<SEC-DOCUMENT>0001062993-14-001301.txt : 20140313
<SEC-HEADER>0001062993-14-001301.hdr.sgml : 20140313
<ACCEPTANCE-DATETIME>20140313172726
ACCESSION NUMBER:		0001062993-14-001301
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		22
CONFORMED PERIOD OF REPORT:	20131231
FILED AS OF DATE:		20140313
DATE AS OF CHANGE:		20140313

FILER:

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

	FILING VALUES:
		FORM TYPE:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-31965
		FILM NUMBER:		14691981

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

	MAIL ADDRESS:	
		STREET 1:		SUITE 1500
		STREET 2:		1040 WEST GEORGIA STREET
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6E 4H1
</SEC-HEADER>
<DOCUMENT>
<TYPE>40-F
<SEQUENCE>1
<FILENAME>form40f.htm
<DESCRIPTION>FORM 40-F
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Form 40-F - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
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<P align=center><B><FONT size=5>UNITED STATES</FONT></B><BR><B><FONT
size=5>SECURITIES AND EXCHANGE COMMISSION </FONT></B><BR>Washington, D.C.
20549<B> </B></P>
<P align=center><B><FONT size=5>FORM 40-F </FONT></B></P>
<P align=center>[&nbsp; &nbsp;] REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF
THE SECURITIES EXCHANGE ACT OF 1934 </P>
<P align=center>OR </P>
<P align=center>[X]&nbsp;ANNUAL REPORT PURSUANT TO SECTION 13(a) OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934 </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>For the fiscal year ended <B><U>December 31, 2013
    </U></B></TD>
    <TD align=center width="50%">Commission File Number: <B><U>001-31965
      </U></B></TD></TR></TABLE>
<P align=center><B><U><FONT size=5>TASEKO MINES
LIMITED</FONT></U></B><BR><I>(Exact name of Registrant as specified in its
charter) </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center><B><U>British Columbia </U></B></TD>
    <TD align=center width="33%"><B><U>1040 </U></B></TD>
  <TD align=center width="33%"><B><U>Not Applicable </U></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><I>(Province or Other Jurisdiction of </I></TD>
    <TD align=center width="33%"><I>(Primary Standard Industrial </I></TD>
  <TD align=center width="33%"><I>(I.R.S. Employer </I></TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><I>Incorporation or Organization) </I></TD>
    <TD align=center width="33%"><I>Classification Code) </I></TD>
  <TD align=center width="33%"><I>Identification No.) </I></TD>
  </TR></TABLE>
<P align=center><B>15</B><B><SUP>th</SUP></B><B> Floor &#150; 1040 West Georgia
Street </B><BR><B>Vancouver, British Columbia </B><BR><B>Canada V6E 4H1
</B><BR><B><U>(778) 373-4533</U></B><BR><I>(Address and telephone number of
Registrant&#146;s principal executive offices) </I></P>
<P align=center><B>Corporation Service Company </B><BR><B>Suite 400, 2711
Centerville Road </B><BR><B>Wilmington, Delaware 19808 </B><BR><B><U>(800)
927-9800</U></B><BR><I>(Name, address (including zip code) and telephone number
(including </I><BR><I>area code) of agent for service in the United States)
</I></P>
<P align=justify>Securities registered or to be registered pursuant to section
12(b) of the Act:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>Title Of Each Class </TD>
    <TD align=center width="50%">Name Of Each Exchange On Which Registered</TD>
  </TR>
  <TR vAlign=top>
    <TD align=center><B><U>Common Shares, no par value </U></B></TD>
  <TD align=center width="50%"><B><U>NYSE MKT </U></B></TD>
  </TR></TABLE>
<P align=justify>Securities registered or to be registered pursuant to Section
12(g) of the Act: <B><U>None</U></B></P>
<P align=justify>Securities for which there is a reporting obligation pursuant
to Section 15(d) of the Act: <B><U>None </U></B></P>
<P align=justify>For annual reports, indicate by check mark the information
filed with this Form: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=center>[X] Annual Information Form </TD>
    <TD align=center width="50%">[X]&nbsp;Audited Annual Financial Statements  </TD>
  </TR></TABLE>
<P align=justify>Indicate the number of outstanding shares of each of the
Registrant&#146;s classes of capital or common stock as of the close of the period
covered by the annual report: <BR><B><U>193,381,955</U></B><U> </U><B><U>Common
Shares as of December 31, 2013 </U></B></P>
<P align=justify>Indicate by check mark whether the Registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the Exchange Act during
the preceding 12 months (or for such shorter period that the Registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days. <BR>Yes
[X]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No [&nbsp;&nbsp; ] </P>
<P align=justify>Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive
Data File required to be submitted and posted pursuant to Rule 405 of Regulation
S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such
shorter period that the Registrant was required to submit and post such
files).<BR>Yes [&nbsp;&nbsp;
]&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
No [&nbsp;&nbsp; ] </P>
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<P align=center><B>PRINCIPAL DOCUMENTS </B></P>
<P align=justify>Taseko Mines Limited (the &#147;Company&#148; or &#147;Taseko&#148;), a Canadian
public company whose common shares are listed on the Toronto Stock Exchange and
the NYSE MKT Exchange (the &#147;NYSE MKT&#148;). It is a &#147;foreign private issuer&#148; as
defined in Rule 3b-4 under Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;), and is eligible to file this annual report on Form 40-F
pursuant to the multi-jurisdictional disclosure system. </P>
<P align=justify>The following documents that are filed as exhibits to this
annual report are incorporated by reference herein:</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>&#149; </TD>
    <TD align=left width="95%" >the Company&#146;s Annual Information
      Form for the year ended December 31, 2013; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>
      <P align=justify>&#149; </P></TD>
    <TD align=left width="95%" >
      <P align=justify>the Company&#146;s Audited Consolidated Financial Statements
      as at December 31, 2013 and 2012, and for the years ended December 31,
      2013 and 2012, and the notes thereto; and </P></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="95%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&#149; </TD>
    <TD align=left width="95%" >the Company&#146;s Management
      Discussion and Analysis for the year ended December 31, 2013.
  </TD></TR></TABLE>
<P align=justify>The Company&#146;s Audited Consolidated Financial Statements that
are incorporated by reference into this Registration Statement have been
prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;)
as issued by the International Accounting Standards Board (the &#147;IASB&#148;). </P>
<P align=center><B>DISCLOSURE CONTROLS AND PROCEDURES </B></P>
<P align=justify>Disclosure controls and procedures are defined in Rule
13a-15(e) under the Securities Exchange Act of 1934 (&#147;Exchange Act&#148;) to mean
controls and other procedures of an issuer that are designed to ensure that
information required to be disclosed by the issuer in the reports that it files
or submits under the Exchange Act is recorded, processed, summarized and
reported, within the time periods specified in the SEC&#146;s rules and forms and
includes, without limitation, controls and procedures designed to ensure that
such information is accumulated and communicated to the issuer&#146;s management,
including its principal executive and principal financial officers, or persons
performing similar functions, as appropriate to allow timely decisions regarding
required disclosure. </P>
<P align=justify>As of the end of the period covered by this report, our
management carried out an evaluation, with the participation of our Chief
Executive Officer and Chief Financial Officer, of the effectiveness of our
disclosure controls and procedures. Based upon that evaluation, our Chief
Executive Officer and Chief Financial Officer concluded that, as of the end of
the period covered by this report, our disclosure controls and procedures, as
defined in Rule 13a-15(e), were effective. See &#147;Internal Controls Over Financial
Reporting and Disclosure Controls and Procedures&#148; on page 31 of Exhibit 99.7,
Management Discussion and Analysis of the Company. </P>
<P align=center><B>INTERNAL CONTROLS OVER FINANCIAL REPORTING </B></P>
<P align=justify><B>Internal Control over Financial Reporting </B></P>
<P align=justify>Internal control over financial reporting is defined in Rule
13a-15(f) and 15d-15(f) of the Exchange Act as a process designed by, or under
the supervision of, the issuer&#146;s principal executive and principal financial
officers and effected by the issuer&#146;s board of directors, management and other
personnel, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external purposes in accordance with generally
accepted accounting principles and includes those policies and procedures that:</P>
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<P align=center>- 2 - </P>
<UL style="TEXT-ALIGN: justify">
  <LI>pertain to the maintenance of records that, in reasonable detail,
  accurately and fairly reflect the transactions and dispositions of the assets
  of the company;
  <LI>provide reasonable assurance that transactions are recorded as necessary
  to permit preparation of financial statements in accordance with generally
  accepted accounting principles, and that receipts and expenditures of the
  company are being made only in accordance with authorizations of management
  and directors of the company; and
  <LI>provide reasonable assurance regarding prevention or timely detection of
  unauthorized acquisition, use or disposition of the company&#146;s assets that may
  have a material effect on the financial statements. </LI></UL>
<P align=justify>Because of its inherent limitations, internal control over
financial reporting may not prevent or detect misstatements. Also, projections
of any evaluation of effectiveness of internal control over financial reporting
to future periods are subject to risk that controls may become inadequate
because of changes in conditions, or that the degree of compliance with the
policies or procedures may deteriorate.</P>
<P align=justify><B>Management&#146;s Report on Internal Control Over Financial
Reporting</B> </P>
<P align=justify>Management is responsible for establishing and maintaining
adequate internal control over financial reporting (as such term is defined in
Rule 13a-15(f) of the Exchange Act) for the Company. </P>
<P align=justify>With the participation of the CEO and CFO, management carried
out an evaluation of the Company&#146;s internal control over financial reporting as
at December 31, 2013. In making this evaluation, the Company&#146;s management used
the framework established in Internal Control-Integrated Framework issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based
upon this evaluation, management concluded that the Company&#146;s internal control
over financial reporting was effective as at December 31, 2013. A copy of
management&#146;s report on the effectiveness of our internal controls is included
under &#147;Management&#146;s Report on Internal Control Over Financial Reporting&#148; on page
3 of Exhibit 99.6, Audited Consolidated Financial Statements, and is
incorporated by reference herein. </P>
<P align=justify><B>Attestation Report Of The Registered Public Accounting
Firm</B> </P>
<P align=justify>The Company is required to provide an attestation report of the
Company&#146;s registered public accounting firm on internal control over financial
reporting for the fiscal year ended December 31, 2013. In this report, the
Company&#146;s auditor, KPMG LLP, must state its opinion as to the effectiveness of
the Company&#146;s internal control over financial reporting for the fiscal year
ended December 31, 2013. KPMG LLP has audited the Company&#146;s internal controls
over financial reporting and has issued an attestation report on the Company&#146;s
internal control over financial reporting which is included in Exhibit 99.6.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center>- 3 - </P>
<P align=justify><B>No Changes In Internal Control Over Financial Reporting
</B></P>
<P align=justify>There were no changes in the Company&#146;s internal control over
financial reporting that occurred during the period covered by this annual
report that have materially affected, or are reasonably likely to affect, the
Company&#146;s internal control over financial reporting. </P>
<P align=center><B>NOTICES PURSUANT TO REGULATION BTR</B></P>
<P align=justify>The Company did not send any notices required by Rule 104 of
Regulation BTR during the year ended December 31, 2013 concerning any equity
security subject to a blackout period under Rule 101 of Regulation BTR.</P>
<P align=center><B>AUDIT AND RISK COMMITTEE</B></P>
<P align=justify>The disclosure provided under &#147;Composition of Audit and Risk
Committee&#148; on page 55 of Exhibit 99.5, Annual Information Form of the Company,
is incorporated by reference herein. The Company&#146;s Board of Directors has
established a separately-designated Audit and Risk Committee of the Board in
accordance with Section 3(a)(58)(A) of the Exchange Act.</P>
<P align=center><B>AUDIT AND RISK COMMITTEE FINANCIAL EXPERT </B></P>
<P align=justify>The Company&#146;s Board of Directors has determined that Richard
Mundie and Alex Morrison, members of the Audit and Risk Committee of the Board,
are audit committee financial experts (as that term is defined in Item 407 of
Regulation S-K under the Exchange Act) and are independent directors under
applicable laws and regulations and the requirements of the NYSE MKT Exchange.
