities. These reclamation deposits (note 12) are returned
  once the site is reclaimed to a satisfactory level and there are no ongoing
  monitoring or maintenance requirements. For the Gibraltar mine, the Company has
  also issued an irrevocable standby letter of credit for $10 million as part of
  its security with the regulatory authorities.</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> </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="27%" colSpan=4 align=right><B>As at 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>&nbsp;</TD>
    <TD width="12%" align=right>10,755 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>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>7,312 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>18,067 </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>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>&nbsp;</TD>
    <TD width="12%" align=right>193,970 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>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>24,486 </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>16,337 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="12%"
    align=right>234,793 </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>218,502 </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_20></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Senior notes</I></P>
<P align=justify>In April 2011, the Company completed a public offering of
  US$200 million in senior notes due in 2019, bearing interest at an annual rate
  of 7.75%. The notes are guaranteed by the Company&#146;s subsidiaries and the
  subsidiary guarantees are, in turn, guaranteed by the Company.</P>
<P align=justify>The Company may redeem some or all of the notes at any time on
  or after April 15, 2015 at redemption prices ranging from 103.875% to 100% plus
  accrued interest. Prior to April 15, 2015, the notes may be redeemed at 100%
  plus a make-whole premium, plus accrued interest. In addition, until April 15,
  2014, the Company may redeem up to 35% of the principal amount of notes, in an
  amount not greater than the net proceeds of certain equity offerings, at a
  redemption price of 107.75%, plus accrued interest.</P>
<P align=justify>The Company is subject to certain restrictions on asset sales,
  payments, and incurrence of indebtedness and issuance of preferred stock.</P>
<P align=justify><I>(b) Capital leases</I></P>
<P align=justify>Capital leases are are repayable in monthly installments with
  fixed interest rates and are secured by plant and equipment with a carrying
  value of $47,898 (2011: $29,606). The capital lease obligations bear fixed
  interest rates ranging from 5.00% to 6.35% and have maturity dates ranging from
  2013 to 2017.</P>
<P align=justify><I>(c) Secured equipment loans</I></P>
<P align=justify>The equipment loans are secured by equipment with a carrying
  value of $50,724 (2011: $26,899). The loans are repayable in monthly
  installments and bear fixed interest rates ranging from 4.47% to 5.84% and have
  maturity dates out to 2017.</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>20.</B> </TD>
    <TD><P align=justify><B>EQUITY</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Share capital</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 align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp;</TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap>Tracking </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="12%" align=right nowrap>Common </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap>preferred </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(thousands of
      shares) </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">shares </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">shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>At January 1, 2011 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>187,498 </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>12,484 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Issued for cash </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,000 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Exchange of tracking preferred shares
      for common shares (note 20b) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>5,916 </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>(12,484</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Exercise of
      share options </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>2,091 </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>- </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
      December 31, 2011 </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>196,505 </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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Repurchased </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(6,645</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" 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;Exercise of share options </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>1,022 </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>- </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>At December 31,
      2012 </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>190,882 </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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The Company&#146;s authorized share capital consists of an unlimited
  number of common shares with no par value.</P>
<P align=justify><I>(b) Equity issued and repurchased</I></P>
<P align=justify>During the year ended December 31, 2011, the Company sold one
  million of its common shares through an at-the-market issuance for net proceeds
  of $5,559.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_21></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>During the year ended December 31, 2011, Continental Minerals
  Corporation (&#147;Continental&#148;) completed its previously-announced plan of
  arrangement with Jinchuan Group Ltd. Pursuant to the plan of arrangement, the
  outstanding preferred shares of Continental were exchanged for common shares of
  the Company, resulting in the issuance of 5,916,241 common shares at a fair
  value of $29,581 and the redemption of all of the outstanding tracking preferred
  shares.</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
  were purchased on the open market through the facilities of the Toronto Stock
  Exchange at the market price at the time of purchase. Purchases under the normal
  course issuer bid were subject to the restricted payment limitations in the
  Company&#146;s senior notes indenture. During 2012, a total of 6,644,440 common
  shares have been repurchased under the normal course issuer bid for $20,897.
  Subsequent to year end, the Company&#146;s normal course issuer bid was terminated on
  February 2, 2013.</P>
<P align=justify><I>(c) Contributed surplus</I></P>
<P align=justify>Contributed surplus represents employee entitlements to
  share-based awards that have been charged to profit and loss in the periods
  during which the entitlements were accrued and have not yet been exercised.</P>
<P align=justify><I>(d) Accumulated other comprehensive income (loss)
  (&#147;AOCI&#148;)</I></P>
<P align=justify>AOCI is comprised of the cumulative net change in the fair
  value of available-for-sale financial assets, net of taxes, until the
  investments are sold or impaired.</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>21.</B> </TD>
    <TD><P align=justify><B>SHARE-BASED COMPENSATION</B></P></TD>
  </TR>
</TABLE>
<P align=justify>The Company has a share option plan (equity settled) approved
  by the shareholders that allows it to grant options to directors, officers,
  employees and other service providers. Under the plan, a maximum of 10% of the
  Company&#146;s outstanding common shares may be granted. The maximum allowable number
  of options to independent directors as a group at any time outstanding is 1% of
  the Company&#146;s outstanding common shares. The exercise price of an option is set
  at the time of grant using the five-day volume weighted average price of the
  common shares. Options may have a term of up to ten years. Vesting conditions of
  options is at the discretion of the Board of Directors at the time the options
  are granted.</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>(thousands of
      options) </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>Options </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>Average price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Outstanding at January 1, 2011 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>11,114 </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>2.47 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Granted </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2,370 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>5.16 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Exercised </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(2,091</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>1.37 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Forfeited </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(98</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4.58 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Expired </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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Outstanding at January 1, 2012 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>11,295 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>3.22 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Granted </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>4,430 </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>2.78 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Exercised </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(1,015</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>$</TD>
    <TD width="12%" align=right>1.53 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Forfeited </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(431</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="12%" align=right>4.33 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Expired </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>(147</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="12%" align=right>4.31 </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>Outstanding at December 31, 2012 </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>14,132 </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>3.16 </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>Exercisable at
      December 31, 2012 </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>10,565 </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>3.13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The weighted-average share price at the date of exercise for
  share options exercised in 2012 was $3.20 (2011: $4.18).</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_22></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=#28adca>TASEKO MINES LIMITED </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) </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>Options </TD>
    <TD  width="2%" align=left nowrap>&nbsp;</TD>
    <TD  width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap>Average life </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Range of exercise
      price </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">(thousands) </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">(years) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>$1.00 to $2.18 </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>4,154 </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>1.1 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>$2.19 to $4.09 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,312 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4.0 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>$4.10 to $5.74 </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>5,666 </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="12%"
    align=right>2.0 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
      align=right>14,132 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>2.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>The fair value at grant date of the share option plan was
  measured based on the Black-Scholes formula. Expected volatility is estimated by
  considering historic average share price volatility. The inputs used in the
  measurement of the fair values at grant date of the share-based payment plans
  are the following:</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right nowrap>Key management personnel </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>Employees </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">2012 </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">2011 </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">2012 </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">2011 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Weighted-average share price </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2.76 </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>5.01 </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>2.84 </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>4.98 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Expected term (years) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5.0 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4.9 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3.2 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3.0 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Expected forfeiture rate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0% </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>0% </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>0% </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>0% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Weighted-average expected volatility </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>72.6% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>77.0% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>61.9% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>83.8% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Expected dividend yield </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0% </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>0% </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>0% </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>0% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Risk-free interest
      rate </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>1.33% </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>2.2% </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="10%" align=right>1.1% </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>2.2% </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>Weighted-average fair value per option </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>1.65 </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>3.11 </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>1.21 </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>2.69 </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>22.</B> </TD>
    <TD><P align=justify><B>EARNINGS (LOSS) PER
      SHARE</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="27%" colSpan=4 align=right><B>Year ended 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 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 width="12%"
    align=right>(15,665</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="12%"
    align=right>26,974 </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>Net (loss)
      earnings &#150; diluted </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>(15,665</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="12%"
      align=right>26,974 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>(in thousands of common shares) </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>Weighted-average number of common shares </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>192,599 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>193,213 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Dilutive securities: </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;Effect of share options </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>4,535 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Effect of tracking preferred shares </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>- </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>Weighted-average
      number of diluted common shares </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>192,599 </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>197,748 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>($ per common share) </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><B>Basic earnings per share</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>(0.08</B></TD>
    <TD  width="2%" align=left><B>)</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right><B>0.14</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left><B>Diluted earnings per share</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>(0.08</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="12%"
    align=right><B>0.14</B> </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_23></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=#28adca>TASEKO MINES LIMITED </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) </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>23.</B> </TD>
    <TD><P align=justify><B>COMMITMENTS AND
      CONTINGENCIES</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Commitments</I></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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>&lt;1 year or</B> </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 align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>on</B> </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 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="8%"
      align=right><B>demand</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="8%" align=right><B>1 -
      2 years</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="8%" align=right><B>2 -
      5 years</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="8%"
      align=right><B>&gt;5 years</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="8%"
      align=right><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>At December 31, 2012</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>&nbsp;Capital lease liability </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>10,755 </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>8,984 </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>15,503 </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>35,242 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Future
      interest charges </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>1,741 </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>1,176 </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>932 </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>3,849 </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>Capital lease commitments </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>12,496 </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>10,160 </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>16,435 </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>- </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>39,091 </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>Operating lease
      commitments<SUP>1</SUP> </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>3,313 </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>1,801 </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>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>934 </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>6,994 </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>Purchase 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="8%"
    align=right>14,016 </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>2,131 </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>16,147 </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>Capital
      expenditures commitments </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>31,849 </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>31,849 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>At December 31, 2011</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;Capital lease liability </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>6,925 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,938 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>8,924 </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>21,787 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Future interest charges </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>1,133 </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>709 </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>602 </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>2,444 </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>Capital lease
      commitments </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>8,058 </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>6,647 </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>9,526 </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>24,231 </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>Operating lease commitments<SUP>1</SUP> </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>1,377 </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>117 </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>145 </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>1,639 </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>Capital
      expenditures commitments </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>37,200 </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>37,200 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1. </font></SUP><font size="1">Operating leases are entered into as a means of
  acquiring property, plant and equipment. Certain leases contain extension and
  renewal options.</font></P>
<P align=justify>In respect of its interest in a joint venture, the joint
  venture is committed to incur capital expenditures of $42,466 (2011: $49,600),
  of which the Company&#146;s share of this commitment is $31,849 (2011: $37,200).</P>
<P align=justify>During the year ended December 31, 2012, an amount of $3,181
  was recognized as an expense in profit or loss in respect of operating leases
  (2011: $2,859).</P>
<P align=justify><I>(b) Contingencies</I></P>
<P align=justify>The Company has guaranteed 100% of certain debt entered into by
  the Gibraltar joint venture in which it holds a 75% interest. As at December 31,
  2012, this debt totaled $56,279 on a 100% basis. The Company has also guaranteed
  its share of additional debt totaling $16,682 on 75% basis.</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>24.</B> </TD>
    <TD><P align=justify><B>SUPPLEMENTARY CASH FLOW
      INFORMATION</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Cash and equivalents</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 align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right nowrap><B>As at 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>Cash </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>134,995 </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>217,338 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Dual currency
      deposits &lt; 3-month term </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>- </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>60,454 </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="12%"
    align=right>134,995 </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>277,792 </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_24></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>(b) Other items</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right nowrap><B>For the year ended 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><B>Change in non-cash working capital items</B> </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;Accounts receivable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>10,943 </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>(17,991</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Inventories </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(4,266</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2,005</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Prepaids </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(2,775</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>(1,813</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accounts payable and accrued liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2,114</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2,914</TD>
    <TD  width="2%" align=left>) </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="12%" align=right>(71</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>3,284 </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 &#150; royalty obligation </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>(175</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="12%"
    align=right>(175</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="12%"
    align=right>1,542 </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>(21,614</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="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;Realized loss on copper derivative
      instruments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>5,010 </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>9,910 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Reclamation expenditures </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(204</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2,670</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Impairment of plant and equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,383 </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>1,835 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;(Gain) loss on sale of property, plant and equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>192 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>542 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Long-term prepaids </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>(4,335</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="12%"
    align=right>(165</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>2,046 </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>9,452 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Investing cash flows &#150; other items</B> </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;Net cash reinvested in reclamation deposit </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(815</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(1,054</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Reclamation deposit </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</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="12%"
    align=right>(12</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>(855</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="12%"
    align=right>(1,066</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </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="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;Assets acquired under capital lease </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>23,098 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>7,241 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Interest earned on promissory note </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(4,038</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>(4,255</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest expense on royalty obligation </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>984 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,140 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Royalty obligation settled by
      promissory note </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(8,190</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>(7,248</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;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="12%" 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="12%"
      align=right>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>25.</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, controlling and reporting
  structures.</P>
<P align=justify><I>(b) Market risk</I></P>
<P align=justify>Market risk is the risk that the fair value of future cash
  flows of a financial instrument will fluctuate because of changes in market
  prices. Market prices comprise three types of risk: commodity price risk;
  interest rate risk; and currency risk. Financial instruments affected by market
  risk include: cash and equivalents; accounts receivable; promissory note; marketable securities; subscription receipts;
  reclamation deposits; accounts payable and accrued liabilities; debt; royalty
  obligation; and derivatives.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_25></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>The objective of market risk management is to manage and
  control market risk exposures within acceptable parameters, while optimizing the
  return. The Company buys and sells derivatives in order to manage market risks.
  The derivative instruments employed by the Company are not designated as hedges
  for accounting purposes. These non-hedge derivatives are considered to be
economic hedges.</P>
<P align=justify><I>Commodity price risk</I></P>
<P align=justify>The Company is exposed to the risk of fluctuations in
  prevailing market commodity prices on the metals it produces. To manage the
  Company&#146;s operating margins effectively in volatile metals markets, the Company
  enters into copper option contracts. The amount and duration of the Company&#146;s
  hedge position is based on its assessment of business specific risk elements
  combined with the copper pricing outlook. Currently, the Company has
  approximately 50% of its estimated share of 2013 Gibraltar copper production
  hedged by means of copper option contracts.</P>
<P align=justify>The table below summarizes the impact on earnings after tax and
  equity for changes in commodity prices on the fair value of derivatives, other
  than those designated as embedded derivatives.</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right nowrap><B>Years ended 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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Copper increases by US$0.35/lb (2011: US$0.34/lb) <SUP>1</SUP> </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>(779</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="12%"
    align=right>(10,288</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1. </font></SUP><font size="1">The analysis is based on the assumption that the
  year-end copper price increases 10% with all other variables held constant. The
  relationship between the year-end copper price and the strike price of copper
  options has significant influence over the fair value of the derivatives. As
  such, a 10% decrease in the year-end copper price will not result in an equal
  but opposite impact on earnings after tax and equity. The closing exchange rate
  for the year ended December 31, 2012 of CAD/USD 0.9949 (2011: 1.0170) was used
  in the analysis.</font></P>
<P align=justify>The Company also enters into physical commodity contracts in
  the normal course of business. These contracts are not derivatives and are
  measured at cost (typically at nil); they are therefore excluded from the fair
  value and sensitivity table above. Also not included in the above tables are
  provisionally priced sales volumes for which price finalization is outstanding
  at balance sheet date. Provisionally pricing mechanisms embedded within these
  sales arrangements have the character of a commodity derivative and are carried
  at fair value as part of accounts receivables. The table below summarizes the
  impact on earnings after tax and equity for changes in commodity prices upon
  provisionally invoiced sales volumes.</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right nowrap><B>Years ended 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>Copper increase/decrease by US$0.35/lb
      (2011: US$0.34/lb) <SUP>1</SUP> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,229 </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>2,054 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Molybdenum
      increase/decrease by US$1.14/lb (2011: US$1.34/lb) <SUP>1</SUP> </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>136 </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>269 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1. </font></SUP><font size="1">The analysis is based on the assumption that the
  metal price moves 10% with all other variables held constant. The closing
  exchange rate for the year ended December 31, 2012 of CAD/USD 0.9949 (2011:
  1.0170) was used in the analysis.</font></P>
<P align=justify>The sensitivities in the above tables have been determined as
  the absolute impact on fair value of a 10 per cent increase in commodity prices
  at each reporting date, while holding all other variables, including foreign
  currency and exchange rates, constant. The relationship between commodity prices
  and foreign currencies is complex and movements in foreign exchange can impact
  commodity prices. The sensitivities should therefore be used with care.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_26></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>Interest rate risk</I></P>
<P align=justify>The Company is exposed to interest rate risk on its outstanding
  debt and investments, including cash and equivalents, from the possibility that
  changes in market interest rates will affect future cash flows or the fair value
  of fixed-rate interest-bearing financial instruments.</P>
<P align=justify>The table below summarizes the impact on earnings after tax and
  equity for a change of 100 basis points in interest rates at the reporting date.
  This analysis assumes that all other variables, in particular foreign currency
  rates, remain constant. This assumes that the change in interest rates is
  effective from the beginning of the financial year and balances are constant
  over the year. However, interest rates and balances of the Company may not
  remain constant in the coming financial year and therefore such sensitivity
  analysis should be used with care.</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right><B>Years ended 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 align=left><B>Fair value sensitivity for fixed-rate instruments</B> </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;Cash and equivalents </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>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>407 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Dual currency deposits &gt; 3-month term </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>482 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Promissory note </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>835 </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>789 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Royalty Obligation </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(350</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(383</TD>
    <TD  width="2%" align=left>) </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>(227</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>(148</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Secured equipment loans </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(91</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(128</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Senior notes </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>(1,499</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="12%"
    align=right>(1,057</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%"
    align=right>(1,332</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="12%"
align=right>(38</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Cash flow sensitivity for variable-rate
      instruments</B> </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;Cash and equivalents </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>571 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,327 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Capped floating rate notes </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>19 </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 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Reclamation
      deposits </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>184 </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>174 </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="12%"
    align=right>774 </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>1,512 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><I>Currency risk</I></P>
<P align=justify>The Canadian dollar is the functional currency of the Company
  and, as a result, currency exposures arise from transactions and balances in
  currencies other than the Canadian dollar, primarily the US dollar. The
  Company&#146;s potential currency exposures comprise translational exposure in
  respect of non-functional currency monetary items, and transactional exposure in
  respect of non-functional currency revenues and expenditures. The Company also
  has currency exposure as a result of its investment in dual currency deposits
  (&#147;DCD&#148;). A DCD is a financial instrument which combines a money market deposit
  with a currency option to provide a higher yield than that available for a
  standard deposit. The currency that the Company receives upon maturity of the
  DCD is dependent on the prevailing spot foreign exchange rate at maturity.</P>
<P align=justify>The following table demonstrates the sensitivity to a 10%
  strengthening in the CAD against the USD. With all other variables held
  constant, the Company&#146;s earnings after tax would increase/(decrease) due to
  changes in the carrying value of monetary assets and liabilities. The impact on
  equity is the same as the impact on profit after tax. A weakening in the CAD
  against the USD would have had the equal but opposite effect to the amounts
  shown below.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_27></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=#28adca>TASEKO MINES LIMITED </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) </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="27%" colSpan=4 align=right><B>Year ended 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>Cash and equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(6,167</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>(8,576</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Dual currency deposits <SUP>1</SUP> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(7,491</TD>
    <TD  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Accounts receivable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(1,044</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>(2,197</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Copper put option contracts </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(133</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(1,867</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="12%" align=right>129 </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>492 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Copper call option contracts </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>192 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Senior notes </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>14,536 </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>14,510 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1. </font></SUP><font size="1">Represents the translational exposure of the
  DCDs, and does not consider the potential impact of losses as a result of
  potential conversions of the DCD into Canadian dollars at maturity.</font></P>
<P align=justify>The Company&#146;s financial asset and liability profile may not
  remain constant and, therefore, these sensitivities should be used with
  care.</P>
<P align=justify><I>(c) Liquidity risk</I></P>
<P align=justify>Liquidity risk is the risk that the Company will not be able to
  meet its financial obligations as they become due. The Company manages liquidity
  risk by holding sufficient cash and equivalents and scheduling long-term
  obligations based on estimated cash inflows.</P>
<P align=justify>During the year ended December 31, 2012, Moody&#146;s Investor
  Service made no change to the Company&#146;s long-term credit rating of B3, and
  Standard &amp; Poor&#146;s made no change to the Company&#146;s long-term credit rating of
  B. The Company&#146;s strong credit profile and significant cash balance ensure that
  sufficient liquid funds are maintained to meet its daily cash requirements. The
  Company&#146;s practice on counterparty credit exposure ensures that only
  counterparties of a high credit standing are used for the investment of any
  excess cash.</P>
<P align=justify>There were no defaults on loans payable during the year.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_28></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>The maturity profile of the Company&#146;s financial liabilities
  based on contractual undiscounted amounts is:</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right><B>&lt;1 year or</B> </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 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="8%"
      align=right><B>demand</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="8%" align=right><B>1 -
      2 years</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="8%" align=right><B>2 -
      5 years</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="8%"
      align=right><B>&gt;5 years</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="8%"
      align=right><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>At December 31, 2012</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>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>42,938 </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>42,938 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Expected future interest payments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>18,148 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>17,186 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>47,906 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>19,920 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>103,160 </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="8%" align=right>10,755 </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>8,984 </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>15,502 </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>35,241 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Secured equipment loans </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>7,312 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>6,304 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>10,033 </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>23,649 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Senior notes </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>198,980 </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>198,980 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Royalty
      obligations <SUP>1</SUP> </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>10,820 </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>23,809 </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>10,950 </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>45,579 </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="8%"
    align=right>89,973 </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>56,283 </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>84,391 </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>218,900 </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>449,547 </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>Carrying amount </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>71,825 </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>39,097 </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>36,485 </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>198,980 </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>346,387 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>At December 31, 2011</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;Accounts payable and accrued liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>36,289 </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>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>36,289 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Expected future interest payments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>17,518 </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>16,717 </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>47,945 </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>36,126 </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>118,306 </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>&nbsp;</TD>
    <TD width="8%" align=right>6,925 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>5,938 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>8,924 </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>21,787 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Secured equipment loans </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>6,828 </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>3,672 </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>2,559 </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>13,059 </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>&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>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>203,400 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>203,400 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Royalty obligations <SUP>1</SUP> </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>13,514 </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>23,809 </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>15,461 </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>52,784 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>81,074 </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>50,136 </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>74,889 </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>239,526 </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>445,625 </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>Carrying amount </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>63,556 </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>33,419 </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>26,944 </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>197,409 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="8%"
    align=right>321,328 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1. </font></SUP><font size="1">Actual timing of payment for royalty obligations
  may differ. Amounts estimated based on expected future production levels.</font></P>
<P align=justify><I>(d) Credit risk</I></P>
<P align=justify>Credit risk is the risk of potential loss to the Company if a
  customer or counterparty to a financial instrument fails to meet its contractual
  obligations. The Company is exposed to credit risk from its receivables,
  marketable securities and investments, and derivatives. In general, the Company
  manages its credit exposure by transacting only with reputable counterparties.
  The Company monitors the financial condition of its customers and counterparties
  to contracts.The following table shows the Company&#146;s receivables at the
  reporting date that are exposed to credit risk and the aging analysis. There are
  no impairments recognized on the receivables.</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>&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=right><B>Not past</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="30%" colSpan=7 align=center><B>Past due but not impaired</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="8%"
      align=right><B>Total</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="8%"
      align=right><B>due</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="8%"
      align=right><B>&lt;30 days</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="8%"
      align=right><B>31-90 days</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="8%"
      align=right><B>&gt;90 days</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>At December 31, 2012</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;Trade receivables </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>13,914 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>13,914 </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>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Other receivables </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>15,052 </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>11,042 </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>4,010 </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>
  </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="8%" align=right>28,966 </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>24,956 </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>4,010 </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>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>At December 31, 2011</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;Trade receivables </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>29,891 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>29,958 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>12 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(79</TD>
    <TD  width="2%" align=left>) </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;Other receivables </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>10,018 </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>9,306 </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>712 </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>
  </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="8%" align=right>39,909 </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="8%" align=right>39,264 </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>12 </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>633 </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>
  </TR>
</TABLE>
<P align=justify>The Company deals with a limited number of counterparties for
  its metal sales. The balance at December 31, 2012 is comprised of four customers
  (2011: four customers).</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_29></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify><I>(e) Fair values of financial instruments</I></P>
<P align=justify>The fair values of financial assets and liabilities, together
  with their carrying amounts, are presented by class in the following table.</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="23%" colSpan=4
    align=right><B>December 31, 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="23%" colSpan=4
    align=right><B>December 31, 2011</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="10%" align=right><B>Carrying</B> </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=right><B>Carrying</B> </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 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>amount</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>Fair value</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>amount</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>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Financial assets</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><I>Fair value through profit and loss
      (FVTPL)</I> </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>&nbsp;Dual currency deposits &lt; 3-month term </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>61,033 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>61,033 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Dual currency deposits &gt; 3-month
      term </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>40,602 </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>40,602 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Copper put option contracts </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,776 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,776 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>25,407 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>25,407 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><I>Loans and receivables</I> </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>&nbsp;Cash </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>134,995 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>134,995 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>216,759 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>216,759 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Accounts receivable </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>28,966 </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>28,966 </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>39,909 </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>39,909 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Promissory
      note <SUP>1</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>70,662 </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>N/A </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>74,814 </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>N/A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><I>Available-for-sale</I> </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>&nbsp;Capped floating rate notes </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20,090 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20,090 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20,055 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>20,055 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Shares </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>7,196 </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>7,196 </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>11,898 </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>11,898 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Subscription receipts </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,100 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,100 </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>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Reclamation deposits </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>25,728 </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>25,728 </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>24,962 </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>24,962 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Financial liabilities</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><I>Fair value through profit and loss
      (FVTPL)</I> </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>&nbsp;Copper call
      option contracts </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>2,607 </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>2,607 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><I>Financial liabilities</I> </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>&nbsp;Accounts payable and accrued liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>42,938 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>42,938 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>33,005 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>33,005 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Interest payable senior notes </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3,213 </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>3,213 </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>
    <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;Senior notes </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>193,970 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>190,897 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>197,409 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>185,603 </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="10%" align=right>35,242 </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>35,059 </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>21,787 </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>21,562 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Secured equipment loans </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>23,649 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>23,532 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>13,059 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>12,235 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Royalty obligation <SUP>1</SUP> </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>45,579 </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>N/A </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>52,784 </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>N/A </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1. </font></SUP><font size="1">The fair value of the promissory note and royalty
  obligation are not readily determinable with sufficient reliability due to the
  uncertainty around the maturities and the future cash flows associated with the
  promissory note.</font></P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_30></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>The Company uses the fair value hierarchy described in note 2f
  for determining the fair value of instruments that are carried at fair value. </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="10%"
      align=right><B>Level 1</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>Level 2</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>Level 3</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>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>December 31, 2012</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><I>Financial assets designated at FVTPL</I> </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>&nbsp;Copper put option contracts </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>1,776 </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>1,776 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><I>Available-for-sale financial assets</I> </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>&nbsp;Shares </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,196 </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>7,196 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Capped floating rate notes </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>20,090 </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>20,090 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Subscription receipts (note 26c) </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>7,100 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>7,100 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Reclamation deposits </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>25,728 </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>- </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>- </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>25,728 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>32,924 </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>21,866 </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>7,100 </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="10%"
      align=right>61,890 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>December 31, 2011</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><I>Financial assets designated at FVTPL</I> </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;Dual currency deposits </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>101,635 </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>101,635 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Copper put option contracts </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>25,407 </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>25,407 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><I>Available-for-sale financial assets</I> </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>&nbsp;Shares </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>11,898 </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>11,898 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Capped floating rate notes </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>20,055 </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>20,055 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Reclamation
      deposits </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>24,962 </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>24,962 </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=right>36,860 </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>147,097 </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>- </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>183,957 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><I>Financial liabilities designated at FVTPL</I> </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 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="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>2,607 </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>- </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>2,607 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>There have been no transfers between fair value levels during
  the reporting period. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_31></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>TASEKO MINES LIMITED</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) </TD>
  </TR>
</TABLE>
<P align=justify><I>(f) Summary of derivatives and financial assets containing
  embedded derivatives</I></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 >&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=center><B>Term to</B> </TD>
    <TD width="16%" 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="16%"
      align=center><B>Notional amount</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=center><B>Strike price</B><SUP>1</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=center><B>maturity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=right><B>Fair value</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>At December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left ><I>Commodity contracts</I> </TD>
    <TD bgColor=#e6efff width="16%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="16%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="16%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="16%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Copper put option contracts </TD>
    <TD width="16%" align=center>33.1 million lbs </TD>
    <TD width="16%" align=center>US$3.00 </TD>
    <TD width="16%" align=center>Q1-Q2 2013 </TD>
    <TD width="16%" align=right>557 </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="16%"
    align=center>26.5 million lbs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=center>US$2.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=center>Q3-Q4 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=right>1,219 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><I>Capped floating rate notes</I> </TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp;3-month BA rate + 25
      bps </TD>
    <TD bgColor=#e6efff width="16%" align=center>C$10 million </TD>
    <TD bgColor=#e6efff width="16%" align=center>5.00% </TD>
    <TD bgColor=#e6efff width="16%" align=center>Q4 2013 </TD>
    <TD bgColor=#e6efff width="16%" align=right>10,023 </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="16%" align=center>C$10
      million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=center>5.50% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=center>Q4
      2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=right>10,067 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    ><B>At December 31, 2011</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><I>Commodity contracts</I> </TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp;Copper put option
      contracts </TD>
    <TD bgColor=#e6efff width="16%" align=center>68.5 million lbs </TD>
    <TD bgColor=#e6efff width="16%" align=center>US$3.50 </TD>
    <TD bgColor=#e6efff width="16%" align=center>Q1-Q4 2012 </TD>
    <TD bgColor=#e6efff width="16%" align=right>25,407 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Copper call option contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=center>68.5
      million lbs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=center>US$5.02 to 5.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=center>Q1-Q4 2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=right>(2,607) </TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left ><I>Dual currency deposits</I> </TD>
    <TD bgColor=#e6efff width="16%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="16%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="16%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="16%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;USD/CAD (4.50% to 6.00%) </TD>
    <TD width="16%" align=center>US$60 million </TD>
    <TD width="16%" align=center>1.0300 to 1.0740 </TD>
    <TD width="16%" align=center>&lt; 3 months </TD>
    <TD width="16%" align=right>61,313 </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >&nbsp;USD/CAD (4.00% to 7.05%) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=center>US$40 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=center>0.9850 to 1.0800 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=center>&gt; 3 months </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="16%"
    align=right>40,602 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left ><I>Capped floating rate notes</I> </TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
    <TD width="16%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp;3-month BA rate + 25
      bps </TD>
    <TD bgColor=#e6efff width="16%" align=center>C$10 million </TD>
    <TD bgColor=#e6efff width="16%" align=center>5.00% </TD>
    <TD bgColor=#e6efff width="16%" align=center>Q4 2013 </TD>
    <TD bgColor=#e6efff width="16%" align=right>10,024 </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="16%" align=center>C$10
      million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=center>5.50% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%" align=center>Q4
      2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="16%"
      align=right>10,031 </TD>
  </TR>
</TABLE>
<P align=justify><SUP><font size="1">1. </font></SUP><font size="1">For the floating rate notes, this value
  represents the cap level for the coupon rate.</font></P>
<P align=justify><I>(g) Capital management</I></P>
<P align=justify>The Company's primary objective when managing capital is to
  ensure that the Company is able to continue its operations and that it has
  sufficient ability to satisfy its capital obligations and ongoing operational
  expenses, as well as to have sufficient liquidity available to fund suitable
  business opportunities as they arise.</P>
<P align=justify>The Company considers the components of shareholders' equity,
  as well as its cash and equivalents, DCDs classified within marketable
  securities, credit facilities and debt as capital. The Company manages its
  capital structure and makes adjustments to it in light of changes in economic
  conditions and the risk characteristics of the underlying assets. In order to
  maintain or adjust the capital structure, the Company may issue or buy back
  equity, issue, buy back or repay debt, sell assets, or return capital to
  shareholders. </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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>December 31,</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>&nbsp;Cash and equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>134,995 </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>&nbsp;DCDs within other financial assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>- </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>40,602 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Current debt </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>18,067 </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>13,753 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Long-term
      debt </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>234,793 </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>218,502 </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 debt (cash)</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>117,865</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>(86,139</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><B>)</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Shareholders&#146;
      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>463,282</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>
</TABLE>
<P align=justify>In order to facilitate the management of its capital
  requirements, the Company prepares annual operating budgets that are approved by
  the Board of Directors. Management also actively monitors its financial
  covenants to ensure compliance.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_32></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>The Company is not subject to any capital restrictions.</P>
<P align=justify>The Company&#146;s investment policy is to invest its cash in highly
  liquid interest-bearing investments that are readily convertible to known
  amounts of cash.</P>
<P align=justify>There were no changes to the Company's approach to capital
  management during the year ended December 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>26.</B> </TD>
    <TD><P align=justify><B>RELATED PARTIES</B></P></TD>
  </TR>
</TABLE>
<P align=justify><I>(a) Subsidiaries</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 align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right nowrap><B>Ownership interest as at</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="12%" align=right nowrap><B>December 31,</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>Gibraltar Mines Ltd. </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>100% </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>100% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Aley Corporation </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>100% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>100% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Taseko Acquisitionsub Ltd. </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>100% </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>100% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>0806294 BC Ltd. </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>100% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>100% </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>688888 BC Ltd. </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>100% </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>100% </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gibraltar Royalty
      LP </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>99.99% </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>99.99% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><I>(b) Key management personnel compensation</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>The Company contributes to a post-employment defined
  contribution pension plan on the behalf of certain key management personnel.
  This retirement compensation arrangement (RCA Trust) was established to provide
  benefits to certain executive officers on or after retirement in recognition of
  their long service. Upon retirement, the participant is entitled to the
  distribution of the accumulated value of the contributions under the RCA Trust.
  Obligations for contributions to the defined contribution pension plan are
  recognized as compensation expense in profit or loss in the periods during which
  services are rendered by the executive officers.</P>
<P align=justify>Certain executive officers are entitled to termination and
  change in control benefits. In the event of termination without cause, other
  than a change in control, these executive officers are entitled to an amount
  ranging from 9-month to 12-month&#146;s salary. In the event of a change in control,
  if a termination without cause or a resignation occurs within 12 months
  following the change of control, these executive officers are entitled to
  receive, among other things, an amount ranging from 24-month to 32-months salary
  and accrued bonus, and all stock options held by these individuals will fully
  vest.</P>
<P align=justify>Executive officers and directors also participate in the
  Company&#146;s share option program (note 21). </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=-->
<A name=page_33></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=#28adca>TASEKO MINES LIMITED </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) </TD>
  </TR>
</TABLE>
<P align=justify>Compensation for key management personnel (including directors)
  is as follows:</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>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 align=right nowrap><B>Year ended 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>Salaries and benefits </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>3,855 </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>3,578 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Post-employment benefits </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>687 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,135 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Share-based compensation </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>4,630 </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>6,591 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=right>9,172 </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>11,304 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify><I>(c) Other related party transactions</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 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>Due from (to) related parties</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>year end December 31,</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>as at 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="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 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 align=left>&nbsp;General and administrative expenses </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,925 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,223 </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;Exploration and evaluation expenses </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>513 </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>764 </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>&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>995 </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=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="10%" 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>&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>2,438 </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>3,982 </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>(59</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>(44</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD>
  </TR>
  <TR vAlign=top>
    <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 bgColor=#e6efff align=left>&nbsp;Other operating income (management
      fee) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>845 </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>840 </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>&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>137 </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>171 </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=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="10%" 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>&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>982 </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>1,011 </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>(41</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>241 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
  </TR>
</TABLE>
<P align=justify>Hunter Dickinson Services Inc. (HDSI) is a private company,
  which 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.</P>
<P align=justify>During the year, the Company invested in subscription receipts
  of a private company with directors in common which holds mineral property
  interests. The subscription receipts will be convertible into units comprised of
  shares, or shares and warrants (note 12).</P>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exhibit99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.7 - Filed by newsfilecorp.com</TITLE>
</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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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 consolidated financial statements and notes thereto, prepared in
accordance with IFRS for the year ended December 31, 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 and the most recent Form
40-F/Annual Information Form, which is available on the Canadian Securities
Administrators&#146; website at www.sedar.com and on the EDGAR section of the United
States Securities and Exchange Commission&#146;s (&#147;SEC&#148;) website at www.sec.gov.</P>
<P align=justify>This MD&amp;A is prepared as of February 21, 2013. 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>
<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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>CONTENTS</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>HIGHLIGHTS</B>
      </A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_3"><B>3</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_3"><B>RECENT
      DEVELOPMENTS AND MARKET REVIEW</B> </A></TD>
    <TD width="10%" align=right><A
      href="#page_3"><B>3</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_6"><B>REVIEW
      OF OPERATIONS</B> </A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_6"><B>6</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_9"><B>REVIEW
      OF PROJECTS</B> </A></TD>
    <TD width="10%" align=right><A
      href="#page_9"><B>9</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_10"><B>FINANCIAL
      PERFORMANCE</B> </A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_10"><B>10</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_16"><B>FINANCIAL
      CONDITION REVIEW</B> </A></TD>
    <TD width="10%" align=right><A
      href="#page_16"><B>16</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_19"><B>SELECTED
      ANNUAL INFORMATION</B> </A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_19"><B>19</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_20"><B>FOURTH
      QUARTER RESULTS</B> </A></TD>
    <TD width="10%" align=right><A
      href="#page_20"><B>20</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_26"><B>SUMMARY
      OF QUARTERLY RESULTS</B> </A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_26"><B>26</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_27"><B>CRITICAL
      ACCOUNTING POLICIES AND ESTIMATES</B> </A></TD>
    <TD width="10%" align=right><A
      href="#page_27"><B>27</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_27"><B>CHANGE
      IN ACCOUNTING POLICIES</B> </A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_27"><B>27</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_28"><B>FINANCIAL
      INSTRUMENTS</B> </A></TD>
    <TD width="10%" align=right><A
      href="#page_28"><B>28</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_29"><B>INTERNAL
      CONTROLS OVER FINANCIAL REPORTING AND DISCLOSURE CONTROLS AND</B>
      <B>PROCEDURES</B> </A></TD>
    <TD bgColor=#eeeeee  width="10%" align=right><A
      href="#page_29"><B>29</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD align=left ><A
      href="#page_30"><B>RELATED
      PARTY TRANSACTIONS</B> </A></TD>
    <TD width="10%" align=right><A
      href="#page_30"><B>30</B>
      </A></TD></TR>
  <TR vAlign=top>
    <TD bgColor=#eeeeee align=left ><A
      href="#page_31"><B>NON-GAAP
      PERFORMANCE MEASURES</B> </A></TD>
    <TD bgColor=#eeeeee width="10%" align=right><A
      href="#page_31"><B>31</B>
      </A></TD></TR></TABLE><BR>
<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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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=#28adca>HIGHLIGHTS</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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B>Three months ended </B></TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&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>&nbsp; </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=center nowrap><B>December 31, </B></TD>
    <TD  width="2%"
    align=center nowrap style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=center nowrap>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=center nowrap><B>Year ended December 31, </B></TD>
  <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&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=right nowrap style="BORDER-RIGHT: #000000 1px solid">&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%">&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=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; BORDER-RIGHT: #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>Revenues </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>62,878 </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>60,512 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>253,607 </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>251,866 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gross profit </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>6,823 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>19,277 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>51,696 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>86,301 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Net earnings (loss) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(6,785</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>(7,694</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="10%" align=right>(15,665</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>26,974 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Per share (&#147;EPS&#148;) <SUP>1 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(0.04</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(0.04</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(0.08</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.14 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Adjusted net earnings (loss) <SUP>2
    </SUP></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(3,950</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>9,941 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,854 </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>17,783 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Per share (&#147;adjusted EPS&#148;) <SUP>1,2 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(0.02</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.05 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.01 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.09 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Adjusted EBITDA <SUP>2 </SUP></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,771 </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>19,222 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>30,560 </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>56,994 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Capital
      expenditures </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>71,517 </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>16,819 </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="10%"
      align=right>181,997 </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>51,792 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#ffffff align=left>&nbsp; </TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="10%" align=left>&nbsp; </TD>
    <TD bgColor=#ffffff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="10%" align=left>&nbsp; </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" bgColor=#ffffff
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#ffffff width="23%" colSpan=4 align=center><B>As at December
      31, </B></TD>
    <TD bgColor=#ffffff  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=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="10%" 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="10%"
      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="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>Cash and equivalents </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 style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>134,995 </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>277,792 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Dual currency deposits within other financial 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 style="BORDER-RIGHT: #000000 1px solid"  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>40,602 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Property, plant and equipment </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 style="BORDER-RIGHT: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>631,997 </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>440,565 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net debt (cash) <SUP>2 </SUP></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 style="BORDER-RIGHT: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>117,865 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" 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>Equity </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=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="10%"
    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="10%"
    align=right>463,282 </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></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, adjusted EBITDA, and net debt (cash) are non-GAAP financial
performance measures with no standard definition under IFRS. See pages 31-34 of
this MD&amp;A.</P>
<P align=justify><B><FONT color=#28adca>RECENT DEVELOPMENTS AND MARKET
REVIEW</FONT></B></P>
<P align=justify><I>Gibraltar </I></P>
<P align=justify>Production results for 2012 were slightly below expectations,
primarily due to the impact of GDP3 construction activities. In the fourth
quarter, progress was made on throughput and costs, although costs continue to
be impacted by the added personnel in training for the GDP3 startup. The total
number of employees increased from 481 at December 31, 2011 to 612 at December
31, 2012. </P>
<P align=justify>The GDP3 project was managed on time and on budget throughout
the year and is progressing through the commissioning phase in early 2013. The
majority of the mining equipment associated with GDP3 has been commissioned.</P>
<P align=justify><I>New Prosperity project</I></P>
<P align=justify>The New Prosperity project was advanced through the Federal
environmental assessment (EA) process under the Canadian Environmental
Assessment Agency in 2012. The EA process commenced in November 2011 based on a
revised Project Description that included the preservation of Fish Lake and
related spawning habitat.</P>
<P align=justify>The EA will continue into 2013 and includes a panel review
process which is anticipated to occur in the first half of the year. This will
be followed by the Panel&#146;s preparation of a report that will provide the basis
for the Federal Government&#146;s decision on the New Prosperity Federal
environmental assessment certificate.</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><FONT color=#28adca>TASEKO MINES LIMITED </FONT></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 niobium project was a core development activity in
2012 with the objective of advancing the project to a NI 43-101 compliant
reserve. Ore reserve definition drilling was completed in 2012 and
metallurgical, process, and construction engineering requirements are scheduled
to be concluded in the first half of 2013. Baseline environmental studies are
ongoing.</P>
<P align=justify><I>Market Review</I></P>
<P align=justify><I>Copper prices</I></P>
<P align=justify><B>Figure 1: Average monthly spot copper prices (USD per pound)
</B>(Source: Bloomberg)</P>
<P align=center><IMG border=0
src="exhibit99-7x4x1.jpg">
</P>
<P align=justify>The spot market for copper, based on London Metals Exchange
(LME), showed resilience in the fourth quarter of 2012.The highest price during
the quarter was US$3.78 per pound on October 2<SUP>nd </SUP>and spot copper
closed at US$3.59 per pound reflecting moderate volatility through the
quarter.</P>
<P align=justify>Copper markets continued to benefit from improved global
economic sentiment. LME inventories climbed through the fourth quarter of 2012,
but remained well below the high levels experienced in 2010, as demand fell
slightly behind supply during the period. Several previously announced new
copper projects were shelved in late 2012 due to a multiplicity of issues
including capital cost escalations, regulatory impediments, power and water
availability, commodity fundamentals among other items, all of which heighten
the probability of deficit conditions in the copper market in the coming
years<B>.</B></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><FONT color=#28adca>TASEKO MINES LIMITED </FONT></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>Molybdenum prices</I></P>
<P align=justify><B>Figure 2: Average monthly molybdenum oxide prices (USD per
pound) </B><B>(Source: Bloomberg)</B></P>
<P align=center><IMG border=0
src="exhibit99-7x5x1.jpg">
</P>
<P align=justify>Molybdenum provides a significant by-product credit in our net
operating cash costs of production.<B> </B></P>
<P align=justify><I>Foreign exchange rates</I></P>
<P align=justify><B>Figure 3: Average monthly USD exchange rates (CAD/USD)
</B>(Source: Bloomberg)</P>
<P align=center><IMG border=0
src="exhibit99-7x5x2.jpg">
</P>
<P align=justify>The results of our operations are affected by the Canadian
dollar/US dollar exchange rate. Our product sales are denominated in US dollars
while the majority of our operating expenses are denominated in Canadian
dollars. Fluctuations in the Canadian dollar/US dollar exchange rate can have a
significant effect on operating results;<B> </B>however, changes in this rate have historically been correlated
with offsetting changes in copper prices which have mitigated this effect.
Fluctuations in the Canadian dollar/US dollar exchange rate will also have an
effect on the net operating cash costs of production as reported in US$ per
pound.</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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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=#28adca>REVIEW OF OPERATIONS</FONT></B></P>
<P align=justify><I>Gibraltar mine</I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
    align=left><B>Operating Data (100% basis) </B></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="8%" align=right><B>2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" 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="8%" align=right><B>Q4 2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" 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="8%" align=right><B>Q3 2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" 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="8%" align=right><B>Q2 2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" 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="8%" align=right><B>Q1 2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" 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="8%" align=right><B>2011 </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 bgColor=#e6efff align=left>Tons mined (millions) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>66.2 </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>17.9 </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>16.8 </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>15.8 </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>15.7 </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>57.5 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Tons milled (millions) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>16.3 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4.2 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>4.3 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3.9 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3.9 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>15.2 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Strip ratio </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>3.0 </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>2.9 </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>2.8 </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>3.4 </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>2.9 </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>2.8 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Copper concentrate </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>
    <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;Grade (%) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>0.314 </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>0.298 </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>0.321 </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>0.334 </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>0.305 </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>0.304 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Recovery (%) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>85.6 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>84.8 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>82.8 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>88.1 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>87.0 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>87.7 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Production (million pounds Cu)
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>87.8 </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>21.2 </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>22.9 </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>23.0 </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>20.7 </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>80.8 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Sales (million pounds Cu) <SUP>6 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>89.5 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>23.0 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>21.2 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>27.2 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>18.1 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>81.6 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Inventory (million pounds Cu)
      <SUP>5 </SUP></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>2.5 </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>2.5 </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>4.3 </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>2.6 </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>6.8 </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>4.2 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Copper cathode </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>
    <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;Production (million pounds)
</TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>1.9 </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>0.2 </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>0.7 </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>0.9 </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>0.1 </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>2.1 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Sales (million pounds) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>2.1 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.5 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.9 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.7 </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>2.5 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left><B>Molybdenum concentrate </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>
    <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;Grade (%) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.011 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.009 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.009 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.013 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.013 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>0.012 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Recovery (%) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>36.0 </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>31.0 </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>33.7 </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>36.7 </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>43.1 </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>36.7 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Production (thousand pounds Mo) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,317 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>223 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>276 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>379 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>438 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,331 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Sales (thousand pounds Mo) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>1,325 </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>215 </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>279 </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>361 </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>472 </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>1,298 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Per unit data (US$ per pound) </B><SUP>1,4 </SUP></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>
    <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;Operating cash costs <SUP>1,2
      </SUP></TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>2.35 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>2.61 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;2.35 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;2.12 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;2.38 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;2.04 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;By-product credits <SUP>3 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(0.23</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(0.17</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(0.15</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(0.23</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(0.39</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>(0.29</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Net operating cash costs of production
      <SUP>1 </SUP></TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>2.12 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>2.44 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;2.20 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;1.89 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;1.99 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="8%" align=right>&nbsp;1.75 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total cash cost of
      sales <SUP>1 </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>2.54
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>2.78
    </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>&nbsp;2.60 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>&nbsp;2.47 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>&nbsp;2.23 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%"
      align=right>&nbsp;2.25 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&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 31-34 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.<BR><SUP>6
</SUP>Copper pounds sold reflect total copper pounds sold to our customers. A
net smelter payable deduction of approximately 3.5% is applied to derive net
pounds of copper sold.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<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><FONT color=#28adca>TASEKO MINES LIMITED </FONT></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>Full-year results</I></P>
<P align=justify>In 2012, Gibraltar mined 66.2 million tons of material, a 15%
increase over tons mined in 2011, and milled 16.3 million tons during the year,
a 7% increase over the tons milled in 2011. The strip ratio was slightly above
the 2011 result. Concentrator hourly throughput had reached designed capacity by
year end but mill availability was lower than plan during Q3 and Q4 due, in
large part, to significant planned downtime associated with GDP3 tie-ins. </P>
<P align=justify>Copper production in 2012 was 89.8 million pounds, an increase
of 8% compared to the prior year production of 82.9 million pounds. Molybdenum
production during 2012 was 1.3 million pounds which was consistent with
production in 2011.</P>
<P align=justify><B>Figure </B><B>4</B><B>: Net operating cash costs of
production</B><SUP><B>1,2 </B></SUP><B>per pound (2011 compared to 2012)</B></P>
<P align=center><IMG border=0
src="exhibit99-7x7x1.jpg">
</P>
<P align=justify>1 Net operating cash costs of production is a non-GAAP
financial performance measure with no standard definition under IFRS. See pages
31-34 of the Company&#146;s MD&amp;A.<BR>2 Per unit cash costs of production may not
sum due to rounding.</P>
<P align=justify>In 2012, net operating cash costs per pound of copper produced
averaged US$2.12, a 21% increase over the US$1.75 averaged during the
prior-year. The increase in net operating cash cost in 2012 was primarily
attributable to increased mining costs of $80.2 million in 2012 compared to
$53.8 million in 2011. This variance of $26.5 million equates to US$0.24 per
pound more than 2011. It is comprised of a favourable volume variance of US$0.09
per pound produced, offset by an unfavourable cost variance of US$0.33 per
pound. The cost areas contributing to the unfavourable variance were:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="60%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="30%" align=right ><B>US$ per pound </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Labour </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="30%" align=right >&nbsp;0.11 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Maintenance </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="30%" align=right >0.08 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Explosives </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="30%" align=right >0.07 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Diesel </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=right
    >0.07 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="30%"
    align=right ><B>&nbsp;0.33 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE></DIV><BR>
<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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>These costs related in part to the preparation of the mine to
feed the expanded mill requirements in 2013. Labour costs for both mining and
milling were impacted by increased headcount required for GDP3 startup. The
workforce increased from 481 employees at the end of 2011 to 612 employees at
December 31, 2012.</P>
<P align=justify>Total labour costs increased from $47.1 million in 2011 to
$55.9 million in 2012. This increase is largely attributable to the training
requirements in preparation for GDP3 startup, which will not be offset until
completion of ramp up. </P>
<P align=justify>Higher explosive costs in 2012 relates to an increase in powder
factor utilized in order to improve through-put in the mill. Higher diesel costs
in 2012 relate to longer truck haul requirements during the year.</P>
<P align=justify>Milling costs also increased in 2012 to $54.6 million compared
to $45.4 million in 2011. This unfavourable variance of $9.2 million equates to
US$0.06 per pound more than the 2011 levels. It is comprised of a favourable
volume variance of US$0.08 per pound due to increased tons of ore milled being
more than offset by unfavourable cost variance of US$0.14 per pound. The cost
areas contributing to the unfavourable variance were:</P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="60%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="30%" align=right ><B>US$ per pound</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Labour </TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="30%" align=right >&nbsp;0.11 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Electricity </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="30%" align=right >0.02 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Grinding media </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="30%"
    align=right >0.01 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left><B>$</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="30%" align=right
    ><B>&nbsp;0.14</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><I>Fourth quarter results</I></P>
<P align=justify>In the fourth quarter 2012, Gibraltar mined 17.9 million tons
of material, a 7% increase over tons mined in the third quarter, and milled 4.2
million tons which was comparable to the 4.3 million tons milled during the
third quarter of 2012. The average copper head grade was 0.30% . Copper recovery
of 84.8% was below plan but an improvement over the third quarter. Mill hourly
throughput rates were achieved during the quarter but operating time was below
target as a result of GDP3 tie-ins. Copper recovery at the higher nominal
operating levels is improving as circuit restrictions and slurry distribution
complications, that were not experienced at the lower throughput levels, are
being resolved. </P>
<P align=justify>As a result of the lower head grade and reduced mill operating
time, copper production during the fourth quarter 2012 was 21.4 million pounds
compared to the 23.6 million pounds produced in the third quarter.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<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><FONT color=#28adca>TASEKO MINES LIMITED </FONT></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>Figure </B><B>5</B><B>: Net operating cash costs of
production</B><SUP><B>1,2 </B></SUP><B>per pound </B><BR><B>(Q3 2012 compared to
Q4 2012)</B></P>
<P align=center><IMG border=0
src="exhibit99-7x9x1.jpg">
</P>
<P align=justify>1 Net operating cash costs of production is a non-GAAP
financial performance measure with no standard definition under IFRS. See
pages31-34 of the Company&#146;s MD&amp;A.<br>
2 Per unit cash costs of production may not sum due to
rounding.</P>
<P align=justify>In the fourth quarter 2012, total net operating cash costs per
pound of copper produced averaged US$2.44, an 11% increase over the US$2.20 per
pound averaged in the third quarter. Net operating cash costs were adversely
impacted in fourth quarter 2012 by lower copper production and increased labour
costs.</P>
<P align=justify><I>Gibraltar Development Plan (GDP3)</I></P>
<P align=justify>The new concentrator and molybdenum plant are undergoing wet
commissioning which began in December 2012 and is currently progressing circuit
by circuit. The facility is on schedule to reach startup production levels
during Q1 2013 and continue ramp up to full production.</P>
<P align=justify><B><FONT color=#28adca>REVIEW OF PROJECTS</FONT></B></P>
<P align=justify><I>New Prosperity project</I></P>
<P align=justify>On September 20, 2012, the Environmental Impact Statement (EIS)
was submitted to the three-member Review Panel established for the federal
environmental assessment of the project and, following a review period, the
panel responded with a list of information requests that they consider necessary
prior to proceeding to public hearings. The Company intends to submit responses
to these requests that satisfy the panel&#146;s inquiries by the end of February
2013. The next stage in the federal environmental assessment process will be
public hearings. This will be followed by the panel&#146;s preparation and submission
of a report to the Federal Minister of the Environment.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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 current focus on the Aley niobium project is upgrading the
resources announced in March 2012 to a NI 43-101 compliant reserve. In 2012, ore
reserve drilling was completed. Work is continuing on metallurgical flow sheets,
engineering and environmental studies.</P>
<P align=justify><B><FONT color=#28adca>FINANCIAL PERFORMANCE</FONT></B></P>
<P align=justify><I>Earnings</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 style="BORDER-TOP: #000000 1px solid" width="23%" colSpan=4
      align=right><B>Year ended </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="2%"
    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="10%"
    align=left>&nbsp;</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>December 31, </B></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 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="10%"
      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="10%"
      align=right><B>2011 </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>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>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 width="10%"
    align=right>(15,665</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>26,974 </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>(42,639</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrealized loss (gain) on derivatives </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>24,801 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(22,944</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>47,745 </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>(1,418</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>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>5,025 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Changes in fair value of financial instruments </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>289 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(289</TD>
    <TD  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 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>6,322 </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>(6,322</TD>
    <TD bgColor=#e6efff  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 width="10%" align=right>(238</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>18 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(256</TD>
    <TD  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 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>3,987 </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>(3,987</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;FX translation losses </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>643 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,084 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(4,441</TD>
    <TD  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 width="10%"
    align=right>(6,269</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>4,496 </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>(10,765</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>Adjusted net
      earnings <SUP>1 </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>1,854
    </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>17,783 </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>(15,929</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR></TABLE>
<P align=justify><SUP>1 </SUP>Adjusted net earnings is non-GAAP financial
performance measures with no standard definition under IFRS. See pages 31-34 of
this MD&amp;A.</P>
<P align=justify>During the year of 2012, a net loss of $15.7 million was
realized, compared to net income of $27.0 million in 2011. The decrease in 2012
net earnings is driven by higher cost of sales and other operating expenses,
including the unrealized loss on derivatives. </P>
<P align=justify>Unrealized gains/losses on derivatives can vary materially each
period and have a significant impact on earnings. These swings are a result of
the derivatives comprising our hedge program at the balance sheet date, and
marking-to-market this copper hedge position using the forward copper price as
at the balance sheet date. The hedge position at the end of 2012 was comprised
of put options hedging approximately 50% of our share of Gibraltar&#146;s estimated
2013 copper production. The hedge position at the end of 2011 was comprised of
collars hedging 90% of our share of Gibraltar&#146;s estimated copper production for
2012.</P>
<P align=justify>The foreign currency translation impact and the unrealized
gains and losses on the derivative instruments are removed from the 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 positions are reflected in
net earnings in the period in which the position is settled.</P>
<P align=justify>The resultant adjusted net earnings is a non-GAAP performance
measure that is believed to be more representative of ongoing operations.
