<SEC-DOCUMENT>0001062993-14-004459.txt : 20140731
<SEC-HEADER>0001062993-14-004459.hdr.sgml : 20140731
<ACCEPTANCE-DATETIME>20140731124831
ACCESSION NUMBER:		0001062993-14-004459
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20140730
FILED AS OF DATE:		20140731
DATE AS OF CHANGE:		20140731

FILER:

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

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		141005532

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

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


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

<p align="center"><b><font size="5">FORM 6-K</font></b></p>
<p align="center"><b>REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16
  OR 15d-16 <br>
  UNDER THE SECURITIES EXCHANGE ACT OF 1934</b></p>
<p align="center">For the month of <b>July 30, 2014</b></p>

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

<p align="center"><b><u><font size=5>Taseko Mines Limited</font></u></b> <br>(Translation of registrant's name into English) </p>

<p align="center"><b><u>15th Floor - 1040 West Georgia St., Vancouver, BC, V6E 4H1</u></b><br>(Address of principal executive offices) </p>

<p align="center">Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.</p>
<p align="center">[<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>] Form 20-F &nbsp;&nbsp;[ x ] Form 40-F</p>

<p align="center">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



<p align="center"> Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): [<font style="font-size:1px;">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font>]
</p>



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

<p align="center"><b><u>SUBMITTED HEREWITH</u></b></p>

<p align="left"><u>Exhibits</u></p>

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
<tr><td width="5%" valign="top" bgcolor="#EEEEEE">&nbsp;</td><td width="5%" valign="top" bgcolor="#EEEEEE"><a href="exhibit99-1.htm">99.1</a></td><td bgcolor="#EEEEEE"><a href="exhibit99-1.htm">Press release July 30, 2014</a></td></tr>
<tr><td>&nbsp;</td></tr>
</table>

<p>&nbsp;</p>

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

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

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

<table style="font-size: 10pt;" width="100%" border="0" cellspacing="0" cellpadding="0">
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td colspan="2" valign="top"><b>Taseko Mines Limited</b></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td colspan="2" valign="top">(Registrant)</td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>&nbsp;</td>
	</tr>
	<tr>
		<td valign="top">Date: July 30, 2014</td>
		<td valign="top">By:</td>
		<td><i>/s/ Russell Hallbauer</i></td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td><hr noshade align="center" width="100%" size=1 color="black"> </td>
	</tr>
	<tr>
		<td valign="top">&nbsp;</td>
		<td valign="top">&nbsp;</td>
		<td>Russell Hallbauer</td>
	</tr>
	<tr>
		<td width="50%" valign="top">&nbsp;</td>
		<td width="5%" valign="top">Title:</td>
		<td>President & CEO</td>
	</tr>
</table>

<p>&nbsp; </p>

<hr noshade align="center" width="100%" size=5 color="Black"></BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>

<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
   <META name="HandheldFriendly" content="true">
</HEAD>