</P>
<P align=center><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES </B></P>
<P align=justify>The disclosure provided under &#147;Principal Accountant Fees and
Services&#148; on page 56 of Exhibit 99.5, Annual Information Form of the Company, is
incorporated by reference herein.</P>
<P align=center><B>AUDIT AND RISK COMMITTEE PRE-APPROVAL POLICIES AND PROCEDURES
</B></P>
<P align=justify>The disclosure provided under &#147;Audit and Risk
Committee&#151;Pre-Approval Policies and Procedures&#148; on page 56 of Exhibit 99.5,
Annual Information Form of the Company, is incorporated by reference herein.</P>
<P align=center><B>OFF-BALANCE SHEET ARRANGEMENTS </B></P>
<P align=justify>The Company has not entered into any off-balance sheet
arrangements that have or are reasonably likely to have a current or future
effect on the Company&#146;s financial condition, changes in financial condition,
revenues, expenses, results of operations, liquidity, capital expenditures or
capital resources that are material to investors.</P>
<P align=center><B>CONTRACTUAL OBLIGATIONS </B></P>
<P align=justify>The disclosures provided under &#147;Commitments and contingencies&#148;
on page 18 of Exhibit 99.7, Management&#146;s Discussion and Analysis, is
incorporated by reference herein.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center>- 4 - </P>
<P align=center><B>CODE OF ETHICS </B></P>
<P align=justify>The disclosure provided under &#147;Code of Ethics&#148; on page 56 of
Exhibit 99.5, Annual Information Form of the Company, is incorporated by
reference herein. </P>
<P align=justify>During the Company&#146;s fiscal year ended December 31, 2013, the
Company did not (i) substantively amend its Code of Ethics or (ii) grant a
waiver, including any implicit waiver, from any provision of its Code of Ethics
with respect to any of the directors, executive officers or employees subject to
it. </P>
<P align=center><B>NYSE MKT CORPORATE GOVERNANCE </B></P>
<P align=justify>The Company is subject to corporate governance requirements
prescribed under applicable Canadian securities laws, rule and policies. The
Company is also subject to corporate governance requirements prescribed by the
listing standards of the NYSE MKT, and the rules and regulations promulgated by
the SEC under the Exchange Act (including those applicable rules and regulations
mandated by the Sarbanes-Oxley Act of 2002). </P>
<P align=justify>Section 110 of the NYSE MKT company guide permits NYSE MKT to
consider the laws, customs and practices of foreign issuers in relaxing certain
NYSE MKT listing criteria, and to grant exemptions from NYSE MKT listing
criteria based on these considerations. A company seeking relief under these
provisions is required to provide written certification from independent local
counsel that the non-complying practice is not prohibited by home country law. A
description of the significant ways in which the Company&#146;s governance practices
differ from those followed by domestic companies pursuant to NYSE MKT standards
is contained on the Company&#146;s website at <U>www.tasekomines.com </U></P>
<P align=justify>The Company&#146;s governance practices also differ from those
followed by U.S. domestic companies pursuant to NYSE MKT listing standards in
the following manner: </P>
<P align=justify><I>Board Meetings </I></P>
<P align=justify>Section 802 (c) of the NYSE MKT Company Guide requires that the
Board of Directors hold meetings on at least a quarterly basis. The Board of
Directors of the Company is not required to meet on a quarterly basis under the
laws of the Province of British Columbia. </P>
<P align=justify><I>Solicitation of Proxies </I></P>
<P align=justify>NYSE MKT requires the solicitation of proxies and delivery of
proxy statements for all shareholder meetings, and requires that these proxies
shall be solicited pursuant to a proxy statement that conforms to applicable SEC
proxy rules. Since the Company is a foreign private issuer, the equity
securities of the Company are exempt from the proxy rules set forth in Sections
14(a), 14(b), 14(c) and 14(f) of the Exchange Act. The Company solicits proxies
in accordance with applicable rules and regulations in Canada. </P>
<P align=justify><I>Shareholders Approval for Dilutive Private Placement
Financings </I></P>
<P align=justify>Section 713 of the NYSE MKT Company Guide requires that the
Company obtain the approval of its shareholders for share issuances equal to 20
percent or more of presently outstanding shares for a price which is less than
the greater of book or market value of the shares. This requirement does not
apply to public offerings. There is no such requirement under British Columbia
law or under the Company&#146;s home stock exchange rules (Toronto Stock Exchange
(&#147;TSX&#148;)) unless the dilutive financing: </P>
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<A name=page_6></A>
<P align=center>- 5 - </P>
<P align=justify>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;materially
affects control of the issuer; </P>
<P align=justify>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; provides consideration
to insiders in the aggregate of 10% or greater of the issuer&#146;s market
capitalization or outstanding shares, or a non-diluted basis, where certain
conditions are met; and </P>
<P align=justify>(iii)&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;is in respect of private
placement or an acquisition where the issuer will issue shares in excess of 25%
of its presently outstanding shares, on a non-diluted basis. </P>
<P align=justify>The Company will seek a waiver from NYSE MKT&#146;s section 713
requirements should a dilutive private placement financing trigger the NYSE MKT
shareholders&#146; approval requirement in circumstances where the same financing
does not trigger such a requirement under British Columbia law or under the TSX
rules. </P>
<P align=justify>The Company believes that there are otherwise no significant
differences between its corporate governance policies and those required to be
followed by United States domestic issuers listed on the NYSE MKT. In
particular, in addition to having a separate Audit and Risk Committee, the
Company&#146;s Board of Directors has established a separately-designated
Compensation Committee that materially meets the requirements for a compensation
committee under section 805 of the NYSE MKT Company Guide, as currently in
force.</P>
<P align=justify>Copies of the Company&#146;s corporate governance materials are
available on the Company&#146;s website at <U>www.tasekomines.com
</U>(under the About Us / Corporate Governance tabs). In addition, the
Company is required by National Instrument 58-101 of the Canadian Securities
Administrators, <I>Disclosure of Corporate Governance Practices</I>, to describe
its practices and policies with regard to corporate governance in management
information circulars that are furnished to the Company&#146;s shareholders in
connection with annual meetings of shareholders. </P>
<P align=center><B>MINE SAFETY DISCLOSURE</B></P>
<P align=justify>Pursuant to Section 1503(a) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act of 2010 (&#147;<B>Dodd-Frank Act</B>&#148;), issuers
that are operators, or that have a subsidiary that is an operator, of a coal or
other mine in the United States are required to disclose in their periodic
reports filed with the SEC information regarding specified health and safety
violations, orders and citations, related assessments and legal actions, and
mining-related fatalities under the regulation of the Federal Mine safety and
Health Administration under the Federal Mine Safety and Health Act of 1977.</P>
<P align=justify>The Company did not have any mines in the United States during
the fiscal year ended December 31, 2013.</P>
<P align=center><B>UNDERTAKING</B></P>
<P align=justify>The Registrant undertakes to make available, in person or by
telephone, representatives to respond to inquiries made by the Commission staff,
and to furnish promptly, when requested to do so by the Commission staff,
information relating to: the securities registered pursuant to Form 40-F; the
securities in relation to which the obligation to file an annual report on Form
40-F arises; or transactions in said securities.</P>
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<P align=center>- 6 - </P>
<P align=center><B>CONSENT TO SERVICE OF PROCESS</B></P>
<P align=justify>The Company previously filed an Appointment of Agent for
Service of Process and Undertaking on Form F-X signed by the Company and its
agent for service of process with respect to the class of securities in relation
to which the obligation to file this annual report arises.</P>
<P align=center><B>SIGNATURES </B></P>
<P align=justify>Pursuant to the requirements of the Exchange Act, the Company
certifies that it meets all of the requirements for filing on Form 40-F and has
duly caused this annual report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>Date: March 13, 2014. </TD>
    <TD align=left width="50%"><B>TASEKO MINES LIMITED</B>
</TD></TR></TABLE>
<P><BR>&nbsp;</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
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  <TR vAlign=top>
    <TD align=left>&nbsp;</TD>
    <TD align=left width="5%">By:</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="45%">/s/ Stuart McDonald </TD>
  </TR>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="45%">Stuart McDonald </TD></TR>
  <TR vAlign=top>
    <TD align=center>&nbsp;</TD>
    <TD align=center width="5%">&nbsp;</TD>
    <TD align=center width="45%"><B>Chief Financial Officer</B>
</TD></TR></TABLE><BR>
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<P align=center><B>EXHIBIT INDEX </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=center><B>Exhibit</B> </TD>
    <TD align=left width="90%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center><B>Number</B> </TD>
  <TD align=center width="90%" ><B>Exhibit Description</B>  </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-1.htm">99.1 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-1.htm">Certification of Chief Executive Officer pursuant to Rule
      13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the
  Sarbanes-Oxley Act of 2002 </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-2.htm">99.2 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-2.htm">Certification of Chief Financial Officer pursuant to Rule
      13a-14(a) of the Exchange Act, as adopted pursuant to Section 302 of the
      Sarbanes-Oxley Act of 2002 </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-3.htm">99.3 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-3.htm">Certification of Chief Executive Officer pursuant to Rule
      13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-4.htm">99.4 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-4.htm">Certification of Chief Financial Officer pursuant to Rule
      13a-14(b) of the Exchange Act and 18 U.S.C. Section 1350, as adopted
      pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-5.htm">99.5 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-5.htm">Annual Information Form of the Company for the year ended
      December 31, 2013 </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-6.htm">99.6 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-6.htm">Audited consolidated balance sheets as at December 31,
      2013 and 2012 and the consolidated statements of comprehensive income
      (loss), changes in equity, and cash flows for the years ended December 31,
      2013 and 2012, including the notes thereto and report of the Company&#146;s