Contributing to the $15.9 -million decrease in adjusted net earnings year over
year are the following changes:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>$36.3-million increase in cost of sales;
  <LI>$7.4-million increase in exploration and evaluation expenses;
  <LI>$0.7-million decrease in finance income; </LI></UL>
<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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>offset by $1.7-million increase in revenues;
  <LI>offset by $2-million decrease in G&amp;A expenses;
  <LI>offset by $5.7-million decrease in other operating expenses;
  <LI>offset by $1.8-million decrease in finance expense;
  <LI>offset by $1.3-million decrease in foreign exchange losses; and
  <LI>$15.9-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>
<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><I>Revenues</I>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>Year ended</B> </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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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>Copper concentrate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>232,604 </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>227,140 </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>5,464 </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>5,444
    </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>6,936
    </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>(1,492</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total copper sales </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>238,048 </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>234,076 </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>3,972 </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>12,228 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>14,317 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(2,089</TD>
    <TD  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
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>3,331 </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>3,473 </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>(142</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>253,607 </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>251,866 </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>1,741
    </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>(thousands of pounds, unless otherwise noted) </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=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="10%"
    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="10%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper concentrate<SUP>1</SUP> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>64,462 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>58,913 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,549 </TD>
    <TD  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
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>1,540 </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>1,863 </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>(323</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      Total copper sales </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>66,002 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>60,776 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,226 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Average realized copper price (US$ per
      pound) <SUP>2</SUP> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.61 </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>3.89 </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>(0.28</TD>
    <TD bgColor=#e6efff  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"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>3.61
    </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>4.00
    </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>(0.39</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR></TABLE>
<P align=justify><SUP>1 </SUP>Copper pounds sold reflect net copper pounds sold
to our customers. A net smelter payable deduction of approximately 3.5% is
applied to derive net pounds of copper sold.<BR><SUP>2 </SUP>The average
exchange rate used for 2012 was CAD/USD $0.9994 (2011: $0.9893) .</P>
<P align=justify>Copper revenues for 2012 remained relatively constant compared
to 2011 due to a 9% increase in copper sales volumes being offset by a 7%
decrease in average realized copper prices. Average realized copper price of
US$3.61 per pound for 2012 was in line with the LME average for the year.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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><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><I>Cost of
      sales</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>Year ended</B> </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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>158,519 </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>125,536 </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>32,983 </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>18,843 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>12,145 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>6,698 </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>12,628 </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>11,632 </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>996 </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>14,006 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>13,108 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>898 </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 WIP </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>(2,085</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>3,144 </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>(5,229</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>201,911 </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>165,565 </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>36,346 </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>(thousands of pounds) </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=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="10%"
    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="10%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper production </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>67,347 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>62,165 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,182 </TD>
    <TD  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
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>66,002 </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="10%"
    align=right>60,776 </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>5,226 </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>(C$ per pound) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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 costs per pound produced </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2.35 </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>2.02 </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>0.33 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Depreciation per pound produced </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.28 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.20 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.08 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Treatment and refining costs per pound sold
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.19 </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=right>0.19 </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=right>- </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&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"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>0.21
    </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>0.22
    </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>(0.01</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR></TABLE>
<P align=justify>For 2012, direct mining and processing costs increased by 26%
over 2011. Contributing to the year-over-year increase in direct mining and
processing costs was a 17% increase in tons mined. The strip ratio increased to
3.0 during 2012 from 2.8 in 2011. The increase in direct mining costs on a
&#145;per-unit of production&#146; basis was also affected by the decrease in recovery
year-over-year. Additionally, direct mining and processing costs in 2012
compared to 2011 were adversely impacted by higher labour, maintenance and
consumable costs. </P>
<P align=justify>Depreciation expenses during 2012 increased year-over-year,
reflecting an increase in assets placed into service as well as an increase in
production levels. Treatment and refining costs as well as transportation costs
have remained constant year over year.</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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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><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><I>Other expenses
      and income</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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="10%" align=left>&nbsp; </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>Year ended</B> </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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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="10%"
    align=right>19,084 </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>21,100 </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>(2,016</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="10%"
      align=right>17,807 </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>10,411 </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>7,396
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other operating expenses (income): </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>&nbsp; &nbsp;Realized loss on copper derivative instruments
    </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,010 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>9,910 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(4,900</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Unrealized (gain) loss on
      copper derivative instruments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>24,801 </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>(22,944</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>47,745 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Loss on disposition of property, plant and
      equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>192 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>542 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(350</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;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>6,322 </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>(6,322</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Impairment of plant and equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,383 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,835 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(452</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; &nbsp;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>(845</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>(840</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>(5</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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>30,541 </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>(5,175</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>35,716 </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>Loss on contribution of joint venture </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>3,987 </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>(3,987</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>Foreign exchange
      loss </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>701
    </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>6,489
    </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>(5,788</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR></TABLE>
<P align=justify>The $2.0 -million decrease in general and administrative
expenses during the year 2012 is primarily due to a $2.8 -million decrease in
share-based compensation costs, partially offset by increases in other
expenses.</P>
<P align=justify>Over 62% of the exploration and evaluation expenses during 2012
were attributable to work performed at the Aley project with the balance spent
on New Prosperity. In 2011, over 80% of the exploration and evaluation expenses
were incurred on Aley with the remainder spent on New Prosperity.</P>
<P align=justify>The increase in other operating expenses in 2012 is primarily
attributable to gains and losses associated with the copper hedge program; $24.8
million in unrealized losses were recognized and $5.0 million in realized
losses. This compares to $22.9 million in unrealized gains and $9.9 million in
realized losses that were recognized in 2011. 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>The $24.8 million unrealized loss is a result of $8.8 million
in unrealized losses due to changes in fair value of the put options for the
2013 production and $16 million on the mark-to-market of the 2012 contracts.
During 2012, the Company purchased put options for 59.6 million pounds of 2013
copper production. The puts were purchased at a premium of US$0.18 per pound for
the first half of 2013 and US$0.17 per pound for the second half of 2013. These
costs will be realized through 2013.</P>
<P align=justify>For 2011, $22.9 million in unrealized gains were recognized as
a result of the decline in copper prices from the time the contracts were
entered into in the second quarter 2011, through to the end of the year.</P>
<P align=justify>The $5-million realized loss on copper derivatives reflects the
net cost of the copper hedging program for 2012. During 2011, the Company
purchased put options for 68.8 million pounds of 2012 copper production. The
puts were partially financed by selling calls for an equivalent amount of
copper, for a net cost of US$0.10 per pound. The costs were realized during
2012. With the decline in spot copper prices, beginning in the third quarter,
some of these options expired in-the-money. Proceeds of approximately $1.7
million were received on these options.</P>
<P align=justify>For 2012, certain plant and equipment were deemed redundant
upon completion of GDP3, which resulted in an impairment charge of $1.3 million.
For 2011, certain plant and equipment were deemed redundant upon completion of
the SAG direct feed project during 2011 which resulted in an impairment charge
of $1.8 million.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>During 2011, the construction of the SAG direct feed system was
completed. Under the terms of the agreement with Cariboo, the Company assumed
100% of the capital costs in excess of the capital budget for the SAG direct
feed system in place at the time of the joint venture formation. The Company
recognized a loss on contribution to the joint venture of $4.0 million during
2011 as a result of funding Cariboo&#146;s portion of the SAG direct feed system
project costs above the 2010 budgeted amount.</P>
<P align=justify><I>Finance expenses</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 style="BORDER-TOP: #000000 1px solid" width="23%" colSpan=4
      align=right><B>Year ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="2%"
    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="10%" align=left>&nbsp;
</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>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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>Interest expense </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>12,041 </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>13,957 </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>(1,916</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accretion on 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>2,170
    </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>2,046
    </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>124
    </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=right>14,211 </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>16,003 </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>(1,792</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE>
<P align=justify>Finance expenses in 2012 are net of $7.7 million of interest
capitalized on the GDP3 project which caused the decrease in finance expenses
compared to 2011. After adjusting for capitalized interest, finance expenses
have increased due to the inclusion of a full twelve months of interest expense
on the senior notes in 2012 compared to eight and a half month&#146;s interest in
2011 excluding the period prior to the transaction.</P>
<P align=justify><I>Finance income</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 style="BORDER-TOP: #000000 1px solid" width="23%" colSpan=4
      align=right><B>Year ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="2%"
    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="10%" align=left>&nbsp;
</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>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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>Interest income </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>6,668 </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>6,859 </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>(191</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Realized income on dual currency deposits </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,768 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,275 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(507</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Unrealized income (loss) on dual currency
      deposits </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" 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="10%" align=right>(18</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>256 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</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>448 </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>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Gain on sale of marketable securities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,418 </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>5,995 </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>(4,577</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Change in fair
      value of financial instruments </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>(289</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>289
    </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=right>12,092 </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>17,270 </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>(5,178</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE>
<P align=justify>Finance income is primarily comprised of income earned on the
promissory note and reclamation deposits, gains and losses on the dual currency
deposits, as well as gains on sale of marketable securities. During 2012, income
from these items decreased by $5.2 million compared to 2011. This decrease is
mainly due to lower realized gains on sale of marketable securities of $1.4
million in 2012 as compared to $6.0 million in 2011. </P>
<P align=justify>Foreign exchange losses arise as a result of the significant
transactions undertaken in US dollars. All revenue transactions are denominated
in US dollars. Certain capital and operating expenditures are incurred in US
dollars, as well as interest payments on our senior notes in US dollars. As a
result of movements in exchange rates between the transaction date and the date
payment is made/received, foreign exchange gains and losses are incurred. In
addition, the Company has significant monetary assets and liabilities
denominated in US dollars that are translated to Canadian dollars at each
balance sheet date, resulting in a foreign exchange gain or loss. These monetary
assets and liabilities include cash, accounts receivable and the senior
notes.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>Income tax</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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>Year ended</B> </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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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 expense (recovery) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,153 </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>6,002 </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>(4,849</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred expense
      (recovery) </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>(4,044</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>17,780 </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>(21,824</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="10%"
    align=right>(2,891</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>23,782 </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>(26,673</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="10%" align=right>15.7%
    </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>46.9%
    </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="10%" 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="10%"
    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="10%"
    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="10%"
    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="10%" 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="10%" 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="10%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The overall income tax expense in 2012 was in a recovery
position when compared to the income tax expense position in 2011, based on
lower estimates of current cash taxes and the ability to use tax pools to offset
cash tax. The overall deferred income tax liability decreased from 2011
resulting in a significant deferred income tax recovery for 2012. This was
driven primarily from the reversal of the temporary difference related to the
copper hedge from 2011.</P>
<P align=justify>The effective tax rate for 2012 was lower than the statutory
rate. Permanent differences related to non-deductible share-based compensation
and non-taxable gains on the sale of securities had the effect of reducing the
effective tax rate by 24% and included the impact of BC Mineral taxes. In
addition, there were adjustments for future tax rate differences of 2% and
unrecognized tax benefits of 3%.</P>
<P align=justify>The effective tax rate for 2011 was higher than the statutory
rate primarily due to the mineral tax, permanent differences and unrecognized
tax benefits. Certain items that are deductible for income tax purposes but not
deductible for BC Mineral tax purposes had the effect of increasing the
effective tax rate by 15%. In addition, permanent differences, including
non-deductible share-based compensation, accounted for 4% of the difference. In
addition, there were unrecognized tax benefits related to unrealized foreign
exchange on debt, which had the effect of increasing the effective tax rate by
3%. When these differences were applied to the net income, they impacted the
effective tax rate significantly. Other items, including the impact of the
reduction of corporate tax rates, created minor impacts on the effective tax
rate.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_16></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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=#28adca>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 style="BORDER-TOP: #000000 1px solid" width="23%" colSpan=4
      align=right><B>As at December 31, </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="2%"
    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="10%" align=left>&nbsp;
</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 style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      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="10%"
      align=right><B>2011 </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>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>Cash and equivalents </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>134,995 </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>277,792 </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>(142,797</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Current assets excluding cash </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>93,819 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>159,131 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(65,312</TD>
    <TD  width="2%" align=left>) </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="10%" align=right>637,435 </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>446,003 </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>191,432 </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="10%"
      align=right>120,198 </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>111,806 </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>8,392
    </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="10%"
    align=right><B>986,447 </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>994,732 </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>(8,285</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Current liabilities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>75,213 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>61,014 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>14,199 </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="10%" align=right>234,793 </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>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>16,291 </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="10%"
      align=right>213,159 </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>218,399 </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>(5,240</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>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="10%"
    align=right><B>523,165 </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>497,915 </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>25,250 </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="10%"
      align=right><B>463,282 </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>496,817 </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>(33,535</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </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="10%" align=right>18,606 </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>98,117 </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>(79,511</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net debt (cash) <SUP>1 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>117,865 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(86,139</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>204,004 </TD>
    <TD  width="2%" align=left>&nbsp;</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="10%"
    align=right>190.9 </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>196.5 </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="10%"
    align=right>(5.6</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE>
<P align=justify><SUP>1 </SUP>Non-cash working capital and net (cash) debt are
non-GAAP financial performance measures with no standard definition under IFRS.
See pages 31-34 of this MD&amp;A.</P>
<P align=justify>Taseko&#146;s asset base is comprised principally of non-current
assets including property, plant and equipment, reflecting the capital intensive
nature of the mining business. The current assets include cash, accounts
receivable, other financial assets and inventories (supplies and production
inventories), along with prepaid expenses and deposits. Production inventories,
accounts receivable and cash balances fluctuate in relation to shipping and cash
settlement schedules.</P>
<P align=justify>Current assets including cash have decreased by $208.1 million,
primarily as a result of a $191.4 -million increase in property, plant and
equipment.</P>
<P align=justify>Total liabilities increased from $497.9 million since December
31, 2011 to $523.2 million as at December 31, 2012. Current liabilities and
long-term debt have increased by $14.2 million and $16.3 respectively, offset by
a $5.2 -million decrease in other liabilities. This increase reflects new
financing of equipment loans, accounts payable and accrued liabilities and an
increase in the provision for environmental rehabilitation (PER).</P>
<P align=justify>The PER valuation is impacted by the changes in discount and
inflation rates as at each quarter end. The volatility in the markets during
2012 extended to the Bank of Canada benchmark bond rates which are used as the
proxies for discount rates. The long-term benchmark bond, which has the greatest
impact on the calculation, decreased to 2.4% as at December 31, 2012 compared to
3.1% at the end of 2011. Given the long time frame over which environmental
rehabilitation expenditures are expected to be incurred (over 100 years), the
amounts of the provision and asset are sensitive to small changes in estimates
of discount and inflation rates.</P>
<P align=justify>During 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 results from the cumulative spending on GDP3 expansion outpacing the
cash generated from operations.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_17></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>As at February 21, 2013, there were 191,089,955 common shares
outstanding. In addition, there were 12,895,500 director and employee stock
options. More information on these instruments and the terms of their exercise
is set out in note 21 of the Financial Statements.</P>
<P align=justify><I>Liquidity, cash flow and capital resources</I></P>
<P align=justify>At December 31, 2012, the Company had cash and equivalents of
$135.0 million, as compared to $277.8 million at December 31, 2011. As at
December 31, 2012, an additional $20.1 million of highly-liquid money market
instruments are recorded as current other financial assets ($10.0 million) and
long-term other financial assets ($10.1 million), respectively, as these
instruments have maturity dates greater than three months from the date of
acquisition. The strategy of retaining significant liquidity to fund operations
has been maintained.</P>
<P align=justify>Operating cash flow for 2012 was an inflow of $52.9 million
compared to an inflow of $4.7 million for the prior year. The principal use of
operating cash flows is capital expenditures. With the issuance of the senior
notes in 2011, a future use of operating cash flow will be the repayment of debt
including interest.</P>
<P align=justify>Future changes in copper and molybdenum market 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, copper
hedges are entered into on 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 continually evaluated to determine the optimal mix of
capital resources to address capital needs and minimize the weighted average
cost of capital.</P>
<P align=justify>Cash used in investing activities for 2012 was $154.7 million
principally due to the purchase of plant, property and equipment for the GDP3
expansion for $182.0 million and investments in financial assets for $27.8
million, offset by the sales of financial assets of $54.4 million. Investment in
financial assets included marketable securities, dual currency deposits &#147;DCD&#148;
with terms greater than three months, and copper hedging contracts. A DCD is a
financial instrument which combines a money market deposit with a currency
option to provide a higher yield than that available for a standard deposit. The
currency in which the Company receives payment upon maturity of the DCD is
dependent on the prevailing spot foreign exchange rate at maturity. DCDs with
maturity dates of three months or less are classified as cash and equivalents.
Cash used in investing activities for 2011 was $117.0 million principally due to
the investment in DCDs with terms greater than three months. During 2011, a
total of $235.6 million was invested in marketable securities, DCDs with terms
greater than three months, and copper hedging contracts. In addition, $51.8
million was invested in property, plant and equipment, offset by $169.5 million
in proceeds on the sale and maturity of investments.</P>
<P align=justify>Cash used for financing activities for 2012 was $36.1 million
compared to cash provided by financing activities of $173.5 million for 2011.
Included in 2012 is the repurchase of common shares for $20.9 million and a
combined $32.3 million for debt repayment and interest charges, offset by $15.5
million in debt issuance and $1.6 million in proceeds from share issuance.
Included in 2011, are $192.0 million in proceeds from the senior notes offering,
$8.4 million in proceeds from common shares issued, offset by debt issuance
costs of $6.1 million and repayment of debt including interest.</P>
<P align=justify><I>Hedging strategy</I></P>
<P align=justify>The hedging program was implemented in 2009 as copper prices
were recovering from the commodity pricing collapse that occurred in late 2008
and early 2009. Since that time, the Company&#146;s strategy has been to hedge at
least 50% of 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>
<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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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 amount and duration of the hedge position is based on an
assessment of business-specific risk elements combined with the copper pricing
outlook. Currently, approximately 50% of the Company&#146;s share of Gibraltar&#146;s
estimated production for the first half of 2013 is hedged at US$3.00 per pound
and for the second half of 2013 at US$2.75 per pound. </P>
<P align=justify>Copper price and quantity exposure are reviewed at least
quarterly to ensure that adequate revenue protection is in place. 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=justify><I>Commitments and contingencies</I></P>
<P align=justify>The Company expects to incur capital expenditures during the
next five years for both the Gibraltar mine and other projects. The other
projects are at various stages of development, from preliminary exploration
through to permitting. The ultimate decision to incur capital expenditures at
each potential site is subject to positive results which allow the project to
advance past key decision hurdles.</P>
<P align=justify>At December 31, 2012, capital commitments associated with GDP3
totaled $29.2 million on a 100% basis. Capital commitments for all other
projects were $13.3 million. The Company&#146;s share of total commitments was $31.9
million at year end.</P>
<P align=justify>In April 2011, the Company completed a public offering of
US$200 million in senior notes due in 2019, bearing interest at an annual rate
of 7.75% . The notes are guaranteed by the Company&#146;s subsidiaries and the
subsidiary guarantees are, in turn, guaranteed by the Company. The Company may
redeem some or all of the notes at any time on or after April 15, 2015 at
redemption prices ranging from 103.875% to 100% plus accrued interest. Prior to
April 15, 2015, the notes may be redeemed at 100% plus a make-whole premium,
plus accrued interest. In addition, until April 15, 2014, the Company may redeem
up to 35% of the principal amount of notes, in an amount not greater than the
net proceeds of certain equity offerings, at a redemption price of 107.75%, plus
accrued interest. The Company is subject to certain restrictions on asset sales,
payments, and incurrence of indebtedness and issuance of preferred stock.</P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 8pt; "
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-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="63%" colSpan=16 align=center>Payments due </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid"
     width="2%" 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="8%" align=left>&nbsp; </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>($ in thousands)
    </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>2013
    </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>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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="8%" align=right>2015
    </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>2016
    </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>2017
    </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>thereafter </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>Total
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Debt <SUP>1 </SUP>: </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>
    <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;Repayment of principal </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>18,067 </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>15,288 </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>11,675 </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>8,742 </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>5,118 </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>198,980 </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>257,870 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>18,148 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>17,186 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>16,461 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>15,907 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>15,538 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>19,920 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>103,160 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>PER <SUP>2</SUP> </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>- </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>95,954 </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>95,954 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating leases </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>3,313 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>1,801 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>375 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>304 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>267 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>934 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="8%" align=right>6,994 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Capital expenditures <SUP>3</SUP> </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="8%" align=right>31,849 </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>- </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>31,849 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other expenditures
      <SUP>4</SUP> </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>10,820
    </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>23,809
    </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>10,950
    </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>45,579
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><SUP>1 </SUP>Debt is comprised of senior notes, capital leases
and secured equipment loans.<BR><SUP>2 </SUP>Provision for environmental
rehabilitation &#150; Amounts presented in the table represent the expected cost of
environmental rehabilitation without considering the effect of discount or
inflation rates.<BR><SUP>3 </SUP>Purchase obligations for capital commitments
include only those items where binding commitments have been entered into.
Commitments at the end of 2012 primarily relate to the GDP3 expansion.<BR><SUP>4
</SUP>Other expenditure commitments include the purchase of goods and services,
royalty obligations and exploration activities. Actual timing of payment for
royalty obligations may differ. Amounts estimated based on expected future
production levels.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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=#28adca>SELECTED ANNUAL
INFORMATION</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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>Year ended December 31, </B></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 style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ 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=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>2011 </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>2010 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&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="10%" align=right>253,607 </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>251,866 </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>278,460 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net (loss) earnings </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(15,665</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>26,974 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>149,357 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Per share &#150; basic </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(0.08</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>0.14 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%" align=left>$</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.80 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Per share &#150;
      diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(0.08</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>0.14
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>0.74
    </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%">

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>As at December 31, </B></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 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=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>2011 </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>2010 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Total assets </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>986,447 </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>994,732 </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>722,094 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total long-term
      financial liabilities </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>269,955 </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>264,482 </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>82,162 </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>
<A name=page_20></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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=#28adca>FOURTH QUARTER RESULTS</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 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="27%" colSpan=4
      align=right><B>Three months ended </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="2%"
  align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Consolidated Statements of Comprehensive Income </B></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=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>(Cdn$ 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="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>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Revenues </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>62,878 </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>60,512 </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="12%"
      align=right>(56,055</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="12%"
      align=right>(41,235</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="12%" align=right>6,823 </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>19,277 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>General and administrative </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(5,981</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>(5,377</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="12%" align=right>(1,837</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2,664</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Other operating 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="12%"
    align=right>(5,423</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="12%"
    align=right>(25,709</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(6,418</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(14,473</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="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance expenses </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2,730</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(4,631</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Finance income </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,009 </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>6,731 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Foreign exchange
      gain (loss) </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>(1,136</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="12%" align=right>3,177
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Loss before income taxes </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(8,275</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>(9,196</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Income tax recovery </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>1,490 </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>1,502 </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>Net loss for
      the period </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>(6,785</B></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="12%"
      align=right><B>(7,694</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)
</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other comprehensive loss: </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 style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized losses 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="12%"
    align=right>(3,474</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="12%"
    align=right>(1,483</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>Total other
      comprehensive loss for the period </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>(3,474</B></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="12%"
      align=right><B>(1,483</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)
</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total
      comprehensive loss for the period </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>(10,259</B></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="12%"
      align=right><B>(9,177</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%" align=left>)
</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Loss per share </B></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>Basic </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(0.04</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>(0.04</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Diluted </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(0.04</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(0.04</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="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&nbsp; </TD>
    <TD bgColor=#e6efff width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Weighted-average shares outstanding (thousands) </B></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>Basic </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>190,676 </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>195,771 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Diluted </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>190,676 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>195,771 </TD>
    <TD 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_21></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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><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-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="27%" colSpan=4
      align=right><B>Three months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Consolidated Statements of Cash Flows</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="27%" colSpan=4 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>(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="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><B>Operating activities</B> </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>Net loss for the period </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(6,785</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(7,694</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Adjustments for: </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; &nbsp; &nbsp;Depreciation </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>5,551 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2,369 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Income tax recovery </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(1,490</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>(1,502</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Income tax paid </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(453</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(5,175</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>1,636 </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>1,564 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Unrealized loss on derivatives </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>2,319 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>21,929 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Finance expenses </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>9,238 </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>13,344 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Finance income </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(1,760</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(2,382</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp; &nbsp;Unrealized foreign
      exchange loss (gain) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>2,035 </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>(5,307</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Other operating activities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(1,327</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>1,148 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&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="12%"
    align=right>(2,474</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="12%"
    align=right>(19,192</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="12%" align=right>6,490 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(898</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="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&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="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;Purchase of property, plant and
      equipment </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(71,517</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>(16,819</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Investment in financial assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(5,136</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(22,766</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Interest received </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>212 </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>440 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Proceeds from financial assets </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>57 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>69,052 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&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="12%"
    align=right>290 </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>(471</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) investing activities </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(76,094</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>29,436 </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="12%">&nbsp; </TD>
    <TD bgColor=#e6efff  width="2%">&nbsp;</TD>
    <TD bgColor=#e6efff  width="1%">&nbsp;</TD>
    <TD bgColor=#e6efff width="12%">&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="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;Repayment of debt </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>(3,984</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>(2,900</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest paid </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(8,272</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(8,408</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;Common shares issued for cash </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="12%" align=right>390 </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>1,073 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Proceeds
      from debt issuance </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>15,491 </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>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</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="12%" align=right>3,625 </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>(10,235</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Effect of exchange rate changes on cash and equivalents </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>220 </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>(8,594</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Increase (decrease) in cash and equivalents </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>(65,759</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="12%" align=right>9,709 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Cash and equivalents, beginning of period </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>200,754 </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>268,083 </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>Cash and
      equivalents, end of period</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>134,995</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>277,792</B> </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_22></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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><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><I>Earnings</I>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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="23%" colSpan=4 align=right><B>Three months ended</B> </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 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=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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>Net 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="10%"
    align=right>(6,785</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>(7,694</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>909 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrealized loss on derivatives </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,319 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>21,929 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(19,610</TD>
    <TD  width="2%" align=left>) </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>(541</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>(541</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Changes in fair value of financial instruments </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>(240</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>240 </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>2,279 </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>(2,279</TD>
    <TD bgColor=#e6efff  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 width="10%" align=right>73 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,301</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,374 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;FX translation losses </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>1,929 </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>1,383 </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>546 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Estimated
      tax effect of adjustments </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>(945</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>(6,415</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>5,470
    </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>Adjusted net earnings (loss) <SUP>1</SUP> </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>(3,950</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>9,941 </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>(13,891</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE>
<P align=justify><SUP>1 </SUP>Adjusted net earnings is non-GAAP financial
performance measures with no standard definition under IFRS. See pages 31-34 of
this MD&amp;A.</P>
<P align=justify>Contributing to the $13.9 -million decrease in the quarterly
adjusted net earnings year-over-year are the following changes:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>$14.8-million increase in cost of sales;
  <LI>$0.6-million increase in G&amp;A expenses;
  <LI>$1.6-million increase in other operating expenses;
  <LI>$3.6-million decrease in finance income;
  <LI>$3.8-million increase in foreign exchange losses;
  <LI>offset by a $2.4-million increase in revenues;
  <LI>offset by $0.8-million decrease in exploration and evaluation expenses;
  <LI>offset by $1.9-million decrease in finance expense; and
  <LI>$5.5-million for the associated tax effects of these items. </LI></UL>
<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><I>Revenues</I>
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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="23%" colSpan=4 align=right><B>Three months ended</B> </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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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>Copper concentrate </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>59,013 </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>53,998 </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>5,015 </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>1,176
    </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>2,199
    </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>(1,023</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp;&nbsp;&nbsp;&nbsp; Total copper sales
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>60,189 </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>56,197 </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>3,992 </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>1,756 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,439 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,683</TD>
    <TD  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
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>933 </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>876 </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>57 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>62,878 </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>60,512 </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>2,366
    </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>(thousands of pounds, unless otherwise noted) </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=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="10%"
    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="10%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper concentrate </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>17,089 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>14,767 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,321 </TD>
    <TD  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
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>337 </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>670 </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>(333</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;&nbsp; Total copper sales </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>17,426 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>15,437 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,989 </TD>
    <TD  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  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>3.48 </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>3.56 </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>(0.07</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Molybdenum
      concentrate </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>161
    </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>269
    </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>(107</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR></TABLE>
<P align=justify><SUP>1 </SUP>The average exchange rate used for fourth quarter
2012 was CAD/USD $0.9914 (2011: $1.0230) .</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_23></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>Revenues for the fourth quarter 2012 increased by $2.3 million,
or 4%, compared to revenues in the prior-year period as a result of higher
copper sales. The Company&#146;s average realized copper price of US$3.48 per pound
for the fourth quarter 2012 was lower than the LME average of US$3.59 per pound.
The difference between realized copper prices and the average market price for
the fourth quarter 2012 reflects the pricing of 10.5 million pounds of copper
concentrate that was settled in fourth quarter 2012 but was mostly related to
third quarter provisional sales. The spot price for copper closed at US$3.59 per
pound on December 30, 2012.</P>
<P align=justify>Molybdenum revenues totaled $1.7 million in fourth quarter 2012
which is 49% lower than the prior-year quarter due to a 40% decrease in sales
volumes compared to the prior year quarter and lower average realized price in
fourth quarter 2012 compared to the prior year quarter. </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><I>Cost of
      sales</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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="23%" colSpan=4 align=right><B>Three months ended</B> </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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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 costs </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>41,391 </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>32,777 </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>8,614 </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>5,394 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,200 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,194 </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>3,098 </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>2,973 </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>125 </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>3,516 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>3,400 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>116 </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 WIP </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>2,656 </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>(115</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>2,771 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
      align=right>56,055 </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>41,235 </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>14,820 </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>(thousands of pounds) </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=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="10%"
    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="10%"
    align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper production </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>16,015 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>16,753 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(738</TD>
    <TD  width="2%" align=left>) </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
    width="1%" align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="10%"
    align=right>17,426 </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>15,437 </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>1,989 </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>(C$ per pound) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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 costs per pound produced </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2.58 </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>1.96 </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>0.63 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Depreciation per pound produced </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.34 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.13 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>0.21 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Treatment and refining costs per pound sold
    </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>0.18 </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>0.19 </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=right>(0.01</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </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"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>0.20
    </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>0.22
    </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>(0.02</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR></TABLE>
<P align=justify>The 36% increase in cost of sales reflects the 13% increase in
copper sales volumes in fourth quarter 2012 compared to the prior-year quarter.
Contributing to the year-over-year increase in direct mining and processing
costs for the fourth quarter was a 17% increase in tons mined. In addition,
direct mining and processing costs for the fourth quarter 2012 compared to the
prior-year quarter were negatively impacted by higher labour, maintenance,
external services and consumable costs. Also contributing to the increase in
direct mining costs on a &#145;per unit of production&#146; basis was lower production
quarter-over-quarter as a result of lower recoveries. </P>
<P align=justify>Depreciation expenses during the fourth quarter have increased
year-over-year, reflecting an increase in assets placed into service. Treatment
and refining costs and transportation costs have slightly increased, consistent
with the increase in pounds sold.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_24></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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><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><I>Other expenses
      and income</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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="23%" colSpan=4 align=right><B>Three months ended</B> </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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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="10%"
    align=right>5,981 </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>5,377 </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>604 </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>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="10%" align=right>1,837
    </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>2,664
    </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>(827</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Other operating expenses (income): </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>&nbsp; &nbsp;Realized (gain) loss on copper derivative
      instruments </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,632 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(599</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,231 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;Unrealized (gain) loss on
      copper derivative instruments </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,319 </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>21,929 </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>(19,610</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Loss on disposition of property, plant and
      equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>169 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>542 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(373</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>&nbsp; &nbsp;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>2,279 </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>(2,279</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Impairment of plant and equipment </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,383 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,835 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(452</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp; &nbsp;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>(80</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>(277</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>197 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right>5,423
    </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>25,709 </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>(20,286</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="10%"
    align=right>1,136 </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>(3,177</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>4,313 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The increase in general and administrative expenses during the
fourth quarter 2012 is primarily due to share based compensation expense
recorded for options that were granted during the quarter.</P>
<P align=justify>Exploration and evaluation expenses during fourth quarter 2012
were attributable to work performed at the Aley project and the New Prosperity
project. During fourth quarter 2012, $1.2 million was spent on Aley and $0.6
million was spent on the New Prosperity project compared to $0.4 million spent
on Aley and $1.2 million spent on New Prosperity project in the fourth quarter
of 2011.</P>
<P align=justify>The decrease in other operating expenses in 2012 is primarily
attributable to gains and losses associated with the copper hedge program. The
Company recognized $2.3 million in unrealized losses and $1.6 million in
realized losses. This compares to $22.0 million in unrealized losses and $0.6
million in realized gains that were recognized in 2011. 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>The realized loss on copper derivatives during fourth quarter
2012 reflects the net of the expense on the premiums paid, offset by the
proceeds received on the settlement of the put options that were in the money
during the quarter. </P>
<P align=justify>During 2012, the Company entered into copper derivative
contracts for 59.6 million pounds of 2013 copper production. These outstanding
copper derivatives are marked-to-market each period end with any changes in fair
value recognized in income as unrealized gains or losses. Since the end of the
third quarter 2012 through to the end of the year, there has been a decrease in
copper prices resulting in an unrealized loss on copper derivatives in the
amount of $2.3 million.</P>
<P align=justify>During fourth quarter 2012, certain plant and equipment was
deemed redundant upon completion of GDP3, which resulted in an impairment charge
of $1.3 million. During fourth quarter 2011, certain plant and equipment was
deemed redundant upon completion of the SAG direct feed project during 2011
which resulted in an impairment charge of $1.8 million.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_25></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>Finance expenses</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 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=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="10%" align=left>&nbsp;
</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>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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>Interest expense </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,205 </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>4,197 </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>(1,992</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accretion on 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>525
    </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>434
    </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></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=right>2,730 </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>4,631 </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>(1,901</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE>
<P align=justify>Finance expenses for the fourth quarter 2012 are net of $2.9
million of interest capitalized on the GDP3 project , which explains the
decrease in finance expenses compared to the fourth quarter 2011. After
adjusting for capitalized interest, finance expenses in the fourth quarter have
increased due to new capital leases related to the GDP3 mining equipment.</P>
<P align=justify><I>Finance income</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 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=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="10%" align=left>&nbsp;
</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>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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>Interest income </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>945 </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>2,199 </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>(1,254</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Realized income on dual currency deposits </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>595 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,991 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(2,396</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Unrealized income (loss) on dual currency
      deposits </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(72</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>1,301 </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>(1,373</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></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Gain on sale of marketable securities </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>541 </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>541 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Change in fair
      value of financial instruments </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>240
    </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>(240</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="10%"
    align=right>2,009 </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>6,731 </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>(4,722</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR></TABLE>
<P align=justify>Finance income is primarily comprised of income earned on the
promissory note and reclamation deposits, as well as interest income and gains
on the dual currency deposits. During the fourth quarter 2012, income from these
items decreased compared to the fourth quarter 2011 due to the lower levels of
cash available for investment in these instruments.</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><I>Income tax</I>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" 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="10%" 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="10%" align=left>&nbsp;
    </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="23%" colSpan=4 align=right><B>Three months ended</B> </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 align=left>&nbsp; </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 align=right><B>December 31,</B> </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 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="10%"
      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="10%"
      align=right><B>2011</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>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 expense (recovery) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>(2,723</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>(2,840</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>117 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred 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>1,233
    </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>1,338
    </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%"
    align=right>(105</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="10%"
    align=right>(1,490 </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>(1,502</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>12 </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>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="10%" align=right>18.3%
    </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>16.3%
    </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=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="10%"
    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="10%"
    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="10%"
    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="10%" 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="10%" 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="10%" align=left>&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>The income tax recovery realized in fourth quarter 2012
primarily resulted from deductions allowed for tax associated with the copper
hedging program and lower current cash taxes for the quarter.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_26></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>Cash flow</I></P>
<P align=justify>The Company&#146;s primary source of liquidity is operating cash
flow. In the fourth quarter of 2012, operating cash flow was an inflow $6.5
million compared to an outflow of $0.9 million for the prior-year period.</P>
<P align=justify>Cash used in investing activities in the fourth quarter of 2012
amounting to $76.1 million was mainly due to capital expenditures of $71.5
million and purchase of financial assets of $5.1 million, partially offset by
proceeds from the sale and maturity of investments of $0.3 million and interest
received of $0.2 million. During the fourth quarter of 2011, $29.4 million of
cash received from investing activities included proceeds from the sale and
maturity of investments of $69.1 million, interest received of $0.4 million and
$0.5 million used for other investing activities, offset by capital expenditures
of $16.8 million and purchase of financial assets of $22.8 million.</P>
<P align=justify>Cash received from financing activities was $3.6 million for
the fourth quarter 2012 due to the $15.5 million proceeds from debt issuance
offset by debt principal and interest payments of $12.2 million compared to cash
used for financing activities of $10.2 million for the prior-year period
resulting from debt principal and interest payments of $11.3 million offset by
proceeds from share issuance of $1.1 million.</P>
<P align=justify><B><FONT color=#28adca>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 style="BORDER-TOP: #000000 1px solid" >&nbsp; </TD>
    <TD  width="1%" align=left style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="33%" colSpan=10 align=center style="BORDER-TOP: #000000 1px solid">2012 </TD>
    <TD  width="2%" align=center style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%" align=center style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="33%" colSpan=10 align=center style="BORDER-TOP: #000000 1px solid">2011 </TD>
  <TD  width="2%" align=left style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >($ in thousands, </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>Q4 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>Q3 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>Q2 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>Q1 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>Q4 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>Q3 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>Q2 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>Q1 </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 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>
    <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>
    <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>
    <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 bgColor=#e6efff align=left >Revenues </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>62,878 </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>60,999 </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>74,377 </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>55,353 </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>60,512 </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>84,204 </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>48,349 </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>58,801 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Net earnings (loss) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(6,785</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(3,851</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3,315 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(8,344</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(7,694</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>30,028 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(1,113</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>5,753 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp;&nbsp; EPS <SUP>1
    </SUP></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>(0.04</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>(0.02</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>0.02 </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>(0.04</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>(0.04</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>0.15 </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>(0.01</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>0.03 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Adjusted net earnings (loss) <SUP>2 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(3,950</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>1,491 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>4,009 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>305 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>9,941 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(1,991</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>1,863 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>7,971 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left >&nbsp;&nbsp; Adjusted EPS
      <SUP>1 </SUP></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="6%" align=right>(0.02</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>0.01 </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>0.02 </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>0.00 </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>0.05 </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>(0.01</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>0.01 </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>0.04 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >EBITDA <SUP>2, </SUP>3 </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(1,009</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(1,232</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>13,350 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(4,337</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>(4,828</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>56,523 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3,685 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>15,301 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff align=left
    >Adjusted EBITDA <SUP>2, </SUP>3 </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>2,771 </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>6,216 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff width="6%"
    align=right>13,492 </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>8,081 </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>19,222 </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>13,667 </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>7,488 </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>16,617 </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="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD>
    <TD  width="1%">&nbsp;</TD>
    <TD width="6%">&nbsp; </TD>
    <TD  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left>(US$ per pound, except where indicated) </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>
    <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>
    <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>
    <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 bgcolor="#E6EFFF">
    <TD align=left >Realized copper price <SUP>2 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3.48 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3.64 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3.52 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3.87 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3.56 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>3.73 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>4.25 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>4.28 </TD>
  <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Total cash costs of sales
      <SUP>2 </SUP></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>2.78 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>2.60 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>2.47 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>2.23 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>2.20 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>2.33 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>2.37 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="6%" align=right>2.08 </TD>
  <TD  width="2%" align=left>&nbsp;</TD>
  </TR>
  <TR vAlign=top bgcolor="#E6EFFF">
    <TD align=left style="BORDER-BOTTOM: #000000 1px solid"
      >Copper sales (million pounds) </TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right style="BORDER-BOTTOM: #000000 1px solid">17.4    </TD>
    <TD  width="2%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right style="BORDER-BOTTOM: #000000 1px solid">16.1    </TD>
    <TD  width="2%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right style="BORDER-BOTTOM: #000000 1px solid">19.8    </TD>
    <TD  width="2%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right style="BORDER-BOTTOM: #000000 1px solid">12.7    </TD>
    <TD  width="2%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right style="BORDER-BOTTOM: #000000 1px solid">15.4    </TD>
    <TD  width="2%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right style="BORDER-BOTTOM: #000000 1px solid">21.8    </TD>
    <TD  width="2%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right style="BORDER-BOTTOM: #000000 1px solid">10.7    </TD>
    <TD  width="2%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD  width="1%"
    align=left style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="6%" align=right style="BORDER-BOTTOM: #000000 1px solid">12.8    </TD>
  <TD  width="2%"
    align=left 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 31-34 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>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, 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 in 2013. Continued focus remains
on long-term reduction of unit costs and further efficiencies will be gained
once GDP3 achieves design capacity in 2013. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_27></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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=#28adca>CRITICAL ACCOUNTING POLICIES AND
ESTIMATES</FONT></B></P>
<P align=justify>The Company's significant accounting policies are presented in
note 2 of the 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 as appropriate.</P>
<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><B><FONT color=#28adca>CHANGE IN ACCOUNTING
POLICIES</FONT></B></P>
<P align=justify><I>Consolidated Financial Statements </I></P>
<P align=justify>In May 2011, the IASB issued IFRS 10, Consolidated Financial
Statements and IFRS 12, Disclosure of Interests in Other Entities. IFRS 10
establishes principles for the presentation and preparation of consolidated
financial statements when an entity controls one or more other entities. This
standard defines the principle of control and establishes control as the basis
for determining which entities are consolidated in an entity&#146;s consolidated
financial statements. IFRS 12 outlines the disclosure requirements for interests
in subsidiaries and other entities to enable users to evaluate the risks
associated with interests in other entities and the effects of those interests
on an entity&#146;s financial position, financial performance and cash flows. </P>
<P align=justify>IFRS 10 and IFRS 12 are effective for annual periods beginning
on or after January 1, 2013, with earlier application permitted. The Company has
completed its assessment of the impact of these amendments and concluded that
there will be no material impact on its financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_28></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>Joint Arrangements </I></P>
<P align=justify>In May 2011, the IASB issued IFRS 11, Joint Arrangements, which
provides guidance on accounting for joint arrangements. If an arrangement has
joint control, IFRS 11 classifies joint arrangements as either joint operations
or joint ventures, depending on the rights and obligations of the parties
involved. </P>
<P align=justify>This standard is effective for annual periods beginning on or
after January 1, 2013, with early adoption permitted. The Company has completed
its assessment of the impact of these amendments and concluded that there will
be no material impact on its financial statements.</P>
<P align=justify><I>Fair Value Measurement </I></P>
<P align=justify>In May 2011, the IASB issued IFRS 13, Fair Value Measurement.
This standard defines fair value, sets out a single IFRS framework for measuring
fair value and outlines disclosure requirements about fair value measurements.
</P>
<P align=justify>IFRS 13 is effective for annual periods on or after January 1,
2013, with earlier application permitted. The Company has completed its
assessment of the impact of these amendments and concluded that there will be no
material impact on its financial statements.</P>
<P align=justify><I>Other Comprehensive Income </I></P>
<P align=justify>In June 2011, the IASB and FASB issued amendments to standards
to align the presentation requirements for other comprehensive income (OCI). The
IASB issued amendments to IAS 1, Presentation of Financial Statements to require
companies preparing financial statements under IFRS to group items within OCI
that may be reclassified to the profit or loss. </P>
<P align=justify>The amendments to IAS 1 set out in Presentation of Items of
Other Comprehensive Income are effective for fiscal years beginning on or after
July 1, 2012. The Company has completed its assessment of the impact of these
amendments and concluded that the existing presentation of items within OCI is
in accordance with the amendments to IAS 1.</P>
<P align=justify><I>Production Stripping Costs</I></P>
<P align=justify>In October 2011, the IASB issued International Financial
Reporting Interpretation Committee (IFRIC) 20, Stripping Costs in the Production
Phase of a Surface Mine. This interpretation is effective for annual periods
beginning on or after January 1, 2013. The Company is currently assessing the
impact of this interpretation on its financial statements.</P>
<P align=justify><B><FONT color=#28adca>FINANCIAL INSTRUMENTS </FONT></B></P>
<P align=justify>The Company uses a mixture of cash, long-term debt and
shareholders&#146; equity to maintain an efficient capital allocation and ensure
adequate liquidity exists to meet the ongoing cash requirements of the business.