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

<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A>
<P align=center><img src="header.jpg" width="723" height="126"></P>
<P align=center><B><font color="#30B0F0">TASEKO REPORTS SECOND QUARTER 2014 RESULTS </font></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>This release should be read with the Company&#146;s Financial
      Statements and Management Discussion &amp; Analysis ("MD&amp;A"),
      available at <B>www.tasekomines.com </B>and filed on <B>www.sedar.com</B>.
      Except where otherwise noted, all currency amounts are stated in Canadian
      dollars. Taseko&#146;s 75% owned Gibraltar Mine is located north of the City of
      Williams Lake in south-central British Columbia. Production volumes stated
      in this release are on a 100% basis unless otherwise indicated.
  </P></TD></TR></TABLE></DIV>
<P align=justify><B>July 30, 2014, Vancouver, BC </B>&#150; Taseko Mines Limited
(TSX: TKO; NYSE MKT: TGB) ("Taseko" or the "Company") reports the results for
the three and six months ended June 30, 2014.</P>
<P align=justify><B>Second Quarter Highlights </B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Second quarter 2014 earnings from mining operations before depletion and
  amortization* increased to $26.7 million from $19.4 million in the first
  quarter 2014, a 38% increase over the first quarter and 107% increase over the
  second quarter 2013. </P>
  <LI>
  <P>Cash flows from operations were $13.6 million, and this was achieved
  despite a $6.8 million negative working capital adjustment related to timing
  of cash receipts from customers. </P>
  <LI>
  <P>Revenues for the second quarter 2014 were $107.3 million, up 57% from the
  same period in 2013. </P>
  <LI>
  <P>The Gibraltar Mine produced 38.5 million pounds of copper and 667 thousand
  pounds of molybdenum in the second quarter, a 37% and 100% increase,
  respectively, over second quarter 2013. </P>
  <LI>
  <P>Total sales for the quarter were 38.7 million pounds of copper (100%
  basis), 39% higher than the second quarter 2013. </P></LI></UL>
<P align=justify>Russell Hallbauer, President and CEO of Taseko, commented,
&#147;Operational improvements at Gibraltar are now being reflected in our financial
performance. The increase in operating profit is a combination of reduced
operating costs and higher copper production in the second quarter. Gibraltar
total operating costs decreased to $2.12 per pound in the second quarter, 15%
lower than the first quarter. This cost reduction is not only sustainable, but
can be improved, especially as the copper grade and copper recoveries trend
higher in the second half of 2014. Costs are also benefitting from a
significantly higher by-product credit due to increased molybdenum production
from the new molybdenum plant as well as a strengthened molybdenum price. We
ended the quarter with a strong cash balance of $77 million. We spent $17
million in the quarter on principal and interest payments on our long-term
debt.&#148; </P>
<P align=justify>&#147;In addition, we continue to invest in our Aley Project, now
nearing completion of the metallurgical test work&#148;, Mr. Hallbauer added. &#147;During
the quarter, we successfully achieved the targeted niobium recovery rate, which
is now repeatable in lock-cycle tests. The project team is currently working on
the final step of the process which is the treatment of the niobium
concentrate.&#148; </P>
<P align=justify><FONT size=1>*Non-GAAP performance measure. See end of news
release. </FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=center><IMG src="exhibit99-1x2x1.jpg" border=0> </P>
<P align=justify>&#147;Following the decision by one of our independent Board
members, Wayne Kirk, to not stand for re-election at the AGM, we decided to
change the composition of our Board of Directors by replacing a non-independent
director, Scott Cousens, with an independent director who also represents a
significant shareholder of the Company. George Ireland, who is the Chief
Investment Officer and Managing Member of Geologic Resource Partners LLC, has
joined the Board bringing over 30 years of experience in all aspects of the
resource sector to Taseko. I believe having a major shareholder representative
on our Board rounds out the skillset of the existing members. I would like to
thank Scott for the many years he served as a Taseko Director as he was
instrumental in building Taseko to the company it is today.&#148; concluded Mr.
Hallbauer. </P>
<P align=justify><B>HIGHLIGHTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="30%" colSpan=7><B>Three months ended </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="30%" colSpan=7><B>Six months ended </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial Data </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="30%" colSpan=7><B>June 30, </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="30%" colSpan=7><B>June 30, </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Cdn$ in thousands, except for per share </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>2014 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>2013 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>Change </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>2014 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>2013 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="8%"><B>Change </B></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenues </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>107,307 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>68,191 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>39,116 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>212,303 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>128,341 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>83,962 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings from mining operations before </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>depletion and amortization* </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>26,665 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>12,923 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>13,742 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>46,104 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>32,516 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>13,588 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings from mining operations </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">13,334 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">4,592 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">8,742 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">22,121 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">17,806 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">4,315 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net earnings (loss) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>2,628 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(14,721</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>17,349 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(6,520</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(25,203</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>18,683 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Per share - basic (&#147;EPS&#148;) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.01 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(0.08</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.09 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(0.03</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(0.13</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.10 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Adjusted net earnings (loss)<SUP>*
</SUP></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(2,172</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(10,177</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>8,005 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(4,881</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(13,010</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>8,128 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp;&nbsp;Per share - basic (&#147;adjusted EPS&#148;) <SUP>*