      independent registered public accounting firm thereon </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-7.htm">99.7 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-7.htm">Management&#146;s discussion and analysis of financial
      condition and results of operations for the year ended December 31, 2013 </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-8.htm">99.8 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-8.htm">Consent of KPMG LLP </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-9.htm">99.9 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
      <P align=justify><a href="exhibit99-9.htm">Consent of Scott Jones, P. Eng. </a></P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="90%" >&nbsp;      </TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#eeeeee><a href="exhibit99-10.htm">99.10 </a></TD>
    <TD align=left width="90%" bgColor=#eeeeee >
<P align=justify><a href="exhibit99-10.htm">Consent of Ronald G. Simpson, P. Geo</a></P></TD></TR></TABLE>
<BR>
<HR align=center width="100%" color=black noShade SIZE=5>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>exhibit99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.1 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CERTIFICATION </B><BR><B>PURSUANT TO SECTION 302
</B><BR><B>OF THE SARBANES-OXLEY ACT OF 2002 </B></P>
<P align=justify>I, Russell E. Hallbauer, certify that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD colSpan=2>
      <P align=justify>I have reviewed this annual report on Form 40-F of Taseko
      Mines Limited;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD colSpan=2>
      <P align=justify>Based on my knowledge, this report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD colSpan=2>
      <P align=justify>Based on my knowledge, the financial statements, and
      other financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the issuer as of, and for, the periods presented in this
      report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD colSpan=2>
      <P align=justify>The issuer&#146;s other certifying officer and I are
      responsible for establishing and maintaining disclosure controls and
      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act
      Rules 13a-15(f) and 15d-15(f)) for the issuer and have:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>designed such disclosure controls and procedures, or
      caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the issuer,
      including its consolidated subsidiaries, is made known to us by others
      within those entities, particularly during the period in which this report
      is being prepared;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>designed such internal control over financial reporting,
      or caused such internal control over financial reporting to be designed
      under our supervision, to provide reasonable assurance regarding the
      reliability of financial reporting and the preparation of financial
      statements for external purposes in accordance with generally accepted
      accounting principles;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>evaluated the effectiveness of the issuer&#146;s disclosure
      controls and procedures and presented in this report our conclusions about
      the effectiveness of the disclosure controls and procedures, as of the end
      of the period covered by this report based on such evaluation;
  and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>disclosed in this report any change in the issuer&#146;s
      internal control over financial reporting that occurred during the period
      covered by the annual report that has materially affected, or is
      reasonably likely to materially affect, the issuer&#146;s internal control over
      financial reporting; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD colSpan=2>
      <P align=justify>The issuer&#146;s other certifying officer and I have
      disclosed, based on our most recent evaluation of internal control over
      financial reporting, to the issuer&#146;s auditors and the audit committee of
      the issuer&#146;s board of directors (or persons performing the equivalent
      functions):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>all significant deficiencies and material weaknesses in
      the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the issuer&#146;s ability to record,
      process, summarize and report financial information; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any fraud, whether or not material, that involves
      management or other employees who have a significant role in the issuer&#146;s
      internal control over financial reporting.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD align=left width="45%" >March 13, 2014 <BR>&nbsp;</TD>
    <TD align=left width="49%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ R. Hallbauer </TD>
    <TD align=left width="49%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD>
    <TD align=left width="49%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="45%" >Russell E. Hallbauer </TD>
    <TD align=left width="49%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD align=left width="45%" >Chief Executive Officer </TD>
    <TD align=left width="49%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>exhibit99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.2 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CERTIFICATION </B><BR><B>PURSUANT TO SECTION 302
</B><BR><B>OF THE SARBANES-OXLEY ACT OF 2002 </B></P>
<P align=justify>I, Stuart McDonald, certify that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD colSpan=2>
      <P align=justify>I have reviewed this annual report on Form 40-F of Taseko
      Mines Limited;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD colSpan=2>
      <P align=justify>Based on my knowledge, this report does not contain any
      untrue statement of a material fact or omit to state a material fact
      necessary to make the statements made, in light of the circumstances under
      which such statements were made, not misleading with respect to the period
      covered by this report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD colSpan=2>
      <P align=justify>Based on my knowledge, the financial statements, and
      other financial information included in this report, fairly present in all
      material respects the financial condition, results of operations and cash
      flows of the issuer as of, and for, the periods presented in this
      report;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(4) </TD>
    <TD colSpan=2>
      <P align=justify>The issuer&#146;s other certifying officer and I are
      responsible for establishing and maintaining disclosure controls and
      procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and
      internal control over financial reporting (as defined in Exchange Act
      Rules 13a-15(f) and 15d-15(f)) for the issuer and have:</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>designed such disclosure controls and procedures, or
      caused such disclosure controls and procedures to be designed under our
      supervision, to ensure that material information relating to the issuer,
      including its consolidated subsidiaries, is made known to us by others
      within those entities, particularly during the period in which this report
      is being prepared;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>designed such internal control over financial reporting,
      or caused such internal control over financial reporting to be designed
      under our supervision, to provide reasonable assurance regarding the
      reliability of financial reporting and the preparation of financial
      statements for external purposes in accordance with generally accepted
      accounting principles;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>evaluated the effectiveness of the issuer&#146;s disclosure
      controls and procedures and presented in this report our conclusions about
      the effectiveness of the disclosure controls and procedures, as of the end
      of the period covered by this report based on such evaluation;
  and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>disclosed in this report any change in the issuer&#146;s
      internal control over financial reporting that occurred during the period
      covered by the annual report that has materially affected, or is
      reasonably likely to materially affect, the issuer&#146;s internal control over
      financial reporting; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD>
  <TR>
    <TD vAlign=top width="5%">(5) </TD>
    <TD colSpan=2>
      <P align=justify>The issuer&#146;s other certifying officer and I have
      disclosed, based on our most recent evaluation of internal control over
      financial reporting, to the issuer&#146;s auditors and the audit committee of
      the issuer&#146;s board of directors (or persons performing the equivalent
      functions):</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>all significant deficiencies and material weaknesses in
      the design or operation of internal control over financial reporting which
      are reasonably likely to adversely affect the issuer&#146;s ability to record,
      process, summarize and report financial information; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD width="5%"></TD>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>any fraud, whether or not material, that involves
      management or other employees who have a significant role in the issuer&#146;s
      internal control over financial reporting.</P></TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >Date: </TD>
    <TD align=left width="45%" >March 13, 2014 <BR>&nbsp;</TD>
    <TD align=left width="49%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="45%"
    >/s/ Stuart McDonald </TD>
    <TD align=left width="49%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="45%" >&nbsp;</TD>
    <TD align=left width="49%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Name: </TD>
    <TD align=left width="45%" >Stuart McDonald </TD>
    <TD align=left width="49%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Title: </TD>
    <TD align=left width="45%" >Chief Financial Officer </TD>
    <TD align=left width="49%" >&nbsp;</TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.3 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CERTIFICATION </B><BR><B>PURSUANT TO </B><BR><B>18 U.S.C.
SECTION 1350, </B><BR><B>AS ADOPTED PURSUANT TO </B><BR><B>SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002 </B></P>
<P align=justify>I, Russell E. Hallbauer, Chief Executive Officer of Taseko
Mines Limited (the &#147;Company&#148;), hereby certify pursuant to 18 U.S.C. Section
1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,
that, to the best of my knowledge: </P>
<P style="MARGIN-LEFT: 5%" align=justify>(1) The Annual Report on Form 40-F of
the Company for the fiscal year ended December 31, 2013 (the &#147;Annual Report&#148;)
fully complies with the requirements of Section 13(a) or 15(d) of the Securities
Exchange Act of 1934, as amended; and </P>
<P style="MARGIN-LEFT: 5%" align=justify>(2) The information contained in the
Annual Report fairly presents, in all material respects, the financial condition
and results of operations of the Company. </P>
<TABLE
style="BORDER-COLOR: black; 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="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="43%">/s/ R.
      Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="43%">Russell E. Hallbauer </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="43%">Chief Executive Officer <BR>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Date: </TD>
    <TD align=left width="43%">March 13, 2014 </TD></TR></TABLE>
<P align=justify><I>This written statement is being furnished to the Securities
and Exchange Commission as an exhibit to the Company&#146;s Annual Report on Form
40-F. A signed original of this statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request.</I></P>
<P align=justify><I>This certification accompanies this Annual Report on Form
40-F pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not,
except to the extent required by such Act, be deemed filed by the Company for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;). Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except to the extent that the Company specifically incorporates it
by reference. </I></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>exhibit99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.4 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><B>CERTIFICATION </B><BR><B>PURSUANT TO </B><BR><B>18 U.S.C.
SECTION 1350, </B><BR><B>AS ADOPTED PURSUANT TO </B><BR><B>SECTION 906 OF THE
SARBANES-OXLEY ACT OF 2002 </B></P>
<P align=justify>I, Stuart McDonald, Chief Financial Officer of Taseko Mines
Limited (the &#147;Company&#148;), hereby certify pursuant to 18 U.S.C. Section 1350, as
adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to the
best of my knowledge: (1) The Annual Report on Form 40-F of the Company for the
fiscal year ended December 31, 2013 (the &#147;Annual Report&#148;) fully complies with
the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of
1934, as amended; and (2) The information contained in the Annual Report fairly
presents, in all material respects, the financial condition and results of
operations of the Company. </P>
<TABLE
style="BORDER-COLOR: black; 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="5%" >By: </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="43%">/s/
      Stuart McDonald </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Name: </TD>
    <TD align=left width="43%">Stuart McDonald </TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Title: </TD>
    <TD align=left width="43%">Chief Financial Officer <BR>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left  >&nbsp;</TD>
    <TD align=left width="5%" >Date: </TD>
    <TD align=left width="43%">March 13, 2014 </TD></TR></TABLE>
<P align=justify><I>This written statement is being furnished to the Securities
and Exchange Commission as an exhibit to the Company&#146;s Annual Report on Form
40-F. A signed original of this statement has been provided to the Company and
will be retained by the Company and furnished to the Securities and Exchange
Commission or its staff upon request.</I></P>
<P align=justify><I>This certification accompanies this Annual Report on Form
40-F pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not,
except to the extent required by such Act, be deemed filed by the Company for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the
&#147;Exchange Act&#148;). Such certification will not be deemed to be incorporated by
reference into any filing under the Securities Act of 1933, as amended, or the
Exchange Act, except to the extent that the Company specifically incorporates it
by reference. </I></P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.5
<SEQUENCE>6
<FILENAME>exhibit99-5.htm
<DESCRIPTION>EXHIBIT 99.5
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.5 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">

<P><A name=page_1></A>&nbsp;</P>
<P>&nbsp;</P>
<P>&nbsp;</P>
<P align=center><IMG
src="largelogo.jpg"
border=0> <BR>
</P>
<P align=center><B><FONT size=4>ANNUAL INFORMATION FORM </FONT></B></P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=3>FOR THE YEAR ENDED DECEMBER 31, 2013
</FONT></B></P>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=3>AS AT MARCH 13, 2014 </FONT></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>TABLE OF CONTENTS </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 bgColor=#eeeeee>TABLE OF CONTENTS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>INTRODUCTORY NOTES </TD>
    <TD align=right width="15%">2 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Forward-Looking Statements </TD>
    <TD align=right width="15%" bgColor=#eeeeee>2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Documents Incorporated by Reference </TD>
    <TD align=right width="15%">3 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Currency and Metric Equivalents </TD>
    <TD align=right width="15%" bgColor=#eeeeee>4 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Resource Category (Classifications) Used in this AIF </TD>
    <TD align=right width="15%">5 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>CORPORATE STRUCTURE </TD>
    <TD align=right width="15%" bgColor=#eeeeee>8 </TD></TR>
  <TR vAlign=top>
    <TD align=left>GENERAL DEVELOPMENT OF THE BUSINESS </TD>
    <TD align=right width="15%">8 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Gibraltar Mine </TD>
    <TD align=right width="15%" bgColor=#eeeeee>8 </TD></TR>
  <TR vAlign=top>
    <TD align=left>New Prosperity Gold Copper Project </TD>
    <TD align=right width="15%">8 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Aley Project </TD>
    <TD align=right width="15%" bgColor=#eeeeee>9 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gibraltar JV </TD>
    <TD align=right width="15%">10 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>DESCRIPTION OF BUSINESS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>10 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Gibraltar Mine - Technical Information </TD>
    <TD align=right width="15%">13 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>New Prosperity Project </TD>
    <TD align=right width="15%" bgColor=#eeeeee>22 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Aley Project </TD>
    <TD align=right width="15%">28 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Harmony Project </TD>
    <TD align=right width="15%" bgColor=#eeeeee>31 </TD></TR>
  <TR vAlign=top>
    <TD align=left>RISK FACTORS </TD>
    <TD align=right width="15%">32 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>DIVIDENDS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>39 </TD></TR>
  <TR vAlign=top>
    <TD align=left>DESCRIPTION OF CAPITAL STRUCTURE </TD>
    <TD align=right width="15%">39 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Share Capital </TD>
    <TD align=right width="15%" bgColor=#eeeeee>39 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Senior Notes </TD>
    <TD align=right width="15%">39 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>MARKET FOR SECURITIES </TD>
    <TD align=right width="15%" bgColor=#eeeeee>40 </TD></TR>
  <TR vAlign=top>
    <TD align=left>DIRECTORS AND OFFICERS </TD>
    <TD align=right width="15%">41 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Committees of the Board of Directors </TD>
    <TD align=right width="15%" bgColor=#eeeeee>42 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Principal Occupations and Other Information </TD>
    <TD align=right width="15%">43 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Cease Trade Orders, Bankruptcies, Penalties
      or Sanctions </TD>
    <TD align=right width="15%" bgColor=#eeeeee>53 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Potential Conflicts of Interest </TD>
    <TD align=right width="15%">54 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>LEGAL PROCEEDINGS AND REGULATORY ACTIONS</TD>
    <TD align=right width="15%" bgColor=#eeeeee>54 </TD></TR>
  <TR vAlign=top>
    <TD align=left>INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS    </TD>
    <TD align=right width="15%">54 </TD></TR></TABLE>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>TRANSFER AGENT AND REGISTRAR </TD>
    <TD align=right width="15%" bgColor=#eeeeee>54 </TD></TR>
  <TR vAlign=top>
    <TD align=left>MATERIAL CONTRACTS </TD>
    <TD align=right width="15%">55 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>INTERESTS OF EXPERTS </TD>
    <TD align=right width="15%" bgColor=#eeeeee>55 </TD></TR>
  <TR vAlign=top>
    <TD align=left>ADDITIONAL INFORMATION </TD>
    <TD align=right width="15%">56 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>AUDIT AND RISK COMMITTEE </TD>
    <TD align=right width="15%" bgColor=#eeeeee>56 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Composition of Audit and Risk Committee </TD>
    <TD align=right width="15%">56 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Relevant Education and Experience </TD>
    <TD align=right width="15%" bgColor=#eeeeee>57 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Code of Ethics </TD>
    <TD align=right width="15%">57 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Principal Accountant Fees and Services </TD>
    <TD align=right width="15%" bgColor=#eeeeee>57 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Pre-Approval Policies and Procedures </TD>
    <TD align=right width="15%">57 </TD></TR>
  <TR>
    <TD bgColor=#eeeeee>&nbsp;</TD>
    <TD align=right width="15%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>FIGURES </B></TD>
    <TD align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Figure 1: Location of the Taseko&#146;s
      Properties</TD>
    <TD align=right width="15%" bgColor=#eeeeee>11</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>TABLES
</B></TD>
    <TD align=right width="15%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Table 1: Mineral Tenures &#150; Gibraltar Mine </TD>
    <TD align=right width="15%">14 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Table 2: Gibraltar Mine Sulphide Mineral
      Reserves at 0.20% Copper Cut-off </TD>
    <TD align=right width="15%" bgColor=#eeeeee>19 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Table 3: Gibraltar Mine &#150; Oxide Mineral Reserves at 0.10%
      ASCu Cut-off </TD>
    <TD align=right width="15%">19 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Table 4: Gibraltar Mine Mineral Resources
      at 0.20% Copper Cut-off </TD>
    <TD align=right width="15%" bgColor=#eeeeee>20 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Table 5: Gibraltar Production (100% basis) </TD>
    <TD align=right width="15%">21 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Table 6: New Prosperity Mineral Reserves at
      CDN$5.50 NSR/t Pit-Rim Cut-off </TD>
    <TD align=right width="15%" bgColor=#eeeeee>25 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Table 7: New Prosperity Mineral Resources at 0.14% Copper
      Cut-off &#150; September 2009 </TD>
    <TD align=right width="15%">25 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Table 8: Aley Mineral Resources as at March
      1, 2012 </TD>
    <TD align=right width="15%" bgColor=#eeeeee>30 </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>APPENDIX A
      </B></TD>
    <TD align=right width="15%" bgColor=#eeeeee>&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD align=right width="15%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee>Audit and Risk Committee Charter </TD>
<TD align=right width="15%" bgColor=#eeeeee>&nbsp;</TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<P align=center>- 2 - </P>
<P align=justify><B>INTRODUCTORY NOTES </B></P>
<P align=justify><B>Forward-Looking Statements </B></P>
<P align=justify>This Annual Information Form (&#147;AIF&#148;), including the documents
incorporated by reference, contain forward-looking statements and
forward-looking information (collectively referred to as &#147;forward-looking
statements&#148;) which may not be based on historical fact, including without
limitation statements regarding our expectations in respect of future financial
position, business strategy, future production, reserve potential, exploration
drilling, exploitation activities, events or developments that we expect to take
place in the future, projected costs and plans and objectives. Often, but not
always, forward-looking statements can be identified by the use of the words
&#147;believes&#148;, &#147;may&#148;, &#147;plan&#148;, &#147;will&#148;, &#147;estimate&#148;, &#147;scheduled&#148;, &#147;continue&#148;,
&#147;anticipates&#148;, &#147;intends&#148;, &#147;expects&#148;, and similar expressions.</P>
<P align=justify>Such statements reflect our current views with respect to
future events and are subject to risks and uncertainties and are necessarily
based upon a number of estimates and assumptions that, while considered
reasonable by the Company, are inherently subject to significant business,
economic, competitive, political and social uncertainties and contingencies.