In the normal course of business, the Company is inherently exposed to financial
risks, including market risk, commodity price risk, interest rate risk, currency
risk, liquidity risk and credit risk. The Company manages these risks in
accordance with its risk management policies. To mitigate some of these inherent
business risks, the Company uses commodity hedging derivative instruments that
do not qualify for hedge accounting treatment. These non-hedge derivatives are
summarized in note 25(f) to the consolidated financial statements. The financial
risks and the Company&#146;s exposure to these risks, is provided in various tables
in note 25 of the consolidated financial statements. For a discussion on the
methods used to value financial instruments, as well as significant assumptions,
refer also to notes 2 and 25 of the consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_29></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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><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><B>Summary of
      Financial Instruments </B></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>Carrying amount </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>Associated Risks </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>Financial
      assets </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=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="12%" 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><I>Loans and receivables </I></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=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="12%"
    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><BR>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="12%"
      align=right><BR>134,995 </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>Interest rate <BR>Credit </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><BR>Accounts receivable </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><BR>28,966 </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>Credit <BR>Market </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;Promissory
      note </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>70,662 </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>Interest rate </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><I>Available-for-sale </I></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=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="12%"
    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><BR>Capped
      floating rate notes </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><BR>20,090 </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>Credit <BR>Liquidity </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;Shares </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>7,196 </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>Market </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;Subscription
      receipts </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>7,100
    </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="12%"
      align=right>Market </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;Reclamation deposits </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>25,728 </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>Market </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><I>Fair value
      through profit and loss (FVTPL) </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="1%"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" 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="12%" 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><BR>Copper put option contracts <BR></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><BR>1,776 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><BR></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>Liquidity <BR>Market <BR>Credit </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>Financial
      liabilities </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=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="12%" 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>Accounts payable and accrued liabilities <BR></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>46,111 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left><BR></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>Currency <BR>Interest rate </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;Senior notes
    </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>193,970 </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="12%"
      align=right>Currency </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;Capital leases </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>35,242 </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>Interest rate </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><BR>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><BR>23,649 </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>Currency <BR>Interest rate </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;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="12%"
    align=right>45,579 </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>Interest rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><B><FONT color=#28adca>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>The Company&#146;s 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 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>&nbsp;</TD></TR>
  <TR>
    <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>&nbsp;</TD></TR>
  <TR>
    <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><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_30></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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 Company&#146;s 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 its 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 year ended
December 31, 2012 that have materially affected, or are reasonably likely to
materially affect, internal control over financial reporting and disclosure.</P>
<P align=justify>The Company&#146;s management, at the direction of our chief
executive officer and chief financial officer, have evaluated the effectiveness
of the design and operation of the internal controls over financial reporting
and disclosure controls and procedures as of the end of the period covered by
this report, and have concluded that they were effective.</P>
<P align=justify><B><FONT color=#28adca>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>The Company contributes to a post-employment defined
contribution pension plan on the behalf of certain key management personnel.
This retirement compensation arrangement (RCA Trust) was established to provide
benefits to certain executive officers on or after retirement in recognition of
their long service. Upon retirement, the participant is entitled to the
distribution of the accumulated value of the contributions under the RCA Trust.
Obligations for contributions to the defined contribution pension plan are
recognized as compensation expense in profit or loss in the periods during which
services are rendered by the executive officers.</P>
<P align=justify>Certain executive officers are entitled to termination and
change in control benefits. In the event of termination without cause, other
than a change in control, these executive officers are entitled to an amount
ranging from 9-month to 12-month&#146;s salary. In the event of a change in control,
if a termination without cause or a resignation occurs within 12 months
following the change of control, these executive officers are entitled to
receive, among other things, an amount ranging from 24-month to 32-months&#146;
salary and accrued bonus, and all stock options held by these individuals will
fully vest.</P>
<P align=justify>Executive officers and directors also participate in the
Company&#146;s share option program. </P>
<P align=justify>During 2012, the Company incurred total compensation expenses
of $9.2 million for its key management personnel compared to $11.3 million in
2011. </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 2012, the Company incurred general
and administrative expenses of $1.9 million, and exploration and evaluation
expenses of $0.5 million with HDSI. This compares to general and administrative
expenses of $2.2 million, exploration and evaluation expenses of $0.8 million,
and prepaid rent of $1.0 million in 2011.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<A name=page_31></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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 Gibraltar joint venture pays a management fee to the
Company for services rendered as operator of the Gibraltar mine. During the year
2012, the Company has earned $1.0 million of other operating income for these
services rendered, compared to $0.8 million earned in 2011.</P>
<P align=justify>During the year, the Company invested $10 million in
subscription receipts of a private company with directors in common which holds
mineral property interests. The subscription receipts will be convertible into
units comprised of shares, or shares and warrants.</P>
<P align=justify><B><FONT color=#28adca>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.</P>
<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 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=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>Year 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>December 31, </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 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>($ in thousands,
      unless otherwise indicated) </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=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>2011 </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>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="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>Cost of sales </B></TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>56,055 </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>41,235 </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>201,911 </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>165,565 </B></TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Less non-cash items: </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>(5,394</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>(2,200</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>(18,843</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>(12,145</TD>
    <TD bgColor=#e6efff  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Share-based compensation </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>48 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>42 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(38</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(137</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Less by-product credits: </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>&nbsp;Molybdenum </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,756</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(3,439</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(12,229</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(14,317</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Silver </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>(933</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>(876</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>(3,331</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>(3,473</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total cash costs of sales </B></TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>48,019 </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>34,762 </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>167,470 </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>135,493 </B></TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Total copper sold (thousand pounds) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>17,426 </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>15,438 </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>66,002 </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>60,776 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total cash costs per pound sold </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2.76 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2.25 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2.54 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2.23 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Average exchange rate for the period (CAD/USD) </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>0.9914 </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>1.0230 </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>0.9994 </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>0.9893 </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>Total cash
      costs of sales (US$ per pound) </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>2.78 </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>2.20 </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>2.54 </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>2.25 </B></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_32></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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><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-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=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>Year 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>December 31,</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 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>($ in thousands,
      unless otherwise indicated) </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=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>2011</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>2011</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>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>Net change in inventory </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>(2,656</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>115 </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>2,085 </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>(3,144</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total cash costs of production</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>45,363</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>34,877</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>169,555</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>132,349</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Less offsite costs: </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>&nbsp;Treatment and refining costs </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(3,098</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(2,973</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(12,628</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(11,632</TD>
    <TD  width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>&nbsp;Transportation costs </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>(3,516</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>(3,400</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="10%"
    align=right>(14,006</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>(13,108</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Net operating cash costs</B> </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>38,749</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>28,504</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>142,921</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right><B>107,609</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Total copper produced (thousand pounds) </TD>
    <TD bgColor=#e6efff  width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>16,015 </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>16,753 </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>67,347 </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>62,165 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total cash costs per pound produced </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2.42 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1.70 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2.12 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1.73 </TD>
    <TD  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
      align=left>Average exchange rate for the period (CAD/USD) </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>0.9914 </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>1.0230 </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>0.9994 </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>0.9893 </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>Net operating
      cash costs of production</B> <B>(US$ per pound)</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>2.44</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>1.66</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>2.12</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>1.75</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="2%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Adjusted net earnings</I></P>
<P align=justify>Adjusted net earnings removes 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>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_33></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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><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-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=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>Year 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>December 31,</B> </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 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>($ 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=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>2011</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>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="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 earnings (loss)</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>(6,785</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>(7,694</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>(15,665</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>26,974</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#e6efff
    width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrealized loss (gain) on derivatives </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>2,319 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>21,929 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>24,801 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(22,944</TD>
    <TD  width="2%" align=left>) </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>(541</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>(1,418</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 financial instruments </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>(240</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>289 </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>2,279 </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>6,322 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrealized (income) loss on DCDs </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>73 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(1,301</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(238</TD>
    <TD  width="2%" align=left>) </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>18 </TD>
    <TD  width="2%" align=left>&nbsp;</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 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>3,987 </TD>
    <TD bgColor=#e6efff  width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;FX translation losses </TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,929 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,383 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>643 </TD>
    <TD  width="2%" align=left>&nbsp;</TD>
    <TD  width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,084 </TD>
    <TD  width="2%" align=left>&nbsp;</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 width="10%"
    align=right>(945</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>(6,415</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>(6,269</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>4,496 </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>(3,950</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>9,941</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>1,854</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>17,783</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>(0.02</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>0.05</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>&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>0.09</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. EBITDA is presented because it is an important supplemental
measure of our performance and is frequently used by securities analysts,
investors and other interested parties in the evaluation of companies in the
industry, many of which present EBITDA when reporting their results. 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. The Company believes 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>Adjusted EBITDA is presented as a further supplemental measure
of the Company&#146;s performance and ability to service debt. Adjusted EBITDA is
prepared by adjusting EBITDA to eliminate the impact of a number of items that
are not considered indicative of ongoing operating performance.</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 are not likely
to recur or are not indicative of the Company&#146;s future operating performance
consisting of:</P>
<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 some of the adjustments are recurring, the elimination of
the gain on the contribution to the joint venture, loss on the extinguishment of
debt, and gains/losses on the sale of marketable securities do not reflect the
underlying performance of the Company&#146;s core mining business and are not
necessarily indicative of future results. Furthermore, unrealized gains/losses
on derivative instruments, foreign currency translation gains/losses and changes in the fair value of financial instruments are not
necessarily reflective of the underlying operating results for the reporting
periods presented.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center color=black SIZE=5
width="100%" noShade>
<!--$$/page=--><A name=page_34></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=#28adca>TASEKO MINES LIMITED
  </FONT></B></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>
<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-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=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>Year 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>December 31,</B> </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="23%" colSpan=4 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>($ 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=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>2011</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>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="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 earnings (loss)</B> </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right><B>(6,785</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>(7,694</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>(15,665</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>26,974</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>5,551 </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>2,369 </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>19,501 </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>12,827 </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>2,205 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>4,197 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>12,041 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>13,957 </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>(490</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>(2,198</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>(6,214</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>(6,859</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
      expense (recovery) </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>(1,490</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>(1,502</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>(2,891</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>23,782 </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>(1,009</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>(4,828</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>6,772</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>70,681</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>Unrealized (gain)/loss on derivative
      instruments </TD>
    <TD bgColor=#e6efff width="1%" align=left>&nbsp;</TD>
    <TD bgColor=#e6efff width="10%" align=right>2,319 </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>21,929 </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>24,801 </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>(22,944</TD>
    <TD bgColor=#e6efff width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gain on sale of marketable securities </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(541</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>(1,418</TD>
    <TD width="2%" align=left>) </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>(6,443</TD>
    <TD width="2%" align=left>) </TD></TR>
  <TR vAlign=top>
    <TD bgColor=#e6efff align=left>Changes in fair value of financial
      instruments </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>(240</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>289 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Foreign currency translation losses </TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,929 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>1,383 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>643 </TD>
    <TD width="2%" align=left>&nbsp;</TD>
    <TD width="1%" align=left>&nbsp;</TD>
    <TD width="10%" align=right>5,084 </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>73 </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>(1,301</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>(238</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>18 </TD>
    <TD bgColor=#e6efff width="2%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Loss/(gain) on contribution to joint venture </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>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>Non-recurring consulting expense </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>2,279 </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>- </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>6,322 </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
      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>2,771</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>19,222</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>30,560</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>56,994</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="2%"
    align=left>&nbsp;</TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>exhibit99-8.htm
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.8 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>&nbsp;<BR>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR vAlign=top>
    <TD  rowSpan=5 align=left><IMG border=0
      src="exhibit99-8x1x1.jpg"></TD>
    <TD width="30%" align=left><B>KPMG LLP </B></TD>
    <TD width="10%" align=left >Telephone </TD>
    <TD width="30%" align=left>(604) 691-3000 </TD></TR>
  <TR vAlign=top>
    <TD width="30%" align=left><B>Chartered Accountants </B></TD>
    <TD width="10%" align=left >Fax </TD>
    <TD width="30%" align=left>(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD width="30%" align=left>PO Box 10426 777 Dunsmuir Street </TD>
    <TD width="10%" align=left >Internet </TD>
    <TD width="30%" align=left>www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD width="30%" align=left>Vancouver BC V7Y 1K3 </TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="30%" align=left>Canada </TD>
    <TD width="10%" align=left >&nbsp; </TD>
    <TD width="30%" align=left>&nbsp; </TD></TR></TABLE>
<P align=left><B><FONT size=4>CONSENT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</FONT></B></P>
<P align=justify>To the Board of Directors of Taseko Mines Limited</P>
<P align=justify>We consent to the inclusion in this annual report on Form 40-F
of:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>our Independent Auditors&#146; Report of Registered Public Accounting Firm dated
  March 26, 2013 on the consolidated balance sheets of Taseko Mines Limited (the
  &#147;Company") and subsidiaries as of December 31, 2012 and 2011, and the related
  consolidated statements of comprehensive income (loss), changes in equity and
  cash flows for the years then ended; and </P>
  <LI>
  <P>our Report of Independent Registered Public Accounting Firm dated March 26,
  2013 on the Company&#146;s internal control over financial reporting as of December
  31, 2012 </P></LI></UL>
<P align=justify>each of which is contained in this annual report on Form 40-F
of the Company for the fiscal year ended December 31, 2012.</P>
<P align=justify><B>\\s\\ KPMG LLP</B></P>
<P align=justify>Chartered Accountants</P>
<P align=justify>March 26, 2013 <BR>Vancouver, Canada</P>
<P align=justify>&nbsp;</P>
<P style="MARGIN-LEFT: 40%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss
entity.</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG
LLP.</FONT></P>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>exhibit99-9.htm
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.9 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><IMG border=0
src="exhibit99-9x1x1.jpg">
</P><BR>
<P align=justify>March 26, 2013 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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 >Re: </TD>
    <TD width="95%" align=left>Taseko Mines Limited (the "<B>Company</B>")
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="95%" align=left>Annual Report on Form 40-F </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="95%" align=left>Consent of Expert </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="95%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>This letter is provided in connection with the Company's Form
40-F annual report for the year ended December 31, 2012 (the &#147;<B>Annual
Report</B>&#148;) to be filed by the Company with the United States Securities and
Exchange Commission (the &#147;SEC&#148;). The Annual Report incorporates by reference the
Annual Information Form of the Company for the year ended December 31, 2012. I
hereby consent to the use of my name in connection with reference to my
involvement in the preparation of the following technical reports (the
"<B>Technical </B><B>Reports</B>"): </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>&#147;Technical Report on the 344 million tonne increase in mineral reserves at
  the Prosperity Gold &#150; Copper Project&#148; dated December 17, 2009 </P>
  <LI>
  <P>&#147;Technical Report on the 357 Million Ton Increase in Mineral Reserves at
  the Gibraltar Mine&#148; dated June 24, 2011 </P></LI></UL>
<P align=justify>and to references to the Technical Reports, or portions
thereof, in the Annual Report and to the inclusion and incorporation by
reference of the information derived from the Technical Reports in the Annual
Report. </P>
<P align=justify>Yours truly,</P>
<P align=justify><I>/s/ S. Jones </I></P>
<TABLE
style="BORDER-COLOR: black; BORDER-COLLAPSE: collapse; FONT-SIZE: 10pt; "
border=0 cellSpacing=0 cellPadding=0 width="100%">

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Scott Jones, P.Eng., Vice President, Engineering </B></TD>
    <TD  width="50%" align=left>&nbsp;</TD></TR></TABLE><BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>exhibit99-10.htm
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.10 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><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=center>Ronald G. Simpson, P.Geo. </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>GeoSim Services Inc. </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>1975 Stephens Street </TD></TR>
  <TR vAlign=top>
    <TD align=center>Vancouver, B.C. Canada, V6K 4M7 </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Telephone: 604 733-7970 </TD></TR>
  <TR vAlign=bottom>
    <TD align=center>Email: rgs@uniserve.com </TD></TR></TABLE>
<P align=justify>March 26, 2013 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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 >Re: </TD>
    <TD width="95%" align=left>Taseko Mines Limited (the "<B>Company</B>")
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="95%" align=left>Annual Report on Form 40-F </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD width="95%" align=left>Consent of Expert </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid"  width="95%"
    align=left>&nbsp;</TD></TR></TABLE>
<P align=justify>This letter is provided in connection with the Company's Form
40-F annual report for the year ended December 31, 2012 (the &#147;<B>Annual
Report</B>&#148;) to be filed by the Company with the United States Securities and
Exchange Commission (the &#147;SEC&#148;). The Annual Report incorporates by reference the
Annual Information Form of the Company for the year ended December 31, 2012. I
hereby consent to the use of my name in connection with reference to my
involvement in the preparation of the following technical report (the
"<B>Technical</B> <B>Report</B>"): </P>
<UL style="TEXT-ALIGN: justify">
  <LI>&#147;Technical Report Aley Carbonatite Niobium Project&#148; dated March 29, 2012
  </LI></UL>
<P align=justify>and to references to the Technical Report, or portions thereof,
in the Annual Report and to the inclusion and incorporation by reference of the
information derived from the Technical Reports in the Annual Report. </P><IMG
border=0 src="exhibit99-10x1x1.jpg"> <BR>
<HR align=center color=black SIZE=5 width="100%" noShade>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>exhibit99-5x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-5x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`"?`:P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HI
M,T9H`6BDS1F@!:*3-&:`%HI,T9H`6BDS10`M%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1244`+124M`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110!YWJFHWT>JW:)>W"JLS@*)6``R?
M>JO]J:A_S_77_?YO\:75_P#D,7O_`%W?_P!"-4ZH@M_VIJ'_`#_77_?YO\:/
M[4U#_G^NO^_S?XU4HI@6_P"U-0_Y_KK_`+_-_C1_:FH?\_UU_P!_F_QJI10!
M;_M34/\`G^NO^_S?XT?VIJ'_`#_77_?YO\:J44`6_P"U-0_Y_KK_`+_-_C72
M>#;JXN9;H7%Q+*%5<;W+8Z^M<A75>!O]=>?[J_UI,:.OHHHJ2@HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"DI:2@#G]6\3'3=0>U^R>9L`.[S,
M9R,],53_`.$T/_/@/^_W_P!C69XK_P"0_/\`[J_^@BL:JL3<]`T+7/[7DF7[
M/Y/E@'._=G/X"MFN/\#?Z^\_W5_F:["I8T%%)10,6BDHH`6BBB@`HHHH`***
M2@!:*2B@!:*2B@!:***`"BBB@`HHHH`Y:\\)-<WD]P+P+YLC/M\O.,G/K4/_
M``A;_P#/\O\`WZ_^O77T4[BLCD/^$+?_`)_E_P"_7_UZRM;T8Z0809Q+YN[H
MN,8Q[^]>AUR7CK[UE]'_`/9:$Q-'*4M)15".FM?"+W%K#/\`;57S$5\>7G&1
MGUJ3_A"W_P"?Y?\`OU_]>NDTO_D%VG_7%/\`T$5:J;E6.1_X0M_^?Y?^_7_U
MZUM!T1M(>9C.)?,`'"XQC/O[U7UOQ,EB[VUHHEG'#,?NH?ZFN4O-6OKW(N+F
M1E/\(.%_(4:L6B/2#/$#@RH#Z%A3@P89!!'M7E%3VM[<V;;K:=XCWVG@_446
M"YZC17(6WB5KG3+JWNVV7'DOY<J\;CCIQT-<[]MN_P#GZF_[^&BP[GJ-%>7?
M;;O_`)^IO^_AKOO#;M)H5LSL68ALDG)/S&AH$[FG3)9XH1F:5(QZNP%<WXA\
M1O;3-:6)`D7AY",X/H*Y.>>6YE,L\CR.?XF.318+GHCZWIB-M-["3[-G^53P
M7]I<_P"HN8I#Z*X)_*O+Z7IR*=A7/5Z6N&T3Q)/:S+%>R-+;GC<W+)[YZD5V
MZ,'0,I!!&01W%2-,=245R^M^*1"[0:<59A]Z4\@?0=_K0,Z:21(UW2.J#U8X
M%4Y-:TV(X:]AS[-G^5>>75Y<7DF^YF>5NVX]/H.U0T[$W/3(M5L)O]7>0$^F
M\`_E5L$$9!R/6O)ZN6.J7NGG_1IV5?[AY4_@:+!<]-HK$T+Q!%J8\J4"*Y`^
M[GA_7'^%;5(HX#Q7_P`A^?\`W5_]!%8U;/BO_D/S_P"ZO_H(K&JD0SJ?`W^O
MO/\`=7^9KL*X_P`#?Z^\_P!U?YFNO)`ZTF4MB"]NXK*TDN)CA$&3CO[5P,^O
MZE+.\BW4D88Y"*<!1Z59\2ZR;^X\B%O]&B/;HY]:PZ:0FS0_MO4_^?Z;_OJN
MJ\+K?S0&[O;B5U?B-&/;UKFO#^EG4[\"12;>/F0^OH/QKN[JYM]/M#+,PCB0
M8`_D!28(L51O-9L++B>Y0-_=7YC^0KC]5\27=^S1Q,8+<\;5ZD>YK%HL%SO#
MXLTP'&9C[[*GM_$FESN%%QY9/_/12H_/I7GE%.P7/5DD21`T;*ZGH5.123*7
MB958JQ'##M7FECJ-WI\FZVF9,]5ZJ?J*[;0]>AU1?+<"*Y`Y3/#>X_PI6L.]
MS-EO+Z*1HWGD#*<'FF?VA>?\_$GYUJ:]9@J+I!R.']_0UA5U0Y9*]CSJG-"5
MKG1:+?-<(T4SYD7D$]2*U*XZVG:VG25.JGIZUUL$JS1+(ARK#(K&K&SN=5"I
MS1L]T2T4E+61T!1110`4444`%%%%`"5R7CK[UE]'_P#9:ZVN2\=?>LOH_P#[
M+30GL<I1115$GIVE_P#(+M/^N*?^@BL;Q1KC6@^QVK`3.OSN#R@]/J:UK*5(
M-$MYI#A([=68^P45YU=W#75U+</]Z1BWTJ44R*DHK8T'0GU5FD=C';H<%AU8
M^@JB3'HKTZSTVSLE`M[>-"/XL98_CUI;O3[2\&+BWCD/J5Y'X]:5QV/,**VO
M$&A'2W$T)+VSG`SU0^AK%IB"NVL;PV'@Q+@?>56"_4N0*XFNHN,_\();X_O\
M_P#?9I,:.8)+,2Q))Y)/>@<G%)3D8I(KCJI!IB.DM?!\TL`>XN1#(?X`F['U
M.16%?V<MA=O;S@;U[CH1V-=YIFN66H(NV58YCUB<X.?;UJ6\TBPOIO.N;<2/
MC;G<PX_`U-QV/-:[OPA=-<:1L=LM"Y09].H_K5C_`(1O2/\`GT'_`'\;_&I1
M;V>BV-Q+;Q"-%4NPW$Y(''6ANXTK&+XLUEHS_9]L^"1^^(ZCVKD:DFE>>9YI
M6W.[%F/J:931+$J1()I!F.*1QZJI-=9X<\/0_9DO+Q%E:0!D1APH]3ZFNG`"
M@```#H!1<=CRMXWC.'1D/HPQ3*]3N+:&ZC,=Q$DB'LPS7$>(M#&F.LT!)MY&
MP`>J'KC_`#Z47"QBQNT4BR1L5=3D,#R#7H7A_51JEEN?`GCXD`_0UYW6SX5O
M!:ZPBL<)./+/U[?K_.A@@\5_\A^?_=7_`-!%8U;'BO\`Y#T_^ZO_`*"*QZ$)
MG4^!_P#7WG^ZO\S5SQ9J_P!FA^Q0/B:0?.1_"O\`B:Q/#^IQZ7#>S-AG*J(T
M_O'FLF>:2YG>:5BTCG+$T6U'?0CJ6VMY;NX2"%=SN<`5%7;>%-'-I#]MG&)I
M5PJG^%?_`*]#$C5TRPATNR$,>..7<\;CW-<5K^KOJEV0IQ;QDB-?7W-=7XIN
M3;:)+M.&E(C'X]?T!KSZDAL***[?P_X>BM8DN;M!).P!"D9$?_UZ;$CCTL[J
M1=R6TS+ZB,D5$Z,C%74JP[$8KU:J6I:9;:E`8YT&X#Y7'WEI7'8\TJ2&5X)D
MFB8JZ'<I'8U/J5C)IUZ]O+SMY5L8##L:J50CT;2;^/6--WLHW?<E0=C6%>VS
M6ERT1Y'53ZBJO@^[:'5#;Y^2=2,>X&0?YUU&L6?VFV+K_K(P2..H[BJIRY78
MRK0YXW6Z.:K7T*]V/]F<_*W*>Q]*R*5&*.K*<,IR#71*/,K'%";A*Z.UI:JV
M%TMW;+(,!NC#T-6JXVK:'J)IJZ"BBBD,****`"BBB@!*Y+QU]ZR^C_\`LM=;
M7)>.OO67T?\`]EIH3V.4HHHJB3N]0<Q^#01WMXQ^>T?UKA*[O44+^#0!VMXS
M^6T_TKA*2&PKTK1+5;32;:->I0,Q]2>37FM>E:)=)=Z3;R(>0@5AZ$#!H8(O
M4445)14U6V%WIMQ`>K(<9]>H_6O,J].U2Y%GIMQ.3RB''UZ#]:\QJD2PKN=+
MLUO_``A';-QO1L'T(8D'\ZX:O1/#'_(`M?HW_H1H8(\_GADMYWAF4K(APP-1
MUZ'K&@VVJ?.3Y4XZ2*.OL1WKD[OPWJ5L3B'SE_O1G/Z=:+BL9%7;/5KZR.8+
MEP/[I.Y?R-5'1XW*2*RL.H88(IM,#L-,\7(^(]03RVZ>8@^7\1VJ[XKE!T!R
MC`K(RC(/!&<_TK@JUK>\:;P[=63$DPLLJ?[N<']2/SI6'<R:6DHIB-`:WJ:@
M`7DH`Z`&C^W-3_Y_9?SIL>CZA+&LD=I*R.`5('44[^P]3_Y\I?RI!J']N:G_
M`,_LOYU%<ZG>W<7E7%R\B9SM;UJ7^P]3_P"?*7\J/[#U/_GRF_*@#/J2&0Q3
MQR#JC!OR-7/[#U/_`)\IORH_L/4_^?*;\J8%CQ40==F(Z%4_]!%8]:GB$,-4
M(<8811@@]CM%9=`"TE:.F:6^I071A)\Z$*RK_>ZY%9Y!!((((Z@T`:/A^""X
MUF".Y(V9)"GHQ`X%>C#I7E"LR,&4D,#D$'H:]!\/ZNNIV8#D"XC&)!Z^_P"-
M2QHS/',A$5G'V9F8_AC_`!-<A79^-H"UE;SC_EG(5/XC_P"M7&TT#+NBPK/K
M%K&X!4R`D'OCFO2J\PTZY^QZA!<$$B-P2!Z=Z]-CD62-70[E8`@CN*3!#Z2B
MBD4<IXXA&+2<=?F0_P`Q_6N2KIO&MXDMU#:HV?*!+@=B<8_3^=<S5(AFAH3%
M=:LR/^>H'Y\5Z.>E>=>'HS)KEH!V?=^0)_I7<ZM>K8V3OG#M\J#U-%FW9`Y*
M,6V<WJ;P0:A-'%DJ#T`X!]*J?:4]&JL2222<D\FD%>DJ:2LSPI5I-MHZ#P[=
M,U\8HPQ1E);/;'0_Y]:Z>LO0K#[#9Y<8ED^9_;T%:E>?5:<G8]G#QE&FN;<*
M***S-PHHHH`****`$KDO'7WK+Z/_`.RUUM<EXZ^]9?1__9::$]CE****HD]*
MLX4N-#@AD&4DME4_0J*\ZN(7M[B2&08:-BI_"O2=+_Y!=I_UQ3_T$5@^+-&,
MN;^V3+@?O5`Y(]:E%,X^M?0=;DTF5E93);N<LHZ@^HK)I*HD]+M]8T^Y0-'=
MQ<_PLVT_D:=/JEC`NZ6[A'MO!/Y5YE12L.YM>(=<.J2"*$%;9#D9ZL?4UBT4
M4Q!79:=K,&DZ#8">.5O,#X*`'HQ]3[UQM=3)9&[\%6SQKND@+.,=<;CG_'\*
M3!%[_A,;#_GA<_\`?*_XU:TWQ%::E=BWACF1R"07``X_&O/Z?!/);3)-"Y21
M#D,*+#N>GSVT%RFV>%)%]&4&N`\0V$6GZHT,&1&5#`$YQGM6BOC&[$>#;0E_
M7)Q^58-W=37MR\\[;I&//M[4(&R"MCPS;BZOYH#]V2W=3^.*QZ[#P59[(9KQ
MEY<[$/L.OZX_*AB1R<T+P3/%*NUT.&'H:CKKO%VD%_\`B86Z9(&)@/3LU<C0
M@9V'A;6XOLPLKJ18VC_U;,<!AZ?6NH!!&000:\GJ>&]NK==L%S-$/1'(%%AI
MGILT\5NA>:1(T'=C@5E'Q3I0)'G.<=PAKA9[B:X;=/-)*1T+L6_G45%@N=]_
MPE6E?\]9/^_9JU8:U9ZC,8K9G9@NXY0@`5YRJL[!$4LS'``&2:]`\.Z4-,LO
MW@'VB3F0CMZ#\*30)G*^*_\`D/3_`.ZO_H(K'K9\5_\`(?G_`-U?_016-30F
M=3X'_P!?>?[J_P`S3?%VD>3)]O@7".<2*!T/K^/\_K3O`W^OO/\`=7^9KK)8
MDFB:.10R."&![BD]REL>55<TK4)--ODN$Y`X=?[R]Q4FM:8^EWIB.3$WS1L>
MX_QK/JB3T74HTUC0Y!;$.)%WQGU(YQ_2O.R"I((((X(-=!X3U4VMU]CE;]S,
M?E)_A;_Z_P#A4_BO13&YO[9?D8_O5`Z'^]^/>EL/<YBMW0?$3:<OD7"M);_P
MXZI_]:L&BF(]&37]+==PO(Q]<@_K6;JOBN"*,QZ?^]E/\9'RK_C7%T4K#N.D
M=I9&DD8L[')8G))IM%7-+TZ;4KM88@=N<N_91ZTQ&WX,L29Y;Y^$0;$SW)ZG
M\!_.H];O_MUX=A/E1_*GOZFM?698M+TJ.PMOE++M`]%[G\?ZFN7KJPT/ML\[
M&UO^7:^85J^'[`W5X)6'[J$[CQU/85FQ1O-*L<8R['`%=UIUHME:)"O898^I
M[UI7J<L;+=F.$H^TGS/9%FEHHKSCV@HHHH`****`"BBB@!*Y+QU]ZR^C_P#L
MM==4<D,4N/,C1\=-R@T`SRJBO4_LEO\`\^\7_?`H^R6W_/O%_P!\"JN38BTO
M_D%VG_7%/_015K%``4````=`*6I*.;UKPNMW(UQ9$1RGED/W6^GH:Y.[L+JR
M;%S`\?H2.#^->H4A4,,$9%.XK'D]2P6\US)Y<$3R/Z(,UZ:;2V)R;>(G_<%2
MI&B#"*%'H!BBXK')Z5X7,<1N=0'S!25A'8^_^%<I7K'48IGD0_\`/)/^^11<
M=CRJO0_#(!\/VOT;_P!"-:/D0_\`/)/^^14BJ%&%``]`*&P2.-U[PU-',]Q8
M1[XF.3$HY7Z#N*YH@@D$$$=0:]7J"XL;2Z_U]M%(?5D!/YT7"QY?1U.!7HG_
M``CVDYS]C7_OIO\`&K=O86=MCR+:*,CNJ#/YT[BL<=HWAJ>[<2WB-#`.=I&&
M?_"NWBC2*-8XU"JHP`.PIU+4CL)7+:YX7\UVN-."JQY:'H"?;T^E=524#/++
MBWFMI#'/$\;CLPQ45>JRPQ3+MFC20>C*#5*30=+D.6LHP?\`9RO\JJY-CS>K
M5CIUWJ#[;6%G]6Z*/J:]!AT;3H.8[*'/JR[C^M7%54`"@`#L!2N%C&T/0(],
M'FRD2W)XW8X4>W^-;5+24BC@/%?_`"'Y_HO_`*"*QJ]4>WAD;<\,;,>Y4$TG
MV2W_`.?>+_O@4[DV.5\#?Z^\_P!U?YFNPJ..&*(DQQHA/7:,5)2&BAK.G)J=
M@\!P'ZHQ[-7G$L3PRO%*I5T.&![&O5:8T$+L6:)&)[E0::8-'E==UX8U;^T+
M0V\YS/$,'/\`$O3-;/V:#_GA'_WR*5(8HVRD:*?4*!0V"1SNL>%4G9I[`B-S
MR8C]T_3T_P`]*Y:[TZ\L^;FVDC&<;B./SZ5Z=01FBX6/)ZE@@FN'V01/(WHB
MDFO3S;PDY,2$_P"Z*>JJHPJ@#VHN*QQ6F>%+JX8/>_N(L\KG+G_"NLA@MM,L
MBL2".*,%CZGW/J:M4,H888`CT-%QVTT.!OKI[R[DG?\`B/`ST'857KT+[/#_
M`,\D_P"^11]GA_YY)_WR*ZUB4E9(\V6`E)W<CGO#%@2YO9`<#*Q\?F?Z5THI
M%55&%``'84M<U2;G*[.ZC25*'*A:***@U"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`*\^\13WE]K=UJ=BQ,.A;`!V=LY?!]AU^E=U>
MO/'9S/:Q^;.$)C3(&YL<#)XKEM*\&NNFC[9J>I07$^7N(X+@*A8]<C!SQP3G
MF@#0\47$=WX*N[B$YCEA5U/L2*P]+U*>+PWJ.B:B0+B/3WEMV[21&,D8/M_G
MI5R+1]5C\(:CHS0;V1RMHWF+^\3<"._'?KBI_$'AR74_#UJL*[-1M80JX8#=
M\N&0GI@T`8FMQO-X"T"*,[7>:-5.<8)5L5-J^K2WW@B_M+X%-1LWCCG4]6^<
M8;Z&K]YHNH2^&M#M$M\SVL\;S)O7Y0`<G.<'KVI/&WAB?5-MYIB9NB!'*@<+
MYB9R.O'!`_R!0!+K'_(T>&/I)_Z"*>__`"4E/^P?_P"S&K.MZ7=RR:9J%DB2
M76GY/D.VT2`@`C/8\?2F:98:A<Z^^M:C;):,+?R([=91(W7))(XH`S?&4=SK
M>IQ:/8G!MHFNI#_M8P@^O_Q5;>E:D-6\++=D@NT#"3']\`@_K63IWAB[NY[O
M4=2O;^PN[F8GR[6X5<(/N@D9S^=6-%T>]TBXU6R59)K&=?,AF=U+%RN&#=#D
M^N,<4`2^`O\`D4;+ZR?^AM2>/O\`D4KO_>C_`/0Q4/A)-:TVSM=,N]'\N!"^
MZY^TH<9)8?*.>IQUJ_XOL+G4O#MQ:V<?FS.4VKN`SA@3R>*`.=\7"\.MZ(=.
M_P"/I(7>,>NT9(_$`BK5]JD.L2>&[N'@M>8=.Z,!R#6C>:9=R^)M%O$AS!;1
M.LK[A\I*D#C.3SZ5GW_ABYC\66=_IZYLVG$L\88`1MW;!/.?:@"AK/\`8?\`
MPFU[_;_^I\A/+^_][`_N<]*U-0N/M#Z-HFCSO;6=W%O,R9W"%5X`SR"1WZU?
MM-/NH_&-]?O%BVEMT1'W#DC&1C.>U2:]I$][+:WVGRI%J%F28BXRK@]5/L:`
M*-[X5M;*TFNM'>>SOHU+B43,?,(YPP)((-9'B341J_@_1[R:(OYMT@E1!RQ`
M<,!]2#BMF[?Q)JEM)8_V=!IRR#8]R;D2?*>#M4#.<>M-UO09?['TFPTV(RK:
M74;ME@#M`.6.<=SV]:`*G@]!)JL]SI,,]MHIBV>5,^<R@\D#)Q^=9_AW4)T\
M:7-S+G[-J,\L"''&Y,$?H<?C6_9Z=?Z7KNI&U@WV%VAF7#*-DV.F"<\^O3I6
M8?#5^O@FUMHX]NJ6TWGHJN.&W'OG'0Y_"@"I;ZA/<?$**^P1:22R62,>^U?\
M2#6[XSGDEM;;2+9L7&HRB/C^%!RQ_P`^]4YO#EW;^'=&@M8=]U9W"3R)N4<\
MEN2<<'^53W6@W>K^)+B[O);JRMX$6.U>WF56;KN/&<?IVH`E\'RNVF7&D7G,
M]@Y@<=,H?NGZ8X_"L?2?#^ECQOJ5L+7]S:+%)`OF-\C84YSGGGUK4LM!N]&\
M2Q75I+<WEM<QE+J2XE5G4C[I[$]A^=6=/TZ[A\8:K?R1;;:XCC6-]P.XA5!X
MSD=#0!G6=\=-G\5W@4,T,H8*>YVG%3Z;X:MM4T^"^UIYKR\G02[C*RB+<`0%
M`.!CBK%AHTKW6OI?1%;:_D&PAA\RX(SQT_&HK,>(=%MDL(["'4X8_DAG$XB*
MH.@8$<X]O2@!=$N+FRUR]T*YN'N8XXA/;R2'+A.A4GOR17.>!=2N-*$$=V?^
M)??N5B?/$<HXP?3/^>]=9HND7-O=7FI:E(DE]=X4K']R)!T4$_AG_)-#1O#<
MDO@TZ3JD/E2EF8?,&*'.0<@T`2>"_OZW_P!A&2JWCW[)]HT;^T/^/3SV\WK]
MW`STY_*K?@G2K_2;*[CU%,2R7!<-O#;Q@?-GW]^:L:_I]U>:IHTUO%OCMK@O
M*=P&T<<\GG\*`,MM3TK2?"MU<>&`"#,(QG?@2'`S\_MCVJ]'X.L7B62]EN;B
M_P`?-=F9@X;_`&><`>@K4UK2XM8TN:RF)42#AAU4CD&LN*Y\3VT2VKZ9;W<B
MC:+P7`13Z%DQG/KB@"C#?74F@^(M,OIC//812()3U="AVY]^#6'X=CCGN=,3
M1;6YM[Z)E>]F=\(\??@L<@_05U,&@W%KX>U2)W%SJ5_'(TC#@%RI`49[#/?]
M*IP:)J5A_85[:V^;JWC%O=Q;U&8S[YP<?X4`9WC"]N(?%MO<P`M'ID*2R8'8
MO@_F"!2^/[^:YN+>&RRR6<8O)&`XY8!3^N?QK;M]$GN-5\02WL6R&^58HCN!
M)4*1GCIVZUGZ%X9OH=`U6/4$Q>747DQ@N&^54PG(./\`]0H`[&&0301RKT=0
MP_$5)6=H$-Q;:%907<?ESQ1!&7(.,<=1QVK1H`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
4H`****`"BBB@`HHHH`****`/_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>13
<FILENAME>exhibit99-5x12x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-5x12x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`'K`>0#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#L]2DE06RP
MS-%YDNUF4`G&QCCD'N!5?;<_\_\`/_WS'_\`$U-J?W[/_KN?_1;TV@"/;<_\
M_P#/_P!\Q_\`Q-&VY_Y_Y_\`OF/_`.)J6BD!%MN?^?\`G_[YC_\`B:-MS_S_
M`,__`'S'_P#$U+10!%MN?^?^?_OF/_XFC;<_\_\`/_WS'_\`$U+10!%MN?\`
MG_G_`.^8_P#XFC;<_P#/_/\`]\Q__$U+10!%MN?^?^?_`+YC_P#B:9/;R7,#
MPSW<LD3C:RLD9!'_`'S5BB@#)TSP_::1(TE@\L3L,%L(QQZ9*GCBKL\L\"[G
MO[C:!GA(R>H`'W?>K-5=1Q]AF);:`O+8S@=^QI@);W$MSN$=_<97&X&.,$=>
M/N^U3;;G_G_G_P"^8_\`XFJ6D1A3.ZRO*'*_,Z%6)QUY`K2H`BVW/_/_`#_]
M\Q__`!-&VY_Y_P"?_OF/_P")J6BD!%MN?^?^?_OF/_XFC;<_\_\`/_WS'_\`
M$U+10!%MN?\`G_G_`.^8_P#XFC;<_P#/_/\`]\Q__$U+10!%MN?^?^?_`+YC
M_P#B:-MS_P`_\_\`WS'_`/$U+10!%MN?^?\`G_[YC_\`B:7;<_\`/_/_`-\Q
M_P#Q-244P&YN/^?R7_OE/_B:,W'_`#]S?]\I_P#$TZB@!N;C_G[F_P"^4_\`
MB:0FX`)^UR_]\I_\33Z2@"DNI%I_)%Y<%@0&(C7`).!SM]>*N9N/^?N7_OE/
M_B:Q_+C_`+69U8-,90&S">%X(PV.#CCK@UM4`-S<?\_<W_?*?_$T9N/^?N;_
M`+Y3_P")IU%`#<W'_/W-_P!\I_\`$T9N/^?N;_OE/_B:=10`W-Q_S]S?]\I_
M\31FX_Y^YO\`OE/_`(FG44`-S<?\_<W_`'RG_P`31FX_Y^YO^^4_^)IU%`#<
MW'_/W-_WRG_Q-&;C_G[F_P"^4_\`B:=10`W-Q_S]S?\`?*?_`!-&;C_G[F_[
MY3_XFG44`5;.S^P6X@M;B:.,,6V_*>2<GJ/4U8S<?\_<O_?*?_$TZDH`KW%U
M+;E-]W.2YPH5$))_[Y^M.@GEGCWI=SC!((9$!!'_``&JVL*C6R>:Y6/S!NPI
M8D>G`/?'Y8[T_2E9;/YBIR[$;4*`#/H>E`%K_2/^?R;_`+Y3_P")INVY_P"?
M^?\`[YC_`/B:EHH`BVW/_/\`S_\`?,?_`,31MN?^?^?_`+YC_P#B:EHI`0E+
MHG_D(W`^B1__`!%)Y=W_`-!*Y_[XB_\`B*GHI@0>7=_]!*Y_[XB_^(H,=V1_
MR$[D?\`B_P#B*GI*`*_DWG_05N_^^(?_`(BCR;S_`*"MW_WQ#_\`$58HH`K^
M3>?]!6[_`.^(?_B*C\)W]U?V-T]Y,9GBNGC5BH'R@+CH!ZFKE9W@S_CUU+_L
M(2_R6@#HJ***`,_53^\L?^O@_P#HMZ2HM?N$M5L99`Q'VG`"C)),;@`"JG]K
M+_SY7O\`WYI#L:-%9W]K+_SY7O\`WYJ>VO5N-_[B>/:,_O$VY^E%T%F6:*JS
MWRPQQOY$[[QG"1Y*_7TJ'^UE_P"?*]_[\T7069H45G_VLO\`SY7O_?FK*7:M
M'&_E2CS#C!3E?KZ470698HJE-J*PRM']FNGQ_$D60?QJ/^UE_P"?*]_[\T70
M69HT5035%=U7[)=KN.,M%@"K!N%#R+LD^09SMX;V'J:+H.5D])6?_:R_\^5[
M_P!^:/[67_GSO?\`OS1=!9EZ-/+!&YFRQ/)Z9/2G55MK];AROD7$>!G,D>T4
MLMZL4*R^3.^[^%4RP^HHN@Y66:*S_P"UE_Y\KW_OS1_:R_\`/E>_]^:+H+,T
M**K)>*\`E\F<9;;M*88<]<>E,GU!8)2GV:YDQ_%''D470<K+E+6=_:R_\^5[
M_P!^:4:JI('V.\&>YAHN@LR_14?GKYICVOPN[=CCZ?6J?]K+_P`^=[_WYHN@
MLS1I*S_[67_GSO?^_-2V^H+/+L^SW$?&=TD>!1=!9ENBJ\EXL<'F^3,WS8V*
MF6Z]<>E5_P"UE_Y\KW_OS1=!9FA16?\`VLO_`#Y7O_?FIX[Y9(&E\B==IQL9
M,,?H*+H+,F:/,Z2[F&U2-H/!SCK^7ZU)5.XOUMY-GV>XDXSNCCW"HO[67_GS
MO?\`OS1=!9FC16=_:R_\^5[_`-^:M_:%\Q$VO\P)W;>![&BZ"S)J*SVU15<K
M]DO#@XR(N#2?VLO_`#Y7O_?FBZ"S-&BJ4&HK-*(_LUS'G^*2/`'XU*]TJ12/
MY<K;#C:JY+>X%%T%F6**SO[67_GRO?\`OS1_:R_\^=[_`-^:+H+,T:*J0WRR
MQ2/Y%PFP9VO'@M]!WHN+Y;<J/(GEW#/[M-V/K1=!9ENBL[^UE_Y\KW_OS1_:
MR_\`/G>_]^:+H+,T:*@%RI\K]W)^\&?N_=XS\WI5>34UCD9/LMVVTXW+%D'Z
M47069>(R"/6FQ)Y<2)N9MJ@;F.2?<U5M=1BN;AH!'-'($W[94VY&<5=H$%%%
M%,`HHHH`****`"BBB@`HI*SY=2=;IH4@!^81JS-@%N/;IS0!HUF^#/\`CUU+
M_L(2_P`EJS#<O,MNZ0GRY5W,V?N\?K5;P;_QZZE_V$)?Y+0!T5%%%`&%XI^Y
MI?\`U_Q_^@M4U0^*?N:7_P!?\?\`Z"U,U"Z^Q6<DXC,FW'`..^.?:LI[F]/8
MLT=:AM([TL6NV@"D<+$"2#]3_A5I-I&5Z4*#!U%T((Y8Y=WENK;6*MM.<$=1
M3ZJWU@WFK=V2JMTARPSM$H]&_H:=9W#7,19X6AD5BKQMV(]^X]Z4HV*C/F+%
M%%%26%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`%&/_D8_P#MT/\`
MZ'6K5>,'[3GR5QLQYN>>OW?IWJ>MH['+/XF+1115$A1110`4444`%%%%`!4+
MVMO(S,\$;%AAB5!R/>IJ*`$50JA5`"@8`':L[P9_QZZE_P!A"7^2UI5F^#/^
M/74O^PA+_):`.BHHHH`PO%/W-+_Z_P"/_P!!:I)K6.[A,<V2A()`.,X.:9XI
M61H;`Q1F5DO%?8I&2`CGO]*L0;S"AE4+(5&Y0<@'O4M79:E:-AY&01ZTR)\C
M:Q&]?O?XT^FNF[D'##H:I&;'9S4!9FD<,A4*<*<_>&.O^?2HTD=9O*4;2?EP
M>B]3D>QJ6ZM_M,.SS9(CG.^-L&B<1TYZW"BLZUO3;RBROV=;@,521UPLPSP0
M1QG&.*T:P:L=::>P4444AA1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`%2.
M1_[?\O<=GV7=MSQG=UK1K+C_`.1C_P"W3_V>M2MH['+/XF+1115$A1110`44
M44`%%%%`!1110`5F^#/^/74O^PA+_):TJS?!G_'KJ7_80E_DM`'14444`8_B
M&<6W]G2$$C[6`<>\;BI5D1QE6!^AJ74XUD%L&4,!-G!&?X&K.FMO(?S;>,EO
M8\#\*I)/0F3:U+C2;9$4_P`6:=6?)?QR1+G<K;AD#M5Z(+MW*Q8-SDG-$HM+
M449)O0J7S>5<02YZ'!^E7:K:A&'M6)&2O(HLKA98E3=EU7FFU>*8D[3:[D\D
M:2+AT5@#D!AG!]:@B<R)N,;QG)&UQ@]:LU7O()IHQ]FG\F0'()4,#[$>E8RC
M<WA+E'453M;N0RBVO8_)N<$C'*R`=U/].HJY635CH3OL%%%%`PHHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`9
M++'#&9)9%C0=68X`I(9HKB,202I(A_B1@16)XJM;FX2UDBC:6*)F,B*,GD<'
M'?'/YU'X5M+F&2ZFDC>*&0*%5QM+$9R<?E3MH(Z!98V<HLBEAU`/(I^?6L][
M&4P*%DRVXLZER%.<GM[FD&GR&2-I'\PHZ\EC]T#^>>:15D7S(@)!=01C()Z9
MZ4I8`@$@$]!ZU1FT]Y;DS!PI9LGZ`#;^1&:B73K@(09`200/G/?&><<=#^=`
M[(U**RS876U0)5W!,!MQX.#QC\:N6=N;974L6!;(R2<#`'>@30R.*3^W?.V'
MR_LVS=VSNSBM&JT;I]LV><=_EY\KMC/WOZ5:K:.QRS^)A1115$!1110`4444
M`%%%%`!1110`5F^#/^/74O\`L(2_R6M*LWP9_P`>NI?]A"7^2T`=%1110!5O
M1D1>S_\`LIJ`C(ZXINMWGV-+-B,K)<"-O8%&/]*AEN5"(4<`,>&(X^E-)L3D
MEN5M0M1M5XDZ9W8_G4^G.&M%&<E>#[4V6ZBEC>)0S$@CY/YU6M;ORT6,!4'=
MR"<FMK2E"S,+QC.Z-1\E#MQG'&:S;1TAOI%9=FXX`]*M6<_G&7ID$=.G3_ZU
M5;FV9KQVC.6`#XJ8*UXLJ;O:2-.CIUJ**<2Q>9M*C\Z5V#!`.1(<9'IBL[.Y
MK=6N0W=LM['&R.8WC<.C@<CU_`C(IV]/-:,.I=<%E!Y&>E6*IZC.+*-;CR=R
M[@LK#JJ^ON!6<E<TIRMHR:B@'(R.1161TA12;ER1D9')YZ4O6@`HHHH`****
M`*>I:G;Z9$CS[BSG"(@R6-1Z=K%MJ$<C+NB:+&]9,`@'H?3%1:[I+:FD+PR*
MDT))7<."#U!JKINA36BR22O&\TC)E02%"J<XSCN?:GT!&ZCK(H9&#*>A!R*=
M6:UA<&;S!*%#-N*JQ`4Y_7@#]::+"ZXS*!\V<!SCH/;ZTBK+N:E(K!E#*00>
MA%4H+2XBCGW3;Y'4A26.,\\^W6FO:7+1P(I2-8L#ASV(]O04"L7U96&5(.#C
M@TM9*Z9<K%L^T=3N;#$=1V^AR:U5&%`)S@=3WH!H6BBB@04444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110!1C_P"1C_[=/_9ZU:RH_P#D8_\`
MMT_]GK5K:.QRS^)A1115$A1110`4444`%%%%`!1110`5F^#/^/74O^PA+_):
MTJS?!G_'KJ7_`&$)?Y+0!T5%%%`&!XN_X]K#_K\7_P!`>L]?-E01KEE7+8]*
MT/%W_'M8?]?B_P#H#U4T^18[CYOXABNBEI%LYJNLTBVEDI"K(F#MVDJ?UJRL
M$:P")E4J!W'ZT)NC(4@E3T/I1-&SY'5",$<9'TK)R;>YJHI+8H"WFC<RVF=A
M/`SU'^%5;BYNH9_,"MYA.&`P#C'O^%;4+1F,"(@JHQ@=JJ:E(OE*I7$F<C(Z
M5I&3D[-&<HJ*NF556_#J=LL:NV954*0O!QCOZ9J#S]5,L/7!4@%E4`/CT],_
M2MZ%_,A1_P"\`:KN@D$T8&&)R"?7UK-/N:-=44Y;C5`(2L2JWSF49&!\V%_2
MF-)J<T87R,HT>T[BO))YSQTQ[=ZMV[[UD,W,T?53W`JZ-V<$#'L:4ERCB^8Y
MJ/\`M2QDCLH29%\D2+O`RO8K[\XJ[%+J1N566+$6[!9<<CMZUL,,BHJPEHSJ
M@[HJ30,9&,*[<C+G./,]O_KU9C540*B[5'0>E.HJ#0****!A1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`$,<$?]J>?YH\SR=GE]\;LYJ[5&.=/[5^S^4N_R-_F=\;L8J]6T=CF
MG\044451`4444`%%%%`!1110`E0M>6RE@UQ$"APV6'!J:LV;2VE=B)E4%BP`
M4\YSUY]STQ0!H>8GF;-PWD9VYYQZU0\&_P#'KJ7_`&$)?Y+5Y84#*Y&75=N[
MOBJ/@S_CUU+_`+"$O\EH`Z*BBB@#`\7?\>UA_P!?B_\`H#UE5J^+O^/:P_Z_
M%_\`0'K*KJH;,Y:^Z-#3[PAA%*<KV)/2KMQ.8%5]A9>^.U8D;F-PRG!%;D$P
MGBW!A[XJ*D4G<JE-M6N1RQ?:$22WD"'.=P[U#?P/]FW.[2,I],4Z*%X%W1;F
M9B20>!CW]ZDEN/W+?(V[;RF.1FI5TU8II-.XZR;=:1_3%+<JVP21YWH<X'?V
MJCILCG="#@'G/I6FVX(=@!/8$]:4ERR*@^:)ESKYUXK(Q59?ESZ>H-7EDDB^
M68;AV=1_.LJZ+"X8[63)W;2>AK3LG1X5*@[C]XD=3]:NHO=3,J;]YHL@Y`/3
M-49;B2+45AD0"*5?W;C^\.JG\.1]#5X57U"U^V6C1!RCY#(X_A8<@US-7.N+
MY6.HJ*V>22WC>:,QR$?,A['O4M8G2%4KZSEN9$>.<Q[1C`)&:NTA(`))``[F
M@#.AL+A",SX.#\P8D]".G`ZD'\*:^G7+<+<F,;=NT,3SAAG)Y[BM+S$^3YA\
M_P!WWXS3J=PLC-@T^YBFB=KDLJ,206/(P!4TDTRR&'<H=SE7`^5!Z'W_`)U<
MII12""H(/7CK1<+"C.!G&>^*6BBD,****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`HQ_\C'_`-NG_L]:E9<?_(Q_]NG_
M`+/6I6T=CEG\3%HHHJB0HHHH`****`"BBB@`HHHH`*S?!G_'KJ7_`&$)?Y+6
ME6;X,_X]=2_["$O\EH`Z*BBB@#`\7?\`'M8?]?B_^@/656KXN_X]K#_K\7_T
M!ZRJZJ&S.6ON@J_9Q![9W3)D!Y7/!]JH5?TYDB5Y))0H/&W/ZU=38SI_$7;6
M:.5=L>?E'/7CVYI+P2*HEC(RF<@CJ*H64Y2=@L996.0!VK6R63*]2.]<TER2
M.F+YXF;I:,9'D#8'0CUJU>SB&,,K?O,\"J=M,EG-,KY/.!@55GE::4NQ/)X]
MA6O)S3N]C+G4866X32M-(7?J?2M*RA?[*I65DSSC`IHTV)HP4D.3SGM5>YL[
M^.(1VLPP3SSC_P#51*46K((QE%W9K(JJOR\CKG.:HW.F">]%SYQ0@*.%YX.>
MO_UJIH^JPS[)-GS`[5!X&`1Z<]C4HMM38!EN=HVG"DY.2..<>O/2N=IHZ$TQ
M3HJ>8DDDS2;2"RLHP=JE5^F,TO\`9D:Q1QIL54=GP4XY.>GJ.QJ.^M=3:*U:
M"3<8@QD19-N]OX3DYR!Z52LWU*>:>"1FBFC4':Y]2>1@],5E)'1!Z6)SH:+&
MJ+,H&UD^:,$_,`,CGVJU:6"V\DC;UDW*%9`N`.`.!GC./Y>E106]U\YG?S>?