      </SUP></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(0.01</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(0.05</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.04 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(0.03</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">(0.07</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.04 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>EBITDA <SUP>* </SUP></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>23,336 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(2,171</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>25,507 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>32,194 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>(2,495</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>34,689 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted EBITDA <SUP>* </SUP></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">19,217 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">3,888 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">15,329 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">33,811 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">13,763 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">20,048 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash flows provided by (used for)
      operations </TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="8%" bgColor=#e6efff>13,551 </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="8%" bgColor=#e6efff>25,731 </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="8%" bgColor=#e6efff>(12,180</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="8%" bgColor=#e6efff>36,852 </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="8%" bgColor=#e6efff>21,987 </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD>
    <TD align=left width="1%" bgColor=#e6efff></TD>
    <TD align=right width="8%" bgColor=#e6efff>14,865 </TD>
    <TD align=left width="2%" bgColor=#e6efff></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left><B>Operating Data (Gibraltar - 100% basis) </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Q2 2014 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Q1 2014 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Q4 2013 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Q3 2013 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="8%"><B>Q2 2013 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Copper contained in concentrate and copper </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>cathode </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Production (million pounds Cu)
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>38.5 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>34.5 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>33.5 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>36.7 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>28.1 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Sales (million pounds Cu) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">38.7 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">40.0 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">37.0 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">26.6 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">27.8 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Inventory (million pounds Cu)
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4.1 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>4.4 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>10.1 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>13.6 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3.5 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Per unit data (US$ per pound) </B>* </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="8%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Operating costs of production*
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.11 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.19 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.88 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.95 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.09 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      &nbsp;By-product credits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(0.35</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(0.21</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(0.18</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="8%">(0.15</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net operating costs of production * </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.76 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.98 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.70 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.91 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.94 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Off-property costs
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">0.36
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">0.50
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">0.44
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">0.30
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">0.40
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total operating costs * </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.48 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><FONT size=1>*Non-GAAP performance measure. See page19 of this
MD&amp;A. </FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_3></A><P align=center><IMG src="exhibit99-1x2x1.jpg" border=0> </P>
<P align=justify><B><font color="#30B0F0">HIGHLIGHTS - CONTINUED </font></B></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Second quarter earnings from mining operations before depletion and
  amortization were $26.7 million, a 38% increase from the previous quarter and
  up 107% from the second quarter of 2013; </P>
  <LI>
  <P>Total sales for the second quarter of 2014 were 38.1 million pounds of
  contained copper in concentrate and 0.6 million pounds of copper cathode (100%
  basis); </P>
  <LI>
  <P>Net operating costs of production declined to US$1.76 per pound produced
  from US$1.98 per pound produced in the first quarter of 2013; </P>
  <LI>
  <P>Second quarter copper production at Gibraltar increased to 38.5 million
  pounds (100% basis), a 37% increase over the second quarter of 2013. Gibraltar
  mine is now operating at the design capacity of its recent expansion and the
  focus is now on increasing recoveries to further increase copper production;
  </P>
  <LI>
  <P>Copper head grade was 0.285% in the second quarter, which is below the
  Granite pit average grade. Copper grade is expected to trend toward the
  Granite pit average in the second half of 2014; </P>
  <LI>
  <P>Copper recoveries were 85.3% and molybdenum recoveries were 41.4%; </P>
  <LI>
  <P>The Gibraltar SX/EW plant recommenced operations in April 2014 and produced
  0.9 million pounds of copper cathode in the second quarter of 2014; </P>
  <LI>
  <P>The Company generated cash flows from operations of $13.5 million in the
  second quarter of 2014, and this was achieved despite $6.8 million of negative
  working capital adjustments primarily related to the timing of cash receipts
  from customers; </P>
  <LI>
  <P>The Company ended the second quarter of 2014 with a cash balance of $77.4
  million; and </P>
  <LI>
  <P>Canada's highest court issued a historic decision by formally declaring
  aboriginal title to exist in a defined area of British Columbia historically
  occupied by the Tsilhqot'in people. The ruling confirms that Taseko's New
  Prosperity Gold-Copper project is located in an area where aboriginal title
  does not exist. </P></LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A><P align=center><IMG src="exhibit99-1x2x1.jpg" border=0> </P>
<P align=justify><B><font color="#30B0F0">REVIEW OF OPERATIONS</font></B> </P>
<P align=justify><I>Gibraltar mine (75% Owned) </I></P>
<P align=justify>Operating results in the following table are presented on a