Many factors could cause the Company&#146;s actual results, performance or
achievements to be materially different from any future results, performance, or
achievements that may be expressed or implied by such forward-looking
statements, including, among others: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>significant declines in the prevailing market price of copper; </P>
  <LI>
  <P>an inability to get the Canadian federal government to reconsider and
  reverse its decision under the <I>Canadian Environmental Assessment Act, 2012
  </I>not to authorize the New Prosperity project to proceed; </P>
  <LI>
  <P>the potential for increases in operating and capital costs at existing and
  future operations </P>
  <LI>
  <P>lack of mineral reserves at the Harmony Project and Aley Project; </P>
  <LI>
  <P>estimation of mineral resources is a subjective process, the accuracy of
  which is a function of the quantity and quality of available data and the
  assumptions made and judgment used in the engineering and geological
  interpretation, which may prove to be unreliable, and may be subject to
  revision based on various factors; </P>
  <LI>
  <P>adverse moves in the US:CDN dollar exchange rate given that copper, the
  Company&#146;s principal output is priced in US dollars; </P>
  <LI>
  <P>risks associated with the development of the Company&#146;s advanced stage
  projects; </P>
  <LI>
  <P>current global economic conditions; </P>
  <LI>
  <P>changes in mining legislation adversely affecting our operations; </P>
  <LI>
  <P>inability to obtain adequate financing on acceptable terms; </P>
  <LI>
  <P>inability to obtain necessary exploration and mining permits and comply
  with all government requirements including environmental, health and safety
  laws; and </P></LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<P align=center>- 3 - </P>
<UL style="TEXT-ALIGN: justify">
  <LI>inability to attract and retain key personnel. </LI></UL>
<P align=justify>Such information is included, among other places, in the AIF
under the heading &#147;Description of Business&#148; and in the Management&#146;s Discussion
and Analysis for the year ended December 31, 2013. </P>
<P align=justify>Should one or more of these risks and uncertainties
materialize, or should underlying factors or assumptions prove incorrect, actual
results may vary materially from those described in forward-looking statements.
Material factors or assumptions involved in developing forward-looking
statements include, without limitation, that: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>the price of gold, copper and other metals will not decline significantly
  or for a protracted period of time; </P>
  <LI>
  <P>the Company will have sufficient working capital and be able to secure
  additional funding necessary for the development of its projects; </P>
  <LI>
  <P>the Gibraltar mine will not experience any significant production
  disruptions that would materially affect revenues; </P>
  <LI>
  <P>the price of gold, copper and other metals will not decline significantly
  or for a protracted period of time; </P>
  <LI>
  <P>there will be no adverse political or legal events affecting the Company&#146;s
  operations; and key personnel will continue their employment with the Company.  </P></LI></UL>
<P align=justify>These factors should be considered carefully and readers are
cautioned not to place undue reliance on the forward-looking statements. Readers
are cautioned that the foregoing list of risk factors is not exhaustive and it
is recommended that prospective investors carefully read the more complete
discussion of risks and uncertainties facing the Company included under &#147;Risk
Factors&#148; in this AIF.</P>
<P align=justify>Although the Company believes that the expectations conveyed by
the forward-looking statements are reasonable based on the information available
to it on the date such statements were made, no assurances can be given as to
future results, approvals or achievements. The forward-looking statements
contained in this AIF and the documents incorporated by reference herein are
expressly qualified by this cautionary statement. The Company disclaims any duty
to update any of the forward-looking statements to conform such statements to
actual results or to changes in the Company&#146;s expectations except as otherwise
required by applicable law. </P>
<P align=justify><B>Documents Incorporated by Reference </B></P>
<P align=justify>Incorporated by reference into this AIF are the audited
consolidated financial statements and Management&#146;s Discussion and Analysis for
Taseko Mines Limited (the &#147;Company&#148; or &#147;Taseko&#148;) for the year ended December 31,
2013 together with the auditor&#146;s report thereon. The financial statements are
available for review on the SEDAR website located at <U>www.sedar.com</U>. All financial information in this AIF is
prepared in accordance with International Financial Reporting Standards (&#147;IFRS&#148;)
using Canadian dollars. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<P align=center>- 4 - </P>
<P align=justify><B>Currency and Metric Equivalents </B></P>
<P align=justify>The Company&#146;s accounts are maintained in Canadian dollars and
all dollar amounts herein are expressed in Canadian dollars unless otherwise
indicated.</P>
<P align=justify>The following factors for converting Imperial measurements into
metric equivalents are provided: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><U>To convert from Imperial</U></B> </TD>
    <TD align=left width="33%"><B><U>To metric</U></B> </TD>
    <TD align=left width="33%"><B><U>Multiply by</U></B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="33%">&nbsp; </TD>
    <TD width="33%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>acres </TD>
    <TD align=left width="33%" bgColor=#e6efff>hectares </TD>
    <TD align=left width="33%" bgColor=#e6efff>0.405 </TD></TR>
  <TR vAlign=top>
    <TD align=left>feet </TD>
    <TD align=left width="33%">metres </TD>
    <TD align=left width="33%">0.305 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>miles </TD>
    <TD align=left width="33%" bgColor=#e6efff>kilometres </TD>
    <TD align=left width="33%" bgColor=#e6efff>1.609 </TD></TR>
  <TR vAlign=top>
    <TD align=left>tons (2000 pounds) </TD>
    <TD align=left width="33%">tonnes </TD>
    <TD align=left width="33%">0.907 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>ounces (troy)/ton </TD>
    <TD align=left width="33%" bgColor=#e6efff>grams/tonne </TD>
    <TD align=left width="33%" bgColor=#e6efff>34.286 </TD></TR></TABLE>
<P align=justify>In this AIF, the following capitalized terms have the defined
meanings set forth below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>NYSE MKT</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>The NYSE MKT, formerly known as the NYSE Amex, being one
      of the two stock exchanges (together with the TSX) on which the Common
      Shares are listed. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>BQ</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>A letter name specifying the dimensions of bits, core
      barrels, and drill rods in the B-size and Q-group wireline diamond
      drilling system having a core diameter of 47.6 mm and a hole diameter of
      59.9mm. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Common Shares</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>The Company&#146;s common shares without par value, being the
      only class or kind of the Company&#146;s authorized capital. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>Taseko Mines Limited, including its subsidiaries, unless
      the context requires otherwise. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Carbonatite</B> <BR><B>deposit</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>Carbonatite deposits are igneous rocks largely consisting
      of the carbonate minerals calcite and dolomite, which contain the niobium
    mineral pyrochlore, rare earth minerals or copper sulphide minerals.    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Concentrator</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>A type of mineral processing facility that converts raw
      ore from the mine into a metal concentrate that can then be sold to a
      smelter for further processing. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Epithermal deposit</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>A mineral deposit formed at low temperature (50-200&#176;C),
      usually within one kilometre of the earth&#146;s surface, often as structurally
      controlled veins. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Flotation</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>Flotation is a method of mineral separation whereby,
      after crushing and grinding ore, froth created in a slurry by a variety of
      reagents causes some finely crushed minerals to float to the surface where
      they are skimmed off. </P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A>
<P align=center>- 5 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>HQ</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>A letter name specifying the dimensions of bits, core
      barrels, and drill rods in the H-size and Q-group wireline diamond
      drilling system having a core diameter of 63.5 mm and a hole diameter of
      96 mm. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>NSR</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>Net smelter return, a general proxy for the gross value
      of metals derived from concentrates delivered to a smelter for refining.      </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Induced</B> <BR><B>Polarization <BR>(&#147;IP&#148;)</B>
      <B>Survey</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>A geophysical survey used to identify a feature that
      appears to be different from the typical or background survey results when
      tested for levels of electro-conductivity. IP detects both chargeable,
      pyrite- bearing rock and non-conductive rock that has high content of
      quartz. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Mineral Deposit</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>A deposit of mineralization, which may or may not be ore.      </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Mineral Symbols</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>Ag &#150; silver; Au &#150; gold; Cu &#150; copper; Pb &#150; lead; Zn &#150;
      Zinc; Mo &#150; molybdenum; Nb &#150; niobium. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>NQ</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>A letter name specifying the dimensions of bits, core
      barrels, and drill rods in the N-size and Q-group wireline diamond
      drilling system having a core diameter of 47.6 mm and a hole diameter of
      75.7 mm. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Porphyry deposit</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>A type of mineral deposit in which ore minerals are
      widely disseminated, generally of low grade but large tonnage. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Semi-autogenous</B> <BR><B>grinding (&#147;SAG&#148;)</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>SAG mills are essentially auto-genous mills, but utilize
      grinding balls to aid in grinding like in a ball mill. A SAG mill is
      generally used as a primary or first stage grinding solution. </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>Solvent Extraction/</B> <BR><B>Electrowinning</B>
      <BR><B>(&#147;SX/EW&#148;)</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>Solvent extraction is the technique of transferring a
      solute from one solution to another; for example when copper oxide is
      dissolved into solution, copper becomes the solute. Electrowinning is the
      process in which an electric current flows between a pair of electrodes
      (anode &amp; cathode) in a solution containing metal ions (electrolyte).