MW>&QY9[G_/TJY;1LFXR#,IQN?/#?3T^E2]"XZZD<%LT<@9U5EQ\HS_JN^![?
MYZ=+=%%24%%%%`PHHHH`**KS7MO`S*[_`#+C*@$GG&.GU%1_VI:;MOF-NSC;
ML.?RQ0*Y<HJJFH6TDJQI(2S,5'RGDCK0-1M2<"3HQ7[IX(./Y\46"Z+5%5C?
MVX8*6;GOM..W?\1^=.-TN(G4%HI.?,[`=J`)Z*CAE$H)"D+GANS#U%24#"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`;'&GVLR>2=^S;YO&,9^[
MUS[]*L5GQS2?VYY&X^5]FW[??=C-:%;1V.:?Q,6BBBJ("BBB@`HHHH`****`
M"BBB@`K-\&?\>NI?]A"7^2UI5F^#/^/74O\`L(2_R6@#HJ***`,#Q=_Q[6'_
M`%^+_P"@/656OXK_`./>Q_Z^Q_Z+>LBNJCL<E?XD%%+16Q@6+!@+@`N5)X'O
M6O%(K@`$Y]#UK`!(.0:U+.9IC\J8./F<C]*PJQZG11G;0J:BA6[8D`!N1BKL
M-E'Y>TJ"".21R??VJMJN//4#^[5FPN))DPP7"\$YY_*E)OD30XJ/.TR.T$EM
M,T;;C'NV\=`>U7I)!&FX@XSSBHKB6.(X889B&^N"*GZBLI.[NS6*LK(KWD<C
MJGD@;@V<GM38KL',<H(F!P5`SGZ4OS)B$R@Y(VGN!UP?RJOJ+1HZNC;9P>WI
M515_=)D[>\:.0!D\?6JSNWVO8(3L*;O-R,9STIMENFC\Z9M[$X`["FZFDL>G
M3O:!O."[E"\Y(]JRG'H;4Y[,DB^X?J?YT^N?DUV>W1VDM)1&#\K-"ZCH>Y]\
M5?MKJYN87E;9%%@,C@?>XSZ],UC):G1"2L:-%5[:225V9\H1P8CU7WS1<22Q
M.K1CS">!$."??-266**BMR3$&,F_/.<8Q[5+0,****`()K.WGR98PQ;J<D']
M/H*8=-M#UA&?7<<_GFK5%`K%=;&V202+%A@V[.3UH^P6V[=Y0SG<>3R?\BK%
M%`6(%LX%0((QM'8DGN#_`$'Y4XVZ>4D0&(EXV=B/3Z5+10`R-!&FT$D#IGL/
M2GT44#"BBB@`HHHH`**Y:2XUI;EG,-SY,DH<!5R0@)X]NU3J=2NM9D!:Z@MG
M4[/EP%RO'MP:ZGATOM(Q57R.BHK*T^:YM]*^TWRS/*?O+CE0..GZU7M?$ML9
M%BN<H\CD*3TQVKGFE&7+>YT0A*4.>VANT4BL'4,O0C(R,4M22%%%%`!1110`
M4444`48_^1C_`.W3_P!GK4K.CC?^WO-V-Y?V7;NQQG=TK1K:.QS3^)BT4451
M`4444`%%%%`!1110`4444`%9O@S_`(]=2_["$O\`):TJS?!G_'KJ7_80E_DM
M`'14444`87BK_CWL?^OH?^BWK(K7\5?\>]C_`-?0_P#1;UD5U4?A.2O\0M%%
M%;&`E7=-E*S^7GY6[>]4J4$@Y!P:4E=6*C+E=R_JQ_>)TSC\:BLH'D5WC<AE
MQQZTVYN?M$<0(^90<U+8N1;7`"DD#.,UE9QA8TNI5+CM4&)(W`YQUS1-+?`A
MBA7_`'1Q4>I,3.%(QA0<`]ZT(I)/+S)%M"@<[NM2_=BM"U[TGJ4K:)[FZ9K@
MG<@Y7H:FN+2%7B`C8[C@X/)XJ/4OW<T<D9"OZCK4VGN9E:21MS@X^@I-NW,A
MI*_(]PM$94D1!M9).`Q[>E-O&OO-C^SH=N&W;2O7C&<]NO3%6%C$6^0/R>6)
MZ&H(,W@:0/)'@XPIK-^]J:+W="NK:N8\&-<E<?,5R&.>3CC`'/Y4K)J"V4FV
M)/,7;L1=HXX)QVR,D#/I6DD83^)F.,98YI)&((5?O-^@]:AJ^AHI-:F'-/?V
M[HTS*JR2J@Y0'^+CGOTXYJQ:MJ!DC,Z$)GY\[<_ACMT]ZTW@B>(Q/&KQGJK#
M(-9GD76EB)8F-S:EPFPK\\:GH<CJ![UG*/8UC/N:.,=****S-PHHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`&31+-$T3YVL,'!QQ52'3K"RF69(T
MC<`J"S?XU>JM/;&>X5F<JB*0-N,Y)]Q[4%*3M:^A9!R,BD9@H)8@`=R:STL[
MG(5Y"%+#=B0Y.,\^V>.!2_8I?[/2$X,@?<3O/7)Y!(-`K(O@@C(.0:,@$`D9
M/053M+::"<L^Q@55<J<8P.>.G6DGM[B9]YV`IPH5R-PSD\]N`*`L7<C.,C/7
M%4=:U`Z;8&=4WR,P1`>F3Z^U1"PN54N)<S8P#O.,8.![\G]*F&G)+;3V]UF6
M*1N`6)(&!SGL<C-`-:&5HNN74^H):7@1_-!*.B[<$#."*Z.LW3=$M=-E:6,R
M2RD8#RMDJ/05I4V+T$C)^TD><N-G^JP,]?O?TJ>LN/\`Y&/_`+=/_9ZU:UCL
M<T_B844451`4444`%%%%`!1110`4444`%9O@S_CUU+_L(2_R6M*LWP9_QZZE
M_P!A"7^2T`=%1110!A>*\_9[''7[4/\`T6]9`K7\5?\`'O8_]?0_]%O61751
MV.2O\0M%%%;&`4E+10`E21RM&&"GAA@BF44-7&G8FM522=?-<*HYY/7VJU/?
MNTQCB"E#\O3.:SJOJ+>4QK"NV0CUZ'WK.:5[LT@W:R+TT:7,6WAL$?A52ZLO
M+1GMRP_O+GM5^--HYQN/+$=S3CTKF4VGH=+@I+4RVOD-EY6&+D8)-6+-1;V0
M?!RWS&J8A7[<`5(C9\#(_2M.>010/MP"JY`K2=M$NIG"^K?0A@N7F<@H44_=
M)]*F"B%F?)(;[Q)Z4RQ0"W1L#)'KFGW<`N;66#.!(I7.,UE)I.R-8IVNR6BL
M6WTT0V\T4UPI#*802GS#(Q@'/3VJ0Z(?*"?:6R`1N*Y.22>.>.O/K@5+5BD[
ME#Q%?7=A##!'<+OED8-(J@%%ZJ/J?7VJ'P]J5U))<P3RM+'%&'$C\E3Z$]_6
MK[6$3:K=P7"I(+B!'*E>,@D$@'W.?QIVAZ0-(@EB65I%=]WS*!BLI61U0=T-
MBU";:"Q5\;BP&.<#)VD=>HIPU<A<M!G/0J<@C/)_6M/`'848'H*@UNNQFC5)
M&E,2PJS\#`8\'(!!X^OY5;LY9)HV:38"'*@(<]#BI\#.<#-+B@3:"BBB@044
M44`%%%%`!1110`4444`%%%%`!1110`45GWEPZ3LD<VUU0%8Q@[V)/'Z4Q-4=
MPQ6$,-P5=IZY!P/;D#\Z!\K-.BLM=5D(B)A&'&[`)SCZ?@:#JDNT[(XW(!8E
M6.,`#CIUR<4!RLU**HW4[BX$9F,"[-P(7)9B>GOC^M1MJ$Z[,Q)AV(7YL$@'
M'YF@+&E16.^JS,H*1!?FR1NS@<YSZ=JRM<U&]_M:2V6X>".)5VB,XW9&2<T(
M+,WX_P#D8_\`MT/_`*'6I6#X<-Q>B+4+A@3Y+0Y[OA^&_(5O5M'8Y)[BT445
M1(4444`%%%%`!1110`E9=U<7L<\JQ#<N0%PIP@XR3\OU]?I6I10!6A-Q(+=V
M(52F9%8<DXJOX-_X]=2_["$O\EK1K.\&?\>NI?\`80E_DM`'14444`87BK_C
MWL?^OH?^BWK(K7\5?\>]C_U]#_T6]9%=5'X3DK_$+1116Q@%%%%`!1110`^%
M!)*J$X!/)]*NQVBPW!9I2L:\!LX.:SJTO*68Q0#&P(')'7-9SN:T[=AUK-)*
M2?-5RI(56X)'K5V1]B%MK,?1>M48%BA*%XV213M+`\&K9N%*%H_GPP7CIFN>
M:UT.B#TU97GW/&GV@>6<Y#J<[3[U3GN7N46(J&<-PP[UKNRJN7QCI60\7DS+
M,A_=F3@BKIM,BJFC2M5\FU0#GU_&I8V#;@#G!Q5&1Y7GDBA(^[EE/&3[40W:
M*C,X5&4;50=:EP;U+4TM">U4&2XW88^8?RJS45K%Y,(4_>/+?6GQY;+GH>@]
MJB6K+CHB&>`O/%,K[?+!#+M!W`^_44ZG7#!()"3@;35<ON6,H?O'@UE*-]3>
M$[71-12`8]?SI:R-PHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`***PO$
MU_<VOV:&WD,7F[BS@#/&.!GZ_I0@-VBN8TS5KQ[.Y1Y3*\178Y49P020?P'Z
MUHC4IE;YE#;Y,(A&"%X_7FAC46S6HK*EU&?@Q(I^?D#J`,_>].U/_M&4SM$L
M*Y#;1DX[]3^&3^%`<K-*BLG^TY7VJJ)N*`D`\@DX&/SS5JRNWN7D#(%"]"#R
M.O!]Z`LRY5>ZL+2\*FYMHI2O0NH)%6**!%>!X(]2%LD"JX@W!P`,+NQMJ]67
M'_R,?_;I_P"SUJ5M'8Y9_$+1115$A1110`4444`%%%%`!1110`5F^#/^/74O
M^PA+_):TJS?!G_'KJ7_80E_DM`'14444`87BK_CWL?\`KZ'_`*+>LBM?Q5_Q
M[V/_`%]#_P!%O61751^$Y*_Q"T445L8!1110`4444`)2AF4Y4D?0T44`7[0"
M>SFC)RY.<=\TY<1Z>KHP4@X?\_YU5LY_(G!)PAX:KEQ9Q.KS!B-PR,"L)*SL
MSHB[QNMRXC_NP7&&QD_A6=?OYD:,HS&#PXXS2V5XQD2)P",8W?Y^E2ZDF(!M
MVA1VV_UJ(KEG9E2?-"Z*=K.J7!EF+$@<8IMUB25I8U8(3U([U!5B6\DEA6-L
M8'4^M;\MG=&"E>-F7K-OM$&&E<N.O/05<5=J@#M67874<$<BN2,\CBICJ**"
M%!=OX?<USS@[Z'3"<;*XZ[/G7"6X/RCYGJ10,Y`&`,"JB(\94G_72')/H*LH
MD@XW@`<#BL:GDSHH]VB0G&,=32C..:0#'N?6EK`Z0HHHH&%%%1SSQVZAI6(!
M.!@$_P`J`)**J+J5H[$"7D-LY4CG\O:LR80SW,DL=\-LKH`NPD9(!`_0_GVI
MV);-ZC(]:S;>16NHX_/5]\18*%891CD'/8]:B7SUF$#D;2V8B.D7H#^'046'
M<N7=_':30Q.C,TIPN/7(']?TI)=02&V\Z2-@-Y3:""<C/^%6RH."0"11M7T'
M7/2@-2G%J<,D0?!4$@8)'=BO\Q49UB`!B5;@9`XYZ?XBKQBC/5%/X4H10<A1
MGZ4:!J5K/4(KQV6(-E1NY'49X/Z4JW$K,(A&/-7!D&>`/8_Y_"K(4#H`/I3!
M#&,84`@Y![YI`25!=V=O>Q>7=1+*H.0#V/M4]%`R"TL[>RB\NVA6)"<D+W/O
M4^***`"BBB@`Q1110`4444`48_\`D8_^W3_V>M2JL:1_;M_E-YOE8\S'R[<]
M/K5JMH['-/XF+1115$!1110`4444`%%%%`!1110`5F^#/^/74O\`L(2_R6M*
MLWP9_P`>NI?]A"7^2T`=%1110!A>*O\`CWL?^OH?^BWK(K7\5?\`'O8_]?0_
M]%O61751^$Y*_P`0M%%%;&`4444`%%%%`!1110`E7(+S$/DR<`#Y6'4&J=%)
MQ3W*4FMARL48,.H.:F>\E>%HW((..<57JKY4I8R;MK%N![9Q_*IEZ%05[ZV+
M5%5B+@,=N>O7CGG'\J&-SM&T')ZYQQ]/:CG\BO9>:+-6;5XT#$@F3^&GVLH\
ML[@&F8C`QQP*A@'^DJ&!SGG`J9/F33'&/*TT:,2%6,CDECW/:IJ;TX/-*!@<
M5YTG=GJ15E9"T445)84444`%13V\5RFR9=RYSC)%2T4`56TZT8Y:!#Z9[>_U
M]Z%TZT4DK"`2P8X)Y(JU11<5D5X;*"!E:-6!5=@R[$8YP,$^]3;%P1M&"<D8
MIU%`!1110,****`"BBB@`HHHH`****`"BBB@`HHHH`****`*T=Q)_;/V;(\K
M[/YF,=]V*T*RH_\`D8_^W3_V>M2MH['+/XF+1115$A1110`4444`%%%%`!11
M10`5F^#/^/74O^PA+_):T:SO!G_'KJ7_`&$)?Y+0!T5%%%`&%XJ_X]['_KZ'
M_HMZR*U_%9Q;V)/_`#]#_P!%O61751^$Y*_Q"T445L8!1110`4444`%)2TE`
M#E5G.%!)]J;5BR57GPP[5:-A%R=S`?RK&5:,969O"A*<>:)FU5-V1(1MRH)[
M=A_]>M5;%RC,QVD=!C.:K?8V;`\G([<<4W-2V81@X_%'<K/=*I/RDXSTQVI!
M=JQ`5&)/3IT]:MRV*0!695WGH.P`_P#UU$(T!R$4'Z41<I:ICE[..C6H02%T
M23;M)Y`JMK-S<1VCRP%D8L-S)U5>Y%7(SY14J!\O08XJSY!N6WHNW/WO2B=D
MM287;O'OL87AJ>=M5$<,CR6Y1FERQ8*>Q^M=?N7."PSZ9JG;PM`AB550%N67
MCK5I8U5=F,CW[UP2274]2,W+6UA=PS@<FC!SDGZ`4H`48'2EJ/0NW<!Q12,P
M4<G'.*6D`4444#"BJE]!/.T1ADV;2<_,1_+K]*K+9WP21//50QX_>,2H`]3Z
MFF*YILRHI9B%4=2>U)YB90;AE_N^]58[1XI0PE=ERQ*,Y(//R]?0&H(;FUMI
MW5[A2V=K`@_(>3@>W6@+FG158:A:X'[WKTRI_P`.GO2Q7MO,5$<F[=T(!P>O
M?\#2L%T6**K"Z)`7RF\W/,?<#/7/2K-`PHHHH`****`"BBB@`HHHH`****`"
MBBB@"E&K?\)#NP=OV7&<<9WUJ5!&6\XC<FW;]W'S9]?I4U;1V.:?Q,6BBBJ(
M"BBB@`HHHH`****`"BDJHNI6K!R'X5@GU)H`N5F^#?\`CUU+_L(2_P`EJ\)D
M,[0@G>H!/%5?"?\`J]5_[",W_LM`&]1110!A>*_^/>Q_Z^A_Z+>LBM?Q5_Q[
MV/\`U]#_`-%O61751V.2O\0M%%%;&`4444`%%%%`!24M%`%W32N7'\57F4.I
M5AD'M61!(T<H*DC)YQWK7SD9%>?B(M3N>GA9)PY>PM-3&#C&,\8JM<M+@DN(
MU`))'.![U,3Y<!+'.%Y(K+ETWW-^;7;1&?>2^;,0#\J\"J]%+7IQBHJR/'G)
MRDVQ*T8)0L*C^#&"?0UG5+`DCM^ZZCGK4U8J2U-*,W&6A?YF<21L,(<!?45.
MI#@&F!U5,CC'4=Q3R,'<#]:\^6IZ<=!U(3BEJA<RW#2J(8MT?(;/8Y`_J:E*
MY<I6)BXN)=HR47KCUJR.E9$5Y=XD*6Y&%R%,9^9MO(]N?SJ1[V\"E?LY$@<#
M_5LP"]SQUYJI]D1#:[-.BL<7VHE\&VP,MSY3_@/_`*_2GK=:GN&^W3"C+80\
M]>!S[#\ZBQ=S5HJI+)-$RL/WC,O,8&`OJU3P`B%09?-]']12&256>PMG9R\9
M;><D%CC/TSQ5FB@94_LRS[P!B.A8DD?3/2I$LK>.19$CPR],$X_+\3^=3T4"
ML1"W02>9EM^<[L\D>GT]JEHHH&%%%%`!1110!A>+)9XK"(1LR0L^)F4X(&..
M>PS67X>N+O=/#:NSP84`DY"N6YP3GMFNP=5=2KJ&4\$$9!IL44<*;(HUC7^Z
MHP*=]`*!FO(C(C;2!C!QDC<<`9XZ=>E)]NN@@9HU4,`0=C';G/4=^@_.M.BD
M.Y3@N9Y+LQ/&%4#G@^W.:KB[G4%@'D8)EE*\*<@8QCMSW[5J44!<RSJ%TJ@F
M$9`)QL;YASR/3H.*/MUTLOEM&A<=453S\N>#^E:E,$,0E,HC42'JV.:!W78R
M;&[+:ZC7)6,R6Y2//R[SN!P,]ZWZS-5M4N+4,\C1&%A*CHNXJ1[8YJ;2;F:Y
MM6-Q@R1R-&7"E0^#U`K6+T.6HM;EZBBBK,PHHHH`****`"BBB@!*J2Z;!,Q:
M4R.>@)8C`]./K5RB@!*I>$_]7JO_`&$9O_9:O51\)_ZO5?\`L(S?^RT`;U%%
M%`&'XI&8+'_KZ_\`:;UCUL^)_P#4V/\`U\_^TY*QJZJ/PG)7^(6BBBMC`***
M*`"BBB@`HHHH`%)5@1U!J_!?`X608XZUGU-;2B&3<<X]JRJP4EJC:C4<):,3
M7H9Y[>/[)YKESM*H?E(]ZKZ=:ZFD5PUW/MC&%6-P6.!SP<^_Z5J:C<FSTV>Y
MB"ED7(!Z?YYK`NO$4YLI08U60R;0".@`R<UR4</*<N:)ZU7$?NO9,O45C-J\
MQN0J"/R^.2#W4'K4<6MS,&9D4A5R<#OFO5]E+<\7E9NU)%*8F#+P>_O6#)JU
MQ$BDK&WS,-PSA@,=/SJ:UO+N:Y2)Q&%=!)N`[=_UJ71;6H*\=4=7B.YAZYR.
MHZBD@.QVB(`(Y!SUK-AE,4@8?B/6KMW)&\0DC<;UY&#S7G3I.+Y>C.^%927-
MU19^X?\`9_E4,8W[U`XW$_X5$\[2"(JIPV5([$U*D0278I(!4$[3WJ.7E6NY
MIS\[TV)$7*!D`0^E/!<]MOUI%Q&`I)QV)I]9-FR0@SWQGVI:1AQQU%`.1D4B
MA<<YHQCI112&%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M,E5GB=5D:-F&`Z]1[U5TS5$DMXXKV:*.]5C&\;,%)8'&0/?K^-7::8T+!BBE
MAW(YJHRL1.',6**ADN(H(6EG<(B\EFZ"J6FZN;ZZEC^SD1!V6*93N5]O7)[5
MJG<YW%IFI124M,04444`%%%%`!1110`51\)_ZO5?^PC-_P"RU>JCX3_U>J_]
MA&;_`-EH`WJ***`,3Q/_`*FQ_P"OG_VG)6-6SXG_`-38_P#7S_[3DK&KJH_"
M<E?XA:***V,`HHHH`****`"BBB@`HI*89XA)Y9D7?Z9H`TX9XIU\IXP<CD'&
M#4Y@A8[Q#&2<Y)49YZUEPRF*0,#]?I6KYL<@P#P1G(Z5P5H<KTV/3P]3GC9[
ME*]MHEB'^BQK@C#*!BJ(AB7.(T&1@X45I7A=HP/O`')JA730^$Y,1\8P0Q!0
M!&F`"`-HXSUIP1%((4`@8&!T'I3J*V.<2GQ/Y<@;`..QIM)2:OH-.SN7@\2R
MF,L/+?D$?PFK%L2Z>:S9)XK+0`L-V<=\5H6L1B8HQSG#*>U<M:"BCMH3<I;%
MH@$8/0T#@8I"<N!Z#-(K9)`'3O7'8[KZCZ0#`P*1",=>O>G4#6H444U2=Q4]
MN:+`W8=1112&%%%%`!1110`4444`%%%%`!15:._MI'58Y0Q8X&`3SC/\J4WU
MLI8&8`H<-P>/_K<'GVHL*Y8HJ%KJ!8RYD&T*&S[$XIT4\4S$1OD@9(QTH`DH
MHHH&%%%%`!1110`A`(P1D&HEA^S0".R2*+!R%V_+C//`J:BBXFKCXI8YE+1.
MK@$J2#G!'44^L:^LFAD%W9"47!E0LJL=K`D!LKTZ5LULG<YI1Y6+1115$A11
M10`4444`%4?"?^KU7_L(S?\`LM7JH^$_]7JO_81F_P#9:`-ZBBB@#$\3_P"I
ML?\`KY_]IR5C5L^)_P#4V/\`U\_^TY*QJZJ/PG)7^(6BBBMC`****`"BBB@`
MHHHH`2J$]C-(S*LRB)G+XV\Y['/L:OUG2R2CSS_I!F4ML55.W&./8_SJ9%1N
M(VEN_+2J3D#&W@#``QSU'//O4EMIQC<B24.C/N8,OWNN,^O)_2H3<7L2A-K.
M0^W=Y9^8<#_&@37W$D@(^1<@(2%R?3N0!^M0U%]#1.2=TSHH8Q96D,:XD1$`
MSZD=ZJS<R,P((8Y&*S;2\U,S!<N%RO[OR^#\I/7MDX'M5ZU\Z6V9[B+;(7^7
MY2IQCT/OD5E3M"5F;5;U(W04M)174<8M%%)0`H[UH6L@F@V,<,O0YYK.IRL5
M.5."*SJ0YT:TJG([FC:2R2[B_P"!QUIZ_*LGKNQ_054M7VV\N#AEY!J>W821
M%W;)SN..V/\`]5<DX6;?0[:=2Z2ZED8'''':E)Q4:\#!/S-R0?Y4\D*M8-:G
M4GH*S8&>3["FJIW%FQD]`.PJ-BR%'=N^,`5A>)M0GCEM88)GACD#%F7Y22,8
M&>HZT[::"3N['245@^%KRYN4NHYW:5(64)(QR>1R,]\<?G6]4,L****`"BBB
M@"-[B%)!&\J*YY"E@":8+VU+!1<1;B,@;QTK$O?#US=:A-.+B,1ODKD?,"1C
M'TJL/"UUYS,9H0/+V@C.<[<>G3-=<:5!J[F8N=2^D3I!>6QC,@N(BBG!;>,`
MTK75NJLS3Q@+C)+#C/2N>_X1JZ%LUL+B(1,^_=@Y)"\#Z9)I]OH-ZMK<V\[V
MTBRKD$Y)#XP#TXH=.@E=3!3J=4:ENFFQ[1!)$.2ZXD[X.3U]S0YTQX7<R1%-
MQ+LK]SZD>M9%SX;NY6W13PIM3RU7!QMVX)_$Y_.K>G:'+9VUW`TL9$Z@!@O(
M..?_`*U*<**BW&5V.#DY)26@ZTETV[Q#O8.Q*+'O;D`Y'^-:+XM<.J_N\`2.
M3T`Z5G6_ANSBN$EES/L4C:XXSZUKF-"JKM^53D`<"N57MJ=%10YG[/8;!*9@
M6VX0\H?4?2I:;'&L8(08!.<4Z@@****`"BBB@`HHHH`:X8HP1MC$<-C.#ZU,
MAVQ#>X8J/F;I^/M4=8\VF7DLUR@GC6UN)0[\'>0`!M]`./UJXNQG.-]C>!R,
MBEJO&)5D4)L$`7!&#G/;'M4]:)W1@U9V%HHHIB"BBB@`JCX3_P!7JO\`V$9O
M_9:O51\)_P"KU7_L(S?^RT`;U%%%`&)XG_U-C_U\_P#M.2L:MGQ1_J+''_/S
M_P"TY*QJZJ/PG)7^(6BBBMC`****`"BBB@`HHHH`2JAOT6;RV1N7**1T.,?U
M-6ZA:T@9@QB4L#G/XY_G2=^@U;J0#4XL#>K`E=W'/;./KBAM23D)%(SAMI!&
M-I)P,_C4PLK8-N$2@\?IC_`4?8[?>'\I=P.<_CG^9I>\5>(MM=)<[]@8;#@Y
MK7M[H.H#X#*,9/>LJ&"*`$1($!ZXJ6IG3YUJ5"HX.Z)KM-DQPK`'U[U!4MQ+
MYKAN>G3/>HJJ%^57)J6<G86BBBJ("DI:*`"K=LL3QA1G<>IS5.I8N)$VM\Q]
MO>LZBNC6E*TC1.Z.)L%20<*:=P@`4`N>Y_G4<K(@C7'5ACWQ4Z@[MQXXP!7`
M]KL]..KLAL:``,<ECW--N+>&=2+B))8^ZNH(^O-345G?4TY5:QEZA/\`V>EO
M;V,<<>_<V%50`H'.`2!U([U737FDA*B$B78!NP<;R!CCTRWK6R8HV`#(K8Z9
M&<4I1"<E03ZXHN@LS)LM:\^>&%T!:9C@KD8')';'0#OWI\NI/$9IWEA$43,O
MD`?O&"YYSG\>G2M/8BG=M48'7'2JWV^PPTOVF#&=K-N'Y?I5).6R%MNRH-<4
MLR^2,HV&_>##<@?+Q\WZ=*;9ZUYUQ%"R`M,[;2">%Y([8Z`=^]7Q<V9>-!+#
MN*[D&1G'J*;]ML%59/M%N!G:&W#J.WZT^278+^9;HJL=1L@6!NH<I][YQQ2?
MVC9!=WVN';C.=X]<4O9S[#YEW+5%55U&R?[MW"?HXITEY!'-'$TB[I,XY]*F
M47'<J/O?#J6**165QE6##U!I:0'(ZEK>H#49UMYEAB@<H$*`[L=22?7VK;M]
M826V@E>(H951MN>@/4_04Z[T/3[VY^T3P9DXW88@-CU`ZU:DL[>3=NC!W*$/
M;@=!38*Q6_M1=FX1')S@9Y[8_/<*E_M&`8#D@E2PP"1@9/\`(5)]C@W[]GS9
MSU/KG^=,&GVP;(C/0#[QQP,?R%(K00:C;E7;+C9URA'?'\ZE%PK>25!(E/&>
M,#&:;]B@VE0I&>X8@]2>OU)I6LX66-<,HC&%VN1@?A0+0AGU."'>"3E"`<C'
M?%2QWL,DPA!(<C."N/P^M-_LZVSDQD\D\L3Z_P")J2.VBBD+H"&(Q]X_R_"@
M-":BBB@04444`4KJ*^6;S[*X4?+@PR+E6(]#GCTJ6WU"5W`N;-[5#QODD3!;
MTX-6**I2:,Y03)J6J4-Z3?/:S1^6WWHFSD2#'/XCTJY6JU,&K.PM%%%,051\
M)_ZO5?\`L(S?^RU>JCX3_P!7JO\`V$9O_9:`-ZBBB@#$\3_ZFQ_Z^?\`VG)6
M-6SXG_U-C_U\_P#M.2L:NJC\)R5_B%HHHK8P"BBDH`6BJU_>)8V_G.I89``'
M4U3&MHKH)[2XA5C@.ZX%2Y):,I1;U1JT51O]26RECB\J25Y`2%09-1P:PDEP
MD$MO-`TG"F1<`FCF5[!RNUS2HJBVI*+BXA2&21H%W';SGV%51KP,IB%C<F0#
M)3;S^5'.A\DF:]+5%=24W%O`89%DG4M@\%1[_E4#ZVFYS#:S31H<-(HXHYD+
MD9JTE4WU*$:=]M7+1XZ=^N,5(]VL=C]J92%V;]O?Z4[H7*RQ14=M,+BVCF"E
M0XR`>M24Q"T444`%%%%`"4JL58$'!%%)0!<7<WV=BI"JP&3WK0SQQ519%EL3
MT+*O3Z4Z.19(E`ZDC.3^=>?43E\CTZ<E'KN6$8-G!R1UIU(,8P,8I:YV=2"B
MBB@8UUW(R^HQ6$/#,8LHX1+B3>&D<#K@$<>G6M^BM*=6=/X78B4(RW.=3PR^
M`LEPA4?-PG(;&,9STI8?#.(H8YYPZ([,X48SD#I^5=#16OUNKW)]C#L<\_AN
M0FY"SQJDK97Y3E1NSCK4EMX?:%9U:6-P\#1)\G3))!/O6[12>*JM6N'LH=C,
M71XUN[*<;,V\>QOE^^<<'\\FJ>HZ%+=WDLL)BB0CCKDGU]JWZ*QG)U/B-Z,W
M1=X:%+2[#[!:1Q&621@H!W-D`]\#ZU=HHJ20HHHH`****`"BBB@`HHHH`***
M*`"BBB@`HHHH`I:G!))'%+`N9H)5D4`X)`ZC\1D5<\WE9G<QQA"65L#'?)/M
M2TCJKH5=0RD8((R#5*31#@GJ3@Y&1TI:R-+<V5W)ILC93'F6Y(/*DG*_A_*M
M:M4[G.U;06J/A/\`U6J_]A&7_P!EJ[6;X*;=9:BP[W\A_1:8CHZ***`,3Q/_
M`*FQ_P"OG_VG)6-6SXG_`-38_P#7S_[3DK&KJH_"<E?XA:***V,`I*6DH`QO
M$&Z:2SMH\;WDR,]./_UU!J`O!/:)?R1RPO*/DBX)-:E[ID-[*LDK2!E&!M;%
M,@T>UAF6;]Y(Z\J7?.*R<6VS9322*-Q]HF\1$VHB+P1?\M,XY^GUHL_-U*^\
MV]D5'M&_U*KC!]<_A6M#9Q0W,TZ[C)-C=D_RIOV"$74MPI97E7:V#P:?(Q<Z
MV*'A\^<UY='_`):R\?Y_&C2AYVKW]SU`;RP?\_05HV=I%90>3#NVY)Y.319V
M<5E&R1;B&8L2QR2:%%Z"<EJ9D$J2:_=SNP$=O'MSZ>O]:C\FXTZ![G3YTFM#
MES&_I[5J0:?!`;@J&;[0<ON.<]?\:K#0K4?+YD_EYSY?F?+2Y64I(J:E,MQH
M]JD,:QFY<80#I_DU'J\5]!:1PRWBRK*P0((PO^>U;+Z?`\ENV"!;_<4'@475
MC%=2PR2ELPMN4`\9XZ_E0X-@II6)XT$<:HO10`*?245J8BT4E+0`4444`%)2
MT4`'(Y&1FM&T!"#9%@$<L3UK/WMMVY^7TJ_:7(*+&W##I[BN>NGRZ'5AFE/5
MEI3G.!BG4S/IUI0Q_NFN!H]),=12`\#-+2*"BBD!!&10`M%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`-98RZ2.FXQD
MLOJ#C'\C4Z,'16`(##.",&HJK3W-S;7`80M/;%.1&!N5L]>3R,5<7T,JD;ZE
M^LCP`V_2+MLYW7CG/K\JU?M[V&[M3/;N'7!^H/H1VK-^'7_("G_Z^F_]!6M#
M`ZNBBBF!B>)_]38_]?/_`+3DK&K9\3_ZFQ_Z^?\`VG)6-751^$Y*_P`0M%%%
M;&!7O+N*R@,TQX'``ZD^E41K05D-Q:30Q.<"1NE,U7#:SIZ2?ZO)//3/^<5H
MW,MLI2*X*$N?E5AG)^E9W;;U-$DDKHCOM1BL@@*M)))]U$ZFH8-6#W2V]Q;2
M6[O]S=T-06@5_$5UYF-R(!&#V''2C5F$^IV%O'@NK[VQU4<?X4N9[C45L7FO
ME&I+9!"6*;RV>!4UQ*L$$DS<A%+$5F6'[_7;V?M&!&/\_A4GB&4QZ8RCK(P3
M^O\`2JYM&Q<OO)%NVNA/9"Y*E%*EL$]JIMK2+81W1A?$CE57//UI^HLMGH;H
M"!B,1K[]JS&BW26%FW'EP-(P]"034RDUL5&*>IK3:G'#IT=XR'$F-J`\DFHQ
MK"?V8;TQ,%W;0N>36*DWVFR4$8CLX2?JY.!4]Q$WV'3+%"`\AWG/;/\`^NIY
MV5[-&@=;\LJ;BSGA1CC>PXJU/?K#?06NPLTW.0>@K*U)+J-[87TR3PM(`8T&
MTFK$1$WB&>4D;+:+;GT/^<U2D]B7%;EK4M3BTX)O4NS]%![>M6;6<7-M',HP
M'7.#VKFGNDN[JYN989G#(8X0JY`XQG_/K6SH#[])A]5ROZT1G>0I0M$T:6DH
MK4R%HJO)>11N48G(SGCT&:);V&%V5VY7&>/6E=#LR>E`).`,FJXNXV#8#$@X
MQCD\XX_(U9L]4@A.V19!N.%^7\_Y5,Y\L;HNG#FE9Z%F.R?K(O&.@/--D@:%
ME*N<_D14G]LVNW=A\88]!T`!/?WJ5+R"Y1.#M?(RPX&..O2N-5Y7NSO>&A:R
MW&QWRG`D7!_O"K._/"$'')P:S3`78M$#LW8!(_7W%'EO$"ZR+_P%JMTZ<M8L
MS56I#22-`N6;CY-O][O4BMN)&0<>U00L&&YQEASC&<4\MN;<%)`Z'.`:PE'H
M=,9=25C@$GMS38P<$GC)R!Z4?,Z]`H/OS2J`/E7H.*C9&F[''IS38V+)GMV]
MQ2D`@@]#3823"A)YQ2Z!U'T444B@HHHH`****`"BBB@`HJA<:EY5RT"0EW&,
M<GGUZ`],BHWU5X]V^V'RDC`DR3@D<<<\CGT%.PKHTZ*J1WAGMO/CCX#$,&."
M`#S^-<U=Z_J#WLK6TJ1P1N55"F=V/7//-%AK78["BLM=4DD6W*QA1+$CLQZ(
M6]:<=67:Y6+.#Q\W!&"<_D*0[,TJ*SCJ9^4^21DD;2>_&.>W7]*=_::X4^5Q
MD!OFZ9)''KTH#E9?HK-_M8"+>8<'@XWY&",]:T0<C-`-6%HHHH$%%%%`!111
M0!76&VBGN&C4+,\>7"C`8<\GMFJ?PZ_Y`4__`%]-_P"@K6C+_JG_`-TUG?#K
M_D`S_P#7TW_H*UK!F%169U=%%%69&)XG_P!38_\`7S_[3DK&K9\3_P"IL?\`
MKY_]IR5C5U4?A.2O\0M%%%;&!6O+*"]C"3KD`Y!!P145KI5K:S>:@=Y!P&=L
MXJ[12Y5>X^9VL4[S3+:\=9)`RR#C<AP:=9Z?;V6XPJ=S=68Y)JU11RJ]Q\SM
M8S&T*S9V8F7+')^>K":;;+9M:E2T3')W')S]:MT4N5!S/N9T6B6<4BOB1RAR
MH=L@59^PP_;&NOF,K+M//&*L44^5!S-E!='M%M'M@'$;L&;YN32W6DVUW(CR
M[\HNT;6Q@5>HI<J#F?<H6^CV=O,LJJS.O0NV<5(--@"W"@N/M!S(=W-6Z*?*
M@YF1V\$=O`L,0PBC`%,M+2*SB,<.[:6+<G/-3T460KL***6F(C:")R6:-"3G
M)(_"F_9H,8\E,?[M3446'<B^SP[67RDPQR1CK2QPQ1.'2-%8$$$#I4E)2L@N
MRY&8+CRT-LA95*KD<*/\*L26PD39(%\LDLT:C[U9T4C1-N4X-;"-N0$@@D9P
M:X:T.1Z;'HX>?M%:6X1J40+N+8Z$^E(\2/\`>'/MQ3Z*YTVMCK:3W(3$P^ZX
MVCH&7-`693GY7/Y5-13YV3R+H0I*6/(P`/N]33]Q`)QW]13B`PP0#]:8Z``;
M0!S^%.Z8K-(:Q+D)G`(^;VZ<5(2$4=AT&*CDR&'S8)XZTO(?._=VP:=KH2=F
M2`YYQQ2T4A('4]:S-!:***!A4=PTBV\K0J&E"$H#W..*DHH`S3-J6_F!0-Q&
M%YXSZY';-*D^H;)1);@2$#R]O(SCG)XJ[.C/"RQMM<CY3Z'M5..UO8Y@QN1(
MF1E22.`".O?KFF3J1M/J1D4?9PJD9)`#$'`XQGUS^%66N)4(CD11+)_J@#D=
M.]0_9+QB";@J1$%!5S]X9^8C'/:KH@CVD%=Q(`))R3CI0"N+MWQ@2*.Q(SQF
MJ%UH.G7ER;B:$EVY;#D!OJ`:TJ*0QHC0#&Q<$8QCM31!$!@1(!_NBI**!C3&
MAR"BG/7CK37@B=<,@^[MSCD"I**`&"&(*%\M,`Y`VCK3Z**`"BBB@`HHHH`*
M***`&2_ZI_\`=-9WPZ_Y`4__`%]-_P"@K6E+_JG_`-TUF_#K_D!3_P#7TW_H
M*UI`QJG5T445H8F)XG.+>S)_Y^?3_IF]8U;7B;_CWL_^OC_VF]8M=5'X3DK_
M`!"T445L8!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`J,4<,`"1ZU*UW*S[LXXQ@=*AI*EQ3W*4Y)63-5)Q*%V'GH1UJQ6+#(8I`
MZ]OUK1@G,^2/EQVQFN*K1Y=5L>C0KJ6CW+-%(#@?,>:6N8Z@I",C%+10,H-,
M([OYOF_H:FM2)/F))(XY[4R^MRX\U!R.H]:J022+)E,DXX'K78HJ<+QW//<W
M3J6EL:],D/\`"%W$]NU-6XB90=XSCIWIN]GD^53MR,-T^M<RBT]3L<TUHR9`
M0H!.2!UI:**@L****!A1110`4444`%%%%`#/-CV;]Z[<XSGC.<?SI]4_LA\X
M2%%V!N(NP[;OK3+^*^DF0VD@10I!YQS3%<OT5E"VU,-C[1D8`#9[[LGCZ4"'
M52,"5%)QDELCH.G''/\`.BPKFK10.G-%(H****`"BBB@`K._M&7<ZF!5*@OA
MF(RH[].M:-0?9[4X/E1?.VX?*.3ZTQ,))'+2H8R$"9#^IJE\.O\`D!3_`/7T
MW_H*UHR_ZI_]TUG?#K_D!3_]?3?^@K5P,JIU=%%%:&)B^)_^/>S_`.OC_P!I
MO6-6SXG_`./>S_Z^/_:;UC5U4?A.2O\`$%%%%;&`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%(3@$^E+24`5OM]OD`L1E0V2.!G
MI5JTU6WA9P9@4'W@.QSC^=4?[-MO*50SA02<[AS]?RI_V"$(JJ7!4`*P/(P2
M<_K6<HN2LS6,E%W1JKJMG)*Y6Y7:J[\\XZ9_/':K!OK<,X-PH,9PPQWSC^HK
M%6QMO+=7>8[B"J[N,]S]<#O[UHP:=:N$D^:0(7.7/=N3GUKCJ4W%G?2JJ2\R
MRFI6;[-MPIWML7&>3UJU5"RTVVMWCECWDH"%W8Z'`[#T`J_6#.E:@>G%9$BR
M12EL8/7([5KU!<P&1#L8@GMV-:T9\KL^IA7IN:NMT5@R748'"SCGIC=5BWF,
MZ,I&UUX(JDHFML[H^#ZC-1K,Z.64X).:Z)4N967R.6-9P:<OF:Z$E02,>U1M
M*A;[_P`J@LQ[56BOLKLD7D\9'2G^8@\UYI(U39\QS@"N=TW&[9U1JQE9)EAI
MXE^](HZ=_7I2^='N(WC(;:1GH<9Q6):)!J"E;>_261!DX'?H#@]L`#\ZMMIK
MRR.QEQOW;L#J3D#\@:RL=/N]RY]LMBC,)TPO!(:E2YB*DF1<`;LYXQZU!]GG
M9HY,P[HSA5"G&,8J)-.>.7F4%6`WY'^UN-`G;<N-=0(@=I5"G.#GKSBD-Y;@
M*3*HW=,U4.G,S.VX,#)N4$D87).,CW/Z"G2:>TCAS)C`4!=Q((!)(/KG-(=D
M:%%1RS+#M+`X)P3V'N:1;A&:0<A4&=Y'RGUP:!$M%5'U&V1<NSJ,9.8V&!S[
M>QQZTTZM9C_EH>@/W#WQ[>XIV%=%VBH;>ZAN3((F),;;6R",'\:FI#"BBB@`
MHHHH`3(]11D>M4#I:F>643,/-;+#';.:<-/8Q"*28/'L5"-F,A3QWIBU+K;6
M!4X(/455AMV60,X#)U5?^>7T_P`_I58Z+&Q#-<2E^[<<]\_7/-:,2>7$D><[
M5`SZXH`)?]4_^Z:SOAU_R`I_^OIO_05K1E_U3_[IK.^'7_("G_Z^F_\`05JX
M&54ZNBBBM#$Q?$__`![V?_7Q_P"TWK&K9\3_`/'O9_\`7Q_[3>L:NJC\)R5_
MB"BBBMC`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"HYM_DOY8R^T[?K4E)0!E_9+P;H\YCPJ@%^,`CM]`?SIHMM096S(R\$@"3^
M+''X9/Z5K45/*B^=E""WN!>"29B50-@E\Y.>..W%:D,SQG`;"GK45%'*K6%S
MN]T:T;[OG5BP)QC'%3UC13/$1M8XSG'8UH-=H8@4/S-V]*XJM&2>AZ-&O%K4
MLT"H$N%=B%'?&:F'3FN=Q:W.F,E+5"U3N+)6^:/()/-7**<9N#NA3IQFK,Q9
M8S$VTX/N*J:A92W]D\,.TR`API.-V#TK4GCW,ZG`8'<,U6!>&3/0BO0OSPMU
M/+M[.=^AG:%IEZ-5CN9H'MTA5A\^,N2,8^G>NI)P.E9R74[S$1E=S<*'Z`]N
ME+LU[_J'?^/UQSI2B]3T(UXSNS0R`.`3B@*<<X]Z2*.Y^RCS3%]HVG.W.W/;
MWQ1)'<?93Y9B^T;>-V=N[^>*BS+YH]Q]%9VS7O\`J'?^/U8MDU+R9?M7V7S,
M?NO+W8S[Y_"ERL/:1)Y$\R,ID@'KCTI@C2&%EP/*4<+C@#TITT=S]E/D&+[1
M@8WYVY[^]4#'KQ!!&FD'J/GHY6'/$B6XTMX]XC9E3@D@G&?7\\5+<7=AODAD
M5MX.XA003@$\'V"U+8Z?)M/VZ"S#`Y3R4./?.?PJ:'3XPK"2"`89MFU?X3D<
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M'7_("G_Z^F_]!6B5->\I\_V=C:<XWT?#G_D`SY_Y^F_]!6KBK&4Y)['5T445
M9F8OB?\`X][/_KX_]IO6-6SXG_X][/\`Z^/_`&F]8U=5'X3DK_$%%%%;&`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`)2@D'BBB@"_8S1*FTD*WN>M7`>?:L2K%O=M"-I&Y?Y5R5:%_>B=M'
M$J*Y9&I14,-S'+P#@^AJ:N-Q<79G?&2DKH9)@%6([XS5*=HF&U\C:3C`YJ](
MN]=OK5&9`;Q49<*S=?7-;T;-G-B+I%6-_+E5Q_"<UNQS1R\(P)P#BJDUM%!9
M,2BEPN-WO3=/A:*8Y'RM&"#6\VIJYS03@[&A112U@=`E%%+0`E%+10`E(SJ@
MR[!1ZDXI:PO%+V*0P?:]KRDL(4=L)DC!9O8=:`-PNH(!8`MT&>M&]=Q7<-PY
MQGFN&O8XHXW0RB:1;:`64G.6.>=OXU8M!_Q.XCC_`(F'VZ3S1_%Y6._MZ4`=
MCN7=MR-V,XSSBEKE];N9[3Q(LD!*+]D42RA0QC3S.6P>M%SJ5_\`:W,-Y^Z%
MZENH\M2"K+G.>]`'44M9FA7,]S:SBX?S'AN'B#X`+`'@G%:=`"44M%`"44M%
M`"$`@@]#63X!01:5>1CHMXZ_DJUK5E^!_P#D'W__`%_2?R6@#I:***`,7Q/_
M`,>]G_U\?^TWK&K9\3_\>]G_`-?'_M-ZQJZJ/PG)7^(****V,`HHHH`****`
M"BBB@`HHHH`***2@!:***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBDH`
M6BBB@!*M6MJ+F-\,0Z^O0U5K4TG'ER>N145&U&Z-*:4I69GS0R0-AU(]#4D5
MY+&,$[A[UM.BR+M=0P]#5*33(V.8W*>QYK'VD9*TT;>SG!W@R+[>#&W&'[#M
M5.2:27&]LXZ5;;2Y/X9%/U&*C_LZXS]U?SJH*G'5$U)59:,S2+J5]FYF4/\`
M("W!R:T3<78,<*EQ*HY#;0-VW@<=LU'''(CEPO,?S$&K<4L0D:5D&Y\."1TY
MP:F<$:0K/JA2+]U<$L%P=N0N3G`&?U-36ANC/)YRE(L?*"0>_M[5;!R,CD&B
MN>QTN=^@4M%%,@***2@"C/K.FV\S0S7D22*<,I;D5$VN:,_WKVW;ZG-,N_#6
MF7EU)<3PLTDARQ$A%0_\(AHW_/N__?QO\:`+!UO125)O+;*_=YZ?2E_MS1M^
M_P"VV^XC&[/-5O\`A$-&_P"?=_\`OXW^-'_"(:-_S[O_`-_&_P`:`+)UW1R<
MF^MR2,=>U']N:-_S^V_7/6JW_"(:-_S[O_W\;_&C_A$-&_Y]W_[^-_C0!:&O
M:0N<7T`SSP:D@UG3KF988+R)Y&X55;DU1_X1#1O^?=_^_C?XU-9^&M,LKJ.Y
M@A998SE29":`-:EI*6@`HHHH`2LOP/\`\@^__P"OZ3^2UJ5D>`7\S2;M_P"]
M>.?S5:`.HHHHH`Q_$<4DEO:^5%))MGR0B%B!L<9X^HK&\F?_`)];G_OP_P#A
M78T5I"HXJR,ITE-W9QWDS_\`/K<_]^'_`,*0QS`_\>MU_P"`[_X5V5%5[9D^
MPCW.,V3?\^MU_P"`[_X4NR;_`)];K_P'?_"NRHH]LP]A$XW9-_SZW7_@._\`
MA1LF_P"?6Z_\!W_PKLJ*/;,/81.-V3?\^MU_X#O_`(4;)O\`GUNO_`=_\*[*
MBCVS#V$3C=DW_/K=?^`[_P"%(4F`R;6[_P#`:3_"NSHH]LP]A$XK][_SZ7G_
M`("R?_$TF)MP_P!%O,8_Y]9/_B:[:BCVT@]A$XO][_SZ7G_@++_\31^]_P"?