100% basis. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left><B>Operating Data (100% basis) </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=right width="8%"><B>Q2 2014 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=right width="8%"><B>Q1 2014 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=right width="8%"><B>Q4 2013 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=right width="8%"><B>Q3 2013 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=right width="8%"><B>Q2 2013 </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Tons mined (millions) </TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>30.2 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>25.9 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>21.5 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>22.6 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>22.7 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>Tons milled (millions) </TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">7.7 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">7.0 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">7.6 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">6.8 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">5.8 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Strip ratio </TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>3.1 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>2.8 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>3.9 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>2.6 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>3.3 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left><B>Copper concentrate </B></TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>&nbsp; &nbsp;Grade (%) </TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>0.285 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>0.290 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>0.270 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>0.315 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>0.281 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>&nbsp; &nbsp;Recovery (%) </TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">85.3 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">84.6 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">81.7 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">85.9 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">85.8 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>&nbsp; &nbsp;Production
      (million pounds Cu) </TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>37.6 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>34.5 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>33.5 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>36.7 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>28.1 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>&nbsp; &nbsp;Sales (million pounds Cu) </TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">38.1 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">40.0 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">37.0 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">26.6 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">27.8 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>&nbsp; &nbsp;Inventory
      (million pounds Cu) </TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>3.9 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>4.4 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>10.1 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>13.6 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>3.5 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left><B>Copper cathode </B></TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>&nbsp; &nbsp;Production
      (million pounds) </TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>0.9 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>- </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>&nbsp; &nbsp;Sales (million pounds) </TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">0.6 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">- </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">- </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">- </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">- </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff><B>Molybdenum concentrate
    </B></TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>&nbsp; &nbsp;Grade (%) </TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">0.011 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">0.009 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">0.010 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">0.012 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">0.011 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>&nbsp; &nbsp;Recovery (%) </TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>41.4 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>42.5 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>34.8 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>17.5 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>26.4 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left>&nbsp; &nbsp;Production (thousand pounds Mo)
    </TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">667 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">566 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">480 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">284 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=right width="8%">333 </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>&nbsp; &nbsp;Sales (thousand
      pounds Mo) </TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>731 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>589 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>499 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>110 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>317 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left><B>Per unit data (US$ per pound) </B><SUP>*
      </SUP></TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD>
    <TD vAlign=center align=left width="1%">&nbsp;</TD>
    <TD vAlign=center align=left width="8%">&nbsp; </TD>
    <TD vAlign=center align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>&nbsp; &nbsp;Operating costs
      of production<SUP>* </SUP></TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>2.11 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>2.19 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>1.88 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>1.95 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>2.09 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>&nbsp; &nbsp;By-product credits <SUP>* </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">(0.35</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">(0.21</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">(0.18</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">(0.15</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD vAlign=center align=left bgColor=#e6efff>Net operating costs of
      production <SUP>* </SUP></TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>1.76 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>1.98 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>1.70 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>1.91 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=center align=left width="1%" bgColor=#e6efff>$</TD>
    <TD vAlign=center align=right width="8%" bgColor=#e6efff>1.94 </TD>
    <TD vAlign=center align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>Off-property costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">0.36 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">0.50 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">0.44 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">0.30 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%">0.40 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    bgColor=#e6efff>Total operating costs <SUP>* </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%" bgColor=#e6efff>2.12 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%" bgColor=#e6efff>2.48 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%" bgColor=#e6efff>2.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%" bgColor=#e6efff>2.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="1%" bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="8%" bgColor=#e6efff>2.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><FONT size=1>*Non-GAAP performance measure. See page 19 of this
MD&amp;A </FONT></P>
<P align=justify>Gibraltar mine operated at its design capacity of 85,000 tons
per day in the second quarter of 2014. Total mill throughput for the second
quarter was 7.7 million tons, an increase of 32% over tons milled in the second
quarter 2013. Total copper production for the quarter was 38.5 million pounds, a
37% increase over pounds produced in the second quarter of 2013.</P>
<P align=justify>A total of 30.2 million tons were mined in the second quarter,
a 33% increase over the second quarter of 2013. The shovel mechanical
availability issues present in the first quarter of 2014 have been resolved and
for much of the second quarter the mining fleet was operating at target rates.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_5></A><P align=center><IMG src="exhibit99-1x2x1.jpg" border=0> </P>
<P align=justify><B><font color="#30B0F0">REVIEW OF OPERATIONS - CONTINUED</font></B> </P>
<P align=justify>Molybdenum production for the second quarter of 2014 was
667,000 pounds, a 200% increase over the second quarter of 2013 and an 18%
increase over the previous quarter, due to higher head grades and increased mill
throughput.</P>