      Metal is deposited on the cathode in accordance with the metal&#146;s ability
      to gain or lose electrons. Since ion deposition is selective, the cathode
    product is generally high grade and requires little further refining.    </P></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="80%" >&nbsp;    </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><B>TSX</B> </TD>
    <TD align=left width="80%" >
      <P align=justify>The Toronto Stock Exchange, being one of the two stock
      exchanges (together with the NYSE MKT) on which the Common Shares are
      listed. </P></TD></TR></TABLE>
<P align=justify><B>Resource Category (Classifications) Used in this AIF</B></P>
<P align=justify>The discussion of mineral deposit classifications in this AIF
adheres to the resource/reserve definitions and classification criteria
developed by the Canadian Institute of Mining and Metallurgy in 2005. Estimated
mineral resources fall into two broad categories dependent on whether the
economic viability of them has been established and these are namely &#147;resources&#148;
(economic viability not established) and ore &#147;reserves&#148; (viable economic
production is feasible). Resources are sub-divided into categories depending on
the confidence level of the estimate based on level of detail of sampling and
geological understanding of the deposit. The categories, from lowest confidence
to highest confidence, are inferred resource, indicated resource and measured resource. Reserves are similarly
sub-divided by order of confidence into probable (lowest) and proven (highest).
These classifications can be more particularly described as follows: </P>
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<P align=justify>A &#147;<B>Mineral Resource</B>&#148; is a concentration or occurrence of
diamonds, natural solid inorganic material, or natural solid fossilized organic
material including base and precious metals, coal, and industrial minerals in or
on the Earth&#146;s crust in such form and quantity and of such a grade or quality
that it has reasonable prospects for economic extraction. The location,
quantity, grade, geological characteristics and continuity of a Mineral Resource
are known, estimated or interpreted from specific geological evidence and
knowledge.</P>
<P align=justify>An &#147;<B>Inferred Mineral Resource</B>&#148; is that part of a Mineral
Resource for which quantity and grade or quality can be estimated on the basis
of geological evidence and limited sampling and reasonably assumed, but not
verified, geological and grade continuity. The estimate is based on limited
information and sampling gathered through appropriate techniques from locations
such as outcrops, trenches, pits, workings and drill holes.</P>
<P align=justify>An &#147;<B>Indicated Mineral Resource</B>&#148; is that part of a
Mineral Resource for which quantity, grade or quality, densities, shape and
physical characteristics can be estimated with a level of confidence sufficient
to allow the appropriate application of technical and economic parameters, to
support mine planning and evaluation of the economic viability of the deposit.
The estimate is based on detailed and reliable exploration and testing
information gathered through appropriate techniques from locations such as
outcrops, trenches, pits, workings and drill holes that are spaced closely
enough for geological and grade continuity to be reasonably assumed.</P>
<P align=justify>A &#147;<B>Measured Mineral Resource</B>&#148; is that part of a Mineral
Resource for which quantity, grade or quality, densities, shape, and physical
characteristics are so well established that they can be estimated with
confidence sufficient to allow the appropriate application of technical and
economic parameters, to support production planning and evaluation of the
economic viability of the deposit. The estimate is based on detailed and
reliable exploration, sampling and testing information gathered through
appropriate techniques from locations such as outcrops, trenches, pits, workings
and drill holes that are spaced closely enough to confirm both geological and
grade continuity.</P>
<P align=justify>A &#147;<B>Mineral Reserve</B>&#148; is the economically mineable part of
a Measured or Indicated Mineral Resource demonstrated by at least a Preliminary
Feasibility Study. This Study must include adequate information on mining,
processing, metallurgical, and economic and other relevant factors that
demonstrate, at the time of reporting, that economic extraction can be
justified. A Mineral Reserve includes diluting materials and allowances for
losses that may occur when the material is mined.</P>
<P align=justify>A &#147;<B>Probable Mineral Reserve</B>&#148; is the economically
mineable part of an Indicated and, in some circumstances, a Measured Mineral
Resource demonstrated by at least a Preliminary Feasibility Study. This Study
must include adequate information on mining, processing, metallurgical,
economic, and other relevant factors that demonstrate, at the time of reporting,
that economic extraction can be justified.</P>
<P align=justify>A &#147;<B>Proven Mineral Reserve</B>&#148; is the economically mineable
part of a Measured Mineral Resource demonstrated by at least a Preliminary
Feasibility Study. This Study must include adequate information on mining,
processing, metallurgical, economic, and other relevant factors that
demonstrate, at the time of reporting, that economic extraction is justified.
The U.S. Securities and Exchange Commission require permits in hand or
their issuance imminent to classify mineralized material as reserves. </P>
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<P align=justify><B>CAUTIONARY NOTE TO UNITED STATES INVESTORS CONCERNING
ESTIMATES OF RESERVES AND MEASURED, INDICATED AND INFERRED RESOURCES </B></P>
<P align=justify>The disclosure in this AIF, including the documents
incorporated by reference herein, uses terms that comply with reporting
standards in Canada and certain estimates are made in accordance with Canadian
National Instrument 43-101 <I>Standards of Disclosure for Mineral Projects
</I>(&#147;NI 43-101&#148;). NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for all public disclosure an issuer
makes of scientific and technical information concerning mineral projects.
Unless otherwise indicated, all reserve and resource estimates contained in or
incorporated by reference in this AIF have been prepared in accordance with NI
43-101. These standards differ significantly from the requirements of the SEC,
and reserve and resource information contained herein and incorporated by
reference herein may not be comparable to similar information disclosed by U.S.
companies.</P>
<P align=justify>This AIF includes mineral reserve estimates that have been
calculated in accordance with NI 43-101, as required by Canadian securities
regulatory authorities. For United States reporting purposes, SEC Industry Guide
7 (under the United States Securities Exchange Act of 1934 (the &#147;Exchange
Act&#148;)), as interpreted by Staff of the SEC, applies different standards in order
to classify mineralization as a reserve. As a result, the definitions of proven
and probable reserves used in NI 43-101 differ from the definitions in the SEC
Industry Guide 7. Under SEC standards, mineralization may not be classified as a
"reserve" unless the determination has been made that the mineralization could
be economically and legally produced or extracted at the time the reserve
determination is made. Among other things, all necessary permits would be
required to be in-hand or their issuance be imminent in order to classify
mineralized material as reserves under the SEC standards. Accordingly, certain
mineral reserve estimates contained in this AIF may not qualify as &#147;reserves&#148;
under SEC standards, unless expressly stated to so qualify. </P>
<P align=justify>In addition, this AIF uses the terms &#147;measured mineral
resources&#148;, &#147;indicated mineral resources&#148; and &#147;inferred mineral resources&#148; to
comply with the reporting standards in Canada. We advise investors that while
those terms are recognized and required by Canadian regulations, the SEC does
not recognize them. Investors are cautioned not to assume that any part or all
of the mineral deposits in these categories that are not already classified as
&#147;reserves&#148; will ever be converted into mineral reserves. These terms have a
great amount of uncertainty as to their existence, and great uncertainty as to
their economic and legal feasibility.</P>
<P align=justify>Further, &#147;inferred resources&#148; have a great amount of
uncertainty as to their existence and as to whether they can be mined legally or
economically. Therefore, Investors are also cautioned not to assume that all or
any part of the inferred resources exist. In accordance with Canadian rules,
estimates of &#147;inferred mineral resources&#148; cannot form the basis of feasibility
or other economic studies.</P>
<P align=justify>It cannot be assumed that all or any part of &#147;measured mineral
resources&#148;, &#147;indicated mineral resources&#148;, or &#147;inferred mineral resources&#148; will
ever be upgraded to a higher category. Investors are cautioned not to assume
that any part of the reported &#147;measured mineral resources&#148;, &#147;indicated mineral
resources&#148;, or &#147;inferred mineral resources&#148; in this AIF that are not already
classified as &#147;reserves&#148; is economically or legally mineable.</P>
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<P align=justify>In addition, disclosure of &#147;contained ounces&#148; in respect of
resources that do not qualify as reserves is permitted disclosure under Canadian
regulations; however, the SEC only permits issuers to report reserves in ounces
and requires other mineralized material to be reported as in place tonnage and
grade without reference to unit measures.</P>
<P align=justify>For the above reasons, information contained in this AIF and
the documents incorporated by reference herein containing descriptions of our
mineral deposits may not be comparable to similar information made public by
U.S. companies subject to the reporting and disclosure requirements under the
United States federal securities laws and the rules and regulations
thereunder.</P>
<P align=justify><B>CORPORATE STRUCTURE </B></P>
<P align=justify>Taseko Mines Limited was incorporated on April 15, 1966,
pursuant to the <I>Company Act </I>of the Province of British Columbia. This
corporate legislation was superseded in 2004 by the <I>British Columbia Business
Corporations </I>Act which is now the corporate law statute that governs us<I>.
</I>Our registered office is located at Suite 1500, 1055 West Georgia Street,
Vancouver, British Columbia, V6E 4N7, and our operational head office is located
at Suite 1500, 1040 West Georgia Street, Vancouver, British Columbia, V6E 4H1.</P>
<P align=justify>The Company has one active and material (wholly-owned
subsidiary), Gibraltar Mines Ltd. and a second active but not yet material
subsidiary, Aley Corporation. On March 31, 2010, we established by contract an
unincorporated joint venture (&#147;JV&#148;) between Gibraltar Mines Ltd., and Cariboo
Copper Corp. (&#147;Cariboo&#148;) over the Gibraltar mine, whereby Cariboo acquired a 25%
interest in the Gibraltar mine and we retained a 75% interest with Gibraltar
Mines Ltd. operating the mine for the two JV participants.</P>
<P align=justify><B>GENERAL DEVELOPMENT OF THE BUSINESS
</B></P>
<P align=justify><B>Gibraltar Mine </B></P>
<P align=justify>Our principal business activity is operating the Gibraltar
copper and molybdenum mine. In recent years, we have expanded the Gibraltar Mine
ore concentrator, added a second ore concentrator, increased the mining fleet
capacity and made other production improvements at the Gibraltar mine.