M2\_\!9/_`(FNTHH]M(/81.+_`'O_`#Z7G_@+)_\`$T?O?^?2\_\``63_`.)K
MM**/;2#V$3B_WO\`SZ7G_@+)_P#$T?O?^?2\_P#`63_XFNTHH]M(/81.))E!
M_P"/.]/TM9/_`(FDW3?\^-]_X"R?X5V]%'MI![")Q.Z;_GROO_`63_"C=-_S
MY7W_`("R?X5VU%'MI![")Q.Z;_GROO\`P%D_PI-TW_/C??\`@+)_A7;T4>VD
M'L(G$[IO^?&^_P#`63_"C=-_SY7W_@+)_A7;44>VD'L(G$[IO^?*^_\``63_
M``IADGQ_R#]0_P#`5_\`"NYHH]M(?L(G#"2?`SI^H?\`@*_^%+YD_P#T#]0_
M\!7_`,*[BBCVT@]A$X?S)_\`H'ZA_P"`K_X5<TV[>&5A+97Z*PZFTD//X"NL
MHJ956U9CC2C%W1B?;X_^>%Y_X!R__$TUM10'`M;X^XLY?_B:W:*S-3!_M)/^
M?2__`/`.3_XFC^TD_P"?2_\`_`.3_"MZB@#$6]CE4@V]X,CD-:2C_P!EJI%(
MT4;PR17#(00/]$E./_':Z:BFI-$N*9@6UTD,"QF*\8CO]CE_^)J3[?'_`,\+
MW_P#E_\`B:VZ*3UU&E96,-M10=+:^/TLY?\`XFF_VDG_`#Z7_P#X!R?X5O44
M#,0:A&1GR+T?]N<O_P`31]OC_P">%Y_X!R__`!-;=%`&']O3>/W%[C'_`#YR
M_P#Q-+]OC_YX7G_@'+_\36W10!B?;X_^>%Y_X!R__$T?;X_^>%Y_X!R__$UM
MT4`8GV^/_GA>?^`<O_Q-'V^/_GA>?^`<O_Q-;=%`&)]OC_YX7G_@'+_\31]O
MC_YX7G_@'+_\36W10!B?;X_^>%Y_X!R__$TC:B@/%M?-]+.7_P")K<HH`P3J
M:@9%GJ!]A9R?X4S^UA_T#]2_\!'_`,*Z&B@#G#K!S_R"]4_\!&IO@2UGM-'G
9CN()86-RS!94*DC:O.#72T4`%%%%`'__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>14
<FILENAME>exhibit99-6x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-6x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`!7`4$#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBDH`6B
MDHH`6BDHH`6BDHH`6BDI:`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`J&[8K;.5)!XY
M'UJ:H;M2ULZJ"2<<#ZT`>;_VKJ/_`#_W/_?UO\:/[5U'_G_N?^_K?XT[^QM2
M_P"?&?\`[X-']C:E_P`^,_\`WP:O0SU&_P!JZC_S_P!S_P!_6_QH_M74?^?^
MY_[^M_C45S97-IM^TP21;ON[UQFH*!%S^U=1_P"?^Y_[^M_C1_:NH_\`/_<_
M]_6_QJ.VL+N[0O;V\DJ@X)1<X-3?V-J7_/C/_P!\&@-1$U742Z_Z=<]?^>K?
MXUZ97FJ:-J0=?]!GZ_W#7I5)EQ%HHHJ2@HHHH`****`"BBB@`HHHH`***2@!
M:***`,+Q#KDVD2PI%"D@D4D[B>,5D?\`":77_/K#^9I_CG_CYM/]QOYBN6JD
MB&W<]2L+AKJQ@N&`5I$#$#H,BK%4=%_Y`UG_`-<5_E5QV5$9W8*JC))Z`5)8
MZBN=D\8V"2,JQ3N`<!@!@^_6GVOBJVN[A((+2Y>1S@`!?\:=A71OT4E([I&,
MNRJ/4G%(8ZBHDN8)#A)HV/HK`U)0`M%5KZ\6QA\UXW=,X)3'%9W_``DMK_SQ
MF_(?XU:A*2ND8SKTX.TG8VJ*I:?J4&H!_*#*R=5;K]:NU+33LS2,E-7B]`HH
MHI%!1110`4444`%%%%`')^.ONV7U?_V6N1KKO'7W;+ZO_P"RUR-6MC.6YVW@
MC_D&3_\`7;_V45T,TL<$32RN$11DL3P*Y[P1_P`@R?\`Z[?^RBLCQ7JK7=Z;
M2,X@@;!P?O-W/X5-KLJ]D6=5\72NQCTY=B?\]'&2?H.U8KZUJ;G)OI\^SD?R
MJC6QIWAN_OXA*%6&,]#)D$_056B)NV1VWB+5+=PWVEI0.JR?,#_6M#5O$\MQ
M!;/8RO;R?-YJ`#KQCGTZU#=^$M0MXC)&8Y\=50G=^1K"(*L58$$<$'M1H&J-
M'_A(-5_Y_9/R'^%=GHUZ6T"&[O)<D*S.[>Q->=5T=[,8_!-C&/\`EK(0?H"Q
M_P`*30TQFJ^*;NYE9+)S!`#P0/F;W)[5BR7=S*V9+B5SZLY-0UUOAG1+"[T[
M[3<H)I&8C:6("8^G>GL+5G.V^J7]JP,-W*N.Q;(_(\5V?AW7AJB&&<!;I!DX
M'##U%86I>%;Q+UQ80^9;GE27`(]N33M(T/5K'5+>X:WVHK_.?,7[IX/?TI.P
MU=';$A02Q``Y)-<GJ_BTAC#IH!QP9F'\A_4TWQCJI+C3H6(`^:4@]?0?U_*N
M4H2!LM3ZE?7!S-=S-[;SC\JCCN[F(YCN)4/JKD5L6'A2]NX5EE9+=6Z!P2WY
M58F\&7*H3%=1.WHRE?\`&G="LRII_BB_M9!Y[_:8NZOU_`_XUVFG:C;ZE;^=
M;/D`X8$8*GT->:7%O+:S-#/&R2*<%35S1-2;3-0CEW'RB=LBCNO_`-:DT-,V
M?'/_`!\VG^XW\Q7+5U'C@AI[-E.048@CZBN7IK83W/3-%_Y`UG_UQ7^5<_XN
MUG).G6S\?\MB/_0?\:GNM9&F>';.*+FYE@7;_LC'6N,)))).2>I-)(;?0*[O
MPSI*Z;9F[N<+-(N26XV+Z?XUD^$M'^T3"_G4&&,XC4C[S>OT'\ZF\9ZF2ZZ?
M$Q`'S2X/7T']?RH>N@+349K/BN21S%II\N,<&4CEOIZ"N;FGFN'WSRO(Q[NQ
M)J.MC2O#EWJ40FRL,)Z,XY;Z"GL+5F/6E8Z[J%BR[+AG0?\`+.0[@1_3\*UI
MO!<ZH3#=QNW]UD*Y_')KFYX);:9H9T*2*<%31N&J/0M-U2TURUD0*0V,21-U
M&?3U%<U?VCV5V\+\XY4^H[5C6-W)8WD=S$?F0YQGJ.XKN-2A35]*CN[89<+O
M7U([BM*4^25NC.7%T?:PNMT8%A>/972S)TZ,/4>E=M%(LL2R(<JPR#7`UO>&
M[\*39RMU.8R3^8K:O3NN9')@:_++V;V9T=%%%<1[(4444`%%%%`!1110!R?C
MK[ME]7_]EKD:Z[QU]VR^K_\`LM<C5K8SEN=AX2E\C0;V8?\`+-V;\E!KD"Q9
MBS'))R378>$HO/T&]A_YZ.R_FH%<>RE&*L,,#@CT-"![&IX:L4O]7C209CC'
MF,/7'0?G7HE><^';]=/U:.20XB<%'/H#W_/%>C`A@"""#R"*EE1%KB_&MC'#
M<PW<8P9LAP.Y&.?U_2NTKB?&6H17-U%:PL&$&2Y']X]OPQ0MPEL<W75263WG
M@FU,2EGA8O@=2-S`_P`ZY6O1/#'_`"+]K]&_]"-4R8GG=3VE[<V,F^UF>)CU
MP>#]1WKN-3\,65\[RH6@F8Y++R"?<5SMUX3U*#)B$<Z_[#8/Y&BZ"S1/:^,;
MR/`N88YAW*_*?\*Z?2]7M-4CS`^''WHVX85YO+%)!*T<J,CJ<%6&"*DLKJ6R
MNX[B$X=#GZ^HHL-29)JLIFU2ZD/>5OYU!;2^1<1S;%?RV#;6Z'%3:FFS4K@#
MH9"P^AY'Z&J\2"25$9@@9@"QZ#WH).C_`.$SO/\`GV@_7_&C_A,[S_GV@_7_
M`!I?^$+N?^?N'_ODTO\`PA=S_P`_<7_?)I:%>\9.KZO)JS1M-!%&\8(W)G)'
MH:SJZ?\`X0NY_P"?N+_ODT?\(7<_\_<7_?)IW0K,S-4G-QI6ELQR5C=/R;`_
M2LNMG7M/?3+>RMI)%=@'.5'')%8U"!CGD>0@NQ8@!1GL!P!5G2[5+W4H+>63
MRTD;!/\`3ZFKNIZ.8--M+^W0F*2)3+WVMCK]#6."000<$="*!'J\,200I%$H
M5$&%`["O-M<<R:U>,>OFL/R./Z5V/AK6/[2M/*G<&ZB^]_M#UKDO$4)@URZ4
MC&Y]X]P>:2W*EL5;"`7-_;P-]V215/T)KU%5"J%4``#``[5Y5;S-;W,4R_>C
M<./P.:].LKR&_MEGMW#(WY@^AHD$2Q7*^.+9#!;W(`#AO+)]01G^GZUU5<7X
MQU.*YDBLX'#B)BSD=-W3'\Z2W*EL<S7>^#G+Z&JG^"1E'\_ZUP5=SH,BZ9X8
M6XF&-Q9P/7)P/Y535]$0FHZLS]>@BMM1;RW'[P;RH_A)K/238X=6PRG(/I27
M$SW$[S2'+N<FKFC:>;^\`8'R4Y<_T_&O124(>\>"U[6K[BW9UUA<-=6<4SH4
M9QDBK%(!@8'2EKS'N?0Q32284444AA1110`4444`<GXZ^[9?5_\`V6N1KM?&
M%C=7@M/LT#R[-^[:.G2N:_L/5/\`GQF_[YJUL9O<Z;P1_P`@R?\`Z[?^RBLC
MQ9I36EZUY&/W$[9./X6[_GUK=\(VEQ9Z?,ES"T3&7(##J,"MN6-)HVCE171A
M@JPR#4WU*M='E%:%EK>H6*"."X/ECHC`,!^=;>H^#W\QI-/E4H>?+D."/8'_
M`!K%DT'5(VP;*4_[N"/TJKIDV:)KGQ+JEPA0SB,'KY:[3^?6L@G)R>M;%KX8
MU.X8;H1`O]Z0X_0<U>U3PQ);6=NME&]Q,6)E<<>F./2C0+,YFN@N6O+?PWIM
MS;7$T2?.CA'(YW$@\?C5'^P-5_Y\I/TKL=)T_=X=BLKZ'&58.C=1\Q-#8TCB
M/[5U'_G_`+G_`+^M_C74V'BVS^R1K=B59E4!L+N#'US61J7A6]M69K8?:(L\
M;?O`>X_PK%>WFC;;)#(C>C*0:-&+5%O6K]=2U*2Y1"B$`*#UP/6JMK;27=U'
M;Q#+R-M%6[/1-1O&`CMG53_'(-H'YUV&@Z!'I0,LC"6Y88W`<*/0?XT7L"5S
M+\6Z,1&E[;)G8H64#T'0UR=>LD9&#R*Y?5_"0FE:;3W6,GDQ-TS['M]*28VC
M(T[Q/?6,2Q-MGC7@!^H'IFK=QXRNY(RL%O'$Q_B)W8K&N=*O[0GSK250/X@N
M1^8XJ&&TN9VVPV\LA_V4)IV0KLLG6M3)S]NG_P"^JT=#GU;4[]$^V7'DH0TK
M;SP/3\:2P\)WUP0UT1;1]\\L?PKLK&QM]/MQ!;(%4=3W8^I-)L:3.7\<_P#'
MQ:?[C?S%<M78^+["[O)[8VUN\H56!*C..17/?V'JG_/C-_WS36PGN=UI4:3:
M%:QR*&1X%#`]QBN'UW27TJ\V?>A?)C;V]#[BN]TJ-X=+M8Y%*NL2AE/4'%)J
MFGQZE8R6\F`2,HV/NGL:E,IJZ/.+*[FL;I+B!L.A_`CT-=3K-JOB#2X=1L5!
MF089.Y'<?4'^=84GA_5(Y&3[([;3C<O(/N*T_#T.JZ5>'S+&8V\G#@#I[U3)
M78YGIUJ>UO;FS<M;3O$3UVG@_45VVL^&K?47,T+"WG/4A?E;ZCU]ZYNX\+ZI
M`QVPK,O]Z-A_(X-%T%FBM-KFISH4DO9-IZA<+_*L^M-/#VJNV!9N/]X@?UK6
ML?!TK.K7TZJG4I'R3[9[4706;,C0M)DU2\5=I\A"#*WMZ?4UL:]>K-.MK`0+
M>#Y0!TR/\XK=OHFLM,-OIML06&T",?=]2?>N9_LF_P#^?63\JZ*"5^9LX<9*
M5O9Q7J4U4NP502Q.`!WKN-*L5L+-8\?O#\SGU-97A_29(IVN;J(H5X16]?6N
MBI8BKS/E16"H<JYY;A1117*>@%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
3`%%%%`!1110`4444`%%%%`'_V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>15
<FILENAME>exhibit99-6x4x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-6x4x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"``W`&H#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#OZC^T0@X,
ML8(_VA4E>/:B!_:5UQ_RV?\`]"-:TJ?M+DRE8]=^T0_\]8_^^A2B>(@D2(0.
MN&'%>,X'I6SHH_XDVM?]<$_]"K66'LKW)4STS[1#_P`]H_\`OH4?:(?^>L?_
M`'T*\:P/2DP/2G]6\Q>T/9_/BVAC(FT]#N%)]HA_Y[1_]]"O-+L?\4CI_P#U
M\25BX'I2CA[]1N9[+]HA_P">L?\`WT*&GB4X:1`?0L*\:`&1Q6SXO'_%17'^
MZG_H`I?5]4KASGIGVB'_`)ZQ_P#?0I5GB9@JR(2>P85XSCVK8\)`?\)+9_[S
M?^@FG+#V3=P4]3U&EI*6N4T$KR34;2Y^U75Q]FF\CS7/F>6=OWCWZ5ZQ/)Y4
M$DF,[5)QZUC:MIEQ=Z9;:9"X578>?+C@`<GCU)[5K2J<C)E&YYS!:75RI-O;
M33*#R8T+`'\*U-'21;'5[5HI/M#Q*BQ!"6SG.,5KZOK5OH=K_9&C`!U'[R8'
M.T]_JW\OY1^"BMO%J6J7!.V),$GJ?XC_`"%=,IMP;:]#-+6QS;:;?H,M8W*C
MU,+#^E5TBD>41HC,Y.`H&3GZ5U&@:_K-]K4,/G^;&S9D0H,*O?D"M4VL-QX^
M$D*#]Q#OF('\>"!GWP1^5-U7%M20<J>QSE_'+%X7LXI89HW2=RP>-EQGIR16
M-'%)-($B1G=CPJC)/X5WGBFZ2_\`"?VE!\IFPOX,5JIX4TP6%I_:]PNZ64A+
M=,X^\<`_C_*E&K:#;[C<=;')RV5W;J'GM9XDSC=)&5&?J:U_$]M/<^)+A;>"
M25MJ<(I;^`>E;OC0F\NM-TN-OWDLFX^W8'^?Y4[Q'K+:#&EI9@-=2KODE89/
MIDCN3C\,5*J2DTTM0Y4KG%W&G7MHNZYM)XE_O.A`_.KWA+_D9+/_`'F_]!-:
M^B>*D>"XAUV?S8V`"YCSD'.0<#ITK*\+[?\`A*;7R_N;VV_3::T<I.,E)$V5
MU8]0HHHKSS<J7@$CPP$_??<1[+S_`#Q^=5E-PNL/<%P;1E6$(/X6'.[\SM_*
MKDD#FY$R.JD+M^9<]\^H]ORI&MMUJT+,26R=PX().<C\:`.0O_!KW&IW+6]U
M'&C-Y@5P<@-_]?-:^DVCZ;H4-M;&*2XN')#.I*'.3DCKC:/Y5JR6LLC[FF4'
M8R95,=?QI\=NR.C,R$(I50J[0.GN?2M)5)-69*BEJ9DEIKIC*PW&GP$C[T<+
M9_4U4T;2KK3;/429UDNIW\M9CG&>F?P)/Y5TW:JL5K*GEAY0ZHQ;[F"Q.>O/
MOFESNUAV,6'199/#D>E2.K;)\.XX^4/N/Z59DA>ZU?3VC=5LX-S)$/X\#&[Z
M#(Q6E);2-YH$P5)#E@%YZ`$9SWQZ4K6[B821,BX4(`4S@>W(_P`BES,+&))8
M/-XH@U5G4P*Q@5<<@A6Y_P"^LBJUWHSS>)WU">>#8CJ4BF8C("C'/IFNE2V4
M6PA89`[]R<YS]<\TB17**%%PK`="\>2?K@@?I34V%D4+N(W6CF/RX8;BZ!C0
MJ,@9SST_N\UD:+X0N=-U6"[>ZB=8R2553DY!']:Z<0.TR2RR!BF=H5<`$]^I
M]_SJ<]*%.44TA.*84M(N2HR,''(]*6H*"BBB@`HHHH`****`"BBB@`HHHH`*
****`"BBB@#__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>16
<FILENAME>exhibit99-7x4x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-7x4x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`$B`<\#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`*J:C?PZ=:&>>2-!G:N]PH+=AD]*MTA`((
M/(-`&?\`V@[Z=;7D87RY(Q)(P&\*,9/0_P"<5+97CW+9*J(WW&/'7Y6VG/Z&
MI6L[=D1&B!1``J]@/3Z>U.C@BB=WC0*S_>([_P"<F@!QD0-M+KNZXSS2[T_O
M+^=)_P`MC_NT^@!N]/[R_G1O3^\OYTZB@!N]/[R_G1O3^\OYTZB@!N]/[R_G
M1O3^\OYTZB@!N]/[R_G1O3^\OYTZB@!N]/[R_G1YB?WU_.G44`-WI_>7\Z-Z
M?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE
M_.L_7]4&D:7)<`;IF^2!,$[Y#]T8%9'A_4=2L]5;1]=E\R>9//MY/7/+)^!S
M^7IB@#I]Z?WE_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SI
MU%`#=Z?WE_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SIU%`
M#=Z?WE_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SIU%`#=Z
M?WE_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SIU%`#=Z?WE
M_.C>G]Y?SIU%`#=Z?WE_.C>G]Y?SIU%`#=Z?WE_.CS$_OK^=.HH`0$$9!!'M
M2TU/N_B?YTZ@`HHHH`****`"BBB@!G_+8_[M/IG_`"V/^[3Z`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"BBB@`IKLJ(SNP55&22<`"G5SOBFXDN)+30K9BL
MNH,1*X/*1#EOS&1^=`$&EA_$FL_VO,"-.M&*6<9!&]N\G^'_`-:M'Q+ILE[8
MK<6@Q?V;>=;-[CDK^(&/RK2M;:*SM8K:W0)%$H55'8"IJ`,_0]5AUG2XKR'`
M+##IG)1AU'^>V*T*YA['4=#UFXNM)L_MEE=_/+;B0(8Y.[+GU]/\!4I\865N
MY34[6\T]AQF:$E3]"N<T`=%13(98YX4FB</'(H96'0@\@T^@`I"<#)Z4M8OB
MV\-KH%PB9,US_H\2CJS/QQ^&3^%`&K;SPW4*S6\J2Q-]UT8,#^(J6N6\%B;3
MI+_0;EP[63AHV'\2/S_GZUU-`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`-3[OXG^=.IJ?=_$_SIU`!1110`4444`%%%%`
M#/\`EL?]VGTS_EL?]VGT`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`#)
MI8X(7FE8)'&I9F/0`<DUSGA:-]1O+SQ#.FW[6?+ME/5(EX_4C]/>I/%ERT\=
MOH=K(%NM1;8W^Q$.6;\AC\ZWK>".VMXX(5"1QJ%51V`H`DHHHH`*BN(([FWD
M@E7='(I1AZ@BI:*`.=\%SRKILVF77_'SITIA;GJO53].H'TKHJYBX_XE/CF"
M?<1!JL1B<9X\Q,8/Y8`^IKIZ`"N:OW?4O&=C9)AK?3T-U-_OGA1]1P?Q-=#/
M,EO!)-*VV.-2['T`&37/^#(I)K6[U:X3;-J,YE7)R1'T4?S_``Q0`:TO]G^*
M=)U,`K'.3:3D=\_<_7^5=)63XHLWOO#]W%%GSE7S(R.NY3N&/?C'XU8T6_&I
MZ/:7@(S+&"V.@;HP_,&@"]1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`-3[OXG^=.IJ?=_$_SIU`!1110`4444`%%%%`#/\`
MEL?]VGTS_EL?]VGT`%%%%`!1110`4444`%%%%`!1110`4444`%%%4M9O/[/T
M>[N\@&*)F7/3=C@?GB@#'T(?VEXEU757Y6!OL4'L%Y;]?YUTM8_A6R^P^'K1
M&SYDJ>=(6ZEFY.?SQ^%;%`!1110`4444`8GBZW>31'N80#/8NMU&3V*')_3-
M:EC=)>V4%U']R:-7'XC-221K+&T<BAD<%6!Z$&N+TL>(+2*;0K"U,20S2!+V
MX4[%BSQM]3UH`U_%]V/[-&FPS*MW?NL"*#EMK'YCCTQD9]ZVK6WCM+6&VA&(
MX4"*/8#`K,TCPY9Z9*;EV>[OFY:YG.Y\XQQZ5LT`)7,^%=NG:GJNAGY1#+Y\
M"G/^K;'`^G'YUT]<WK`:R\7Z1?`$1W*M9R'MSRH_$_RH`Z2BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`:GW?Q/\Z=34^[^)
M_G3J`"BBB@`JKJ(NC:,MFJF1N#E]I`[X.#S5JB@#'DCNGTRV5A.+A;?HCMD2
MX&,D=>^<\>M6-/CF69S-YF\EO,W$E3\QV[>WW?3VS6A10!%E_/.%7&WU]_I3
M\O\`W5_/_P"M2?\`+8_[M/H`;E_[J_G_`/6HR_\`=7\__K4ZB@!N7_NK^?\`
M]:C+_P!U?S_^M3J*`&Y?^ZOY_P#UJ,O_`'5_/_ZU.HH`;E_[J_G_`/6HR_\`
M=7\__K4ZB@!N7_NK^?\`]:C+_P!U?S_^M3J*`&Y?^ZOY_P#UJ,O_`'5_/_ZU
M.HH`;E_[J_G_`/6KGO%<C7#:=I.P-]NN5WC/6-"&;^E='7-6V[4O'=U,<&'3
M(!$G/\;\D_ED?E0!T0W`8"KCZ_\`UJ7+_P!U?S_^M3J*`&Y?^ZOY_P#UJ,O_
M`'5_/_ZU.HH`;E_[J_G_`/6HR_\`=7\__K4ZB@!N7_NK^?\`]:C+_P!U?S_^
MM3J*`&Y?^ZOY_P#UJ,O_`'5_/_ZU.HH`;E_[J_G_`/6K$\7P23>'YY8\+-:D
M7,;`\JR'.?RS6[4=Q"ES;RP2C,<J%&'J",&@".SN?M=G!<QA=DT:N/F[$9]*
MFR_]U?S_`/K5SW@>4KH\NGR$&:PGD@;GW)!^G)'X5T=`#<O_`'5_/_ZU&7_N
MK^?_`-:G44`-R_\`=7\__K49?^ZOY_\`UJ=10`W+_P!U?S_^M1E_[J_G_P#6
MIU%`#<O_`'5_/_ZU&7_NK^?_`-:G44`-R_\`=7\__K49?^ZOY_\`UJ=10`W+
M_P!U?S_^M1E_[J_G_P#6IU%`#<O_`'5_/_ZU&7_NK^?_`-:G44`-R_\`=7\_
M_K49?^ZOY_\`UJ=10`W+_P!U?S_^M1E_[J_G_P#6IU%`#<O_`'5_/_ZU&7_N
MK^?_`-:G44`,CSMYZY/\Z?34^[^)_G3J`"BBB@`HHHH`****`&?\MC_NT^F?
M\MC_`+M/H`****`"BBB@`HHHH`****`"BBB@`HHJO?7MOI]I)=74@CBC&23_
M`"'J:`'75Q':6TMQ,P6.)2S$GL*P_!%NZ:']LG),]]*UPY(]3@?A@9_&JUM;
M7GBJX%WJ2-!I"G,%FW#38Z._M[?_`*SU*JJ*%4!5`P`!@`4`.HHHH`****`"
MBBB@`HHHH`****`"BBB@#F;=AIWCVY@/":G;K*O'\:9!'Y`FNFKG?%@-K-I6
MJKQ]DN@LC?W8W^5C_+\ZZ*@`HHHH`****`"BBN:UNXFU37;;0K6::*)5,U[)
M"<%5_A7/;)_F*`.@N+B"UC,EQ-'#&.K2,%`_$T6US!=PB:VFCFB/1XV#`_B*
MR(O"&A1/O-B)7[M*[/GZY.*HWNG3>&[@ZGHL;&R)S=V2\Y']Y/0C.<>WI0!U
M5%5M/OK;4K..ZM)!)$XX([>Q]#5F@`HHHH`****`"BBB@`HHHH`****`&I]W
M\3_.G4U/N_B?YTZ@`HHHH`****`"BBB@!G_+8_[M/IG_`"V/^[3Z`"BBB@`H
MHHH`****`"BBB@`HHHH`*Y:]"ZUXTAL)%+VFFQ>=*I'RM(V-H/8X!!'XUTMQ
M-';6\D\K;8XU+L?0`9-8/@N"1M.FU2Y_X^-2E,S<8VKDA1].I'UH`Z&EHHH`
M****`"BBB@`HHHH`****`"BBB@`HHHH`R?%-M]K\-:A%C/[EG`]U^8?RJQHE
MTU]HME<N07EA5G(_O8Y_7-7'4.C(PR&&#7.^!9'70WL91B2QN)(&YZX.<_KC
M\*`.DHHHH`****`*NIWT>FZ=<7DO*PH6QG&X]A^)XK+\)Z?+!92:A>Y-_J#>
M=,3_``C^%1Z8!Z?AVJMK!_MSQ#;Z(`&M;;%S=G/7'W4_4'_]5=-0`M)2T4`<
MI?VH\+ZC%JEC^[TZ>01WD`^XF>`X';!ZUU0(8`@@@\@BH;VUBOK.:UG&8YD*
M-]#6'X6NIK66XT"^)-Q9<PN?^6L/\)_#@?EZ&@#HZ***`"BBB@`HHKG[[Q#=
M)K$VG:9I37\D"*TS"81A">@Y'/&/\B@#H**YBX\1:U:0/<77AIT@C&YV%XC;
M1W.`*Z*VN(KNVBN(&WQ2J'1O4'I0!+1144ES#%-%#)*BRS9$:$X+X&3@=\4`
M/3[OXG^=.IJ?=_$_SIU`!1110`444R658EW,&.2!A5+']*`'T5"MS$\<3H2P
MF7<G!Y&,_AUHAN8IF98V)QGG!`.#@X]>10`__EL?]VGTS_EL?]VGT`%%%%`!
M115:VO[6ZGN(+>=));=@LJJ?N$]O\^AH`LT444`%%%%`!1110!@>+Y7?3HM-
M@.)]1E6!3_=7JQ^F!C\:VK>".VMXH(5VQQ($4>@`P*YV)O[7\<NZOFWTB+:`
M.AE<$']./JM=/0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%<QHSFT\
M::U8[2$G5+E/3H`Q_-OTKIZYO5/]$\;:1<C@74,ENY^GS#]30!TE%%%`!5>_
MNX[&QGNY?N0QER/7`Z58KF_%$GV^\T_04P1=R>9<<](D.3^>/TH`D\'V<B:=
M)J-UM-UJ+_:'([*?NK],?SKH*15"J%4``#``[4M`!1110`5SOBJT>`0Z]9J#
M=Z?DL#_RTB_B4_3)/YUT5-=%D1D=0RL,$'H10`RVN([JVCN(6#1RJ&4CN#4M
M<UX1D:S-YH,[`RZ>^8SGEXVY!_#/ZBNEH`****`([B9+>WDGE.(XD+L?0`9-
M8'@J&9]-GU.Z`^T:C,9C[+T4?3KCV-2>,9V_LE+"$D3:A,ELA'8$\D^V./QK
M:MX([:WB@A7;'$@1!Z`#`H`?(BRQM'(H9&!#*1D$>E<SX;D;1]4N?#D[,8T_
M?63O_%&>J^Y!S^M=16!XKM'^SP:M;`FYTQ_.`!QO3^-?R'^<T`;DLB0Q/+*X
M2-`69F.``.]<UX?CDUO4W\17098@#'8Q,?N+T+'W//Z^U1ZIJ2^)&L]'TZ1A
M'=QB>ZE7_EG%_=^I.!_^NNIBB2&)(HD"1H`JJ!@`#M0`J?=_$_SIU-3[OXG^
M=.H`****`"HKF'SX6C)7:PPRLH96'<$'J*EHH`I2:>)+1;;>!&(S&?D!.T]<
M>G3Z>U/M;,6S<.64;M@(Y7<VX\]^?Y5:HH`BV`SDY;[O]X^M/V#U;_OHTG_+
M8_[M/H`;L'JW_?1HV#U;_OHTZH+V[AL+.6ZN7V11+N8T`97B749+.VCL[$,^
MHWA\N!0QROJY]A6/X?T[^P/%1L&E>3[79"5W+'YI0QS_`%K0\,VMQ>7,WB#4
M5VS72A;>+.?*B[?B>O\`^NI/$.RUU?1-1?@)<-`Q]I%(&?Q%`&]L'JW_`'T:
M-@]6_P"^C3J*`&[!ZM_WT:-@]6_[Z-.HH`;L'JW_`'T:H:SJ$&DZ;+=RMRJG
MRU9R-[8)"_CBM&N9ULQZQXBL=&PKQVQ^V7`P#C'"J?KDY'N*`+7A32Y+#2`]
MUG[9=,9YSDYW-S@^X'ZYK:V#U;_OHTM+0`W8/5O^^C1L'JW_`'T:=10`W8/5
MO^^C1L'JW_?1IU%`#=@]6_[Z-&P>K?\`?1IU%`#=@]6_[Z-&P>K?]]&G44`-
MV#U;_OHT;!ZM_P!]&G44`-V#U;_OHT;!ZM_WT:=10`W8/5O^^C1L'JW_`'T:
M=10`W8/5O^^C7/\`C("WTZUO_FQ97D4S8)R5S@C]:Z*LOQ-`MSX;U&-EW?N&
M8#W49'Z@4`:(4$9!/_?1I=@]6_[Z-9NCZE#)X;M+^>91&+=3)(>`"!AOU!K'
MB_M'Q5<^>EQ=:=I"9\IH6V2SGU]AQ_GL`=0^R-&>1]J*,EBQ``KG/"\7]I7U
M]K\@8+<MY5L"3E8UX/YD=/:I/^$-L9,BZO=1NP>HFN21^@%;MI:PV5K';6R"
M.&)=JJ.PH`DV#U;_`+Z-&P>K?]]&G44`-V#U;_OHT;!ZM_WT:=10`W8/5O\`
MOHT;!ZM_WT:=10!S.NP?V=K^FZR@(B9OLMT0Q^ZW"D^P/]*Z38/5O^^C5+7+
M`:IHUW9X&Z6,A,GHPY4_F!6%8>*HX]#MXF5I]67_`$?[*/OM(O&3Z#N30!T=
MQ<VMJT:W-S'"9#A!)+MW'T&3S4^P>I_[Z-<S:>%CJ.^\\2M]JNYA@1*Q"0#^
MZN#U]_Y]2?V5K>AY;1[LW]J,?Z'=GY@/]E_Z<#ZT`!4ZGX[&UF\C28>>?^6C
MC_#^5=-L'JW_`'T:Q/">GSV=C/<WT7EWM[.TTPX)&2<#CMW_`!K=H`;L'JW_
M`'T:0QJP(.2#P02:?10!E:-X?L=%-P;-7!G?<Q9N@[*,=AS6GL'JW_?1IU%`
M#(QA<>Y_G3Z:GW?Q/\Z=0`4444`%%%%`!1110`S_`);'_=K'\/ZE=75WJ=C?
M8^T6<Y`(7&Z-LE#^0_E6Q_RV/^[7/ZF5TSQ9I]]RL=\K6DQ[;N"A^N>/I0!T
M=<WXP#7BZ?H\?6^N!Y@'_/-/F8_AP:Z2N<T]UU+QGJ%QG='I\2V\9SD;FR6/
MU&,4`=$!@8'2L/QK"\WA:\\L?O(PLBGTVL"3^6:W:CGB2>"2&09212K#V(Q0
M`VTN$N[2&XC.4E0./H1FIJYWP+<&7PY'!)GS;21X)`>Q!R!^1%=%0`4444`0
M7MU%8V<UU<,%BB4LQ^E8O@^VF-G/JUV`+G4I/.(_NI_`/R_0BD\6?Z:UAHJ<
MF^G!D&>D2?,W]*Z!%5$"(H55&``,`"@!U%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4A`8$$9!X(I:*`.%T/P]J-SBPU/,>D6,S[(2,&X.XD$_[
M/.?0_K7<@`#`&`*6B@`HHHH`****`"BBB@`HHHH`*H6NCV%G?SWMO;*ES.29
M),DDYZ]>GX5?HH`****`"BBB@`HHHH`****`&I]W\3_.G4U/N_B?YTZ@`HHH
MH`****`"BBB@!G_+8_[M9/BS3VU'P_<QQ?ZZ,"6(CKN7GCW(R/QK6_Y;'_=I
MU`&/:ZVLGA-=8;:S+;F1AT!<#D?]]#%1^#;1[;P]#)./W]TS7$A]2QR#^6*Y
M6\MI8M7F\*QHR6MY>I<*5X'E$98#V&!C_=->C*`JA5&`!@`4`+1110!S6A,M
MIXLURP^Z)"ES&OKD?.?S(KI:Y[42MIXTTNXQ_P`?<$MNQ^F&%=#0`445F^(=
M1_LK0[N\!`=$Q'W^8\+^I%`&5HQ_M3Q;J>I8)AM0+.$]B1R_Z_SKIZRO#.G'
M2]!M;9_];MWR'_:;D_EG'X5JT`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`#4^[^)_G3J:GW?Q/\Z=0`4444`%%%0W,ACC!5T0YP-W\7L.1R:`)J
M*S)M0ECL(YLQ!S`9#D'!88^4<]\G%365W)</APH^_E0.4PY49^O]#0!:_P"6
MQ_W:?4!EQ<%=CGY>H''6G^;_`+#_`)4`1/8VKW\=\\*FZC0HDAZA3V_SZGUJ
MS4?F_P"P_P"5'F_[#_E0!)14?F_[#_E1YO\`L/\`E0!E>*+&:[TP36G_`!]V
M<@N(.,Y9>WXBK>C:E%J^EP7D1'SK\ZC^!NX_`U:\W_8?\JYB,GP]XG("2#3=
M4;//2.X]!Z9_STH`ZNN<U_9J>N:;HI7?&&^UW`S_``+D*#[$FK/B#7#IEND5
MM"TU_<G9;PX^\?4^PS3?#^E?V;$]S<B2;4;GY[B8@=?[H]A0!N45'YO^P_Y4
M>;_TS?\`*@"2BH_-_P!A_P`J/-_V'_*@"2BH_-_V'_*CS?\`8?\`*@"2BH_-
M_P!A_P`J/-_V'_*@"2BH_-_V'_*CS?\`8?\`*@"2BH_-_P!A_P`J/-_V'_*@
M"2BH_-_V'_*CS?\`8?\`*@"2BH_-_P!A_P`J/-_V'_*@"2BH_-_V'_*CS?\`
M8?\`*@"2BH_-_P!A_P`J/-_V'_*@"2BH_-_V'_*CS?\`8?\`*@"2BH_-_P!A
M_P`J/-_V'_*@"2BH_-_V'_*CS?\`8?\`*@"2BH_-_P!A_P`J/-_V'_*@"2BH
M_-_V'_*CS?\`8?\`*@"2BH_-_P!A_P`J/-_V'_*@"2BH_-_V'_*CS?\`8?\`
M*@"2BH_-_P!A_P`J/-_V'_*@"2BH_-_V'_*CS?\`8?\`*@"2BH_-_P!A_P`J
M#+_TS?\`*@!R?=_$_P`Z=3(SE,X(Y/7ZT^@`HHHH`*:Z*ZE74,IZ@C(-.HH`
M88HSC,:G:01D=,=*54169E50S?>(')^M.HH`9_RV/^[3Z9_RV/\`NT^@`HHH
MH`****`"L_7-+CUC2Y;1SM8_-')CE''0_P">V:T**`,#0=%N8)VU+6)5N-2=
M=@(Y6)1QA?KW_P#UYWZ**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`HHHH`:GW?Q/\Z=34^[^)_G3J`"BBB@`HHHH`****`&?\MC_NT^F?\MC_
M`+M/H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`:GW?Q/\Z=34^[^)_G3J`"BBB@`HHHH`****`&?\MC_`+M/
MIG_+8_[M/H`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HH
MHH`****`"BBB@`HHHH`:GW?Q/\Z=34^[^)_G3J`"BBB@`I&(4$L0`.YI:@ND
M:2(!(XY&W`C?T'O]10!*SHH!9E`/0D]:4,"2`02.HSTJE/:.;:..W&UXDQ&Q
M;&T\8R,8-%C:26[?O"I(WY8'E\N6&?I_4T`6_P#EL?\`=I],*'?NWL.,8XQ_
M*EVG^^WZ4`.HINT_WV_2C:?[[?I0`ZBF[3_?;]*-I_OM^E`#J*;M/]]OTHVG
M^^WZ4`.HINT_WV_2C:?[[?I0`ZBF[3_?;]*-I_OM^E`#J*;M/]]OTHVG^^WZ
M4`.HINT_WV_2C:?[[?I0`ZBF[3_?;]*0(0`-[''KC_"@!]%-VG^^WZ4;3_?;
M]*`'44W:?[[?I1M/]]OTH`=13=I_OM^E&T_WV_2@!U%-VG^^WZ4;3_?;]*`'
M44W:?[[?I1M/]]OTH`=13=I_OM^E&T_WV_2@!U%-VG^^WZ4;3_?;]*`'44W:
M?[[?I2%"2/G;CZ?X4`/HINT_WV_2C:?[[?I0`ZBF[3_?;]*-I_OM^E`#J*;M
M/]]OTHVG^^WZ4`.HINT_WV_2C:?[[?I0`ZBF[3_?;]*-I_OM^E`#J*;M/]]O
MTHVG^^WZ4`.HINT_WV_2C:?[[?I0`ZBF[3_?;]*-I_OM^E``GW?Q/\Z=35&T
M8R3]:=0`4444`%%%%`!1110`4444`%%%%`!1110`4444`9U])*)V2W>;SO+R
MHVG9G!P,XP23CKTQV[LC>22WWV\ESM%Q'CS$(9E.W</F&<<D_GVXK4HH`SM-
MDE>:02F;<"V\2(0H.\[=N1@\>G;![\Z-%%`!1110`4444`%%%%`!1110`444
M4`%%%%`"'H>U84UQ-]C+PR7N""%_=,9"VPX)&.,GMTX'3)%;U%`%)UN#/=@3
M2*K0H8\*,(WS9V\<G@=<U-9&1K&W,V?,,:E]PP<XYS4]%`!1110`4444`%%%
M%`!1110`4444`%%%%`!5+4W*P*%>9'8D*8U)P<'!.`>!U]^!5VB@#(@>\DDF
M1GF1\3;FV\#YOW97(QG;Z?CS3[>61GLUD:<3>4C2;E.WIR.F,Y_*M2B@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"
MBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`__
!V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>17
<FILENAME>exhibit99-7x5x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-7x5x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`$3`;4#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#OR<`D]J9Y
MOHC_`)4Z3_5M]#1'_JU^@H`;YO\`TS?\J/-_Z9O^54X]5CD,(\IU,AQ@_P`/
MS%>W'4>OTS3VU!1*L8C),C,L?/4JV&SZ4`6?-_Z9O^5'F_\`3-_RHMYEN+>.
M9`0LBA@#UP1FG;Q[_D:`&^;_`-,W_*CS?^F;_E3MP]_R-&X>_P"1H`;YO_3-
M_P`J/-_Z9O\`E3MP]_R-,EN(H5#2N(U)P"W'-`"^;_TS?\J/-_Z9O^5.W#W_
M`"-&X>_Y&@!OF_\`3-_RH\W_`*9O^5.W#W_(T;A[_D:`&^;_`-,Y/RH\W_IF
M_P"5.W#W_(T;A[_D:`&^;_TS?\J/-_Z9O^5.W#W_`"-&X>_Y&@!OF_\`3-_R
MH\W_`*9O^5.W#W_(T;A[_D:`&^;_`-,W_*CS?^F;_E3MP]_R-&X>_P"1H`;Y
MO_3-_P`J/-_Z9O\`E3MP]_R-&X>_Y&@!OF_],W_*CS?^F;_E3MP]_P`C1N'O
M^1H`;YO_`$S?\J/-_P"F;_E3MP]_R-&X>_Y&@!OF_P#3-_RH\W_IF_Y4[</?
M\C1N'O\`D:`&^;_TS?\`*CS?^F;_`)4[</?\C1N'O^1H`;YO_3-_RH\W_IF_
MY4[</?\`(T;A[_D:`&^;_P!,W_*CS?\`IF_Y4[</?\C1N'O^1H`;YO\`TS?\
MJ/-_Z9O^5.W#W_(T;A[_`)&@!OF_],W_`"H\W_IF_P"5.W#W_(T;A[_D:`&^
M;_TS?\J/-_Z9O^5.W#W_`"-&X>_Y&@!OF_\`3-_RH\W_`*9O^5.W#W_(T;A[
M_D:`&^;_`-,W_*CS?^F;_E3MP]_R-&X>_P"1H`;YO_3-_P`J/-_Z9O\`E3MP
M]_R-&X>_Y&@!OF_],W_*CS?^F;_E3MP]_P`C1N'O^1H`;YO_`$S?\J/-_P"F
M;_E3MP]_R-`8$]_RH`;YO_3.3\J<C!T#`$9[&G4R+[@^I_G0`^BBB@!LG^K;
MZ&B/_5K]!1)_JV^AHC_U:_04`0I96Z8VQ#@YZGUS^/))^M+]D@Y_=CGGZ=^/
M3GTJ>B@!JJJ*%4`*!@`=`*%ZM]?Z"G4U>K?7^@H`=1110`E9RQ#4YY)91FV4
M&.,=F/=OZ"I-0D>5TLH20\HR[#^%.Y^O85;BC6*-8XQM51@#T%4M%<G=E;3I
M#Y36\A)E@.PYZL.Q_$5<K/O0;6ZCOE'R_P"KF_W?7\#5\$$`@Y!HEW&NPM%%
M%2,****`"BBB@`HHHH`***9+(D,322,%11DD]J`(IKR"&XB@D<"27[HJQ67'
M9?;+::>8%9KCE">L8'W?IZU;L9S/;*7XE4[)!Z,.M4TK:$IEFBBBI*"BBB@`
MHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"B
MBB@`ID7W!]3_`#I],B^X/J?YT`/HHHH`;)_JV^AHC_U:_042?ZMOH:(_]6OT
M%`#J*R[6&ZV6JN9L(\C2,[G)`)VCWSD?@*:8[MIE8^>$WL91O/*[ODVX/8=<
M4`:U-7JWU_H*CM%E6SA6<YE$:ASG/..:<H?+?,.OI[?6@"2BFX?^\OY?_7J.
MXD,%O)*S+A%+=/3\:`*]D#)>7=PW]\1)]%Z_J35ZJFGQRI8PAR-Y7<V1SD\G
M]35G#_WE_+_Z].6XEL$B+)&T;C*L""/:JVF$_8E0G)B+1G/^R2/Y"K.'_O+^
M7_UZIV`=9KR,D968MT[,`::V8/<O44W#_P!Y?R_^O1A_[R_E_P#7J1CJ*;A_
M[R_E_P#7HP_]Y?R_^O0`ZBFX?^\OY?\`UZ,/_>7\O_KT`.HIN'_O+^7_`->C
M#_WE_+_Z]`#JS[D&^O%MA_J(2'F/9CV7^IJY(_E1M([J%0$DXZ"JVFHXM1(Q
M`>9C*P(]?_K8JEIJ2]="Y5"7_0M1$_\`RQN,))Z*PZ'\>GY5>P_]Y?R_^O4<
M\`N(7AEVE'&",?\`UZ2=AM$U%9XL[R$?Z/?,1_=F7?\`KUH^V7%N2+Z((H_Y
M;1@LGX]Q3Y>P7[FA14<;B6,/'(CH>A49!_6G8?\`O+^7_P!>I&.HIN'_`+R_
ME_\`7HP_]Y?R_P#KT`.HIN'_`+R_E_\`7HP_]Y?R_P#KT`.HIN'_`+R_E_\`
M7HP_]Y?R_P#KT`.HIN'_`+R_E_\`7HP_]Y?R_P#KT`.HIN'_`+R_E_\`7HP_
M]Y?R_P#KT`.HIN'_`+R_E_\`7HP_]Y?R_P#KT`.HIN'_`+R_E_\`7HP_]Y?R
M_P#KT`.HIN'_`+R_E_\`7HP_]Y?R_P#KT`.HIN'_`+R_E_\`7HP_]Y?R_P#K
MT`.HIN'_`+R_E_\`7HP_]Y?R_P#KT`.HIN'_`+R_E_\`7HP_]Y?R_P#KT`.H
MIN'_`+R_E_\`7H`;/)&/I0`ZF1?<'U/\Z?3(ON#ZG^=`#Z***`&R?ZMOH:(_
M]6OT%$G^K;Z&B/\`U:_04`.HHHH`*:O5OK_04ZFKU;Z_T%`#JH:I^]6"U'6:
M4;A_LCD_R_6K]4(_W^L22`Y6WC$8_P!X\G],54=[DR[%^BBBI*"J,9*:U,G:
M2%7_`!!(_P`*O51N<1ZI:2G^,-$?YC^55$3+U%%%2,****`"BBB@`HHHH`H:
MGF8PV:\^<WS^R#D_T'XU>`P,#I5*T'GWUS='H#Y*?0=3^?\`*KU5+L)=PHHH
MJ1A24M%`&;<P?8I1>6R$*/\`71IT8>H'J*T$=9$5T8,K#(([TM4+4_8KDV;\
M1/EH#^I7\*KXD3LS0HHHJ2@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`
M****`"BBB@`HHHH`****`"F1?<'U/\Z?3(ON#ZG^=`#Z***`&R?ZMOH:(_\`
M5K]!1)_JV^AHC_U:_04`00WUM.4$<F2^=HVD'@D?S!_*E-[;APA<[B2`-IY(
M.#CCG!J*/3(8P`'D.#DY(YPQ8=NQ)-._L^+>K[Y-R,60Y'RDG+8X[GUH`L12
M)-$DD;;D<!E/J#2KU;Z_T%)#$L,*11C"(H51["D5%RWRCKZ>U`$E4M*4&V>;
M_GM*\GZX'Z`5//LB@DDVK\BENGH*CT^%8]/MU*C(C7/'?%5T%U+5%-V)_=7\
MJ-B?W5_*I&.JAJPQ%;R_\\IT8_3.#_.KNQ/[J_E574H5?3K@!1GRR1QW`S51
MW%+8N45!;;);6*3:OSH&Z>HJ78G]U?RJ1CJ*;L3^ZOY4;$_NK^5`#J*;L3^Z
MOY4;$_NK^5`$=S<1VR!I,_,=JA1DL?055S?W?3%G%[X:0_T%(%%SJQ^4&*V7
M'3^,_P"`_G5_8G]U?RJOA)W&V\*V\"1)G:HQD]3[U)3=B?W5_*C8G]U?RJ2A
MU%-V)_=7\J-B?W5_*@!U%-V)_=7\J-B?W5_*@!U4M7C+Z?(R#]Y'B13Z$'-6
M]B?W5_*D:-&4@H,'CI33L[B:NK"HXD177HPR*=5'2D']GQHR@M'E#D>A(JYL
M3^ZOY4-6=@3NAU%-V)_=7\J-B?W5_*D,=13=B?W5_*C8G]U?RH`=13=B?W5_
M*C8G]U?RH`=13=B?W5_*C8G]U?RH`=13=B?W5_*C8G]U?RH`=13=B?W5_*C8
MG]U?RH`=13=B?W5_*C8G]U?RH`=13=B?W5_*C8G]U?RH`=13=B?W5_*C8G]U
M?RH`=13=B?W5_*C8G]U?RH`=13=B?W5_*@*H.0H!^E`#J9%]P?4_SI],B^X/
MJ?YT`/HHHH`;)_JV^AHC_P!6OT%$G^K;Z&B/_5K]!0`ZBBB@`IJ]6^O]!3J:
MO5OK_04`4]98C3)54_,^$'XD"KH&``.@JEJ.))[*#N\V_P#!03_A5ZJ>R$MV
M%%%%2,*:ZAT93T(Q3J*`*FEG_B7Q+_<!3_ODD?TJW5+3N&NXS_#<-^1P?ZU=
MJI;BCL(2`"2<`50>ZFO&,=C\L?1K@C@?[H[_`%Z4NK?O88K4=9Y`I'^R.3^@
MJ\`%`"@`#@`=J%HKBW=C.@+V%R+>:1I(9N8Y'/(;NI^O6KT\JP0/*_W44L:2
MY@2Y@:*095A^1]:R]\EU)#IT^3)$^Z5B.'1>A_$XII<VHOAT+VFQLEHK2#$D
MI,C_`%/-6Z**EN[N4E8****0PHHHH`****`"BBB@"C9YCU"]A/`++*OOD8/Z
MBKU4+C,6K6DO:16B8_J/Y&K]5+N)=@HHHJ1A1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4R+[@^I_G3Z9%]P?4_SH`?1110`V3_5
MM]#1'_JU^@HD_P!6WT-$?^K7Z"@#*MKJZ=K=Y90R%F5U3`).X@'&#Q@#H1^-
M*UW<--A92L<C,K$*/W(#84C(_B'/.:UJ*`(;1Y)+2&29=LC(I8>AQS3E8Y;Y
M3U]O2I*:O5OK_04`49"9-:A&TXBA9NW<@?T-7MQ_N-^E4[1O,U*]?LNR,?@,
MG^=7JJ782&[C_<;]*-Q_N-^E.HJ1C=Q_N-^E&X_W&_2G44`9ZLUOJ[[E.RZ0
M%>GWEZC\OY5>W'^XWZ55U.(O:^8@S)`1*GU';\LU8@E6>!)4^ZZAA^-4]5<E
M:.Q3R9]8W;25MH\8XX9O_K#]:O;C_<;]*K6$97[1(WWI9F/X`[1_*K=$AH;N
M/]QOTI,\YV'/KQ3Z*D8W<?[C?I1N/]QOTIU%`#=Q_N-^E&X_W&_2G44`-W'^
MXWZ4;C_<;]*=10`W<?[C?I1N/]QOTIU%`#=Q_N-^E&X_W&_2G44`9^K[OL)E
M5&W0NLHZ=CS^F:NA\@$*2#]*)$$D3QMT8$'\:S[66\M+>.&:R9UC4+OB<-G'
ML<52U1.S-'<?[C?I1N/]QOTJO!?PSR>7\\<G79*I4GZ9ZU:I--;C3N-W'^XW
MZ4;C_<;]*=12&-W'^XWZ4;C_`'&_2G44`-W'^XWZ4;C_`'&_2G44`-W'^XWZ
M4;C_`'&_2G44`-W'^XWZ4;C_`'&_2G44`-W'^XWZ4;C_`'&_2G44`-W'^XWZ
M4;C_`'&_2G44`-W'^XWZ4;C_`'&_2G44`-W'^XWZ4;C_`'&_2G44`-W'^XWZ
M4`DG[I'Y4ZB@`ID7W!]3_.GTR+[@^I_G0`^BBB@!LG^K;Z&B/_5K]!1)_JV^
MAHC_`-6OT%`#J*8)$.W#J=QPO/7Z4&6,;LR*-O7GI0`^FKU;Z_T%*"",CD&F
M,XC25ST7)_2@"KI:_NIY?^>L[L/IG`_E5ZJNF)LTVV!Z^6"?J1FK55+<4=@H
MHHJ1A1110`E9UO.+-+R&3I;YD4>J'D?KD5I5G:G8/=2PO'@<[)?]J/(./T_6
MJC;9DRONBU9;OL4&\88QJ6^N.:GI*6I904444`%%%%`!1110`4444`%%%%`!