<P align=justify>Molybdenum recoveries were 41.4% for the second quarter, a 56%
increase over the second quarter of 2013 and consistent with the previous
quarter. Management&#146;s focus is on improving molybdenum recoveries to achieve the
design recovery of 50%. </P>
<P align=justify>After 18 months of reconditioning the oxide dumps to improve
the recovery of oxide copper, the Gibraltar SX/EW plant successfully recommenced
operations with production of 0.9 million pounds of copper cathode in the second
quarter of 2014. </P>
<P align=justify>In the second quarter of 2014, net operating costs per pound of
copper produced were US$1.76, a 12% decrease over the US$1.98 per pound in the
previous quarter. This decrease was primarily due to increased by-product
credits are a result of the improved performance in the new molybdenum plant and
increasing molybdenum prices during the quarter. Also contributing to the
decreased unit cost were reduced maintenance costs as the mine fleet,
specifically the shovels, returned to normal operating utilization. Mill
operating costs were slightly higher than the first quarter due to scheduled
mill liner replacements. </P>
<P align=justify>Off property costs, including transportation, treatment and
refining charges, for the second quarter of 2014 were $0.36 per pound produced,
compared to $0.40 per pound produced in the second quarter of 2013. The off
property costs in the second quarter of 2014 were reduced by credits for port
handling fees. Off property costs are driven by sales volumes, and therefore off
property costs per pound produced fluctuates based on differences between
production and sales volumes.</P>
<P align=justify>The total operating costs, including off-property costs, for
the second quarter of 2014 were $2.12 per pound produced, lower when compared to
the $2.34 per pound produced in the second quarter of 2013. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left>
      <P align=justify>Taseko will host a conference call on Thursday, July 31,
      2014 at 11:00 a.m. Eastern Time (8:00 a.m. Pacific) to discuss these
      results. The conference call may be accessed by dialing (877) 303-9079 or
      (970) 315-0461 internationally. Alternatively, a live and archived webcast
      will also be available at tasekomines.com. The conference call will be
      archived for later playback until August 6, 2014 and can be accessed by
      dialing (855) 859-2056 in Canada and the United States, or (404) 537-3406
      internationally and using the passcode 64898385
</P></TD></TR></TABLE></DIV>
<P align=justify>For further information contact: Brian Bergot, Investor
Relations &#150; 778-373-4554, toll free 1-800-667-2114 </P>
<P align=justify>Russell Hallbauer<BR><I>President and CEO </I></P>
<P align=center>No regulatory authority has approved or disapproved of the
information in this news release. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_6></A><P align=center><IMG src="exhibit99-1x2x1.jpg" border=0> </P>
<P align=justify><B><font color="#30B0F0">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>Net operating costs of production </I></P>
<P align=justify>Total costs of sales include all costs absorbed into inventory,
as well as treatment and refining costs and transportation costs. Operating
costs of production is calculated by removing net changes in inventory and
depletion and amortization from cost of sales. Net operating costs of production
is calculated by removing by-product credits and offsite costs from the
operating costs of production. Net operating costs of production per pound are
calculated by dividing the aggregate of the applicable costs by copper pounds
produced. Total operating costs per pound is the sum of net operating costs of
production and offsite costs divided by the copper pounds produced. By-product
credits are calculated based on actual sales of molybdenum and silver during the
period divided by the total pounds of copper produced during the period. These
measures are calculated on a consistent basis for the periods presented. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Three Months ended</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Six Months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="23%"
    colSpan=4><B>June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="23%"
    colSpan=4><B>June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands, unless otherwise indicated) &#150; 75% basis </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><I>Cost of sales</I> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>93,973</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>63,599</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>190,182</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>110,535</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Less Depletion and amortization </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(13,331</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(8,331</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(23,983</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(14,710</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Net change in inventory </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(3,113</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(1,641</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(11,735</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>4,561 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Operating costs of production</I> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>77,529</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>53,627</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>154,464</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>100,386</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Less by-product credits: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; Molybdenum </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(10,084</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(2,517</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(15,174</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(5,252</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; Silver </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,047</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(763</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(2,059</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(1,719</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Less offsite costs: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; Treatment and refining costs </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(7,287</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(4,085</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(14,989</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(7,497</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;
      Transportation costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(4,012</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(4,397</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">(10,524</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(7,730</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><I>Net operating costs of production</I>
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>55,099</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>41,865</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>111,718</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>78,188</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Total copper produced (thousand pounds) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">28,858 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">21,059 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">54,764 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">38,479 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net operating costs of production (CAD per
      pound) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.90 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1.99 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>2.03 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>2.03 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Average exchange