Construction of the Phase 1 concentrator expansion was completed in February
2008. The majority of the construction schedule for the Phase 2 expansion
program, designed to increase concentrator throughput from 46,000 tons per day
(&#147;tpd&#148;) to 55,000 tpd, was completed in 2010, as well as installation of the
in-pit crusher and conveyor. The semi-autogenous grinding (&#147;SAG&#148;) mill direct
feed system was completed in May 2011 which eliminated the secondary crushers
and fine ore delivery system bottleneck. We continued the expansion with
Gibraltar Development Plan 3 (GDP3), which included the construction of a new
30,000 tpd concentrator to complement the existing 55,000 tpd facility as well
as a new molybdenum recovery facility. Construction started on the new
concentrator in 2011 and continued through to the spring of 2013, with
commissioning being completed by the end of March 2013. The new facility has
reached design capacity and the Company is now focusing on optimizing copper
recovery circuits, improving mechanical availabilities, and the advancement of
cost efficiency programs designed to decrease the overall production costs for
the upgraded facility.</P>
<P align=justify><B>New Prosperity Gold Copper Project </B></P>
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<P align=justify>Over the past five years, we have sought to advance the New
Prosperity project through the Provincial and Federal environmental assessment
processes. On January 14, 2010, the Company received the environmental
assessment certificate from the British Columbia Provincial Ministry of
Environment. On November 2, 2010, we were advised that the Federal Government
would not proceed with permitting on the Prosperity project as proposed. We
revised our plans for the project and developed a new design proposal which
addressed the concerns identified during the Canadian Federal Government&#146;s
environmental assessment process and in February 2011, we submitted a new
project description to the Federal Government.</P>
<P align=justify>On September 20, 2012, the Environmental Impact Statement (EIS)
for the new project was submitted to a three-member Review Panel (the &#147;Panel&#148;)
established for the federal environmental assessment of the project. Following
public hearings, the Panel subsequently prepared their report and submitted it
to the Federal Minister of the Environment on October 31, 2013. </P>
<P align=justify>The Panel report found that the proposed project is not likely
to cause significant adverse environmental effects in respect of 33 different
factors provided effective mitigation was undertaken, but found significant
adverse environmental effects were likely in relation to three matters: (i)
water quality in Fish Lake and Wasp Lake, (ii) fish and fish habitat in Fish
Lake, wetlands and riparian ecosystems, and (iii) Tsilhqot&#146;in current use of
lands for traditional purposes, cultural heritage and archaeological/historical
resources.</P>
<P align=justify>On November 29, 2013 the Company filed an application for
judicial review, seeking to set aside certain findings of the Panel report. The
Company is asking the Federal Court for a declaration that certain findings
relating to forecast seepage rates and impacts on water quality be set aside,
and that the Panel failed in certain respects to comply with principles of
procedural fairness and the rules of natural justice. </P>
<P align=justify>On February 26, 2014 the Minister of the Environment announced
her conclusion that the New Prosperity project is likely to cause significant
adverse environmental effects that cannot be mitigated. As required by the
<I>Canadian Environmental Assessment Act, 2012</I>, she referred the matter to
the Governor in Council who decided that those effects are not justified in the
circumstances. </P>
<P align=justify>The federal judicial review remains before the court.</P>
<P align=justify><B>Aley Project </B></P>
<P align=justify>In 2010, we completed a successful exploration program at the
Aley niobium project. The program consisted of geological mapping and diamond
drilling in 23 holes, intersecting niobium mineralization across an area
measuring 900 metres east-west and 350 metres north-south. Mineralized
intercepts range up to 200 metres in length and were continuous and close to the
surface.</P>
<P align=justify>The 2011 exploration program included a total of 17,100 metres
of additional drilling in 70 holes in the central zone. This drilling was
targeted to provide sufficient infill drill density to achieve a Measured and
Indicated Resource and to investigate those areas in which the resource is open
to expansion.</P>
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<P align=justify>We announced an updated mineral resource estimate for the Aley
project through a technical report entitled &#147;Technical Report Aley Carbonatite
Niobium Project&#148; dated March 29, 2012 prepared by Ronald G. Simpson, P.Geo. The
mineral resource estimate was based on assay results from the central zone
obtained through March 1, 2012 and totals 286 million tonnes with an average grade of 0.37% Nb<sub>2 </sub>O<sub>5 </sub> at a
0.2% Nb2O5 cutoff plus an additional 144 million tonnes of Inferred Resources with an average grade of 0.32% Nb<sub>2 </sub>O<sub>5.</sub></P>
<P align=justify>In May 2012, an agreement was reached with the Tsay Keh Dene
first nation group to support the exploration program and environmental studies
for the development of the Aley project. The agreement, which is extensive in
nature, includes provisions for; employment and training opportunities for Tsay
Keh Dene members, contracting and business opportunities for Tsay Keh Dene
businesses, participation and capacity funding, environmental protection through
cooperative design and implementation of environmental management and monitoring
programs, and a framework and commitment to develop a Comprehensive Cooperation
and Benefit Agreement for the eventual development and operation of a mine. </P>
<P align=justify>The current focus on the Aley niobium project is upgrading the
resources announced in March 2012 to a NI 43-101 compliant reserve. Work is
continuing on metallurgical flow sheets, engineering and environmental studies.</P>
<P align=justify><B>Gibraltar JV </B></P>
<P align=justify>The Gibraltar mine became an unincorporated (or &#145;contractual&#146;)
joint venture (&#147;JV&#148;) between our subsidiary the Gibraltar Mines Ltd. and Cariboo
Copper Corp. (&#147;Cariboo&#148;) on March 31, 2010. Gibraltar Mines Ltd. and Cariboo
hold 75% and 25% beneficial interests in the Joint Venture, respectively. Under
the 2010 Joint Venture Formation Agreement (&#147;JVFA&#148;), the Company contributed to
the Joint Venture certain assets and obligations pertaining to the Gibraltar
mine with a deemed net fair value of $747 million as of March 31, 2010, and
Cariboo paid the Company US$187 million to obtain its 25% interest in the Joint
Venture. Gibraltar Mines Ltd. continues to be the operator of the Gibraltar mine
under the Joint Venture Operating Agreement which is filed at www.sedar.com.
Cariboo is a Japanese consortium jointly owned by Sojitz Corporation (50%), Dowa
Metals &amp; Mining Co., Ltd. (25%) and Furukawa Co., Ltd. (25%).</P>
<P align=justify>Aside from the above, the Company has not made any significant
acquisitions or dispositions since January 2006. </P>
<P align=justify>In April 2011, the Company completed a public offering of
US$200 million in senior notes due in 2019, bearing interest at an annual rate
of 7.75%. The Company is in compliance with all its covenants in regards to
these Notes. </P>
<P align=justify><B>DESCRIPTION OF BUSINESS </B></P>
<P align=justify>Taseko is a mining company that seeks to acquire, develop, and
operate large tonnage mineral deposits which, under conservative metals forward
price assumptions, it believes are potentially capable of supporting a mine for
10 years or longer.</P>
<P align=justify>Our business is focused on increasing production of copper and
molybdenum from the Gibraltar mine and on securing environmental permits for the
proposed project known as the New Prosperity gold and copper project (&#147;New
Prosperity&#148;). Both the Gibraltar mine and the New Prosperity project are located
in central British Columbia, Canada. </P>
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<P align=justify>We have two additional mineral properties located in British
Columbia: Aley, an exploration stage niobium project, and Harmony, an
exploration stage gold property. Aside from the joint venture established with
Cariboo, Taseko and its subsidiaries currently own all of their projects
outright. </P>
<P align=justify>The map below highlights the location of the Company&#146;s four
properties in British Columbia, Canada: </P>
<P align=center><B>Figure 1: Location of the Taseko&#146;s Properties </B></P>
<P align=center><IMG src="figure1x.jpg" border=0> </P>
<P align=justify><I>Principal Products and Competitive Conditions </I></P>
<P align=justify>Taseko assets include reserves and resources of copper,
molybdenum, gold and niobium. Industry experts continue to believe that demand
for these metals will remain strong and, additionally, there are concerns about
the ability of the industry to replace depleted reserves from existing mines
over the longer-term. </P>
<P align=justify>In the short-term, it appears that the copper supply / demand
fundamentals could be in a modest surplus but most industry analysts do not
forecast significant pricing weakness from current levels. In 2013, the copper price declined in the first
half of the year by nearly 20% before slightly recovering in the second half of
the year. After hitting a low of $3.02 per pound in June, pricing trended upward
to the end of the year, closing at US$3.34 per pound. Supporting the copper
price was an improved global economic environment as well as declining global
copper inventories. Warehoused refined copper inventories in London Metals
Exchange (LME) warehouses around the world started to decline in mid-2013,
coinciding with the rebound in copper pricing. In June, these inventories
reached 680,000 tonnes, the highest levels since 2002. From the highpoint in
June the inventories started a rapid descent. At the end of 2013, inventories
had dropped 80% to 370,000 tonnes, and have continued to fall in 2014 to well
below 300,000 tonnes in February.</P>
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<P align=justify>Many factors are making it more difficult for mining companies
to bring new mines into production including; political instability, permitting
challenges, access to low cost power, NGO and environmentalist activities and
shortages of skilled labour. These and other issues will continue to hamper the
industry in its efforts to build new copper capacity and keep up with global
demand growth. </P>
<P align=justify>Molybdenum prices dropped significantly in 2012 as a growth
slowdown in China and weak growth in the US and Japan impacted molybdenum
demand. In 2013, molybdenum prices stabilized at much lower levels than the
previous several years, but still at a level higher than the historical average.