M1110`4444`0W-M%=1>7,FX=1Z@^H/:JL<L]E-'!<GS87;;',3\V>P8?UK0JI
MJ<)FL9`OWT^=/J.151?1DM=46Z*CMY1/;QS+T=0P_&I*DH****`"J]]<?9;9
MI%&Z0_*B_P!YCT%6*H`&[U0L1F&UX7WD/7\A_.JBNXF1Q37&G[$O7,L+8_??
MW&[AO;T-:0((!!R#0RAE*L`01@@]ZHBUN[8%+.:(Q9RJ3*3M]@0>E&DA:HOT
M50,VHQ#=+;0RJ.ODN=V/8$58M[J&Y7,;<CJAX9?J.U)Q:'<GHHHI#"BBB@`H
MHHH`****`"BBB@`ID7W!]3_.GTR+[@^I_G0`^BBB@!LG^K;Z&B/_`%:_042?
MZMOH:(_]6OT%`&7:Z9-&+9G,*F!V8(N6`!W=#QC[P'3M3C87'FK(#$6B=G0;
MB`^YMQ#<<8[=:U**`(;6'[/:PP;MWEH$SZX&*5HDD61'R5;@C<>1BI::O5OK
M_04`(L:JH49``P!DTNP>K?\`?1IU%`#=@]6_[Z-&P>K?]]&G44`-V#U;_OHT
M;!ZM_P!]&G44`-V#U;_OHT;!ZM_WT:=10`W8/5O^^C1L'JW_`'T:=10`W8/5
MO^^C1L'JW_?1IU%`#=@]6_[Z-&P>K?\`?1IU%`#=@]6_[Z-&P>K?]]&G44`-
MV#U;_OHT;!ZM_P!]&G44`-V#U;_OHT;!ZM_WT:=10`W8/5O^^C1L'JW_`'T:
M=10`W8/5O^^C1L'JW_?1IU%`#=@]6_[Z-&P>_P#WT:=10!0TT!5FM^1Y,I51
MD_=/(_G^E7=@]6_[Z-4G)AUE#_!<1E3_`+R\C]":OU4M[B78;L'JW_?1HV#U
M;_OHTZFNRHA=R%51DD]A4C*]],+6V9QEI#\L:;C\S=A2V=M]GM4C8DOU<Y/+
M'DG\ZAM$-W/]NE!V](%/9?[WU/\`*K]4]%8E:ZC=@]6_[Z-&P>K?]]&G45)0
MW8/5O^^C5:YL(9SO^:.8?=E1B&%6Z*:=M@:N5+"1IK?;,3Y\9V2`,>H[_CUJ
MSL'JW_?1JC=?Z%?)=CB*7"3>W]T_TJ_3DNHEV$V#U;_OHT;!ZM_WT:=14C&[
M!ZM_WT:-@]6_[Z-.HH`;L'JW_?1HV#U;_OHTZB@!NP>K?]]&@*`<\_F:=10`
M4R+[@^I_G3Z9%]P?4_SH`?1110`V3_5M]#1'_JU^@HD_U;?0T1_ZM?H*`'45
M1AU`R1P.82HE<H><[2"1Z8[>M#:CB9(Q%DR,RQG=U*M@YXX]NM`%ZFKU;Z_T
M%,MIA<6T4Z@@2('`/;(S2JPRW7KZ'TH`DHIN\>C?]\FC>/1O^^30`ZBF[QZ-
M_P!\FC>/1O\`ODT`.HIN\>C?]\FC>/1O^^30`ZBF[QZ-_P!\FC>/1O\`ODT`
M.HIN\>C?]\FC>/1O^^30`ZBF[QZ-_P!\FC>/1O\`ODT`.HIN\>C?]\FC>/1O
M^^30`ZBF[QZ-_P!\FC>/1O\`ODT`.HIN\>C?]\FC>/1O^^30`ZBF[QZ-_P!\
MFC>/1O\`ODT`.HIN\>C?]\FC>/1O^^30`ZBF[QZ-_P!\FC>/1O\`ODT`.HIN
M\>C?]\FC>/1O^^30!4U6-FM/-C&7@<2J/7'7],TW^U(C_JH+F7W2(X_6KN\>
MC?\`?)HWCT;_`+Y-4FK68K:Z%,7ES)_J["0?]='"TQH+N\=%NUCC@4[BB,27
M]`>.E7]X]&_[Y-&\>C?]\FCF[(5NXH``P.`*6F[QZ-_WR:-X]&_[Y-24.HIN
M\>C?]\FC>/1O^^30`ZBF[QZ-_P!\FC>/1O\`ODT`)+$DT31R*&1A@@U6TV1C
M$UO*Q:6W.QB>X['\JM;QZ-_WR:H7C"UO(KP9$;?NYN#T/W3^!_G5+70EZ:FC
M13=X]&_[Y-&\>C?]\FI*'44W>/1O^^31O'HW_?)H`=13=X]&_P"^31O'HW_?
M)H`=13=X]&_[Y-`8$XY_(T`.ID7W!]3_`#I],B^X/J?YT`/HHHH`;)_JV^AH
MC_U:_042?ZMOH:(_]6OT%`#%MH$`"PQJ`<C"`8-'V:#G]S'SU^05+10`BJ%4
M*H``&`!VI%ZM]?Z"G4U>K?7^@H`=1110`4444`%%%%`!1110`4444`%%%%`!
M1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%
M%%`!4<T23PO%(,JXP14E%`%33I6>V\N5LS0GRW^HZ'\1@U;JA*/L^K0R+PER
M"C^FX#*GZXR*OU4NXEV"BBBI&%%%%`!1110`4R+[@^I_G3Z9%]P?4_SH`?11
M10`V3_5M]#1'_JU^@HD_U;?0T1_ZM?H*`'45E6D-TBVR212CRV=F=I`QQEMH
MZ^A&?H/P0P7;3*YBDV[V,B[Q^\!;*CKV'7\N:`-:FKU;Z_T%1VB21V<*3'=*
ML:ASG.3CFG*'RWS#KZ>WUH`DHIN'_O+^7_UZ,/\`WE_+_P"O0`ZBFX?^\OY?
M_7HP_P#>7\O_`*]`#J*;A_[R_E_]>C#_`-Y?R_\`KT`.HIN'_O+^7_UZ,/\`
MWE_+_P"O0`ZBFX?^\OY?_7HP_P#>7\O_`*]`#J*;A_[R_E_]>C#_`-Y?R_\`
MKT`.HIN'_O+^7_UZ,/\`WE_+_P"O0`ZBFX?^\OY?_7HP_P#>7\O_`*]`#J*;
MA_[R_E_]>C#_`-Y?R_\`KT`.HIN'_O+^7_UZ,/\`WE_+_P"O0`ZBFX?^\OY?
M_7HP_P#>7\O_`*]`#J*;A_[R_E_]>C#_`-Y?R_\`KT`.HIN'_O+^7_UZ,/\`
MWE_+_P"O0`ZBFX?^\OY?_7HP_P#>7\O_`*]`#J*;A_[R_E_]>C#_`-Y?R_\`
MKT`.HIN'_O+^7_UZ,/\`WE_+_P"O0`ZBFX?^\OY?_7HP_P#>7\O_`*]`#J*;
MA_[R_E_]>C#_`-Y?R_\`KT`.HIN'_O+^7_UZ,/\`WE_+_P"O0!5U6-I+!VC_
M`-9$1(OU4YJS%(LL22(<JX#`^QH(8C!*X^G_`->JFE[DMVMPPS;N8^1VZC]"
M*K>(NI>HIN'_`+R_E_\`7HP_]Y?R_P#KU(QU%-P_]Y?R_P#KT8?^\OY?_7H`
M=13</_>7\O\`Z]`#9Y(Q]*`'4R+[@^I_G3Z9%]P?4_SH`?1110`V3_5M]#1'
M_JU^@HD_U;?0T1_ZM?H*`'4444`%-7JWU_H*=35ZM]?Z"@!U%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!5!2(-89<86YCW?\"7@_H1^57ZI:FDGE
MQ3P1F26&0,%'4@\$?D:J.]A2[DUW=1VD6]\DDX1!U8]@*98W37,;B2/RIHVV
MNF<X[C]*;:6K"0W-UAKEORC']T?XU'=_Z)>Q78_U;XBE_'[I_`\?C3LMA7>Y
MH4445!04444`%,B^X/J?YT^F1?<'U/\`.@!]%%%`#9/]6WT-$?\`JU^@HD_U
M;?0T1_ZM?H*`*T6HV\S0!"^9]VS*$?=SG/IT-*;Z$/L^8L250`??(.#CZ&DC
ML(HS"0S_`+EF9<D=6SGM[FE^P0[@V7W*2R'/W23DD?4^M`$\4B31)+&<HZAE
M/J#2KU;Z_P!!211I#$D48PB*%4>@%(J+EOE'7T]J`)**;L3^ZOY4;$_NK^5`
M#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*
M;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3
M^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZO
MY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;
M$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_N
MK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5`#J*;L3^ZOY4;$_NK^5
M`#JCFB2>%XI!E7&#3MB?W5_*C8G]U?RH`K:=*S0&*1MTL#&-B>^.A_$8JW56
M73[>64RE660C&Y&*_P`JA;3'/R_;9C&?O*0I)'IG&15:,G5!+-+>S-!:L4B0
MXEF'KW4>_O5V-%CC5%SM48&3FDC@BBC6..-551@#%."J#D*`?I2;Z(:0ZF1?
M<'U/\Z?3(ON#ZG^=(8^BBB@!LG^K;Z&B/_5K]!1)_JV^AHC_`-6OT%`#J***
M`"FKU;Z_T%.IJ]6^O]!0`ZBBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`*9%]P?4_SI],B^X/J?YT`/HHHH`;)_JV^AHC
M_P!6OT%$G^K;Z&B/_5K]!0!DVVH7$JJ69"VX`!1@29D96_)0#_.GM?3><H#J
M(V=E=L?ZH!L*?^!#UK5HH`AM)'EM(9)5VR.BLP]"1S3E8Y;Y#U]O2I**`&[C
M_<;]*-Q_N-^E.HH`;N/]QOTHW'^XWZ4ZB@!NX_W&_2C<?[C?I3J*`&[C_<;]
M*-Q_N-^E)(_EQL^"<#.`0/YU2.KPB$RB*8J$W<`9/RAL=>N#].#0!>W'^XWZ
M4;C_`'&_2H+:]CN7VJKKE=P+8Y`.#W]:LT`-W'^XWZ4;C_<;]*=10`W<?[C?
MI1N/]QOTIU%`#"^,94\].E+N/]QOTIU%`#=Q_N-^E&X_W&_2G44`-W'^XWZ4
M;C_<;]*=10`W<?[C?I1N/]QOTIU%`#=Q_N-^E&X_W&_2JLFH1QRO&8I"ZG&!
MMYX)]?0=_;UIG]JP^3+*(Y2L4JQ'"CG<%(/7IAA0!=W'^XWZ4;C_`'&_2G44
M`-W'^XWZ4;C_`'&_2G44`-W'^XWZ4;C_`'&_2G44`,#$_P`#?I2[C_<;]*=1
M0`W<?[C?I1N/]QOTIU%`#=Q_N-^E&X_W&_2G44`-W'^XWZ4;C_<;]*=45S.+
M:!YF5F5`2=N,X_$T`/W'^XWZ4;C_`'&_2J<VJ10YW1RD`XR`.?FVD]>@-64F
M#SR0[6#(`Q)Q@@YQC\C0`_<?[C?I1N/]QOTIU%`#=Q_N-^E&X_W&_2G44`-W
M'^XWZ4;N0"I&?I3J*`"F1?<'U/\`.GTR+[@^I_G0`^BBB@!LG^K;Z&B/_5K]
M!2D9!!Z&DV`=,_F:`'44W8/5O^^C1L'JW_?1H`=13=@]6_[Z-&P>K?\`?1H`
M=13=@]6_[Z-&P>K?]]&@!U%-V#U;_OHT;!ZM_P!]&@!U%-V#U;_OHT;!ZM_W
MT:`$FB2:)HY!E&X(SC-1-96[APT>=X(;YCSD`']`!4VP>K?]]&C8/5O^^C0!
M'#;0P?ZI,<8ZD\=>]34W8/5O^^C1L'JW_?1H`=13=@]6_P"^C1L'JW_?1H`=
M13=@]6_[Z-&P>K?]]&@!U%-V#U;_`+Z-&P>K?]]&@!U%-V#U;_OHT;!ZM_WT
M:`'44W8/5O\`OHT;!ZM_WT:`'44W8/5O^^C1L'JW_?1H`A-G`<Y0\L6)W'.2
M,'OZ'%(;&V*2IY?RRL'<!B,D``=_0#\JGV#U;_OHT;!ZM_WT:`%I:;L'JW_?
M1HV#U;_OHT`.HINP>K?]]&C8/5O^^C0`ZBF[!ZM_WT:-@]6_[Z-`#J*;L'JW
M_?1HV#U;_OHT`.HINP>K?]]&C8/5O^^C0`ZBF[!ZM_WT:-@]6_[Z-`#JCF@C
MG4+*NY0P8#)'(Z4[8/5O^^C1L'JW_?1H`A>QMY%96CR&.3\Q]<_SYJ2.".)Y
M&1<-(=S').3TIVP>K?\`?1HV#U;_`+Z-`#J*;L'JW_?1HV#U;_OHT`.HINP>
MK?\`?1HV#U;_`+Z-`#J*;L'JW_?1HV#U;_OHT`.ID7W!]3_.D,2DYR__`'V?
M\:>H"@`=!0`M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
E44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110!__V3\_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>18
<FILENAME>exhibit99-7x5x2.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-7x5x2.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`$9`7T#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"LV6\FCM
MW,DD<;B8KOV\*F1S@GW`S[UI44`4+":ZGFWRL!'Y2%DV8PY&2/P_K[59,["1
MD$$A(YR"O^/M4U1K_P`?#_[B_P`S0`WSG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&CSG_Y]Y?S7_&IJ*`(?
M.?\`Y]Y?S7_&CSG_`.?>7\U_QJ:B@"'SG_Y]Y?S7_&G1R[V92C(R@'#8Z'/H
M?:I*A7_C[D_ZYI_-J`)J***`"BBB@`J-?^/A_P#<7^9J2HU_X^'_`-Q?YF@"
M2BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*A7_C[D_ZYI_-
MJFJ%?^/N3_KFG\VH`FHHHH`***JF^3RBXBD)\SRPF`"3^)Q^=`%JHU_X^'_W
M%_F:KVFHQ7<QCCCE7Y`ZLZX#`@'CUQD9I_VB!;F0--&"%4$%AZF@!;^[2PL)
M[N7[D,9<^^!TK.\)ZK-K&A17=QM\XLROM&!P>/TQ5+Q7<17OV'1XYD/VR8&8
MAAQ$OS-SV[4OA::"VN=9M/-C54O6D0;@!M8`C'Y4`=+14/VJW_Y[Q?\`?8H^
MU6__`#WB_P"^Q0!-14/VJW_Y[Q?]]BC[5;_\]XO^^Q0!-14/VJW_`.>\7_?8
MH^U6_P#SWB_[[%`$U%0_:K?_`)[Q?]]BC[5;_P#/>+_OL4`345#]JM_^>\7_
M`'V*/M5O_P`]XO\`OL4`345#]JM_^>\7_?8H^U6__/>+_OL4`345#]JM_P#G
MO%_WV*/M5O\`\]XO^^Q0!-14/VJW_P">\7_?8H^U6_\`SWB_[[%`$U%0_:K?
M_GO%_P!]BC[5;_\`/>+_`+[%`$U%0_:K?_GO%_WV*/M5O_SWB_[[%`$U%0_:
MK?\`Y[Q?]]BC[5;_`//>+_OL4`345#]JM_\`GO%_WV*/M5O_`,]XO^^Q0!-1
M4/VJW_Y[Q?\`?8H^U6__`#WB_P"^Q0!-14/VJW_Y[Q?]]BC[5;_\]XO^^Q0!
M-14/VJW_`.>\7_?8H^U6_P#SWB_[[%`$U%0_:K?_`)[Q?]]BC[5;_P#/>+_O
ML4`345#]JM_^>\7_`'V*/M5O_P`]XO\`OL4`345#]JM_^>\7_?8H^U6__/>+
M_OL4`345#]JM_P#GO%_WV*/M5O\`\]XO^^Q0!-4*_P#'W)_US3^;4?:K?_GO
M%_WV*;%(DEU*8W5AL494Y[M0!8HHHH`*@DM(95964X8[CAB.>.>#UXJ>B@""
M*T@AD\R*/:VW:,$X`XZ#H.@Z>@IZ_P#'P_\`N+_,U)5.]EFAANY;>,RS)!F-
M!U9OFP/SH`R=)_XF7BG4M1/,5J!9PGW'+_K2V'[CQOJL73[3;Q3?]\_+5WPW
MI[:9H=M!*/WQ'F2YZ[VY.?SQ^%4KS]QXYTZ3I]IM)(?KM.Z@#H:***`"BBB@
M`HJM?WUMIUJUS>3+%$O5F[^P'<U4LO$6D7^!;ZA`6/\``[;&_(X-`&I12=:6
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`J%?^/N3_KFG\VJ:H5_X^Y/^N:?S:@":BBB@`HH
MHH`*C7_CX?\`W%_F:DJ-?^/A_P#<7^9H`DKGO$W[G4M"N_[EYY.?]\8_I70U
M@^,EQH?VCO;3Q2C\'`_K0!O4444`8VLZM>6>H65EI]I'<S7"NQ#OLP%QW_&H
MFUK58T(E\/7/FGA!',CH3[GL/?%*X\WQQ%Z0:>6^A9\?R!K=H`Y^QT*:YNUU
M'7Y%N;E>8H%_U4'T'<^__P"NM*]T?3M0S]KLH)2?XF0;OSZU>HH`YO0F;1=5
MFT&8GR6S-8L3G*?Q)]1_C725B^)]/EO+!;FSXOK)O.@([D=5_$?TJ]I.H1:K
MIL%[#]V5<D?W3W'X&@"Y1110`4444`%%%%`!1110`4444`%%%%`!1110`444
M4`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!4*_\?<G_`%S3^;5-4*_\
M?<G_`%S3^;4`34444`%1O-%'&SO(BHOWF9@`/J:DJ@U@RQ%(3&O[[S0"O&<]
M,#\?QH`N++&\C1K(K.H!90>1GID4B_\`'P_^XO\`,U4L]/:VGC<R*RQP^4,*
M03]WD\XS\O;KQZ"IO*<W,A$\@^5>`%]3[4`6:S/$D/VCP[J,?7_1W(^H&1_*
MKODO_P`_$OY+_A4=Q:O-;2Q&XD(="O(7N/I0`NFS_:=-M9\Y\V%'_,`U9K`\
M'L]QX8L7\^12J%"H"\;25]/:MGR7_P"?B7\E_P`*`,G33YOBO69#_P`LHX(A
M^18_S%;E<YX91Y[G6K@32#=?/'D!?F"`#/2MWR7_`.?B7\E_PH`FHJ'R7_Y^
M)?R7_"CR7_Y^)?R7_"@":N>T:/\`L[Q-JFGK\L$RK=PIV&>'Q^.*V_)?_GXE
M_)?\*PM<5K'6=(O_`#I-KRFTD;"]''R]NF10!T=%0^2__/Q+^2_X4>2__/Q+
M^2_X4`345#Y+_P#/Q+^2_P"%'DO_`,_$OY+_`(4`345#Y+_\_$OY+_A1Y+_\
M_$OY+_A0!-14/DO_`,_$OY+_`(4>2_\`S\2_DO\`A0!-14/DO_S\2_DO^%'D
MO_S\2_DO^%`$U%0^2_\`S\2_DO\`A1Y+_P#/Q+^2_P"%`$U%0^2__/Q+^2_X
M4>2__/Q+^2_X4`345#Y+_P#/Q+^2_P"%'DO_`,_$OY+_`(4`345#Y+_\_$OY
M+_A1Y+_\_$OY+_A0!-14/DO_`,_$OY+_`(4>2_\`S\2_DO\`A0!-14/DO_S\
M2_DO^%'DO_S\2_DO^%`$U%0^2_\`S\2_DO\`A4%[/%86_GW=\\460NY@O4G`
M_AH`NT5#Y+_\_$OY+_A1Y+_\_$OY+_A0!-14/DO_`,_$OY+_`(4>2_\`S\2_
MDO\`A0!-14/DO_S\2_DO^%'DO_S\2_DO^%`$U0K_`,?<G_7-/YM1Y+_\_$OY
M+_A38E*W4H+L_P`B\MCU;T%`%BBBB@`HHHH`*C7_`(^'_P!Q?YFI*C7_`(^'
M_P!Q?YF@"2BBB@#GO!_[JVU&T_Y]K^5`/;((_G70$A023@#DUS^G?Z'XRU.U
MZ+=PQW2#W'RM^M:FM3?9]%OILX*6[L/KM-`&9X(!;P['.P^:XEDE/XN1_2N@
MK+\,P_9_#FG1XP?(1C]2,_UK4H`****`"LCQ79F]\.W<:9\Q$\V,CJ&7YN/R
MQ^-:](0""",@T`5=*O!J&EVMVN/WT:L<=CCD?G5NN=\($VT-_I+'FPN65!_T
MS;YE/\ZZ*@`HHHH`****`"BBB@`HHHH`****`"BBB@`KF[G4-5U/5IK?0I8(
MX+(;99)EW+))_<XYX[D5<\1:A):VT=I9G_3[UO*@']WU?Z`<U;TG38=)TZ*S
M@Y"#YF/5V[L?K0!DGQ%?::!_;NE20Q@@&YMV\R,9XR>ZCZUT0((R#D&H-0M(
M[^PGM)?N3(4/MGO6=X4N99]$CBN/^/BT9K:4?[2''\L4`;-%%%`!1110`5RG
MC2"359[#186PTQDF8^FU3MS]2:ZNN=T[_3?&6IW?5+.)+5#[GYF_7B@"]X:O
MCJ.@6D[']YLV29Z[EX/ZBM2N=T#_`$'7M7TL\(T@NX1_LO\`>Q[`UT5`!111
M0`4444`%0K_Q]R?]<T_FU35"O_'W)_US3^;4`34444`%%%%`!4:_\?#_`.XO
M\S4E1K_Q\/\`[B_S-`$E%%%`'/:]_H?B#1=0Z*TK6LGN''R_J*D\:RF/PM>!
M?O2!8P/7<P%.\86[3^&[IH_];`!.A]"IS_+-4_$=PNH:=H@C^[>WD#8_V<;C
M_2@#HX(A!;QQ+TC4*/P&*DHHH`****`"BBB@#G-7BN-&U1]=M4,UNZ!+V%1\
MVT='7Z?R_3=M;F&\MH[BWD$D4B[E8=Q4I`(P>17+N&\):@9%!.B73_.H_P"7
M5SW'^R?\^X!U-%("&`(((/((I:`"BBB@`HHHH`****`"BBB@`HHJ&[N$M+.:
MYD^Y"C.WT`S0!AZ8!J'BW4KXC*6:K:1$]CU?]>/QKHJP_!]N\/A^&67_`%UT
MS7$A]2YR#^6*W*`"N?B?^S?&$L#<0:I&)8_3S4&&'XC!KH*P?%]O(=+6_MQ_
MI&GR"X3W`^\/IC^5`&]145M.EU;17$1S'*@=3[$9%2T`%%%%`$<\J00232'"
M1J68^P&36+X-B<:)]KE&);Z5[E_^!'C]`*7QE.\7AZ:&+_6W;+;QCU+'!'Y9
MK8M8$M;6&WC^Y$@1?H!B@##UT?8-?TG5!]QG-G-_NO\`=_`&NAK+\36OVSP_
M>1CAUC,B$=0R_,/U%6].NA?:=;70QB:)7P.V1G%`%FBBB@`HHHH`*A7_`(^Y
M/^N:?S:IJA7_`(^Y/^N:?S:@":BBB@`K-E6Y6W=&,\F9B24(#%,C@$8Q_@#6
ME10!2L4NEDS<NS9@BR#C`?YMV,?A4FZ?[3)MCC(VKC+D=S[59J-?^/A_]Q?Y
MF@!NZX_YY1?]_#_\31NN/^>47_?P_P#Q-344`5IDFGADBDAB*2*58>8>A&/[
MM</H\TT]WH&G.JM)837"/EB.4'&>..HKT&N2T[2)+?X@WUUY;BW:`R(V/EW-
MM!Y]>&H`Z?=<?\\HO^_A_P#B:-UQ_P`\HO\`OX?_`(FIJ*`(=UQ_SRB_[^'_
M`.)HW7'_`#RB_P"_A_\`B:FHH`AW7'_/*+_OX?\`XFC=<?\`/*+_`+^'_P")
MJ:B@"'=<?\\HO^_A_P#B:CN(GN8'@GMX9(I%*LK2'!'_`'S5JB@#E]*N[O1;
MY-#OMKQODV4[N0&7_GF3CJ/\]JZ+=<?\\HO^_A_^)K-\4V!O]#G$8_TB$>="
MP'(=>>/KT_&KNE7JZEI=M>)@":,,0.Q[C\#F@"7=<?\`/*+_`+^'_P")HW7'
M_/*+_OX?_B:FHH`AW7'_`#RB_P"_A_\`B:-UQ_SRB_[^'_XFIJ*`(=UQ_P`\
MHO\`OX?_`(FC=<?\\HO^_A_^)J:B@"'=<?\`/*+_`+^'_P")HW7'_/*+_OX?
M_B:FHH`AW7'_`#RB_P"_A_\`B:PO&$MP^DI8JJ+)?SI;J5<DC)R>W3`_6NCK
MGKG_`$_QK:P]8M.MVF;_`'WX`_+F@#9B6:*)(TAB"(H51YAX`_X#3MUQ_P`\
MHO\`OX?_`(FIJ*`(=UQ_SRB_[^'_`.)ILJRS0O%)#$4=2K#S#R#_`,!JQ10!
MSG@^:X727L75&DL)GMV+.03@Y';I@_I6[NN/^>47_?P__$UAV_\`Q+_&US#T
MBU*`3+_UT3@C\N:Z*@"'=<?\\HO^_A_^)HW7'_/*+_OX?_B:FHH`YK5S->^*
M-(LC''B#==NN\D<<*>GK6_NN/^>47_?P_P#Q-8^EJ+KQ1JU[U6$):(?H-S#\
MR*WJ`('\]T*M%$0PP1YA_P#B:P_!LEPNB?9"B,UE-);L6<@Y#9]/0BNCKGM(
M_P!$\5ZQ9]%G"72#ZC#?K0!M[KC_`)Y1?]_#_P#$T;KC_GE%_P!_#_\`$U-1
M0!#NN/\`GE%_W\/_`,31NN/^>47_`'\/_P`34U%`$.ZX_P">47_?P_\`Q--B
M+FZE\Q54[%^ZV>[>PJQ4*_\`'W)_US3^;4`34444`%%%%`!4:_\`'P_^XO\`
M,U)4:_\`'P_^XO\`,T`24444`%%%%`!1110`4444`%%%%`!1110`E<]X6_T*
MXU/1FX%I/OA'_3-^1^7/YUT5<[JG_$N\5Z;?CB*[4V<I]^J?KQ0!T5%%%`!1
M110`4444`%%%%`!7/>%O])N=7U(\FXNS&A]4087^M:^I70LM-NKH_P#+&)G_
M`"&:H^$[8VGAJPC/WFC\QL]<M\W]:`-BBBB@`HHHH`YWQ;_HG]FZL./L5R/,
M/I&_RM_2NAJGK%D-1TB[M".98F5?][''ZXJMX7OO[0\/VDQ;,BH(Y/4,O!S^
M6?QH`UJ9+(L43R.<(BEF/H!3ZQ/&%RUOX;NA'_K9P($'J7./Y$T`-\&J[:$M
MU(,27DTEPW_`F./T`K=J"RMEL[&"V3[L,:H/P&*GH`*Y[5/]$\8:1==%N8Y+
M5S_X\OZUT-<_XT!CTB*^4?-8W,<XQZ!L'^=`'044BD,H93D$9!I:`"BBF/+'
M&Z(\B*TAPBE@"QZ\>M`#ZA7_`(^Y/^N:?S:IJA7_`(^Y/^N:?S:@":BBB@`H
MI*RTU25[%I_)7=N0`*2P`8`CH,DC/84`:M1K_P`?#_[B_P`S6?IVJM>W"QF`
MQAXO,7KQPO?&#][MZ<U;\]%N9`1)PJCB-CW/M0!9HJ'[0G]V7_OTW^%'VA/[
MLO\`WZ;_``H`FHJ'[0G]V7_OTW^%'VA/[LO_`'Z;_"@":BH?M"?W9?\`OTW^
M%'VA/[LO_?IO\*`)J*A^T)_=E_[]-_A1]H3^[+_WZ;_"@":BH?M"?W9?^_3?
MX4?:$_NR_P#?IO\`"@":BH?M"?W9?^_3?X4?:$_NR_\`?IO\*`)JR?$U@^HZ
M)/%#G[1'B6$CKO7D8^O3\:T/M"?W9?\`OTW^%'VA/[LO_?IO\*`*^C:E'JVE
MPW<9Y=<.O]UAU'YU>KEVEB\/^(#.`Z:?J38D!1@(I^QZ?Q?SKHOM"?W9?^_3
M?X4`345#]H3^[+_WZ;_"C[0G]V7_`+]-_A0!-14/VA/[LO\`WZ;_``H^T)_=
ME_[]-_A0!-14/VA/[LO_`'Z;_"C[0G]V7_OTW^%`&-XT=CH8M$.)+V>.W7_@
M3?X`UNQHL<:QH,*H``]`*YS6)EN_$^C6H$A2$R7,@\ML\#"G&/6M_P"T)_=E
M_P"_3?X4`345#]H3^[+_`-^F_P`*/M"?W9?^_3?X4`345#]H3^[+_P!^F_PH
M^T)_=E_[]-_A0!-6!?:+-97<FIZ$1'<-S-:GB.X_P;W_`/KUL_:$_NR_]^F_
MPH^T)_=E_P"_3?X4`9%GXMTJ=0EU.+*Y7B2"X^4H?3)XJMJUQ!JVNZ+96TT<
MT2RM=2-&P8#8/EZ>YK:N$LKH8N;43#TDMRW\Q5>ST[2K"Y:XL[$02LNTLD+#
MCTQCVH`U**A^T)_=E_[]-_A1]H3^[+_WZ;_"@":J>KVGV[2;NUQS+$RCZXX_
M6IOM"?W9?^_3?X4?:$_NR_\`?IO\*`,_PO=_;?#EA,3EO*"-]5^4_P`JUJYK
MPU,MC?:KI;"0+%/YT(\MON/SC&.Q_G6_]H3^[+_WZ;_"@":N;L?^)UXHGOSS
M::;FWM_1I#]]OPZ5;\1:O]@TF1K=9#=2D10+Y;`EVX&,CMU_"I=%MH=*TJWL
MU$A,:_.WE-\S'DGIZT`:E0K_`,?<G_7-/YM1]H3^[+_WZ;_"FQ.'NI2`P^1?
MO*1W;UH`L4444`%0FUMRA0V\10YRNP8.3D_R%344`,6*-)&=8U5VP&8#!..F
M32+_`,?#_P"XO\S4E1K_`,?#_P"XO\S0!)1110`4444`%%%%`!1110`4444`
M%%%%`!1110!4U/3X-4T^:SN!F.5<9[J>Q'N#6?X6O9KBPDM;QLWEC(8)2>K8
MZ-^(_E6W7.7W_$H\66UZ.+;4@+>?T$@^X?QZ4`='1110`4444`%%%%`'/:</
MM7C35+D_=M88[93]?F/ZUT-87A0"6SN[[_G\NY90?]D-M'_H-;M`!1110`44
M44`%%%%`!1110`4444`%%%%`'.ZI_H'BS3+X<1W:M9RGW^\GZUT58WBNT:[T
M"X,7$]OB>(CJ&3G^61^-1ZAKWE^&8;^V`:XNT1+=!SF1N@_#G\J`((_^)UXL
M:3K9Z3E%]&G/7_OD?K725GZ'IBZ3I<5J#ND'S2OW=SRQ_.M"@`J%?^/N3_KF
MG\VJ:H5_X^Y/^N:?S:@":BBB@`HHHH`*C7_CX?\`W%_F:DJ-?^/A_P#<7^9H
M`DHHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*S/$.G'5-&N+9.)<;XCW#
MCD?X?C6G10!G:!J(U71[:[/#LN)!Z..&'YUHUSNB#[#XEUC3AQ%(5NXE_P![
MA_UQ714`%%%<AXYU.YC$5I8,1+`/MDY4XPBD`#\2?TH`Z^JNI7'V33+JXSCR
MH7?\@34\,BS0I*ARKJ&!]C6+XTE,7AB[5/OR[8E'J68#^6:`)_"T/D>&=.3&
M,P*W_?7/]:UJCMXE@MXH5^[&@4?0#%24`%%%%`!1110`4444`%%%%`!1110`
M4444`(0""",@]17&>'-)N?[9:"Z4_8]'D<6P;^(N<@^^%_F*[2B@`HHHH`*A
M7_C[D_ZYI_-JFJ%?^/N3_KFG\VH`FHHHH`2JBZE;O`9D\PC<%"[#N8D`C`]P
M<U;JC_94'V5K??(4;'WMK=,;>H[`#^N3S0!+!?17$PCC#G,8D#%<*5/0_P"?
M0^E3+_Q\/_N+_,TRVM8K48B!`VJ@R<X51@#_`#ZTW[/`US(6AC)*J22H]30!
M9HJ'[+;_`//"+_O@4?9;?_GA%_WP*`)J*A^RV_\`SPB_[X%'V6W_`.>$7_?`
MH`FHJ'[+;_\`/"+_`+X%'V6W_P">$7_?`H`FHJ'[+;_\\(O^^!1]EM_^>$7_
M`'P*`)J*A^RV_P#SPB_[X%'V6W_YX1?]\"@":BH?LMO_`,\(O^^!1]EM_P#G
MA%_WP*`)J*A^RV__`#PB_P"^!1]EM_\`GA%_WP*`)J*A^RV__/"+_O@4?9;?
M_GA%_P!\"@#$U;_0_%FD7@X6X5[20_7YE'YUT-<YXRM(TT)KN&%!)9RI.N%`
MSAN?T)K;BAM98DD2&(JX#`[!R#0`^XGCMK>2>9ML<2EV/H`,FN=T/3VU+2[_
M`%"\7$^K*V`?X(L81?RY_*E\311WEU9:';QHK73^9.RJ`5A7D_3)XK?6SMD4
M*MO$%`P`$'%`&9X0N6N?#-D7^_&AB8'J"I*_R`J#Q3^_NM%LO^>UZLC#U5`2
M:C\-00PZCK5@\49\FZ\U05'"R#('TXHNH(9_'%C`(H]MM:23,`HQ\QVT`=+1
M4/V6W_YX1?\`?`H^RV__`#PB_P"^!0!-14/V6W_YX1?]\"C[+;_\\(O^^!0!
M-14/V6W_`.>$7_?`H^RV_P#SPB_[X%`$U%0_9;?_`)X1?]\"C[+;_P#/"+_O
M@4`345#]EM_^>$7_`'P*/LMO_P`\(O\`O@4`345#]EM_^>$7_?`H^RV__/"+
M_O@4`345#]EM_P#GA%_WP*/LMO\`\\(O^^!0!-14/V6W_P">$7_?`H^RV_\`
MSPB_[X%`$U%0_9;?_GA%_P!\"C[+;_\`/"+_`+X%`$U0K_Q]R?\`7-/YM1]E
MM_\`GA%_WP*;%&D=U*(T51L4X48[M0!8HHHH`****`"HU_X^'_W%_F:DJ-?^
M/A_]Q?YF@"2BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`KW]L+RP
MN+5NDT;)^8Q6?X6N/-\,V3R'!CB\ML]MA*G/Y5L5PEQ=2QOJ7ANV8K<7=^0F
M/X(I!N8_0#/YT`;/AE3J-Y?:[(#BY;RK;/:%3C]3S^%=%45K;Q6EM%;P+MBB
M4(H]`*EH`Y[_`(]/'@[)?6?YNA_^)HTK_2/&&LW'40)%`I_#<?UH\4?Z->:-
MJ(X\B[$;'T208/\`2CP?^^M=0O3S]JO97!_V0<#^1H`Z&BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`****`"H5_X^Y/^N:?S:IJA7_C[D_ZYI_-
MJ`)J***`"BBB@`J-?^/A_P#<7^9J2HU_X^'_`-Q?YF@"2BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBB@`HHHH`*SET:U777U?YC<-$(\'H/?ZXXK1HH`***
M*`,?Q;:->>&KV-`3(J>8N.N5(;C\J7PG;&T\,V$3*5;RMY!'(+$M_6M>B@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`J%?\`C[D_ZYI_
M-JFJ%?\`C[D_ZYI_-J`)J***`$K'73;I=/:#$&\LK`;SM.`HR<J>N"3QZ?6M
MFB@#,TW3Y[2XWR.K@Q*C/NRSD!1GIQT/<YS5TP,9&<3R`GC`"_X>]344`0^2
M_P#S\2_DO^%'DO\`\_$OY+_A4U%`$/DO_P`_$OY+_A1Y+_\`/Q+^2_X5-10!
M#Y+_`//Q+^2_X4>2_P#S\2_DO^%344`0^2__`#\2_DO^%'DO_P`_$OY+_A63
M_9MPS%A`D>2<+YF0IXQ)[L,'GJ<U-+I\YFC*891*S`LY)3+*<C\`P_''3-`&
MAY+_`//Q+^2_X4>2_P#S\2_DO^%344`0^2__`#\2_DO^%'DO_P`_$OY+_A4U
M%`$/DO\`\_$OY+_A2>0^XM]IER0!T7_#WJ>B@"'R7_Y^)?R7_"CR7_Y^)?R7
M_"IJ*`(?)?\`Y^)?R7_"CR7_`.?B7\E_PJ:B@"'R7_Y^)?R7_"CR7_Y^)?R7
M_"IJ*`(?)?\`Y^)?R7_"CR7_`.?B7\E_PK)_LVX9BP@2/).%\S(4\8D]V&#S
MU.:NM9/^\VLW-RDJYD/0;<Y_)N.G2@"SY+_\_$OY+_A1Y+_\_$OY+_A4U%`$
M/DO_`,_$OY+_`(4>2_\`S\2_DO\`A4U%`$/DO_S\2_DO^%)Y#[BWVF7)`'1?
M\/>IZ*`(?)?_`)^)?R7_``H\E_\`GXE_)?\`"IJ*`(?)?_GXE_)?\*/)?_GX
ME_)?\*FHH`A\E_\`GXE_)?\`"CR7_P"?B7\E_P`*FHH`A\E_^?B7\E_PH\E_
M^?B7\E_PK*?3KAY)'$")N<X7S.,\XD]V&<_EZ5-<V,K.P6+S%>?>&,AR@VKR
M,]\@X].U`%_R7_Y^)?R7_"CR7_Y^)?R7_"IJ*`(?)?\`Y^)?R7_"CR7_`.?B
M7\E_PJ:B@"'R7_Y^)?R7_"G1Q;&9B[.S`#+8Z#/H/>I**`"BBB@`HHHH`***
M*`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH
M`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@#
"_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>19
<FILENAME>exhibit99-7x7x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-7x7x1.jpg
M_]C_X``02D9)1@`!`0$`8`!@``#_X0`617AI9@``24DJ``@```````````#_
MVP!#``@&!@<&!0@'!P<)"0@*#!0-#`L+#!D2$P\4'1H?'AT:'!P@)"XG("(L
M(QP<*#<I+#`Q-#0T'R<Y/3@R/"XS-#+_VP!#`0D)"0P+#!@-#1@R(1PA,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C+_P``1"`$=`7,#`2(``A$!`Q$!_\0`'P```04!`0$!`0$```````````$"
M`P0%!@<("0H+_\0`M1```@$#`P($`P4%!`0```%]`0(#``01!1(A,4$&$U%A
M!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*%A<8&1HE)B<H*2HT-38W.#DZ0T1%
M1D=(24I35%565UA96F-D969G:&EJ<W1U=G=X>7J#A(6&AXB)BI*3E)66EYB9
MFJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&Q\C)RM+3U-76U]C9VN'BX^3EYN?H
MZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!`0$!`0````````$"`P0%!@<("0H+
M_\0`M1$``@$"!`0#!`<%!`0``0)W``$"`Q$$!2$Q!A)!40=A<1,B,H$(%$*1
MH;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF)R@I*C4V-S@Y.D-$149'2$E*4U15
M5E=865IC9&5F9VAI:G-T=79W>'EZ@H.$A8:'B(F*DI.4E9:7F)F:HJ.DI::G
MJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4U=;7V-G:XN/DY>;GZ.GJ\O/T]?;W
M^/GZ_]H`#`,!``(1`Q$`/P#V]$GN+J[_`--GC6.4*J(L>`-BGNI/4FI?LD__
M`$$;K_OF+_XBBT_X^;__`*[C_P!%I5N@"I]DG_Z"-U_WS%_\11]DG_Z"-U_W
MS%_\15ND!!Z$&@"K]DG_`.@C=?\`?,7_`,11]DG_`.@C=?\`?,7_`,15K(]:
M6@"I]DG_`.@C=?\`?,7_`,11]DG_`.@C=?\`?,7_`,15NB@"I]DG_P"@C=?]
M\Q?_`!%'V2?_`*"-U_WS%_\`$5;HH`J?9)_^@C=?]\Q?_$4?9)_^@C=?]\Q?
M_$5;HH`J?9)_^@C=?]\Q?_$4?9)_^@C=?]\Q?_$5;HH`J?9)_P#H(W7_`'S%
M_P#$4?9)_P#H(W7_`'S%_P#$5;HH`J?9)_\`H(W7_?,7_P`11]DG_P"@C=?]
M\Q?_`!%6Z*`*GV2?_H(W7_?,7_Q%'V2?_H(W7_?,7_Q%6Z*`*GV2?_H(W7_?
M,7_Q%'V2?_H(W7_?,7_Q%6Z*`*GV2?\`Z"-U_P!\Q?\`Q%'V2?\`Z"-U_P!\
MQ?\`Q%6Z*`*GV2?_`*"-U_WS%_\`$4?9)_\`H(W7_?,7_P`15NB@"I]DG_Z"
M-U_WS%_\11]DG_Z"-U_WS%_\15NB@"I]DG_Z"-U_WS%_\11]DG_Z"-U_WS%_
M\15NB@"I]DG_`.@C=?\`?,7_`,11]DG_`.@C=?\`?,7_`,15NB@"I]DG_P"@
MC=?]\Q?_`!%'V2?_`*"-U_WS%_\`$5;HH`J?9)_^@C=?]\Q?_$4?9)_^@C=?
M]\Q?_$5;HH`J?9)_^@C=?]\Q?_$4?9)_^@C=?]\Q?_$5;HH`J?9)_P#H(W7_
M`'S%_P#$4?9)_P#H(W7_`'S%_P#$5;HH`J?9)_\`H(W7_?,7_P`11]DG_P"@
MC=?]\Q?_`!%6Z*`*GV2?_H(W7_?,7_Q%'V2?_H(W7_?,7_Q%6Z*`*GV2?_H(
MW7_?,7_Q%'V2?_H(W7_?,7_Q%6Z*`*VGR/+IMK)(Y>1X49F(`))`R>.**33/
M^039_P#7!/\`T$44`):?\?-__P!=Q_Z+2K=5+3_CYO\`_KN/_1:5;H`1AN0K
MZC%<CH_A>^TR:U+BP=('D=2I<.N[.`#CD<DGU)YSBNOHH`Y2R\,74%_;W,GV
M./9*780[OEZ?<ST)`PV>O6M^3SI;YXEN'B18U;"A>22?4'TJY59/^0G-_P!<
M4_FU`"?99O\`G^F_[Y3_`.)H^RS?\_TW_?*?_$U:HH`J_99O^?Z;_OE/_B:/
MLLW_`#_3?]\I_P#$U:HH`J_99O\`G^F_[Y3_`.)H^RS?\_TW_?*?_$U:HH`J
M_99O^?Z;_OE/_B:/LLW_`#_3?]\I_P#$U:HH`J_99O\`G^F_[Y3_`.)H^RS?
M\_TW_?*?_$U:HH`J_99O^?Z;_OE/_B:/LLW_`#_3?]\I_P#$U:HH`J_99O\`
MG^F_[Y3_`.)H^RS?\_TW_?*?_$U:HH`J_99O^?Z;_OE/_B:/LLW_`#_3?]\I
M_P#$U:HH`J_99O\`G^F_[Y3_`.)H^RS?\_TW_?*?_$U:HH`J_99O^?Z;_OE/
M_B:/LLW_`#_3?]\I_P#$U:HH`J_99O\`G^F_[Y3_`.)H^RS?\_TW_?*?_$U:
MHH`J_99O^?Z;_OE/_B:/LLW_`#_3?]\I_P#$U:HH`J_99O\`G^F_[Y3_`.)H
M^RS?\_TW_?*?_$U:HH`J_99O^?Z;_OE/_B:/LLW_`#_3?]\I_P#$U:HH`J_9
M9O\`G^F_[Y3_`.)H^RS?\_TW_?*?_$U:HH`J_99O^?Z;_OE/_B:/LLW_`#_3
M?]\I_P#$U:HH`J_99O\`G^F_[Y3_`.)H^RS?\_TW_?*?_$U:HH`J_99O^?Z;
M_OE/_B:/LLW_`#_3?]\I_P#$U:HH`J_99O\`G^F_[Y3_`.)H^RS?\_TW_?*?
M_$U:HH`IR6\Z1.POILA21\J?X5/;NTEK$[?>9`3]<4Z;_42?[I_E3+/_`(\H
M/^N:_P`J`(],_P"039_]<$_]!%%&F?\`()L_^N"?^@BB@!+3_CYO_P#KN/\`
MT6E6ZJ6G_'S?_P#7<?\`HM*MT`%%%%`!59/^0G-_UQ3^;59JLG_(3F_ZXI_-
MJ`+-%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%9/B;66\/\`AR\U1(!.UNH(C+;0V6`ZX/K2;LKLJ,7*2C'=FM17
MCG_"Z[[_`*`5O_X%-_\`$T?\+KOO^@%;_P#@4W_Q-8?6Z/\`,>M_J_F7_/I_
M>O\`,]CHKQS_`(77??\`0"M__`IO_B:/^%UWW_0"M_\`P*;_`.)H^MT?Y@_U
M?S+_`)]/[U_F<IXJUC58_%VL)'JM^B)>2*J)=2*%`8X``.!6-)KVKQQLYU?4
MC@=/MDG_`,57:67@'5?&T4OB2*\LK5=0GEE\A@[%/G(QG'/2K!^"VL$$'5;`
M@]C&]<,Z.(E)RC>S\SZG#YCE%*A&E524XI)^Y?5*SZ:ZGG;^*-515)U74SD9
MXO).OI][VJQ'KVKR1JXU?4AN&?\`C\D_^*KNO^%)ZKQ_Q,M.X&/]4W2G#X+:
MP``-5L`!V$;TG0Q%M+_?_P`$JGFF3*5YN+7^#_@'.^&-1U&\UQ8;G4]0EC\E
MVVM=R8R"N#][WKM?*/\`S\WG_@7+_P#%5E0^!;[PCK5K/=WEO.L\<J*(E8$$
M;3SFMFO9P4)1HI5-SY/-ZV'K8N4\-;DTM96Z=B/RC_S\WG_@7+_\51Y1_P"?
MF\_\"Y?_`(JI**Z^5=CS"M=(RV<["YO`1&Q!^UR^A_VJ]4TXDZ9:$\GR4_\`
M017EUY_QXW'_`%R?^1KU#3?^07:?]<4_]!%85DE:Q,@TS_D$V?\`UP3_`-!%
M%&F?\@FS_P"N"?\`H(HK$D2T_P"/F_\`^NX_]%I5NJEI_P`?-_\`]=Q_Z+2K
M=`"$@`DG`'4UGVNO:7>M"MO>1R&?/EXS\V,_X'ZXXK0(R"/6L*P\+QZ>\9BU
M"Z9$9W\M@FW<W?&W@XXX]_4T`7H=<TRXECBBO8F>5BB`=R.O^>_:IT_Y"<W_
M`%Q3^;5F6WA>TM;B*9;BY8QE20S##!<;%/'1<#'ZYJ[);0W&IR>:I.(4QAB.