      rate for the period (CAD/USD) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">1.0902 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">1.0235 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">1.0968 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">1.0161 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Net operating costs of production (US$ per pound)</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>1.76</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>1.94</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>1.86</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>2.0</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Net operating costs of production</I> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">55,099 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">41,865 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">111,718 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">78,188 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Add offsite costs: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; Treatment and refining costs </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">7,287 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">4,085 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">14,989 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">7,497 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; Transportation costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>4,012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>4,397 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>10,524 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>7,730 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>Total operating
      costs</I> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">66,398 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">50,347 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">137,231 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%">93,415 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Total operating costs (US$ per pound)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>2.12</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>2.34</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>2.28</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>2.39</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_7></A><P align=center><IMG src="exhibit99-1x2x1.jpg" border=0> </P>
<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>Write down of marketable securities;
  <LI>Unrealized foreign currency 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 unrealized foreign currency gains/losses are not necessarily
reflective of the underlying operating results for the reporting periods
presented.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD width="23%"
      colSpan=4 align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>Three months ended</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="23%"
      colSpan=4 align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>Six months ended</B> </TD>
  <TD style="BORDER-TOP: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD width="23%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30,</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="23%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30,</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>($ in thousands,
      except per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Net (loss) earnings</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>2,628</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(14,721</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(6,520</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(25,203</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; Unrealized loss (gain) on derivatives </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">2,660 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(4,830</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(84</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(6,815</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; Unrealized foreign exchange
      (gains)/losses </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(7,198</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,526 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>1,282 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>9,753 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; Write down of marketable securities </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">419 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">4,363 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">419 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">13,750 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; Non-recurring other expenses
      (income) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>(430</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </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" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(681</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(1,515</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">22
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="10%">(4,065</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Adjusted net earnings (loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(2,172</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(10,177</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(4,881</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff><B>(13,010</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Adjusted
      EPS</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>(0.01</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>(0.05</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>(0.03</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>(0.07</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </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>
<P align=justify>&#149; Unrealized gains/losses on derivative instruments; <BR>&#149;
Write down of marketable securities; <BR>&#149; Foreign currency translation
gains/losses; and <BR>&#149; Non-recurring transactions. </P>
<P align=justify>While some of the adjustments are recurring 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 width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_8></A><P align=center><IMG src="exhibit99-1x2x1.jpg" border=0> </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD width="23%"
      colSpan=4 align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>Three months ended</B> </TD>
    <TD
width="2%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD
width="1%" align=center nowrap style="BORDER-TOP: #000000 1px solid">&nbsp;</TD>
    <TD width="23%"
      colSpan=4 align=center nowrap style="BORDER-TOP: #000000 1px solid"><B>Six months ended</B> </TD>
  <TD style="BORDER-TOP: #000000 1px solid" align=left
  width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD width="23%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30,</B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD width="23%"
    colSpan=4 align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>June 30,</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands, except per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="10%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2014</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>2013</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>2014</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>2013</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Net earnings (loss)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>2,628</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(14,721</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(6,520</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>(25,203</B></TD>
    <TD align=left width="2%" bgColor=#e6efff><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>Add: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Depreciation </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>13,380 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>8,461 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>24,115 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>14,979 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; Amortization of stock based compensation </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">478 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">213 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">2,561 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">1,568 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Finance expense </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>6,535 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>5,761 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>13,182 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>8,054 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest income </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(942</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(1,965</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(2,064</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(3,440</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1,257 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>80 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>920 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1,547 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>EBITDA</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>23,336</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>(2,171</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>32,194</B> </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>(2,495</B></TD>