M[>E`%^BJG]FVO_/-O^_C?XT?V;:_\\V_[^-_C0!;HJI_9MK_`,\V_P"_C?XT
M?V;:_P#/-O\`OXW^-`%NBJG]FVO_`#S;_OXW^-']FVO_`#S;_OXW^-`%NBJG
M]FVO_/-O^_C?XT?V;:_\\V_[^-_C0!;HJI_9MK_SS;_OXW^-']FVO_/-O^_C
M?XT`6Z*J?V;:_P#/-O\`OXW^-']FVO\`SS;_`+^-_C0!;HJI_9MK_P`\V_[^
M-_C1_9MK_P`\V_[^-_C0!;HJI_9MK_SS;_OXW^-']FVO_/-O^_C?XT`6Z*J?
MV;:_\\V_[^-_C1_9MK_SS;_OXW^-`%NBJG]FVO\`SS;_`+^-_C1_9MK_`,\V
M_P"_C?XT`6Z*J?V;:_\`/-O^_C?XT?V;:_\`/-O^_C?XT`6Z*J?V;:_\\V_[
M^-_C1_9MK_SS;_OXW^-`%NN6^(__`"3_`%;_`'$_]#6M[^S;7_GFW_?QO\:Y
MCXB6-O%X"U5T0A@B8^=C_&OO4S^%F^%_CP]5^9\_445#)*Z3QH%^4]3@U\XE
M<_:)S4%=DU%51/-]I2-D&T[LD`_A5JAJQ-.HIWMT/H3X8?\`)/\`3OK+_P"C
M&KKZXCX:6-O+X"T]W0EB9<G>P_Y:-[UUG]FVO_/-O^_C?XU]%3^!>A^-XW_>
M:G^)_F6Z*J?V;:_\\V_[^-_C1_9MK_SS;_OXW^-6<QS'CG_C\TCZS?R6N=K<
M\96L-O>Z28E()\[.6)[+ZUAUU4OA+CL%%%%:#(;S_CQN/^N3_P`C7J&F_P#(
M+M/^N*?^@BO+[S_CQN/^N3_R->H:;_R"[3_KBG_H(K"MT)D&F?\`()L_^N"?
M^@BBC3/^039_]<$_]!%%8$B6G_'S?_\`7<?^BTJW52T_X^;_`/Z[C_T6E6Z`
M"BBB@`JLG_(3F_ZXI_-JLU63_D)S?]<4_FU`%FBBB@`HHHH`****`"BBB@`H
MHHH`****`"BBB@`HHHH`****`"BBB@`HHKG]=\:Z%X;O([34[MXIWC\Q56%W
M^7)&<J#W!I-I*[+A3G4ERP3;\M3H**XO_A:OA#_H(3?^`DO_`,31_P`+5\(?
M]!";_P`!)?\`XFI]K#^9?>;_`%'%?\^I?^`O_([2N6^)'_)/]6_W$_\`0UJI
M_P`+5\(?]!";_P`!)?\`XFL3Q?X]\/Z_X7O-)TRYGN+ZZV1PQ"UD!=BZX&2N
M*F52#BTFC6AA,1"K&4J<DDU=V?<\;HK;_P"$.\3?]`#4/^_)H_X0[Q-_T`-0
M_P"_)KP_85?Y7]Q^I_VI@?\`G]'_`,"7^9B45M_\(=XF_P"@!J'_`'Y-'_"'
M>)O^@!J'_?DT>PJ_RO[@_M3`_P#/Z/\`X$O\SVGX8?\`)/\`3OK+_P"C&KKZ
MY?X>6-UIW@FPM;VWDM[A#(6CD&&&78C(^AKJ*]ZFK07H?DN+DI8BHULV_P`P
MHHHJSG.-\<_\?FD?6;^2USM=%XY_X_-(^LW\EKG:ZJ7PEQV"BBBM!D-Y_P`>
M-Q_UR?\`D:]0TW_D%VG_`%Q3_P!!%>7WG_'C<?\`7)_Y&O4--_Y!=I_UQ3_T
M$5A6Z$R#3/\`D$V?_7!/_0111IG_`"";/_K@G_H(HK`D2T_X^;__`*[C_P!%
MI5NJEI_Q\W__`%W'_HM*MT`%%(3M4G!.!G`K'TSQ';ZF+?9;7$33-(N)`/D*
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M9_[2LO\`GZB_[Z%>*?%Z>*?Q=;-#(K@6*`E3G^-ZY<;_``7_`%U/>X:_Y&=/
MY_DS@:**@6Y#1EMC?>"XX[]_UKQ$FS]0E.,=&3UI>'O^1HT?_K_@_P#1BUDQ
M2&122FW!(ZYS6IH#*GB72&8@*+Z`DGM^\6KI*U2/JCEQTE+!U6OY9?DSZCHJ
MK_:5E_S]1?\`?0H_M*R_Y^HO^^A7T1^-EJBJO]I67_/U%_WT*/[2LO\`GZB_
M[Z%`%JBJO]I67_/U%_WT*/[2LO\`GZB_[Z%`%JBJO]I67_/U%_WT*/[2LO\`
MGZB_[Z%`'+^.?^/S2/K-_):YVMSQG=07%[I(AF1R/.SM.<<+6'752^$N.P44
M45H,AO/^/&X_ZY/_`"->H:;_`,@NT_ZXI_Z"*\OO/^/&X_ZY/_(UZAIO_(+M
M/^N*?^@BL*W0F0:9_P`@FS_ZX)_Z"**-,_Y!-G_UP3_T$45@2):?\?-__P!=
MQ_Z+2ECU*QEOI+&.\@>[C&7@60%U'N.M):?\?-__`-=Q_P"BTKDO#6@S1Z^=
M1>^M;J-6E<>5>-*0[XR<;0.WK0!W!`(((R#5*VT?3[.%8;>UCC169@!ZMU.:
MNT4`9\.AZ9;RQRQ64*/&Q9&"\J3_`)_"IT_Y"4WIY2?S:K-<MK%E;7OB8K<Q
M"0+9H5!)XR[UQX_&1P6'EB)*Z5OQ=BHQYG8ZFBN1_L+3/^?1/S/^-']A:9_S
MZ)^9_P`:^;_UQP__`#[E^!M]7?<ZZBN1_L+3/^?1/S/^-97B30+=M!N$L;=8
M[IVC2-A(RX)=1U[=:TH<64*U6--4W>32Z=294)1BV>AT5XU_PKKQ1_=@_P#`
M]_\`"H)OAIXM>>)T:`*O4?VA(,_I7U'-+L>6L56;_@O[U_F>V45X;#\,/&"2
MJ7D@90V3_P`3&7)X^E7?^%=>*/[L'_@>_P#A3YI=ARQ-5;4F_FO\SV6BO)M#
M\:S^$K*70[W3);FXM;B16D6Z!'+9P"W/&:T_^%L1_P#0#G_\"$H]I'JQ_7\.
MM)S2?5=CT:BO.?\`A;$?_0#G_P#`A*/^%L1_]`.?_P`"$H]I'N+^T<+_`,_$
M>C45QOAWX@1:_K,>F_V9-;LZ,X=I58?+CC`^M=E5)IZHZ:=6%6/-!W04444S
M0**"0!D\"L@^*O#P.#KNF_\`@4G^-`TF]C7HK(_X2OP[_P!!W3?_``*3_&C_
M`(2OP[_T'=-_\"D_QI70^678UZ\.^,?_`".%K_UXI_Z&]>M?\)7X=_Z#NF_^
M!2?XUX[\5=0L]3\5V\MA=0W<:V2*S0.'`.]^"17-C-:+2/;X<?)F-.4M%K^3
M.%IH1%Z*HYSP*?M;^XWY&C:W]QOR->+RR['Z;[>@_M+[T(``,`8K2\/?\C1H
M_P#U_P`'_HQ:SMK?W&_(UI>'4<^*-'PC?\?T'\)_YZ+5THR]I'3JCEQ]>D\)
M52DOA?5=F?4%%%%?0GX^%%%%`!1110`4444`<;XY_P"/S2/K-_):YVNB\<_\
M?FD?6;^2USM=5+X2X[!1116@R&\_X\;C_KD_\C7J&F_\@NT_ZXI_Z"*\OO/^
M/&X_ZY/_`"->H:;_`,@NT_ZXI_Z"*PK="9!IG_()L_\`K@G_`*"**-,_Y!-G
M_P!<$_\`0116!(EI_P`?-_\`]=Q_Z+2N/\.>(K74_$%LRV>E++=QR,OV7_7P
M!><2\=Q^1]:["T_X^;__`*[C_P!%I7#>%X[V+Q5%]NU"[:=DF&+B&>,3*,8"
MAP%)!RYQTR`.!0!Z)1110`5SU]_R,[_]>4?_`*&]=#7/7W_(SO\`]>4?_H;U
MX?$G_(LJ_+_TI&M'XT24445^4G<%4M5_X\E_Z[P_^C5J[5+5?^/)?^N\/_HU
M:[,O_P![I?XH_FB9_"SJJ***_9CS@HHHH`\#\2_\C9K'_7V_]*S*T_$O_(V:
MQ_U]O_2LJ218HV=L[5&3@9KAG\3/@L;KB:GJ_P`QU%5GOH41'(DVN.,)W]/K
M4\;K+&KKG:PR,BI.=Q:5VCJ?A[_R.]I_UPF_D*]HKQ?X>_\`([VG_7";^0KV
MBNNC\)]ADO\`NB]6%%%%:GJD=Q_Q[2_[A_E7R<@&Q>.PKZQN/^/:7_</\J^3
MD^XOTKS<QVB?:<&_Q*WHOU%.!UQ1Q4=Q#YZ!<@8.>1FD:W5F+$\DJ>G<&O,2
M7<^X<IW:42;`]*]9^"8&-<X[P?\`L]>35ZU\$^FN?6#_`-GKJP/\9'@\4_\`
M(NEZK\SUG`]*,#THHKVS\Q#`]*,#THHH`****`"BBB@`HHHH`****`.-\<_\
M?FD?6;^2USM=%XY_X_-(^LW\EKG:ZJ7PEQV$W*20&&1U&>E`922`P)'7!Z5E
M2Z-Y]S?O))$8[N/RRHB((7'<YY.><_A4NG:6;&YGF,D;F140;8]I`48YYY/4
MYJ[L9;O/^/&X_P"N3_R->H:;_P`@NT_ZXI_Z"*\OO/\`CQN/^N3_`,C7J&F_
M\@NT_P"N*?\`H(K&MT)D&F?\@FS_`.N"?^@BBC3/^039_P#7!/\`T$45@2):
M?\?-_P#]=Q_Z+2JMIX>L+._%ZOVF6X4,$:XN9)=@;KM#,0,X'2K5I_Q\W_\`
MUW'_`*+2K=`",=J,1U`SS7-:)XCN]1@MI;B&W"/)-'*\1;`*8(VYZCWSU[>G
M34``#`%`'(:9XKOKV[MHI;6&/S9-I4!BQ!QP#TRN<MG]*O7W_(SO_P!>4?\`
MZ&]=#7/7W_(SO_UY1_\`H;UX?$G_`"+*OR_]*1K1^-$E%%%?E)W!5'5VVV`;
M:6Q/"<*.3^]6KU4M5_X\E_Z[P_\`HU:[,O\`][I?XH_FB9_"S?\`MI_Y]+G_
M`+X'^-'VX_\`/I=?]\#_`!JW17[,><5/MQ_Y]+K_`+X'^-'VX_\`/I=?]\#_
M`!JW10!X%XB;?XIU=MK+F[?AA@CI66Z+(C(XRK#!%:OB7_D;-8_Z^W_I697#
M/XF?!8W_`'FIZO\`,KFQMFVYC/RKM`W'I^=3(BQH$0851@"G45)S.4GNR6Q\
M13^%]7M=1M[>.XDP\>R1BHP1UR/I71?\+IU7_H#67_?YO\*X36?^77_?;^59
M]85<34IOEBS]GX%R;!XS*55KQN^:2W:_)GI?_"Z=5_Z`UE_W^;_"C_A=.J_]
M`:R_[_-_A7E;QSF24JWRL./FQ_\`J[_G1;13I(YE?<I`P-V<5'UNM:_,?5KA
M_+N=1]B_6[_S/4I/C1JK1.IT:RP5(_US_P"%4['X4ZC=Z?;7(U%%$T2R`?9&
M.,@'KNK@7^XWTKZDT#_D7-,_Z](O_0!71AG]9O[76QY&=4UDK@\`^3GO?K>U
MK;W[L\@_X5#J7_033_P#;_XJC_A4.I?]!-/_``#;_P"*KV^BNGZI1_E/#_UA
MS/\`Y^O[E_D>(?\`"H=2_P"@FG_@&W_Q5=GX#\+W/@Y;_P`^22[-T4QY<&S;
MMW>K'^]^E=Y15PP].#YHK4PQ.;XW%4_95JEX]K+]$5/MQ_Y]+K_O@?XT?;C_
M`,^EU_WP/\:MT5L>:5/MQ_Y]+K_O@?XT?;C_`,^EU_WP/\:MT4`5/MQ_Y]+K
M_O@?XT?;C_SZ77_?`_QJW10!4^W'_GTNO^^!_C1]N/\`SZ77_?`_QJW10!4^
MW'_GTNO^^!_C1]N/_/I=?]\#_&K=%`%3[<?^?2Z_[X'^-'VX_P#/I=?]\#_&
MK=%`'#^,IS->Z2##+'CSOOKC/"^]8==%XY_X_-(^LW\EKG:ZJ7PEQV"BBBM!
MD-Y_QXW'_7)_Y&O4--_Y!=I_UQ3_`-!%>7WG_'C<?]<G_D:]0TW_`)!=I_UQ
M3_T$5A6Z$R#3/^039_\`7!/_`$$44:9_R";/_K@G_H(HK`D2T_X^;_\`Z[C_
M`-%I5NJEI_Q\W_\`UW'_`*+2K=`!1110`5SU]_R,[_\`7E'_`.AO70USU]_R
M,[_]>4?_`*&]>'Q)_P`BRK\O_2D:T?C1)117/SZY?+#=+';0K=QW8@BB=F(D
M4E0&R!Q]\9[#%?EM.E*H[1.UNQT%4M5_X\E_Z[P_^C5JOH6J3ZI'=&>%(VAG
M:,;"2I';GU]?0\58U7_CR7_KO#_Z-6NO!0<,;2C+?FC^:)D[Q9U5%%%?L9YX
M4444`<?J'PXT?4=2N;Z2YOTDN)#(ZQRJ%R?3*FJ__"K-$_Y_=3_[_)_\37<4
M5/)'L<\L)0D[N"OZ(X?_`(59HG_/[J?_`'^3_P")H_X59HG_`#^ZG_W^3_XF
MNXHHY(]A?4L-_P`^U]R."F^$?A^XV>;=:FVPY'[Y?_B:C_X4YX;_`.?C4O\`
MO\O_`,37H-%2Z5-[Q1Z&&Q5;"P]GAYN$>R=E^!Y]_P`*<\-_\_&I?]_E_P#B
M:/\`A3GAO_GXU+_O\O\`\37H-%+V%+^5?<=']J8[_G]+_P`"?^9YZ?@YX;(Q
M]HU+_O\`+_\`$UWEI;1V=G!:Q9\N&-8UW')P!@9_*IJ*N,(Q^%6.>OBJ]>WM
MIN5N[;"BBBJ,`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`XWQS_Q^:1]
M9OY+7.UT7CG_`(_-(^LW\EKG:ZJ7PEQV"BBBM!D-Y_QXW'_7)_Y&O4--_P"0
M7:?]<4_]!%>7WG_'C<?]<G_D:]0TW_D%VG_7%/\`T$5A6Z$R#3/^039_]<$_
M]!%%&F?\@FS_`.N"?^@BBL"1+3_CYO\`_KN/_1:5;JI:?\?-_P#]=Q_Z+2K=
M`!12-G8<=<<5S.AP:[#!;-?-<MY<DP=)9%9I%/W"??.>`<8_(`'3USU]_P`C
M._\`UY1_^AO5:TM_$XU.-[UP8_M#-F"4>6$.,@@@$C&0/0\FK-]_R,[_`/7E
M'_Z&]>'Q)_R+*OR_]*1K1^-$E%%%?E)W!5+5?^/)?^N\/_HU:NU1U?=]@&S!
M;SX<9Z?ZU:[,O_WNE_BC^:)G\+.KHJKF_P#[EM_WVW^%&;_^Y;?]]M_A7[,>
M<6J*JYO_`.Y;?]]M_A1F_P#[EM_WVW^%`%JBJN;_`/N6W_?;?X49O_[EM_WV
MW^%`%JBJN;_^Y;?]]M_A1F__`+EM_P!]M_A0!:HJKF__`+EM_P!]M_A1F_\`
M[EM_WVW^%`%JBJN;_P#N6W_?;?X49O\`^Y;?]]M_A0!:HJKF_P#[EM_WVW^%
M&;_^Y;?]]M_A0!:HJKF__N6W_?;?X49O_P"Y;?\`?;?X4`6J*JYO_P"Y;?\`
M?;?X49O_`.Y;?]]M_A0!:HJKF_\`[EM_WVW^%&;_`/N6W_?;?X4`6J*JYO\`
M^Y;?]]M_A1F__N6W_?;?X4`6J*JYO_[EM_WVW^%&;_\`N6W_`'VW^%`%JBJN
M;_\`N6W_`'VW^%&;_P#N6W_?;?X4`6J*JYO_`.Y;?]]M_A1F_P#[EM_WVW^%
M`%JBJN;_`/N6W_?;?X49O_[EM_WVW^%`'+^.?^/S2/K-_):YVMSQF;@WND^>
ML0'[[&QB>R^HK#KJI?"7'8****T&0WG_`!XW'_7)_P"1KU#3?^07:?\`7%/_
M`$$5Y?>?\>-Q_P!<G_D:]0TW_D%VG_7%/_016%;H3(-,_P"039_]<$_]!%%&
MF?\`()L_^N"?^@BBL"1+3_CYO_\`KN/_`$6E6ZJ6G_'S?_\`7<?^BTJW0`44
M44`%<]??\C.__7E'_P"AO70USU]_R,[_`/7E'_Z&]>'Q)_R+*OR_]*1K1^-$
ME%%%?E)W!5+5?^/)?^N\/_HU:NU2U7_CR7_KO#_Z-6NS+_\`>Z7^*/YHF?PL
MZJBBBOV8\X****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@#C?'/_'YI'UF_DM<[71>.?\`C\TCZS?R6N=K
MJI?"7'8****T&0WG_'C<?]<G_D:]0TW_`)!=I_UQ3_T$5Y?>?\>-Q_UR?^1K
MU#3?^07:?]<4_P#016%;H3(-,_Y!-G_UP3_T$44:9_R";/\`ZX)_Z"**P)$M
M/^/F_P#^NX_]%I5NJEI_Q\W_`/UW'_HM*MT`%%%-5U<95@PZ9!S0`ZN>OO\`
MD9W_`.O*/_T-ZWQ(A(`=222!SZ=:P+[_`)&=_P#KRC_]#>O#XD_Y%E7Y?^E(
MUH_&B2BBBORD[@JEJO\`QY+_`-=X?_1JU=JEJO\`QY+_`-=X?_1JUV9?_O=+
M_%'\T3/X6=51117[,><%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110!QOCG_C\TCZS?R6N=KHO'/_`!^:
M1]9OY+7.UU4OA+CL%%%%:#(;S_CQN/\`KD_\C7J&F_\`(+M/^N*?^@BO+[S_
M`(\;C_KD_P#(UZAIO_(+M/\`KBG_`*"*PK="9!IG_()L_P#K@G_H(HHTS_D$
MV?\`UP3_`-!%%8$B6G_'S?\`_7<?^BTJW52T_P"/F_\`^NX_]%I5N@!&&Y"O
MJ,5S>B^&9=*AMLRP&2WDF9`BD*%?'R]<]LY/-=+10!RUGX6G@OX+J1K-"DI=
MA#$1CIC;D_*2!AO45KW6D)=:D;PW$T9\E8L1D#H2><@^M:5%9U:-.M!TZBNG
MT8TVM49G]BI_S^W?_?2__$U4O+?3]/*"[U6>(O\`=#,O/./[OO6]7%^,XI?[
M5TYU<%75D5&*``Y&<$C.2./2N+^R,!_SYC]Q7M)=SH?[%3_G]N_^^E_^)J&Z
M\/)<0[/MMT,.CC++U5@W]WVK9HIQRK!0DI1I137D'/+N5?L;_P#/[<_FO_Q-
M5I7MX+F.VEU>1)Y/N1LZ!F^@Q6G7&ZQ)*/&MFUK?/$28XY84W`2`,3\W&.A_
M6O0(.H^QO_S^W/YK_P#$T?8W_P"?VY_-?_B:M44`4DLIQNWW]P?F^7&W@?\`
M?-.^QO\`\_US^:__`!-6ZR/$ZNWAV[\MBL@"E""0P8,"-N/XL]/4XH`N_8W_
M`.?VY_-?_B:/L;_\_MS^:_\`Q-4O#]Q(=`AFO)&#?-N,S_,OS'AB>A'0BM5'
M61`Z,&4]"IR#0!4:RFWIMO[@*#\P.WD8_P!WUI_V-_\`G]N?S7_XFK5%`&;=
MF*QB$MUJ<\2,P0%BO)/0?=J6*W\Z))8M0N'C<!E8%<$?]\UF>+EC?3($DB:;
M=<`+$C%7<[6X5A]T]\^@([UJZ7&T.DVD;@!EA4$!=O./2@`^QR?\_P!<_FO_
M`,321V4PC427]P7P-Q&T`G_OFKE%`%7[&_\`S^W/YK_\35>U:"^CWVNK2S+C
M/R.AQ]>.*TJY'PBK_P!J:E(8(H58+\D3.P!W-]_=]U_51Q0!TGV-_P#G]N?S
M7_XFF"RF\TDW]QY>T8'RYSSG^'Z5=HH`J_8W_P"?VY_-?_B:J74UM8R1QW.K
M31/(0$5BO.>G\-:M<?XH+/XATP)$"0=F7B8CD]CM(;MP#QSZT`=-]C?_`)_;
MG\U_^)ICV4Q4;+^X!R.NWIGG^'TJ[10!5^QO_P`_MS^:_P#Q-17$:VEN]Q/J
M-Q'%&-SNQ7"CU/RU?K+\13Q6_A^]>5RJF(J,#DD]!0!-%"LZ;X=2FD3IN1T(
M_05)]C?_`)_;G\U_^)K*\'PO!H"(\D#L'.?(;<@X`X_GSZUOT`4DLI@#OO[@
MG)QC;T[?PT_[&_\`S^W/YK_\35JB@#*\ZV^WBQ_M:;[4<_N\KG@`_P!WT-6_
ML;_\_MS^:_\`Q-<CIYD_X3N5IHILM.Z[GV#D1\#`&<;3P?>NXH`P]3\-1:K/
M;27%[=X@WXPRC[P`_N^U5_\`A"K#_G[OO^_B_P#Q-=)134FM@N<E>>&=&T^'
MS;O4KR).Q:1>>_\`=J>/P=ITL:R1WMZR,`RL)%P0?^`U%XZ23[%9S)+M5)L8
M8+MW$'#'//'7BNBTY2NF6BD;2(4&,@XX'<<4^>7<=V8,O@>PEA>,WE]AU*_Z
MQ>X_W:Z*VB^SVL,.<^6BIGUP,5+12;;W$5=,_P"039_]<$_]!%%&F?\`()L_
M^N"?^@BBD`EI_P`?-_\`]=Q_Z+2K=5+3_CYO_P#KN/\`T6E6Z`"BBB@`HHHH
M`*YC7TDGO71H9BZQJ+98D<K/D_.CLO`4X'!QCKS73UR?BB^U&TU:Q6!9'MF5
MB4AE9&)!7))`.<#/'?-`'64444`%<;KL*)XPL&6"V'FM%O+%=\A#'!'<8]>_
M`KLJY'54NCXLMKNSN_+@62*WN%4\,V2P5L^Q[?WA0!UU%<]/XAN+;Q6FDM:"
M2"7:%F#;=A(R00>O;IZUT-`!61XG&[P]=*(UD+;`$;^([AP.#@^AQUQ6O6=K
MHA;1YUN)T@B;:&>1=R\L.&'H>A]C0!R0ML>#I%:**Q<W0;<)%=_E?DLK@*S#
MH1T/6NMT$N="LS(R,WE\L@4`\]<+P/H.E8U]IEN?"T"IY=ZD$XE18#M0_-RB
MD'@<D=ZU?#90^';/R_N;#@;<8Y/'^>M`&K1110!SGC.-)M(AB>387G`7[HW-
MM8@98@#IUSVQWK7TF-HM(LXV;<RPJ"<@YX]N*Q?&R&;3+>$P[U:<')P0&`)&
M5/WOPZ8S6UI*>5I%G&01MA48)YZ?04`7****`&N&:-@C;6((#8S@^M<EX/BO
M8=0ODO$E4[$P7&"_+?,W`!;U//2NM==\;)N9=P(W+U'N*HV6E)9W4ER;JZN)
M701[IW!PH)/&`.YH`T****`"N*\6P2?V[9.D^!*%1HVD'(#@\+QCG&3[^U=K
M7(^*3+!K>GW,,D18@1^2S2!GRX^[MX)]FH`ZZBBB@`K)\26[7>CM`(GDC>1!
M+Y:[G5,\E1W/^>:UJ*`,CP[;FVTUX_*=(_.8QF1-KNO&&8>O7TX`XK7HHH`*
M***`.3@1SX^GE=Y%7_5K\F0^(P=N[=P/FSC&<BNLKFH+F-_%3I)IT4<HF:,3
M"Y+%B(P0=F,`E3C/ID9KI:`"BBB@#`\1!GDB207$<0C=HYK='9Q+T`^7D`@G
MZ^HK7L%9-.ME>(0LL2@Q@\(<#C\*PO&%WJ%I;VC689D:4ATCD:-W.#M`8`X&
M?Y5O63F6QMY"&!:)20QR1QWH`GHHHH`JZ9_R";/_`*X)_P"@BBC3/^039_\`
M7!/_`$$44`):?\?-_P#]=Q_Z+2K=5+3_`(^;_P#Z[C_T6E6Z`"BBB@`HHHH`
M*Y'Q2EO>W3+-(\;62(Z()=IEWMSM7N0!@>YQ775S^JZ@(-;BA:YTF/:BLHN%
M+3`DXX`/`/8^M`'04444`%<[=G3XO$:6TQO%>=DG$:\PR.#@$X'!!"]\=*Z*
MN*UR5/\`A.-.CD@=1E07#_>^;Y<J#TSZXQCOF@!TD<B>.XBMU)(A?=Y18G&5
M.<=@!TP>>:[.LI_#]B^KC4MA6;<'(4*`S`$!B<9S@^N*U:`"L7Q9-#%X<N5F
MD*"7$:X[DD<'V]?;-;58GBQI%\/7/EVK7`QN=58#`'S9YZC@9'>@#%NK8'P/
M;!K@2,LH/RRXBD)?[I/0+_*NA\.X'A^R`=GQ'C)^IX]P.@/<5@Q:%=P^%W1;
M69+J>=97ACD4&(AN67!4=.<9]JZ'0VNCI4*7EO-#.@VL)7#%L=\@G^=`&C11
M10!S'C9'ETV!(9XHYO-WH)'"G@')'()/;@_Q5M:1YG]C67G',GDIN(.><51\
M1:%+KD4$23V\2H26,EN)&.?[K9!0^XYK5M(#;6<,!;<8T"[N><#WR:`)J***
M`"BBB@`HHHH`*X_Q2UO_`,)#IB7"L%8<.$9QG<``=I&WJ?F/'-=A7,ZQ#//J
M;`VLTC@Q"V*(WENN<N)"#C&>QZ8!&<T`=-1110`4444`%%%%`!1110!QT4\\
MWQ`&ZU,`0LC-YP9I%\O()3/"9[^O%=C7+0>6?',P?S!*#E&&TAAY8^4MG..I
MV8Z\UU-`!1110!S?BI(;U$L9Y1"!$]PKO+L5F7@+[]<_A6UIF/[*L]H<+Y*8
M#_>^Z.OO63XBO_LMU;(\MBJ;'D2.Y`/F.N.!GD<'J`>>M;%A)+-I]M+.%$SQ
M*SA3QN(&<4`6****`*NF?\@FS_ZX)_Z"**-,_P"039_]<$_]!%%`"6G_`!\W
M_P#UW'_HM*MU4M/^/F__`.NX_P#1:5;H`****`"BBB@`KD=?U"XM=8D9+AHH
MXHE/FC"I&>3A_E.[..!D?F:ZZHI+6WFW^;!$^]0K[D!W`=`?44`2]J***`"N
M,U:6:?QO91)"K1H4#,N)"I!SEE4$C@D`G`&<UV=93Z'$^KG43/+')N!VPXC#
M8'1R.7'UH`U:***`"J][86NHP>1>0)/%G.QQD9JQ10!%;6T-I`L%O&L<2]%7
MH*EHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M.2N%LF\8G-C<S,N'+V\K%4DP!N9<C!Q@<`\=:ZVN?LO"L5EJXU`7DKL'+[#&
M@R2&'+`9/WSWYP/2N@H`****`.:\2W<\%[;+%*ZJ(V=C&P3R^0-[,5;"]L5N
M:?,;C3;6<R"0R1*Y<#`;(!SCM4SPQ2-N>)&.TKEE!X/4?0TJ(D4:QQJJ(H`5
M5&``.P%`#J***`*NF?\`()L_^N"?^@BBC3/^039_]<$_]!%%`"6G_'S?_P#7
M<?\`HM*MU4-BXGFECO;B/S6#%5"$`[0O&5)_A'>C[)/_`-!&Y_[YC_\`B*`+
M=%5/LD__`$$;G_OF/_XBC[)/_P!!&Y_[YC_^(H`MT54^R3_]!&Y_[YC_`/B*
M/LD__01N?^^8_P#XB@"W153[)/\`]!&Y_P"^8_\`XBC[)/\`]!&Y_P"^8_\`
MXB@"W153[)/_`-!&Y_[YC_\`B*/LD_\`T$;G_OF/_P"(H`MT54^R3_\`01N?
M^^8__B*/LD__`$$;G_OF/_XB@"W153[)/_T$;G_OF/\`^(H^R3_]!&Y_[YC_
M`/B*`+=%5/LD_P#T$;G_`+YC_P#B*/LD_P#T$;G_`+YC_P#B*`+=%5/LD_\`
MT$;G_OF/_P"(H^R3_P#01N?^^8__`(B@"W153[)/_P!!&Y_[YC_^(H^R3_\`
M01N?^^8__B*`+=%5/LD__01N?^^8_P#XBC[)/_T$;G_OF/\`^(H`MT54^R3_
M`/01N?\`OF/_`.(H^R3_`/01N?\`OF/_`.(H`MT54^R3_P#01N?^^8__`(BC
M[)/_`-!&Y_[YC_\`B*`+=%5/LD__`$$;G_OF/_XBC[)/_P!!&Y_[YC_^(H`M
MT54^R3_]!&Y_[YC_`/B*/LD__01N?^^8_P#XB@"W153[)/\`]!&Y_P"^8_\`
MXBC[)/\`]!&Y_P"^8_\`XB@"W153[)/_`-!&Y_[YC_\`B*/LD_\`T$;G_OF/
M_P"(H`MT54^R3_\`01N?^^8__B*/LD__`$$;G_OF/_XB@"W153[)/_T$;G_O
MF/\`^(H^R3_]!&Y_[YC_`/B*`+=%5/LD_P#T$;G_`+YC_P#B*/LD_P#T$;G_
M`+YC_P#B*`+=%5/LD_\`T$;G_OF/_P"(H^R3_P#01N?^^8__`(B@"W153[)/
M_P!!&Y_[YC_^(H^R3_\`01N?^^8__B*`+=%5/LD__01N?^^8_P#XBC[)/_T$
L;G_OF/\`^(H`73/^039_]<$_]!%%2VT`MK6&!69EB0(&;&3@8R<<44`?_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>20
<FILENAME>exhibit99-7x9x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-7x9x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`$G`9,#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"F[A[_E3
MJ1>GXF@`W#W_`"HW#W_*EHH`3</?\J-P]_RI:*`$W#W_`"HW#W_*EHH`3</?
M\J-P]_RI:*`$W#W_`"I-P]_RIU%`";A[_E1N'O\`E2T4`)N'O^5&X>_Y4M%`
M";A[_E1N'O\`E2T4`)N'O^5&X>_Y4M%`";A[_E1N'O\`E2T4`)N'O^5&X>_Y
M4M%`";A[_E1N'O\`E2T4`)N'O^5&X>_Y4M%`";A[_E1N'O\`E2T4`)N'O^5&
MX>_Y4M%`";A[_E1N'O\`E2T4`)N'O^5&X>_Y4M%`";A[_E1N'O\`E2T4`)N'
MO^5&X>_Y4M%`";A[_E1N'O\`E2T4`)N'O^5&X>_Y4M%`";A[_E1N'O\`E2T4
M`)N'O^5&X>_Y4M%`#2X&,YY.!Q3JCE_@_P!X5)0`4444`%(O3\32TB]/Q-`"
MT457N+M;>6"-HW;SFVAAC"_4DC\NM`%BBJAOE$3.T,JD.$"';EB<=.<=^]/M
M[M+D_(K!2NY6)!##OC!['_ZV:`+%%(2!U(HW#U'YT`+12;AZC\Z-P]1^=`"T
M4FX>H_.DW+ZC\Z`'44FX>H_.C</4?G0`M%)N'J/SHW#U'YT`+12;AZC\Z-P]
M1^=`"T4FX>H_.C</4?G0`M%)N'J/SHW#U'YT`+12;AZC\Z-P]1^=`"T4FX>H
M_.C</4?G0`M%)N'J/SHW#U'YT`+12;AZC\Z-P]1^=`"T4FX>H_.C</4?G0`M
M%)N'J/SHW#U'YT`+12;AZC\Z-P]1^=`"T4FX>H_.C</4?G0`M%)N'J/SHW#U
M'YT`+12;AZC\Z-P]1^=`"T4FX>H_.C</4?G0`M%)N'J/SHW#U'YT`+12;AZC
M\Z,CU%`#)?X/]X5)4<O\'^\*DH`****`"D7I^)I:1>GXF@!:BE@CF9&D7)0Y
M7DC_`/74M%`$"VD*Q^6`^WL#(QQ].>*=%;Q0G]T@3C``Z`>@':I:*`&K]YOK
M_04ZFK]YOK_04Z@`HHHH`****`"BBB@`HHJO=7UI9E1=7,4)?.WS'"YQ]:!I
M-Z(L5$;B%1(3+&!%]\EA\GU]*J_VUI?_`$$;7_OZM45N=+B>XDAU>V1YAC)=
M6V_,S<<]<N?TI717)+L;$=Q!*P6.:-V*[P%8$E?7Z>]2UA6<^D6ET9UU2WRR
M%2HE&">.>23_``_F6]:O?VUI?_01M?\`OZM%T')+L7Z*\W>76)7:2%]2>-R6
M1D,A!!Z$8[4W.M^NJ?\`D6LG6\F>A'+KI/VD?O.V:34`USP_W@%P@(5=QR5X
MY.S!YSSQ[4ZP>_-R!<EFC,0)R@78V%[CJ3EOICZ5P^=;]=4_\BT9UOUU3_R+
M2]MY,?\`9O\`T\C]YZ517GMC!K5W?0P-/J,*LW+N9-H`!//(K?\`^$?U#_H,
MS?F__P`56D9\RO8\_%4Y4)\J][S3-6<WBZBI17:V"J<+MP3\^[.>?[F/_P!=
M5Q_:6]"1+_K5R/W>TK\N[W_O$?0_[-4O^$?U#_H,S?F__P`51_PC^H?]!F;\
MW_\`BJJ[['-SS_E_%'1T5SG_``C^H?\`09F_-_\`XJK5KI^KVL9C34X)%SD&
M:!G8>V=]%RH2DWJK&S4#72)=K;,&W,,AN,9YX]<X4G\*J>3K/_/]9?\`@*W_
M`,7436.J/*)6N[(N!@-]E;_XY[G\SZTS2WF36VLV]R\*I',#,^Q25X_U?F`D
MY[K^/M6C6+%I>H0[?+N+!=C;UQ:-P=NW_GI_=X^E27"ZU#;R2B]LCL0MC[*W
M.!_OT!;S-:HYI4@ADFD.$C4LQ]`!DUQ__"57W]^T_P"^#_\`%4C>)[UU*N;1
ME88(*$@C_OJIYT<GURE_2.I_M"/RXV,4BEW*%3C*8ZD\XQ],U)9W:7D1D1'3
M:=I6088'`/([<$'FN,&NS@*,6F%.X95CSSS][WJ2+Q'=0AA&;1=QW-\AR3C'
M][T`'X4<Z#ZY2_I';T5S>A:]<W^I&WG:#9Y+/E%(.05'J?4UT6]/[R_G33N;
MPFIQYHCJ*RY-1F2>Z145]BMY:X(RV`5&>^>>G3%+:WTTMU"KF,PR12MN"D'*
MN`O4\9!S^%,LTZ*;O3^\OYTH((R#D4`+1110`4U_N_B/YTZFO]W\1_.@!LO\
M'^\*DJ.7^#_>%24`%%%%`!2+T_$TM(O3\30`M4;^[DMI[15>)4EDVL&^\?\`
M=&1_4].#5ZDH`STU!FLIIU>*<C_5^2"01@<X!)QD]?TJ2QO&N9""R$;0VP*0
MT?\`O9/?J.!^-7:*`&`D,WRD\]OH*7<?[C?I0OWF^O\`04Z@!NX_W&_2C<?[
MC?I3J*`&[C_<;]*-Q_N-^E.HH`;N/]QOTHW'^XWZ4ZB@!NX_W&_2N/\`'1)G
ML<J1\LG7ZK795QWCO_7V/^[)_-:RK?`SNR[_`'F']=#EJ***X#ZX****`/2M
M"8_V#IWRG_CVC]/[HJ]N/]QOTJEH7_(!T[_KUB_]!%7Z]1'PDMV-W'^XWZ4;
MC_<;]*=10(;N/]QOTHW'^XWZ4ZB@!NX_W&_2C<?[C?I3J*`&[C_<;]*-Q_N-
M^E.HH`;N/]QOTHW'^XWZ4ZB@!NX_W&_2C<?[A_2G44`1X7_GE^@HPO\`SR_0
M5)10!'A?^>7Z"C"_\\OT%244`4;[3+/4%1;JU+A"2N&*X_(BJ?\`PC.D?\^+
M_P#?Y_\`XJMJBBQ+C%[HQ?\`A&=(_P"?%_\`O\__`,51_P`(SI'_`#XO_P!_
MG_\`BJVJ*5D+V<.QB_\`",Z1_P`^+_\`?Y__`(JH;1!9Q-;V^^*))'"IO)Q\
MY]ZZ"L(_ZR7_`*ZO_P"A&JBE<J,8K9$GG2_\]9/^^C1YTO\`SUD_[Z-,HK2R
M*'^=+_SUD_[Z-`FE\R/]XYS(@.6)_B%,I!_K(O\`KJG_`*$*32L!LR_P?[PJ
M2HY?X/\`>%25F(****`"D7I^)I:1>GXF@!:**IWRSF>U:$2LH<[PK`#&.IY'
M]?ITH`N45G1_:1:,&AN2[,#M,B;@.,\@X]3Q[@=JELUN%<B;S#A<%W(^<]L`
M'CCKTY]:`+2_>;Z_T%.JG<37$<Q$*Q%>OSDYS4?VF]_N6_\`WTW^%<D\=AZ<
MG&4M5ZE*+9H45G_:;W^Y;_\`?3?X4?:;W^Y;_P#?3?X5']HX;^?\PY)&A169
M+>7L<3OY=O\`*I/5J58]9*`_:[#)&?\`CU?_`..5O1Q%.M?V;O8'%K<L7MH;
MKRL,J^6^[YESVZCT([&JLVD&<W)DF`,ZX^52.>.O/.,<?6G^5K/_`#^6'_@*
M_P#\<H\K6?\`G\L/_`5__CE;BL:-<=X[_P!?8_[LG\UKH/*UG_G\L/\`P%?_
M`..50U'0+O5GC:^O81Y0(7R;<KUQG.7/I45$Y1:1TX2I&E6C.6R.%HKK_P#A
M"D_Y_F_[]?\`UZ/^$*3_`)_F_P"_7_UZY/83/?\`[5P_=_<<A177_P#"%)_S
M_-_WZ_\`KT?\(4G_`#_-_P!^O_KT>PF']JX?N_N-S0O^0#IW_7K%_P"@BK]5
M[*V^QV5O;*^X0QK&&(ZX&,_I4_/J/RKN/EWJQ:*3GU'Y4<^H_*@0M%)SZC\J
M.?4?E0`M%)SZC\J.?4?E0`M%)SZC\J.?4?E0`M%)SZC\J.?4?E0`M%)SZC\J
M.?4?E0`M%)SZC\J.?4?E0`M%)SZC\J.?4?E0`M%)SZC\J.?4?E0`M%)SZC\J
M.?4?E0`M81_UDO\`UU?_`-"-;G/J/RK#Y\R7/_/5_P#T(U4=QH6BBBK`*0?Z
MR+_KJG_H0I:0?ZR+_KJG_H0H>P&S+_!_O"I*CE_@_P!X5)60@HHHH`*1>GXF
MEI%Z?B:`%HHJ.2>&)D665$:0[4#,`6/H/6@"2BH?M5OY32^?%Y:'#-O&`?0G
M\13DFBD=D21&9,;E#`D9Z9H`@G_UK5'4D_\`K6J.OCL=_O$_4Z([!1117(41
M7/\`QZS?[A_E6E'_`*M?H*S;G_CUF_W#_*M*/_5K]!7OY-M/Y?J95.@ZBBBO
M=,@HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"L(_P"LE_ZZO_Z$:W:PC_K)?^NK_P#H1JH[C0M%%%6`
M4@_UD7_75/\`T(4M(/\`61?]=4_]"%#V`V9?X/\`>%25'+_!_O"I*R$%%%%`
M!3"P1&9LX&2<#-/J-QF)@59LYX4X)_&@"IIM_)>Y\RW:$[%?#!A@G.5Y`Y&.
MWK^<MW:M<2P.CJAB;).TDD>@((Q^.1[4MJB(2%CF1B`2)&+?KDC\JLT`4DM)
MUAP9HC+N#;A$0,C';=TQVS_]=UE9&T5$\S?'&FQ!MP1ZY.>>GH*MT4`5)_\`
M6M4=23_ZUJCKX['?[Q/U.B.P4445R%$5S_QZS?[A_E6A&@\M1EN@_B-9]S_Q
MZS?[A_E6E'_JU^@KW\FVG\OU,JG0-@]6_P"^C1L'JW_?1IU%>Z9#=@]6_P"^
MC1L'JW_?1IU%`#=@]6_[Z-&P>K?]]&G44`-V#U;_`+Z-&P>K?]]&G44`-V#U
M;_OHT;!ZM_WT:=10`W8/5O\`OHT;!ZM_WT:=10`W8/5O^^C1L'JW_?1IU%`#
M=@]6_P"^C1L'JW_?1IU%`#=@]6_[Z-&P>K?]]&G44`-V#U;_`+Z-&P>K?]]&
MG44`-V#U;_OHT;!ZM_WT:=10`W8/5O\`OHT;!ZM_WT:=10`W8/5O^^C1L'JW
M_?1IU%`#=@]6_P"^C1L'JW_?1IU%`#=@]6_[Z-&P>K?]]&G44`-V#U;_`+Z-
M8F,/*/\`IJ_4_P"T:W:PC_K)?^NK_P#H1JH[C0M%%%6`4@_UD7_75/\`T(4M
M(/\`61?]=4_]"%#V`V9?X/\`>%25'+_!_O"I*R$%%%%`!5:]:=;"<VHS.$;R
MQC/S=JLU6OH/M6GW%OS^]1DX&3SGUH`BLFD^TRH9I98U1>90H(;G/0#MBI[B
MZCMY88W#9F;:I[`^Y/\`+K5'2+86T\P<L)F4,X,87)+.Q/!/&20!G@"K\UO'
M.T9DW?NSN`#D`_4`\_0T`-EO(8K=YG)"(VPYXYSCOCN:6"YCG(V;L$94D8W#
MO^7O2R6T4BE6#`$[OE<J<^N0?:B"UAMSF)2O`4#<2`!Z#H/PH`BG_P!:U1U)
M/_K6J.OCL=_O$_4Z([!1117(417/_'K-_N'^5:$<B>6IWKC`[UGW/_'K-_N'
M^5:4?^K7Z"O?R;:?R_4RJ=`WI_>7\Z-Z?WE_.G45[ID-WI_>7\Z-Z?WE_.G4
M4`-WI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-
MWI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_
M>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_>7\
MZ-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z?WE_.G44`-WI_>7\Z-Z
M?WE_.G44`-WI_>7\ZQ,@O*0<CS7Z?[QK=K"/^LE_ZZO_`.A&JCN-"T4UV5$9
MV.%49)]!48NH"B-YB@.VQ<\9;GCZ\'\JL":D'^LB_P"NJ?\`H0IL4L<REHG#
MJ"5R#W!P:</]9%_UU3_T(4GL!LR_P?[PJ2HY?X/]X5)68@HHHH`*85#HRMG!
MR#@XI](O3\30!%#;10,S1J=S``L6+$@=!D_4_G4U%4[V[:WN+6,&,+*Q#;CS
MCV&?UY[<<\`%RBJ4UY)';L_EKO$OE@`Y'7`/.*6QO?M>UAMVLFX`=5^OUZB@
M!9_]:U1U)/\`ZUJCKX['?[Q/U.B.P45D_P!KO]@DG`MRZOM0"0XDZ?=XR>3C
M]>E6=/OS>/.IC">4Y7AL]"1S[_+G\16$J4XIMH=RQ<_\>LW^X?Y5I1_ZM?H*
MS;G_`(]9O]P_RK0C8^6OR-T'I_C7MY-M/Y?J9U.A)13=Q_N-^E&X_P!QOTKW
M3(=13=Q_N-^E&X_W&_2@!U%-W'^XWZ4;C_<;]*`'44W<?[C?I1N/]QOTH`=1
M3=Q_N-^E&X_W&_2@!U%-W'^XWZ4;C_<;]*`'44W<?[C?I1N/]QOTH`=13=Q_
MN-^E&X_W&_2@!U%-W'^XWZ4;C_<;]*`'44W<?[C?I1N/]QOTH`=13=Q_N-^E
M&X_W&_2@!U%-W'^XWZ4;C_<;]*`'44W<?[C?I1N/]QOTH`=13=Q_N-^E&X_W
M&_2@!U%-W'^XWZ4;C_<;]*`'5A'_`%DO_75__0C6WN/]QOTK$SEY>,?O7Z_[
MQJH[C0DBEXV4.R%@1N7J/<9JD=)@9(5>29O)/R'?M/7)SC&<U?HJP*]G:164
M/DP[MFXL`S$XSVJ<?ZR+_KJG_H0I:0?ZR+_KJG_H0I/8#9E_@_WA4E1R_P`'
M^\*DK,04444`%(O3\32TB]/Q-`"TA`.,@''2EHH`3%%+10!4G_UK5'4D_P#K
M6J.OCL=_O$_4Z([#/*CQCRTQZ;13@`.@`I:*Y+E$5S_QZS?[A_E6E'_JU^@K
M-N?^/6;_`'#_`"K2C_U:_05[^3;3^7ZF53H.HHHKW3(****`"BBB@`HHHH`*
M***`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`K"
M/^LE_P"NK_\`H1K=K"/^LE_ZZO\`^A&JCN-"T4458!2#_61?]=4_]"%+2#_6
M1?\`75/_`$(4/8#9E_@_WA4E1R_P?[PJ2LA!1110`4B]/Q-+2+T_$T`+5.^6
M<SVK0"1@'^<*0%QZGD'^?T-7**`*<JW7V:9(CF4D[&9@,#\ORXHLQ<[_`/2%
M93M^8[PRL>V/H.#P,^]7**`*D_\`K6J.I)_]:U1U\=CO]XGZG1'8****Y"B*
MY_X]9O\`</\`*M",/Y:_,N<#^'_Z]9]S_P`>LW^X?Y5I1_ZM?H*]_)MI_+]3
M*IT##_WE_+_Z]&'_`+R_E_\`7IU%>Z9#</\`WE_+_P"O1A_[R_E_]>G44`-P
M_P#>7\O_`*]&'_O+^7_UZ=10`W#_`-Y?R_\`KT8?^\OY?_7IU%`#</\`WE_+
M_P"O1A_[R_E_]>G44`-P_P#>7\O_`*]&'_O+^7_UZ=10`W#_`-Y?R_\`KT8?
M^\OY?_7IU%`#</\`WE_+_P"O1A_[R_E_]>G44`-P_P#>7\O_`*]&'_O+^7_U
MZ=10`W#_`-Y?R_\`KT8?^\OY?_7IU%`#</\`WE_+_P"O1A_[R_E_]>G44`-P
M_P#>7\O_`*]&'_O+^7_UZ=10`W#_`-Y?R_\`KT8?^\OY?_7IU%`#</\`WE_+
M_P"O1A_[R_E_]>G44`-P_P#>7\O_`*]&'_O+^7_UZ=10`W#_`-Y?R_\`KUB<
M[Y<\GS7Z?[QK=K"/^LE_ZZO_`.A&JCN-"T4458!2#_61?]=4_P#0A2T@_P!9
M%_UU3_T(4/8#9E_@_P!X5)4<O\'^\*DK(04444`%(O3\32TB]/Q-`"TQY$0J
M'=5+G"@G&3Z"GU5NK4SS6\JLJ&)B<E220>PY_GGMZ4`6&=$4LS*JCJ2<`4*Z
M,Q564E>H!Z5`;4K$Z0LB;G+@^7G:2<\#UZ\^M):V@MBH4KL1=J*%Q@9SUSS[
M4`)/_K6J.I)_]:U1U\=CO]XGZG1'8****Y"B*Y_X]9O]P_RK2C_U:_05FW/_
M`!ZS?[A_E6A&I\M?G;H/3_"O?R;:?R_4RJ="2BF[3_?;]*-I_OM^E>Z9#J*;
MM/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#J*;
MM/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#J*;
MM/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#J*;
MM/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#J*;
MM/\`?;]*-I_OM^E`#J*;M/\`?;]*-I_OM^E`#JPC_K)?^NK_`/H1K;VG^^WZ
M5B8P\O.?WK]?]XU4=QH6BBBK`*0?ZR+_`*ZI_P"A"EI!_K(O^NJ?^A"A[`;,
MO\'^\*DJ.7^#_>%25D(****`"D7I^)I:1>GXF@!:**@GNHX)H(F#%IF*KCIP
M,_Y[_K0!/14'VE/++J';#[-NW!)S[T6]W%<@&+)5EW*Q&`P]J`(Y_P#6M4=+
M=2QQSD/(BG@X+`5#]I@_Y[1_]]"OC\<G]8GZG1'8EHJ+[3!_SVC_`.^A1]I@
M_P">T?\`WT*Y.5]B@N?^/6;_`'#_`"K2C_U:_05DW-Q!]FE_?1_</\0]*U(Y
M$\M3O7&!WKW\F32G\OU,JG0DHIN]/[R_G1O3^\OYU[AD.HIN]/[R_G1O3^\O
MYT`.HIN]/[R_G1O3^\OYT`.HIN]/[R_G1O3^\OYT`.HIN]/[R_G1O3^\OYT`
M.HIN]/[R_G1O3^\OYT`.HIN]/[R_G1O3^\OYT`.HIN]/[R_G1O3^\OYT`.HI
MN]/[R_G1O3^\OYT`.HIN]/[R_G1O3^\OYT`.HIN]/[R_G1O3^\OYT`.HIN]/
M[R_G1O3^\OYT`.HIN]/[R_G1O3^\OYT`.HIN]/[R_G1O3^\OYT`.HIN]/[R_
MG1O3^\OYT`.K"/\`K)?^NK_^A&MO>G]Y?SK!:>$2R@RH#YK_`,0_O&JCN-$E
M%1?:(?\`GM'_`-]"C[1#_P`]H_\`OH58$M(/]9%_UU3_`-"%1_:(?^>T?_?0
MI4FB::%5D0DRIP&']X4GL!N2_P`'^\*DJ.7^#_>%25F(****`"D7I^)I:1>G
MXF@!:AGMDG>-G+_NSD`,0#]1W_S[U-10!$UO&RD'(RV[AB#GUI(+6&WP(E*@
M+M`R2`/:IJ*`$P.?>BEHH`K75VML5!C=RP)`09Z#/^?P]:L5EZJNV4,LCKN0
M[OG?:`.Y`XQD@$^A/H*U:+`(0""".#12T4`5Y[R&WG2*1@&=2PRRC@$#N1ZU
M8K)U.:`W*1M>&%T!.T2[<].2`PR.>_M^.M0`4F.<]Z6B@`IJL'&5((IU9M@A
M6\F8^6`^XJ0#EQD<\@8P?3.<_F`:5%1)<122M$C$LO7"G'Y]*EH`0#``'04M
M%%`$"74;3M#N`D!QMW#)XSFIZI!)VO\`<[DQ*V53`&/E^]GOW&#Z^U7:`$(S
MCVI:**`&2N(HGD(+!%+87J<>E1VEU'>1&2(Y3.,@@@\`\$?7'U!I+YTCL+AY
M&=46)BQ0X8#!Z9[TED0T;N)DEW/DE#E1P.!Z>OU)H`LT@&,^]+10`57N+M;=
ME4QNY;^Z,^O^&/J1ZU8K-U,%KB`>:T7/)"YXP1P<C;UZG/(%`&E2$9!!Z&EH
MH`***2@"&"YCG9E4C>A(9<@X(^GX?G4]9]E`RW+S.<%MVV,C[HR.^>>@_P#K
M5H4`)CG/>EHHH`AN;A+:/S'#%?\`9&>V?Z8^I%/B?S$#;2O48/UJKJ7`AD**
M0CD[F8J$)!&>`>.2/QJ:S(-LI"JN<G"]#R>?QZ_C0!/2!0.@]Z6B@!,#TJ`W
M*_:?(\M\YP6QQTR/Z_D:L5F;-FK']X^&?.W<Y4DKT]`>"<>XH`TL#TH*@]1[
MTM%`$<O\'^\*DJ.7^#_>%24`%%%%`!2+T_$TM(O3\30`M%%%`!1110`4444`
M9]Z&D%QF(LR+^Z0;OWG&2#@X()XQVZ]#6A6=J%XUO,H/GK'M))B522>/7/O^
M1[`UH4`+1110!G:G)LDC`>-2ZL,.V-P],9'?'YUHU0OS(LZ/#@,%P3R>IX&`
M1WQ^9]ZMO/%'(J.X5F!(SQG&,_S%`$E%)2T`%9EFNV\+$)R'.<8_BZKP..>>
MO)'U.G52U@>.9W/E[6SRO);+$YZ#'7W_`,0""RVB_E"29#%F*B;<O)R"!G(]
M^.O3WTJSK6,17I0#&#(PRI[L#P2/KGGO^6C0`4444`94,4Z:J=PD:+>6#MMY
M.W'9!QT_B[^V!JU7^S$RQR/<2OY;%@I"XS@CL,]ZL4`%%%%`$%ZP2QN&:0QA
M8V)<9RO'7BHM.C:.%PS2'+Y'F/N(&`.NX^E2WA(LYL;\E"`4&6'':H=,3RX7
M7=D!@!CIC:!QR?\`]>?K0!=HHHH`*R-7C/GH4=!O7#*\S+O'/``=1UP.A^]^
M>O6?J#B&99F$C`+@A)-O?TW#/Z^W7D`T****`"F3;_)?RU5GVG:&Z$XXS3Z*
M`,^RMEMYT$$>(_*(<M&$.[(QT`Z\YQQP.G?0HHH`****`*>IHTD"QH0"[;<G
MD<@]LC/TS[]JFM01;KE]YYR0,#.>>,G`]J9>,H$2M#))N?`,;!2IP>^0?4<5
M);;?(7:A0<\,V3U[G)_G0!+1110`500,UPLC1D2&9@R@-C:,A6ZXS@#D_2K]
M9XNV_M+R'\Y1N(4*JE.`#\QY(//'3J*`-"BBB@".7^#_`'A4E1R_P?[PJ2@`
MHHHH`*1>GXFEI%Z?B:`%HHHH`****`"BBB@#)U<&1BT<@0VZ_,WE@[=W')*G
M`[G'0=>"*UJH7;6@\\RR.L>T^<`/E;Y>AXZX].3Q5Z@!:***`*;VF99U2556
MY^:12I+'@*2#GC@#MUIFHPI.5#XX!`##(R2.WX?J:CU6)9)8G(SY2LQ^4G:,
M8SQU]<'TI-0?S3&P12CQ.`S'&<XRN"I^;T'L>*`-,<`"EI!T%+0`51LHY5GF
MR5\O<WW<=2<\8_'.:O51LV)NILJ-S9R0<XP>AR,@XQW/>@!MLC"])>7S&`89
M.WID=,#/IG\*T*HVJJMT_P!YB6<JQR!UY`&<<>N!GWYJ]0`4444`%%%%`!11
M10!7OPAL+@2`F/RFW`=<8.:CTV=YX7,@D#*^/WFW/0'^'CO4MZ2MLY4S`\?Z
ME06Z]@:;8M(T),H^;<?X67(^A%`%FBBB@`K/OUDDN8TCDF7`W$1D#U`ZL/4]
MCR!]#H5GWNR0R.2<0`!FQ_JSP21SV!!_QY%`&A1110`4444`%%%%`!1110!5
MOGC2)1(<%FPN&"G/L21^E.L3NM5/'4]"#W/4@GGUYZYI+U=RQ+CDOP0V&'!^
M[R.?Z9^E/ME*0*K+M(SWR>O4^]`$U%%%`!6609-5299!Y9D*<1CDJI&,[<]2
MW<>GK6I5%#:B<!9''[QBJ'(&[)#$>O)/MT/I0!>HHHH`CE_@_P!X5)4<O\'^
M\*DH`****`"D7I^)I:1>GXF@!:***`"BBB@`HHHH`S[H1N]QYDS>2$`E58E8
M#@DY)!SP1Q_C5^L^_AF*W#Q^7YK+MAW*,$XX!X]><].:T*`%HHHH`H7S,+F,
M[4:-49FR2-O(Y^Z??N/Q[7@`H`4``<`#M6;>SXO<>4&V+M4LZ;2QYQ@\CA<_
M3Z5IT`%%%%`"$9!`)'N.U0):[;A9GGDD94*`-MP`2">@'H*L44`,\J/=N\M-
MV<YQS3Z**`"BBB@`HHHH`****`"BBB@`HHHH`*C>"-W#,N3]3@_4=#4E%`!1
M110`4444`%%%%`!1110!6ODD>)?+6-]K`L'.,CVX//X4MF)1;@3(BG)P$;(Q
MV["J6N7Z6D<<;A/WG.6=5QAE'&01_$/PS5O3BAM=T3,REF&3(7Z$C@GMQ0!:
MHHHH`*H1B-I]S2NR^<VP>4`H;D'G&<YSS_DWZSA'+'=QC]V7>1W;*C.P'J#C
MK\R@@_XY`-&BBB@".7^#_>%25'+_``?[PJ2@`HHHH`*1>GXFEI%Z?B:`%HHH
MH`****`"BBB@#+U"0(MY-^_=85R=A^X<<X&1D@8/MGJ>@TZBDMHI7+.I.1@@
M,0&^HS@_C4U`!1110!6>R@=Y'*D&7[^#][@`\?0`9]*LT44`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%908#4HIU:X:)WDA`)RH?N>O`^1AR.I],5JU"MM"LOF!3NR6`W'`
M)ZD#H#UY]SZT`34444`1R_P?[PJ2HY?X/]X5)0`4444`%(!BBB@!:***`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****
M`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@!K+NQG
,L<TZBB@`HHHH`__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>21
<FILENAME>exhibit99-8x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-8x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"``W`&X#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"DI:X?Q?
MK.HV&L^3:W311^4K;0!UYJX0<W9";L=Q17E?_"3:S_S_`+_D/\*O:)K^JW.L
MVD,UZSQO*%9<#D?E6KP\DKW)YT>BTM>877B36$NYD6^<*LC`#`Z9/M47_"3:
MS_S_`+_D/\*/JTNX<Z/4Z*X'2]<U.;2M5EDNV:2&)&C)`^4EJRO^$FUG_G_?
M\A_A0L/)MH.='JE)7EG_``DVL_\`/^_Y#_"M2[UW4T\.6%REVPFEED#M@<@=
M*'AY*P<Z/0**\K_X2;6<_P#'^_Y#_"C_`(2;6<?\?[_D/\*?U:7<7M$>J45'
M`Q:"-F.25!)_"I*YC0*\X\=_\A_O_J5_K7H]8M]!9&._U&XLXKAHQM3S$#[M
MHZ#(X^8D?A6E*?)*Y,E='E_&>AK2\._\A^QZ_P"N6NBTW1++1[!M4UU$:0C*
MP,`0">V.A)].U9&GRG6?$UKY-M!;)OSLAC"@(.3G`Y..]=GM.9.VQE:UC)O?
M^/VXZ_ZQOYFH/SKL-8UK3+'5)[1-#LIDC.UFV*I)QS_#ZU%XDTBS-KIMW8V_
MV>6\*@Q`\?,`1Q[=*(U-KK<'$SM%_P"0)K77_4I_Z%6+^=>IOH^FQ6$MO'9V
MX98,%_*7<>"`2>N>*X#P[I#:QJ2PD$0I\TK#L/3ZGI2IU4^:0W&UD9?&>];5
M]_R*>F=?]=+_`#KK==M=)MO#UU<065H"%,:.(ER&SMX..N?Y50TRQMH/"\%Y
MK,0:&`-)%'Z[CP3ZYXP.GY\3[9-*5NH^6SL</W[T#\:[/3-;TW5K]+";1K6*
M&0$!N/EPI/H/3VKG->M(+'6;FWMB#"I!3G/!4'&?QK6,VWRM69+6ET>JVW_'
MM%_N#^52U%;?\>T7^X/Y5+7FFXR:3RH7DP6V*6P.IQ6?=3RV5O:(R"9BX:<_
MW5'+/^!(-6KY))(E6-=WSJ6&<9`.<?H/PS1%&[SM--'L)0(JDYP,Y)_'C\J8
M'*>,]*U&]U&![8-/&R$+&"!L(Z_G_0^E+X-T>XL+RYN;^,PM'&%4$COR3Q]/
MUKH]MTL4<?D*[1,-LF\#(!Q^!V\?C08YSY\?DC$SG<Y<$;>!T_W1^=:>U?)R
M$\JO<Y]],M)+AKG_`(1^^D=G,GS2+M8DYZ;JEMH]1U+Q/;S:A9FVMK9&>&,D
M'!X&>.^2#^%=55.7[4)YRD((90J,'`QP>?S/Z"E[1ARE'3))9M1U::X0B!]G
ME'/#(`PR/R)_&LNTM+K1/#6VTB+ZA=X+,,?NP>!G/IG'U-=&8I+>1/(AWQB(
M1XW`=.G]:;)#-M5_*621Y`TBYQA1DJ`?8X_7UI*8[&1XBLY6TRRTJT1FC4J9
M6'\,:\9/YY_"HO&5E=W5M966GVY=%W,54XVA0`/_`$*N@2.28S?:(]BR*$"!
ML\<Y.?Q_2HY4EVA98'G"GY9(GVN/KR,?@?PH4VFO(&C$M/#6CS;TDM;F)XE4
ML9'QG.>>#[5S%QX=U*2>1[2PE%LS$Q`L,[>W?TKT%8Y##)%%;R1>9G<\T@8Y
MQC/4YXJ]TJXUI19+@F,@!6"-6&"%`/Y5)30021GD'!IU8EA1110`4444`%%%
4%`!1110`4444`%%%%`!1110!_]D_
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>22
<FILENAME>exhibit99-9x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-9x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`"-`J4#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBB@`HH
MHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB
M@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`
M"BBB@`HHHH`****`"BBL[6=1-A;#9_K9#A<]!CK51BY.R(G-0BY2V1HT5R7_
M``D%_P#WH_\`OBC_`(2"_P#[T?\`WQ6_U6H<GU^CYG6T5R7_``D%_P#WH_\`
MOBC_`(2"_P#[T?\`WQ1]5J!]?H^9UM%<E_PD%_\`WH_^^*/^$@O_`.]'_P!\
M4?5:@?7Z/F=;17)QZ[J,DBHA0LQP!LZFNK&0!DY/<UE4I2I_$;T:\:U^7H+1
M1169N%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%
M%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`#78(A9CA5&2?:N(U&\:]NWF;IT4>@K9\2WP"BS
MC93GF3!Z>@_S[5SM>AA:=ESOJ>/CZ_-+V:V04445V'FA1110`445:TZT>]NT
MB497.7/HO>DVDKLJ,7)I(V/#>GE1]MD_B!"#^9KH*:JJBA5`51P`!@"G5X]2
M;G+F9]'1I*E!104445!J%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!11
M10`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%
M`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`
M%%%%`!1110`4444`%%%%`!1110`4444`%07ERMI:R3N,A!G'J>P_.IZY3Q%>
M_:+OR$/R0G!]V[_X5K1I^TE8Y\36]C!RZ]#,GF>>9Y7.6<DFHZ**]9*Q\\W=
MW84444Q!1110`5UVA6!L[3=(FV:3ELGH.PK$T/3_`+;=;Y,^5%@M[GL*Z^N'
M%5/L(]7`4/\`EX_D%%%%<)ZH4444`%%%%`!1110`4444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`
M4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1
M110`4444`%%%%`!1110`4444`%%%%`!1110`444A(`))P!U)H`H:Q?\`V&T)
M4@2OP@_F:XVKFJ7K7UXTF?D7Y4'M5.O5H4_9QUW/G\57]K/39!1116YRA111
M0`4Y$:1U102S'``[TVN@\-V!R;R505QB/(SSGD_I6=2:A'F9M1I.K-11LZ?:
M"RLT@&"1RQ'<]ZLT45Y#;;NSZ.,5%)(****0PHHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
MH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@
M`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`K#\1W_E1"UC
M8;G&7]AVK6NKA+2W>:0X51^9["N(NKA[JX>:0_,YS]/:NK#4^:7,]D<&.K\D
M.1;O\B*BBBO2/$"BBB@`HHHH`GLK9[NZ2%`3N/)'8>M=Q#$D,2QQJ%11@`5F
MZ!8_9;03-GS)@"0>P[5JUYF(J\\K+9'NX*A[.',]V%%%%<QVA1110`4444`%
M%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!111
M0`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`
M!115+5KT6-D\@($C?*@]_P#ZW6G&+D[(F<E"+D^AA^(M0,UP;6-CY<?WO=O_
M`*U8U*S%F+,<DG)-)7L0@H144?-U:CJ3<F%%%%69A1110`5HZ+8"^O/G_P!7
M'AF'][VK/52S!0,DG`KMM,LQ9621$#?U<CN:Y\14Y(Z;L[,'0]K.[V1;HHHK
MRSW@J&[DDAM)9(8C+*JDH@_B/85-10!SD^MZE#)<0FVM=]F8C.P<E2'/\(..
M@%:::WI;[=M_`=P)'SCH.3GT_&J5UX?FN;K496OPJ7J*NQ8?N%2-IR3SCGTZ
M]L"LO_A`T)<MJ'WB6.(<<\_[7(YZ'TZTQ&TVO6_]H0QJ\/V22!I?/+D<A@N`
M,>O^>.;T-_:W$[P07$4DJ#+*K9Q_G-<[<>#I9S&W]H0QN@ZQV809R.<*P&?E
M'7/\L6],\,M87,$S7BR&W$GE*(`,%^I)))/Y_CUR@'KXC6*:]@O8/*EM@#&%
M8G[1R5^48_O<=_TJ/2?%$-ZNZZ1+=?*,V_>"JKOV@$^N:>WATS313W-S&\\+
M2/&R0E1N9BPW#<<@,<@9%5(/",L*A1?Q$"$0C_1CR!)YF3\_)SQ]*8&T-;TO
MRTD^WVX5R0I,@'3^5$VIQ/IES>6$D4_D!B>?E)49(S]*Q!X.87<T_P!NB/FN
MS%#:!E4,V3M!8X/8&M"ST)K/2+NQCN$#7((WB,[5RH4_+NZ\$]1R?:D!8351
M_9MC=R1@&\:-50-TW].O7`//T-._MO3-X7[="6)``#=<UFR>'KV2.QB;4XO+
ML@@2/[,VU]N,%AOY/'\ZK+X/D59A]OA/FHR'-KTRV[(^?@CI]*`-.U\2:=<2
MR1O.D165XT);*N%`.X,.`.>YIU_K]G!ILEU;7$$K\B-2_P!YAC(]>,C\QZUE
MS>#O/D+27R`&664A(,?ZQ0,#YN,;>*<WA*8G<NH0QL8C$X2S4*PP.<9^]D9)
MS^G%,-3H[:0RVT4C%"70,2F=IR.V>U2TR)2D2*VTL%`.U=H_`=A3Z0PHHHH`
M****`"BBB@`HHHH`****`"BBB@#G-;\70:-J!M)+621@H;<K`#FL_P#X6':?
M\^,W_?8K0UOPC!K.H&[DNI(V*A=JJ".*XOQ3H46A7$$44SRB5"Q+`#'-,3N=
M)_PL.T_Y\9O^^Q6UX>\0Q:\+@Q0/%Y.W.X@YSG_"N)T#P[9ZEHT^HWEY);I#
M(5;:N1@`'/ZTFF^((/#T]TFEQM=12E?WDYVYQGH!TZG_`.M0%SU"BN&7XA#R
M5W6/[W)W8;Y<<8Q^M:">-;9='^VSPLLKNZ11+SN*@=3T`Y%(+G4T5Y^/B'=;
MAFPAQGG#FNILO$>GW6CG4GE\F-.)%;JC>GO[8H"YKT5P=Q\0I/.;[-8J8L_*
M9&^8_7%6](\=P75P(=0A6V#?=E5B5^A]/K18+FGJ?BW3=+OI+.X6<RQXSL0$
M<@'U]ZWJ\I\;?\C5>?1/_0%KK?&7B3^S(/L=E,!>O]XK@^4O]">/P].*87.I
MHKSS1M<OK:`ZIJM_,]N-R0V_&9WQ^@&1S]/I22?$&_+CR[.V5>X;<2?QR*+!
M<]$HKC;+Q@FK0_9FW6=Z6_=;/F63T7/8G_#Z5<TO5YQ>*MU,6B?@[NQ[&M(T
MG*+:Z'/4Q,:<U"2WZG34445D=(4444`%%%%`!1110`4444`%%%%`!1110`44
M44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`"'@9-<9K%Y]LOG96)C7Y
M4YX^OXUM^(K_`.SVXMHV(EE'..RURU=^%IV]]GD8^O=^S7S"BBBNT\P****`
M"BBIK.W:ZNHX%R-[8)`S@=S2;LKL:3;LC6\.6'F2F[E3Y$_U>1U/J/I_GI73
M5%;PK;V\<*]$4+GUJ6O(JU'4E<^BH452@HA11169N%(PRI`)!(ZCM2TUCM4M
M@M@9P.IH`XU"\\>MVJZDI?[2&5IY?O@#)`QC'3MBJ\NJW+:=]GMMMK;K%%(J
M7#,9"3(/XO3/?^[6U#>^'[R.W:*PAE%S(R(HMT9LK@G(ZCKGGMSTQ6W+:6TS
MEYK>&1V786=`25SG'TSSBF(R[>_>]T?4/MGD>9;O)$63A6P,A@#TZCN:YBX>
M6WT[3=7E\U76ZBC"1O@31J,[B,GYB1@_RKNA96BQ/$+6$1N<L@C&&^H[TIL[
M4QI&;:'9&<HOEC"GV':D!RW_``EUX2D8AM=]P4,4@8E(0Q(Q+[C';''/M4VE
M^*+B]O8O/%G;6I1=V]CO9CD<=AR.A[=ZZ(V5H4E0VL)29MTB^6,.>N3ZFF3Z
M;93'<]LA;(.5&TMMQ@$CJ.!P>.!Z4`<[XCN9;;6R8KN7YK*0[`V`G'8#G/4Y
MZ_E6;+>WEJEW#I332VLEO&TD@+.(3LRV#_"3Q]*Z,ZQHWVUGGB6.=)&C,LD0
MR&0`MR.>`1STJ6UU*Q6*!(;*6&VNGVQ,(`J.3SG'49]2.:8'/:3>/<:E;R23
MSFZ2XCCV/(3NC,)R=OUYS[U)KL=XFMW&GVJ%5U%%>-^?E*`EMOH?4#U]Q6W=
MZMI4&H7#3P@W5D@+.8P653C[IZG[W;UJQ_:MF]PRHDDDT,>Y]L>3$K#=@GIS
M@<`]J`.0LM7N[=(KR&$&:5!$CW<FU-B(H;`R!DL#^1K2L?$U]?RQ1*+2!WF*
MY?=@#:2`>QY4C(/X#OK:?J6E:@8+>W@&U0)8E,0VH1R,?W3@Y_&DN;C1K*YF
MB:UB\V%1=N$A'&#@-G^\-WUYH`J3/&_B>]2_=L);+]DA9]B2`_>(/3=GC.0?
MRR,?3_$T]E8V\%O&LL,89V>ZDVR2J7/"C/4<CO\`05T^IW^G+Y$&IV^Y9E:5
M5FB#`;1SD<\@']:DL;FQOW4Q0!9;55*AXL-&&7C'ID=J`.?3Q3J#-;V__$O,
M]R$9)`6V1A@3M<9R&R!59O$VHW4223PP1VYE3:R,RD'=C&<X..IZ<5V,>GV4
M041V=N@5MZA8E&&XY''7@<^U9=AX7L[6Z\^5OM1"%`)8UYYSD\<GW-`$6DZX
M=6AU%+AT@6-,JUN2652#G!YR1Z@?A6%%JUYIS$026\[-'%MND),94MCYU[/Z
M].AKMK?3[*T<O;6EO"Y&W='&%..N.!0-/L@DJ"SMPLI!D'EKA\=,\<T`%C<"
MXM@3/!/(AVR-`<J&'4=3CZ59J*"W@MD*6\,<*D[BL:A03Z\5+2&%%%%`!111
M0`4444`%>??$G_C_`++_`*Y-_.O0:\^^)/\`Q_V7_7)OYTT)F&;R2+PG':HQ
M"3WDC/@XSM2/`/KU_2MGP7X;M-4MI;R^!EC#^6D88CG')..>XQ@^M0:5HKZO
MX.F:#)N+>Z=T4#[^43(_SZ5F:+KE[H-Q)Y(!5N'AD!QGZ=C0(TO&F@6NCR6\
MUD2L4V5,9.=I'<$\XY_3WK)-A<2Z+%=Q([PH[+)M&=O<$_K_`)(I=;UF[UJX
M$]S\J+PB+G:GT]SBK5CJNJZ7HZ-:'%I*[*Q:,,N[TY]J`(;'5K:.P6QO].CN
M85?>KHVR0'OS@Y'MQ3M;N--DMK9-*1XXB6:2-SR&X_SGZU'J6I6E]8P*EA'!
M=J?WLL8`5QCTJ:W\.7UQH4FHI&V%;*Q[>77NP^F*8$&FWNF6L)6\TDWDI/WS
M<E`!Z8`JG>RP374DEK;_`&>%ONQ;]^WCUJ_I6LQZ=`T,VEV5WEMP::(%A[9]
M*OVFLS:A=K!9^'M)=G;`'V3=M'J2#T]Z`,34;N6_N_M$^#(R("0,9PH&?TIR
ML^JZJ&O+@(\\@WRN"<9/H/Y?RJYXL@6V\0W$21Q1A5C^6)-J@[%S@=N:T_&O
MAX:?.=0M$"VLK89$&!&V/Y'G^7I0!1\9GR]>DM(P%@MD1(T'``*@G]376:%X
M3TIM&@DNX!<2SHLC.6(QD9`&#Q7#3M)JD7VDOON8E".F/F=0#\WX``'\_6K>
MF^*M4TRR:T@D1D_@,B[C'_N_X'-("IK-F-)UF>VAEW"%AM=3R.`?S&:ZV]9&
M\B<-&6N(DF98\X4L`3UZ>OTKD;*SN=4N9)W$CQAMT\Q&<9/<^I-=5I]F;VZC
MMT.P8QG&0H`]*Z\,K7D]D>?CFI)4TM6=7HUS)=:>CR)M9?ES_>`[U?IL:+'&
MJ+PJ@`?04ZN633;:.^$7&*3=PHHHJ2PHHHH`****`"BBB@`HHHH`****`"BB
MB@`HHHH`****`"BBB@`HHHH`****`"BBB@`J.>9+>%YI3A$&2:DKF?$E]YDP
MM$QM3EB#W]*TI4_:2L8UZJI0<C)N[A[JYDF<\L<X]!Z5#117KI65D?.-MN["
MBBBF(****`"NJ\/Z>UK";B0C=,HP/0?_`%ZP]'L3?7B@C]TA#.<<8]/QKLP`
M``!@#M7%BJEO<1ZF`H7?M'\A:***X#U@HHHH`***1B0I(&3CIZT`<Q+X;NOM
MNI312Q&.?<\"L6^5V*EOIG!'Y?2J5GX4U*.4RS20.44>6IE8`.)`V0`,`;<C
MC\JVQX@41QM):R#S,XVD'(SCCUYJ2'6EN3Y<-O*S]\8.T>M:^RFNA@L12?4Q
M_P#A'=0>QABE6)KA)`9Y1<N#=)N)*'COG&3SQ42^&-4!@C><.NY&E<3L#M&0
M5'X$#\*U]/UIC:J)HI)'SMW@CYF)X'Y?RJ8:XC!C';2ML^_R!M.<8_.ATIIV
ML)8BFTG<P8_"=\JH;B1;H!R'B,[IN7C:<]CGG'/YUI:-I=QI-](6MQ/)=2.Q
MF\]F\J(;=JDD<G)/O_2RVM@39"/M52)(MO*L#SSGZ?G4PU@%S&MK,TJE@Z+@
ME0#C/OS0Z4^PU7I]S$E\+W<\\\F^*"2:YDE,XD9BL;J1L"]">>3Q^-:VEPZO
M:VUM9S+:E(-J-,&8[D`Z!<#GIR3^=3PZM%+9S7/ELJQ=0>]-;5_++B2TF4QC
M<XR/E7UZ\TO9RVL/VU.U[E?5="74-9L[TE3'&NR9&/#J#N48[C.>OM5`>'[]
M=2FG1T'F7$TK/YS`,C`[4VXZ@]?ZUIC7%(1OLLNU@2#D=`<&M92&4$=",BE*
M,H[E0J1G\+,'P]H]UHZ10A;<(PS<.)&9G8#`V@@8%5+GPK<+<W,EI=LZSV[H
M?.899V8$Y(7IW]<@=JZJBH-#E[SPS+]HMYM/2"(I%(L@FG>4%F7`P&!&!].<
M].*N^&]+NM+6XCE*B!_+,<>[<58+M8DX'7`Q].U;=%`!1110`4444`%%%%`!
M1110`4444`%%%%`!5*^TJPU!U>\M8YF084MV%7:*`*UE8VNGPF*SA6&,MN*K
MT)Z9_05%>Z/IU^=UW9PRM_>*X;\QS5ZB@"D=)TTQ+$=/M61/NJ85('Z5*EC:
M1VYMX[6!(6.3&L8"G\.E6**`,6+PGH<,RRI8+N4Y&Z1V&?H3@ULJH50J@``8
M`':EHH`RKWPWH]]-YMQ8H9.Y0E,_7:1FK5AIEEIT0CL[:.(#N!R?J3R:MT4`
M9UUH>F7EPT]S912ROC<S#DX&*NSP17,+PSQK)&XPRL,@U)10!G6VA:7:3K/;
MV44<JYPP'3(P?T-.ET72YI1+)I]JSCN8AS]?7\:OT4`5WLK9X%A,$?E*<A`N
M`/P%%O96ULQ:"%$)ZD"K%%/F=K7)Y8WO;4****104444`%%%%`!1110`4444
M`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!1110`4444`%4)='L)I6DD
M@W.YR3O;D_G5^BFI..S)E",_B5S._L/3O^??_P`?;_&C^P]._P"??_Q]O\:T
M:*KVL^[(]A2_E7W&=_8>G?\`/O\`^/M_C1_8>G?\^_\`X^W^-:-%'M9]V'L*
M7\J^XSO[#T[_`)]__'V_QH_L/3O^??\`\?;_`!K1HH]K/NP]A2_E7W%>ULK>
MS5EMX]@8Y/).?SJQ114MMN[-%%15D%%%%(84444`%%%%`%`Z/8$!3"2%Z#S&
MP.<^M.72K-2"L)4@DY#L#S[Y]JNT5?/+N9^RI_RK[B@-&L!T@QSGAV_QIR:5
M9)]R(C)R1O;GG////-7:*/:3[A[*FOLK[BC_`&3998^4Q+9+$R-SGKWIYTVT
M)),1R223O;)SUYS5NBESR[A[*'\J*7]DV04KY)PW4;VY_6AM+LW!W1L<KM/[
MQN1Z'GFKM%'/+N'LH?RHI?V5984>4V%R`/,;C/7O5M%"(JKT48&3FG44G)O=
DE1A&.R"BBBD4%%%%`!1110`4444`%%%%`!1110`4444`?__9
`
end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>23
<FILENAME>exhibit99-10x1x1.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 exhibit99-10x1x1.jpg
M_]C_X``02D9)1@`!`0```0`!``#_VP!#`!`+#`X,"A`.#0X2$1`3&"@:&!86
M&#$C)1TH.C,]/#DS.#=`2%Q.0$1713<X4&U15U]B9VAG/DUQ>7!D>%QE9V/_
MVP!#`1$2$A@5&"\:&B]C0CA"8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V-C
M8V-C8V-C8V-C8V-C8V-C8V-C8V-C8V/_P``1"`"'`2P#`2(``A$!`Q$!_\0`
M'P```04!`0$!`0$```````````$"`P0%!@<("0H+_\0`M1```@$#`P($`P4%
M!`0```%]`0(#``01!1(A,4$&$U%A!R)Q%#*!D:$((T*QP152T?`D,V)R@@D*
M%A<8&1HE)B<H*2HT-38W.#DZ0T1%1D=(24I35%565UA96F-D969G:&EJ<W1U
M=G=X>7J#A(6&AXB)BI*3E)66EYB9FJ*CI*6FIZBIJK*SM+6VM[BYNL+#Q,7&
MQ\C)RM+3U-76U]C9VN'BX^3EYN?HZ>KQ\O/T]?;W^/GZ_\0`'P$``P$!`0$!
M`0$!`0````````$"`P0%!@<("0H+_\0`M1$``@$"!`0#!`<%!`0``0)W``$"
M`Q$$!2$Q!A)!40=A<1,B,H$(%$*1H;'!"2,S4O`58G+1"A8D-.$E\1<8&1HF
M)R@I*C4V-S@Y.D-$149'2$E*4U155E=865IC9&5F9VAI:G-T=79W>'EZ@H.$
MA8:'B(F*DI.4E9:7F)F:HJ.DI::GJ*FJLK.TM;:WN+FZPL/$Q<;'R,G*TM/4
MU=;7V-G:XN/DY>;GZ.GJ\O/T]?;W^/GZ_]H`#`,!``(1`Q$`/P#T"BBL*>YN
M=,U5A=W<\UM<QD6R[8QB3^YPHR2/NY/KGUH`W:*RH9[C3H(H;N6?4+V4%A&B
MQA@!C./NC`R.3Z_A1'KUO,^R&"XD)@><8"C.U@K+R>&!/0X'O0!JT5DVVOV]
MTZK#;W+?N4G=B@4(CC()R>?^`YJ[978O(A(L4D:D9&_'(YP002.WZT`6:*Q5
MU_;+*L]C<KBY%O%M"MN.!U(;C\<=1[U(=>C6.5I;.ZC,,Z02HVPE"^-IX8@C
MYEZ$GGI0!K45@1:E)876I^>+J[C6\2-=NW]T&1"!R1A<MC^?K6Q!<^=//'Y,
MB"%@N]MNUSC/&#GCCJ!0!/1110`4444`%%%%`!1110`4444`%%%%`!1110`4
M444`%%%%`!1110`4444`%%%%`!1110`4444`%9^IV5U>/;&WN8H!!)YF'A,F
MX@$#HPXY-:%%`%"^L))[J"[MIUAN859`SIO5E;&01D>@[U570C#)%);77EL(
MY4D+1[M_F,&8CG@Y'N*V:*`,32]#GTZ8L+\2I]E2V4-"`RA<[3D'!ZGMTQ[D
MVM+TL:?/<R!TQ.01'%'Y:+C/.,GYCGDC&<#BM&B@#&GT:Y>9FBO8T0W8N@K0
M;L$`<9W#THO]#DNGN_*O?(2ZDBE;$09E="O().,84<8Z_E6S10!B/8?9AJ/V
MV0W46H/CRXK9MP.W:`2">RCD@#/I5NUM[NTL;2%7620$?:'=<[L\L1R,'/U]
M,=QH44`%%%%`!1110`4444`%%%%`!1110`4444`%%%%`!24M(2%&20![T`-E
MD2&)Y9&VHBEF/H!UK+CU^WN6"V<4L^93$6"X52.I/<#\/TH3?K(#[MEFR#&R
M3G.[/;C/"_3D=^+EU=+9B.-44!@<,[A$7&.I_'T/0TP(FU&4&4BSE\N-_+R5
M;+'.,@;>5]QFFMJ<ZLX-A,WEQ[VV*QW<9PN0,GIP<4K7[?VAY"[=GRX(C=MP
M/N!@4Q=0N#++'Y:"0*Q2-@RDX/&#T8'V(HL`+J=RSVZ#39OWS?>Y"HO'+9&0
M>O&.W6E.HWFV+;IDNZ1V7EP`@'3<<<9^F/>GV]^TFT-@DS>6<QM&1\I/*MR/
MU%/6]<[9##B!WV*^[YN3@$KCH3[^E`"Z=J=KJ</F6TF>`2K`JP_`X./>K=9F
MHV,P<W5@TGG*`/)638C<Y)],\G.0?SP:MV=VERA&Z+S4)#HD@?:0<4`6:*2E
MI`%%%%`!1110`4444`%%%%`!1110`4444`%%%)0`M%5;K4;.T8+/<(KGH@^9
MC]%'-55U&^N9"MIIDBQ_\];IO*'_`'S@M^@H'8TZ*H"#4Y1^]O8H?:"'G\V)
M_E4`\.V;RB2ZENKQAT\^8D?]\C`_2@"_+?6D.?-NH4QUW.!4]0P6EM;C$%O%
M$/\`80+_`"J:@0M%)10`M%%%`!113695&6(`]30`I(`R2`/>L=O-U>>%E:2*
MUC990RD$.03P?T/MCUI0\^KS_(&@M8F21)"H/F?*<@>^3^!4>O$^H3M:(D4:
MB*-E(5@F1N[+CH,^_':F`VZN(I(5BMP6C5@75%(WH#SMQUQQD#MQWHA@@D:1
MHPR6Z,DB;EVJK#.=N>@Q@>G7WHBTR*$/]H*O"JAE+L<Q$$DX/8<_TZ5,LB3S
M;YF$:1G<D;-@G'\;#T]!^)YZ``5MGF,VVY#\9VB10<>PX-,$5BO_`"PEVX("
M^6Y50>N!C`_"K?VB'8'\V/83@-N&"?2G&1`0"ZY/09ZT`5D^S(H81S'#9RT;
MLV>G<9J%+3=E[6X<J&)2.0?+$W<XP#WX!/>KOVB$Q^9YT>S&=VX8Q]:ADDB>
M5&@GA\_'"[Q\X]#^1Y[8/N*`*>G3"`R1CB%9'\R>5OO-G&`3U/&2>G;Z.OH'
ME@6\TV0JZ*S!8^/,S@^AR>.XYSVX(DGM4O4\V+]U=C`W$_-%Z_H3]?UJ33_,
M=?,W[80-D<('W0.,L>N>.G:@"6TNEN8P2/+D'WHF8%E^N/SJ>LZ]L")?MEFJ
M)<J=Q+*3NP".GKS^/\K%C>+>0!MCHX`+(Z%2"?Y_AF@"U1112`***2@`HK-F
MU.229[>PM_,F1MI,Q\M1[\\G\!3WL;B=2+N^D"]UMQY0_/EOU%`%N>Y@MUW3
MS1Q+ZNP4?K58ZO9Y^1Y)>^887D'YJ#2V=G80D_988MR\%P-S?BQY/YT7^JV&
MFKF\NHXCU"D_,?H.IH&1'6[1,F9+J%1_'+:R*OYE<#\:T$=)$5XV5T895E.0
M1ZBN9N]>M=022%KZWL[)UP[M(/.=>X50?ESTYY]JTH+]4M8X=,T^YEC1`L>Y
M/*3`''+X/Z&@&C6I*P;V7Q,43[-;62ER<@/NV>F2<?H#6+?0^(8&\V^U&0Q`
M`7!C7;'&C$*=I&-S`<].*!V.HFU3,_D6$!O)0<.58!(_]YO7V&3[4265W=J!
M=7AB0]8[4;<^Q8\G\,5)+<V.D640D=88%PD8'.?0`#J:C&LVN"26/HL:-(WX
MA0<4"+-I96UE'LMH4C'<@<GZGJ?QJ>LRV\0:9/:K<FZ2"-F*KYY\LG'IGK6G
MF@0M)52ZU73[-MMQ>01O_=+C=^76J%UXIL+>/S!%=RIG&Y8&`)]`6QF@=F;=
M)533+XZC:"X-K/;!CPLR@,1ZX]*MT",N;2+B1_,75[Y7#!@,ILX.0"H49'KZ
MUI1"01J)2K/W*C`-.HH`6BBB@`K+U'?<:C;6BMM`/FLP7<=N&4@^F<C!^M:E
M9TH']N0G#Y\HY*GCO]X?GCZFF@+Z(D:*D:JB*,*JC``]!22!#&PE"E"#N#=,
M=\TZJ>HABUH<.T2S9E"*3D;&QD#MNVT@'QJ;EED=62%#E$/&[W(]/0?CUQB.
MXTU+AYG=SE\[..$)3;N]S@G\ZG^U1Y/RR\?],7_PI#=IVCF/_;%O\*8%9]-;
MSGD6;<75E(D7/#8S^/'Y8':D6"U2X+?:HR\:J`&8$J`5SGGN5'/K5L7(/_+*
M8?5#53[*2$1A*Z("%PN#@D'DDYSQUXH`2VTQ8MCPS@@(H'RY!(/7KW_GS4JV
M,@O5NGF5F"A2`I`ZL>,-C^+OGI4Z,8T5%@EPHP/F4_UI3,__`#[R_FO^-%P"
M:$LPEB(65>`2."/0^U);2QR;\*$E!_>)W!QCGUX`P?2CSW_Y]I?S3_XJH8$9
MM0ENF4QJ\21J&(R2"Q/0G^\*`+E9*PI:>(MT41_TJ,F1@Q/([D>G&/JU:P8$
MD`@D=1Z5FW0']N69*#E6PXZYPW!XZ8)[]<4(#3HHHI`%)2T4`)6;J6YIBMU<
M"VL!&"S!@IE8DY4D\@8QTZYZUI-DJ=IP>QQ52+38%N1=2@SW(&!+)R5_W1T7
M\*`(3>3/"J:;9.X&%5Y@8D4?C\Q_`8]ZJMX<ANKLWE^4>9L;A%&%!QTY.6[#
MD$5MTC*'4JW0C!H'<RO[.T@I<VT=NCM+E9BJ[V)/]YCGGZFM"T@CMK6."&/R
MHHE"HI.<`"J<>AVT$2Q6\]W#$O1$N&P/S-*=%MG!$DMY(#V:[EQ_Z%0!?>1(
MQEW51ZDXJE=ZEI0ADCNKRU*,I5D:0'<".1CO4/\`PCFC+EFL8F/4M)EOU)JO
M%/8Q%QH&F13SJ2A>*(1Q@^\F,'Z#)H"PFE1Q:C#/975O]JL+=U-K+/$1O7'3
MYAR5Z;NX/UJ?49M+6U.FF8H"-OD6@)<#TVJ"0*D6PO;I`=1O67(YAM3L4>V[
M[Q_2G0#3M+)MK*W428RT<"98^['\>I-`&!/H#7]LUI8Z5'80.JJUU<MNF(!'
M`4$D=!P2*N7&G@*8+R_OM3N2/^/>-_+0^FX)@*/<FM6..^NLFZ<6T9/RQPG+
M8_VF_P`/SJQ:6=O91F.VB$:L=S8Y)/J2>30%S-T70DTBQE,$=N+V7+;PIVJ2
M.%!)+;0??UK-L[?6TD$UUI$-S>+R+F:Z4@'_`&5`^4?2NKI:`N8T:^(Y?];)
MIMN#_<1Y"/S(%/\`L>L_]!>#_P``_P#[.M:B@+F.L?B'[08VN-.\@#B;R7W'
M_@.['ZUHVR7**?M,\<I[%(BG]34]%`A*6BB@`JC*N=7A(5CM0Y*G@=?O?T_X
M%5ZJ<JG^TX6\MR-A^96X'^\/Y?C0!+>,4LIW4D,L;$$'VJ"VGVW%P)',:)L&
MV5P2">^?0Y`'/4&KCJKH4=0RL,$$9!%13M#`1*Z9=R$!5<LW4@?S-,!NH.T=
MHS*Q7YE#,.RE@&/MQFJ]I=6R32QB=L;E50\H<9.<`')/..AJR;EL@"WF/O@#
M^9I$D*`!;.11TXV#_P!FH`;J1VVC'S5C`(^9B0O7H2.@]ZJVDQE6VVC`%PRY
M63S%(V,>&[C^1X[5?\Y\?\>\OYK_`(T><^,_9Y?IE?\`&@#&LI)FL;*.16P!
M%,6R3U*\9_WBWX"K=O:$WCW.U%VR-EE!WL.>#VQ_A5T3L3@P2!O0E<X]>M+Y
MSX_X]Y/S7_&BX&)&JKOBAB\Q&4&1X597(#KD.O=B">>O6I3`DA")&1:&Z'EA
M$*[/W9!8<<?-^M:KS3`#9;.3[LH_K3(;IWNVMY8?+(3>#N!R,XIW`JZ2)OM=
M^UPA5S(N3C@X0#(]N,_C3KHA-:M'(90R,F\'@]]I'ZY]@*TJR=0D2+6[!G=X
MRP95;JIR1\I'OZ^H%(#6HHHI`%%%<Y(?"\4DJ2:;;H86VR,VG,%0^[;,`>^<
M4`='16<-#T9@"-*L"#R"+=/\*7^PM'_Z!5C_`.`Z?X4`:%%9W]A:/_T"K'_P
M'3_"JUA8:%J%L9X-(M0@=DP]HJL"IP>",CD4`;-4)]43[2]I9QFZNDQO13A8
M\]-S=OU/M6!-'IE\(/L.@H+=W832K8KN&TD%0,94DCJ<8'O43C3'C>*TT>QM
M8XN&N;JV\U5`ZY*@KGZMGVH'8WDTR6X7S-9N//YW>0AVPI^'5O\`@7Y5)#J-
MNR"+3(&N$3Y08E"Q+CMNZ?EFJEIX3TJ)Q+/:PW$N.28E5/P0#'YYI9+7PY%.
M\+Z=9;H_OD68*IQG!8+@'D<$YYH"Y;CM;RX8M?7.Q/X8;<E0/JW4_I5R&"&W
M7;#&J`]=HQGZU2&AZ068'1[(`=";=,']*=_86C_]`JQ_\!T_PH$:%%9_]A:/
M_P!`JQ_\!T_PH_L+1_\`H%6/_@.G^%`&A16?_86C_P#0*L?_``'3_"C^PM'_
M`.@58_\`@.G^%`&A16)>V?AZP>)+C2K;=,2$$=AYFX@9Q\JGG&3^!J2TTW0+
MV'S;?3;%U!*G-JH*GT((R#[&@#7HK!>#PTDK1G3K,[,[W6RW(F.H+A=H_$U=
M70]&90PTJQ((R/\`1T_PH`T:*S_["T?_`*!5C_X#I_A1_86C_P#0*L?_``'3
M_"@#0JA=,J:I9Y1LMN&Y6``X.-P_D??WI/["T?\`Z!5C_P"`Z?X53U/PUIEQ
M:D0:9:K(I!'EHL9_D<_0_F.M`&W5>]B>2-&B`9XG#A2<;L=L_C698:=I%Q%&
M)M'L(YR&RGV=#]T[3R,CKVR<5-<:3HL`7.D6;NYVHBVR98_E0!HP3).FY">#
M@@C!!]"*2Z0S6LT*$!Y(V5<G';']:R#HNFS%O*TBSAN(P,I);H58'Z?0\]>*
M%T/39V?RM,L%1F`<-;J'C.!D`8^AS[YYI@3'3GE5AYD:[=X"K@X8A0.<#'3L
M`>:N&V0-'(XCRDC-N(YP=W&?J1^59J>&[/:C2:=I[2(%!"P@*^.IZ<9].?QH
MD\-6,A91I]A&I.X$0J2,KC;T'&<G/TH`D-D8[=8I98E.Q8V8-EB=H&`,9SQV
M_*K]LL<'F'S01+("-S9.=H&/KQ61_P`(K9*F!:63G/\`'`!Q\P'3O@K]2,]Z
M=)X8TU8B9(+2-$4L7%N@P0JC)R.G#'\:`-R61(8VDE<(BC)8G``JM;Q227C7
M<GR*4V1QD8(7.<GW/IV'O5"/0],DQ<2:79^6JY2-;906/<D8[]AV[\]+&D^1
M;/+:);1V<A8RB%(PJ[>!D%>#VSWS[8I`:=9-[*ZZ_81Q2D$JVZ-ONLO^/?\`
MX":NWEW':H-Q!D?(C3."YQT_^O67I5G/=7BZI>;AN16B3S"0"0W..V`V/S/>
MF@-VBBBD`5Q^H2+=ZAJHM[L3Q(R?:;*)ES+$$`?&/FR/8]L=Z["B@#FY]2LK
MJZB4WQAT]H,V\T,Q16E!(*D@CD#;A3UR>#65)J5Q]EOVO=2DBNHM.BF$0F";
M)>>PP<YVY!_O?2NYHH`Y:348WU:":WO)G'GHLN;C*;&3@+&."I./F/.>A/2H
M;._MVM$#7GEV3W]QYTT4NT#+,4!<'Y0<YSD=O6NOHH`P/#VZ71+R*!G$GVBX
M57=2.2[$')Z]15.VU6/3O"T=JDEO;ZC;0;3:7"_,[`8("Y!.XC@C/7O75T4`
M5[28/&L<DL37"(IE6/C;D<?+DD#@XSZ5@ZG(+&ZN;FQNU6:5B9+"=01<D``[
M.^2`!D9'J*Z:B@#D-3U01/?J-7:)X[N`!?-0%5;&Y>G098_ASWIESJ45O_:!
M357_`-%OH5A#71.%;9O!R?F'W^#G&#TQ794E`')6%W)(T21ZC+/?I?O&8WES
MNA$A!)0<8VC.['7CVIXOKJ*VND21II%*-)-%,TF$++N.T\QL%).T<=Q6]IFG
MKIT,D:W$TPDD:4F7;D%CD_=`[DFKM`'&WMZ(&!MM5D73OM-MLF-QNR2Y\Q=[
M9)`&">>/IQ6OHFHV_G7]JUZC^5>&*(23[FP5!`R3D\[_`,CZ5MTQXUDV[QG:
M0P&>,CI0!B^)+A8KK2$6Z@MYC=Y4S#(QY;CID9Y('7J15JUM!81SB2Z1KN]D
M+;C\@9]N,*N3T"^YXK3HH`Y6PU--/\-K:--;VNI6\94P70YD8$]!D%MW8C/6
MFS2WLVH)%/JD5A(L4;P*(G"R<9;:HD`;GC:0Q].M=910!RXNYWN<BXD&J+>;
M#:^:=IAWXSLSC&SG=CKW[5U%%%`!1110!0OK&1_WUB88+KG]XT8.0?U["HH)
MX]34QY=+JVP2Y3;M<@C(![=>#_@:U*J7MC'=`2%?WR<QMO9<$=,XI@9Z0W$<
MOV6*60"(#?(I&\D\A@"/N`D\9]?3FVLR7#CR+B+[6@&X*?E?'4>X]QR/T,=I
M?)=.;2Y:-+W8X(CSTS@XR`1V_F,TV\M9C:Q!WBMHK4;E>/).=I4'&!@#.>],
M"\7N^T,/_?X__$T%[KM##_W]/_Q-9Z7)2UG'FE55T5G64RA`Q`)#GGH>_3K4
M@F6-U2"Y>5/M"J<MN"Y7[N[OZ\^M("Z'NL\PPCZ2G_XFH+F7R5,]^\<<$8R$
M4EMS>_'/L`/Z8R[:=FTUMT^9]N&Q=.7^\,_+_#^'2KMLKRZE-!=H7"VZH2PR
MD@RW('N.OTHL`R\)NIXU=)(W0%UB**Y=<CE<\!A^..<=<U-).+'3Q<7D;2R1
MLQC7`9^<X&?7'7\:F^2SM8EN'61D;;$3C<Q.0H&?XL<?G5/3X6U&4:A<QQE)
M(WC";BP*EL=^,$+G/?=[4`0VFGW-_?-=ZBVZW#;H86`/!'\OJ.<5N@`#`&`*
M*6ANX!1112`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`*
M***`"BBB@`HHHH`*2EHH`HZK8/?6Q6*XF@E4'8T;8Y]\@^@YZCM5.36;FV<0
MSZ9<-)U_=X;*=V)'`[\$C/XXK:I*8&1!K+W"1^5IMRIE?"+*A7*=W)P0OT.,
M]J=]ON8ALBTML%L1A=P#>I/R_+^.,]JU:*`,O^U+ILB+39BSG]R&W+N'<L2O
MR?0\G^:&]U65)#!IRKT\HR/U]=PX('3W]JU:*`,:+3+^YU'[5J-ROE1LK1P1
MJ"`1WR1D<X/K[]ALTM%(`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`**
M**`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHHH`****`"BBB@`HHH
,H`****`"BBB@#__9
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