    <TD align=left width="2%"><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Adjustments: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; Unrealized (gain)/loss on derivative instruments </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">2,660 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(4,830</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(84</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">(6,815</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Write-down of marketable securities
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>419 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>4,363 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>419 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff>13,750 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Non-recurring other expenses (income) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">430 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Foreign currency translation (gains) losses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>(7,198</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>6,526 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1,282 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>9,753 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Adjusted
      EBITDA</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>19,217</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>3,888</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>33,811</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>13,763</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><I>Earnings from mining operations before depletion and
amortization </I></P>
<P align=justify>Earnings from mining operations before depletion and
amortization is earnings from mining operations with depletion and amortization
added back. The Company discloses this measure, which has been derived from our
financial statements and applied on a consistent basis, to provide assistance in
understanding the results of the Company&#146;s operations and financial position and
it is meant to provide further information about the financial results to
investors. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Three months ended</B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="23%" colSpan=4><B>Six months ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="23%"
    colSpan=4><B>June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="23%"
    colSpan=4><B>June 30,</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands, except per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Earnings from mining operations</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>13,334</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>4,592</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>22,121</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="10%" bgColor=#e6efff><B>17,806</B> </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Add: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="10%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Depletion and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>13,331 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>8,331 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>23,983 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>14,710 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Earnings from
      mining operations before depletion</B> <BR><B>and amortization</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><BR><B>26,665</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><BR><B>12,923</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><BR><B>46,104</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"><BR></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="10%"><BR><B>32,516</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
  width="2%"><BR></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<!--$$/page=--><A name=page_9></A><P align=center><IMG src="exhibit99-1x2x1.jpg" border=0> </P>
<P align=justify><B><font color="#30B0F0">CAUTION REGARDING FORWARD-LOOKING INFORMATION</font></B></P>
<P align=justify>This document contains &#147;forward-looking statements&#148; that were
based on Taseko&#146;s expectations, estimates and projections as of the dates as of
which those statements were made. Generally, these forward-looking statements
can be identified by the use of forward-looking terminology such as &#147;outlook&#148;,
&#147;anticipate&#148;, &#147;project&#148;, &#147;target&#148;, &#147;believe&#148;, &#147;estimate&#148;, &#147;expect&#148;, &#147;intend&#148;,
&#147;should&#148; and similar expressions.</P>
<P align=justify>Forward-looking statements are subject to known and unknown
risks, uncertainties and other factors that may cause the Company&#146;s actual
results, level of activity, performance or achievements to be materially
different from those expressed or implied by such forward-looking statements.
These included but are not limited to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>uncertainties and costs related to the Company&#146;s exploration and
  development activities, such as those associated with continuity of
  mineralization or determining whether mineral resources or reserves exist on a
  property;
  <LI>uncertainties related to the accuracy of our estimates of mineral
  reserves, mineral resources, production rates and timing of production, future
  production and future cash and total costs of production and milling;
  <LI>uncertainties related to feasibility studies that provide estimates of
  expected or anticipated costs, expenditures and economic returns from a mining
  project;
  <LI>uncertainties related to our ability to complete the mill upgrade on time
  estimated and at the scheduled cost;
  <LI>uncertainties related to the ability to obtain necessary licenses permits
  for development projects and project delays due to third party opposition;
  <LI>uncertainties related to unexpected judicial or regulatory proceedings;
  <LI>changes in, and the effects of, the laws, regulations and government
  policies affecting our exploration and development activities and mining
  operations, particularly laws, regulations and policies;
  <LI>changes in general economic conditions, the financial markets and in the
  demand and market price for copper, gold and other minerals and commodities,
  such as diesel fuel, steel, concrete, electricity and other forms of energy,
  mining equipment, and fluctuations in exchange rates, particularly with
  respect to the value of the U.S. dollar and Canadian dollar, and the continued
  availability of capital and financing;
  <LI>the effects of forward selling instruments to protect against fluctuations
  in copper prices and exchange rate movements and the risks of counterparty
  defaults, and mark to market risk;
  <LI>the risk of inadequate insurance or inability to obtain insurance to cover
  mining risks;
  <LI>the risk of loss of key employees; the risk of changes in accounting
  policies and methods we use to report our financial condition, including
  uncertainties associated with critical accounting assumptions and estimates;
  <LI>environmental issues and liabilities associated with mining including
  processing and stock piling ore; and
  <LI>labour strikes, work stoppages, or other interruptions to, or difficulties
  in, the employment of labour in markets in which we operate mines, or
  environmental hazards, industrial accidents or other events or occurrences,
  including third party interference that interrupt the production of minerals
  in our mines. </LI></UL>
<P align=justify>For further information on Taseko, investors should review the
Company&#146;s annual Form 40-F filing with the United States Securities and Exchange
Commission <U>www.sec.gov</U> and home jurisdiction filings that are available
at <U>www.sedar.com</U>.<B> </B></P>
<HR align=center width="100%" color=black noShade SIZE=5>

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<DOCUMENT>
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