In 2014 new molybdenum production is expected to outpace demand growth,
preventing the price from moving higher than the current level. A significant
increase in steel production (the main use for molybdenum) would be required to
push molybdenum pricing upwards.</P>
<P align=justify><I>Environmental Protection Requirements </I></P>
<P align=justify>Taseko&#146;s mining, exploration and development activities are
subject to various levels of Canadian Federal and British Columbia Provincial
laws and regulations relating to the protection of the environment, including
requirements for closure and reclamation of mining properties. </P>
<P align=justify>The total liability for reclamation and closure cost
obligations as calculated for financial disclosure purposes, at December 31,
2013 was $69.7 million. This amount represents the present value of the
estimated future costs of planned and anticipated closure and remediation
activities, assuming a pre-tax discount rate of 3.2%, and an inflation rate of
2%.</P>
<P align=justify><I>Environmental and Sustainability Policy </I></P>
<P align=justify>Taseko is committed to continual improvement towards the
protection of human health and the stewardship of the environment. Taseko
recognizes that responsible environmental management is critical to our success
and has committed that it will: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Consider the environmental impacts of its operations and take appropriate
  steps to prevent environmental pollution; </P>
  <LI>
  <P>Comply with relevant environmental legislation, regulations and corporate
  requirements; </P>
  <LI>
  <P>Integrate environmental policies, programs and practices into all
  activities; </P>
  <LI>
  <P>Ensure that all employees and service providers understand their
  environmental responsibilities and encourage dialogue on environmental issues;  </P></LI></UL>
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<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Develop, maintain and test emergency preparedness plans to ensure
  protection of the environment, employees and the public; </P>
  <LI>
  <P>Work with government and the public to develop effective and efficient
  measures to improve protection of the environment, based on sound science; and  </P>
  <LI>
  <P>Maintain an environmental committee to review environmental performance,
  objectives and targets, and to ensure continued recognition of environmental
  issues as a high priority. </P></LI></UL>
<P align=justify><I>Employees </I></P>
<P align=justify>As at December 31, 2013 the Company had the following employees
and contractors: </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-BOTTOM: #000000 1px solid" align=center>Location </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%">Full
      time salaried </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%">Hourly (non-union) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%">Hourly (Union) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%">Contractors </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Vancouver </TD>
    <TD align=center width="20%" bgColor=#e6efff>24 </TD>
    <TD align=center width="20%" bgColor=#e6efff>- </TD>
    <TD align=center width="20%" bgColor=#e6efff>- </TD>
    <TD align=center width="20%" bgColor=#e6efff>2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Williams Lake </TD>
    <TD align=center width="20%">10 </TD>
    <TD align=center width="20%">- </TD>
    <TD align=center width="20%">- </TD>
    <TD align=center width="20%">- </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gibraltar </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>165 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>514 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total </TD>
    <TD align=center width="20%">199 </TD>
    <TD align=center width="20%">- </TD>
    <TD align=center width="20%">514 </TD>
    <TD align=center width="20%">2 </TD></TR></TABLE></DIV>
<P align=justify><I>Occupational Health and Safety Policy </I></P>
<P align=justify>It is the policy of Taseko to provide and maintain safe and
healthy working conditions, and to establish operating practices which safeguard
employees and physical assets. </P>
<P align=justify>To achieve this goal, the Company commits to: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Meeting or exceeding all industry standards and legislative requirements;  </P>
  <LI>
  <P>Developing and enforcing safe work rules and procedures; </P>
  <LI>
  <P>Providing employees with the information and training necessary for them to
  perform their work safely and efficiently; </P>
  <LI>
  <P>Acquiring and maintaining materials, equipment and facilities so as to
  promote good health and safety; and </P>
  <LI>
  <P>Encouraging employees at all levels to take a leadership role in incident
  prevention by reporting and/or correcting unsafe situations. </P></LI></UL>
<P align=justify><B>Gibraltar Mine - Technical Information</B></P>
<P align=justify>Unless stated otherwise, information of a technical or
scientific nature related to the Gibraltar mine contained in this AIF (including
documents incorporated by reference herein) is summarized or extracted from a
technical report entitled &#147;Technical Report on the 357 Million Ton Increase in
Mineral Reserves at the Gibraltar Mine&#148; dated June 24, 2011 (the &#147;Gibraltar
Technical Report&#148;), prepared by Scott Jones, P. Eng. filed on Taseko&#146;s profile
at <U>www.sedar.com </U>and updated with production
and development results since that time. Mr. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<P align=center>- 14 - </P>
<P align=justify>Jones is employed by the Company as Vice-President, Engineering
and is a &#147;Qualified Person&#148; as contemplated by Canadian securities regulatory
instrument NI 43-101 (<I>Disclosure Standards for Mineral Projects). </I></P>
<P align=justify><I>Property Description and Location </I></P>
<P align=justify>The Gibraltar mine site covers approximately 147square
kilometres, located at latitude 52&#176;30&#146;N and longitude 122&#176;16&#146;W in the Granite
Mountain area, approximately 65 kilometres by road north of Williams Lake in
south-central British Columbia, Canada. The Gibraltar mine property consists of
239 tenures held as summarized in Table 1 below.</P>
<P align=center><B>Table 1: Mineral Tenures &#150; Gibraltar Mine </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center>Tenure Type </TD>
    <TD align=center width="33%">Number </TD>
    <TD align=center width="33%">Area (ha) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Claims </TD>
    <TD align=center width="33%">207 </TD>
    <TD align=center width="33%">16,333.84 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Leases </TD>
    <TD align=center width="33%">32 </TD>
    <TD align=center width="33%">2,274.68 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total </TD>
    <TD align=center width="33%">239 </TD>
    <TD align=center width="33%">18,608.52 </TD></TR></TABLE></DIV>
<P align=justify>There are 32 mining leases at the Gibraltar mine which are
valid until at least July 26, 2023 as long as renewal fees, which are due on an
annual basis, are paid. Rights to use the surface accompany each mining lease.
There are two hundred and seven claims included in the Gibraltar property tenure
package. Four of these claims are due to expire in July 2014, one hundred and
sixty-eight are due to expire in December 2015, and eight are due to expire in
April 2016 with the rest of the claims due to expire in August 2017 or later. It
is intended that all leases and claims will be renewed prior to their renewal
fees being due (in the case of the leases) and prior to their expiry in the case
of the claims. </P>
<P align=justify>There are several land parcels for which surface rights were
purchased outright. There is one fee simple lot at the Gibraltar mine (L3728) on
which the plant site is located and annual taxes are paid. In addition, the
Gibraltar mine holds four other land parcels: DL9170, DL9483, DL 9497 and DL588.</P>
<P align=justify>The Gibraltar mine has operated for most of the active life of
the mine from four open pits. Waste dumps have been developed in various areas
adjacent to the open pits and tailings have been deposited in an impoundment
area, located about three kilometres north of the mill.</P>
<P align=justify><I>Accessibility, Climate, Local Resources, Infrastructure and
Physiography </I></P>
<P align=justify>The Gibraltar mine mineral claims cover an area of gentle
topography; local relief is in the order of 200 metres. The plant site is
located at an elevation of approximately 1,100 metres above sea level. The
project area has a moderate continental climate with cold winters and warm
summers. Ambient air temperature ranges from a winter minimum of -34&#176; C to a
summer maximum of 35&#176;C. The Gibraltar mine operates year round. </P>
<P align=justify>Access to the Gibraltar mine from Williams Lake, British
Columbia is via Highway 97 to McLeese Lake, and then a paved road provides
access to the Gibraltar mine site, a total road distance of 65 kilometres. </P>
<P align=justify>The Canadian National Railway has rail service to facilitate
the shipping of copper concentrates through to the Pacific Ocean terminal
Vancouver Wharves, located in North Vancouver, British Columbia. A rail siding
and storage shed for the shipment of concentrate is located 26 kilometres from
the mine site. Electricity is obtained from BC Hydro. Natural gas is provided by Avista Energy and Terasen Gas. The communities of Williams Lake
and Quesnel are sufficiently close to the site to supply goods, services, and
personnel to the Gibraltar mine. The Gibraltar mine had approximately 679 active
personnel at the end of December 2013. </P>
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noShade SIZE=5>
<A name=page_16></A>
<P align=center>- 15 - </P>
<P align=justify>Make-up fresh water for the mine site is obtained from a set of
wells on the Gibraltar mine property. The Company owns and operates the
concentrate rail load-out facility on the CN rail line at Macalister. </P>
<P align=justify><I>Gibraltar Mine History </I></P>
<P align=justify>In 1964, Gibraltar acquired a group of claims in the McLeese
Lake area from Malabar Mining Co. Ltd. Canadian Exploration Limited (Canex) and
Duval Corporation (Duval) had also been exploring on claims known as the
Pollyanna Group which they had acquired adjacent to Gibraltar&#146;s claims. In 1969,
Gibraltar, Canex and Duval entered into an agreement providing for the
commingling of Gibraltar&#146;s claims with the Pollyanna Group. In 1971 Gibraltar
acquired Duval&#146;s remaining interest in the property.</P>
<P align=justify>Preliminary development of the Gibraltar mine began in October
1970. The concentrator commenced production on March 8, 1972 and was fully
operational by March 31, 1972. Mining and milling operations were suspended on
December 1, 1993 due to low copper prices and recommenced in September 1994
following the increase in copper prices. A cathode copper plant with an annual
capacity of 4,535 tonnes (10 million lb.) of market-ready copper metal began
operation in October 1986. Up to the 1998 shutdown, as discussed below, 38,430
tonnes (84.7 million lb.) of electro won copper had been produced from this
facility.</P>
<P align=justify>In October 1996, Westmin Resources Limited (&#147;Westmin&#148;) acquired
100% control of Gibraltar and in December 1997, Boliden Limited Westmin (Canada)
Limited (&#147;Boliden&#148;) acquired Westmin. In March 1998, Boliden announced that it
would cease mining operation at Gibraltar mine at the end of 1998.</P>
<P align=justify>On July 21, 1999, Taseko&#146;s subsidiary, Gibraltar Mines Ltd.,
purchased the Gibraltar mine assets from Boliden and certain of its affiliates,
including all mineral interests, mining and processing equipment and facilities,
and assumed responsibility for reclamation obligations estimated at that time at
about $33 million.</P>
<P align=justify>From 1999 to 2004, Taseko geologists and engineers explored for
additional mineralized material and to better define known resources. The
on-site staff completed on-going reclamation work and maintained the Gibraltar
mine for re-start. Operating and environmental permits were kept in good
standing. The mine re-opened on October 1, 2004. Copper cathode production at
the SX/EW plant recommenced in January 2006.</P>
<P align=justify>The Gibraltar mine has been owned and operated as a 75:25
unincorporated joint venture between Taseko and Cariboo on March 31, 2010. The
Company&#146;s wholly owned subsidiary, Gibraltar Mines Ltd and Cariboo hold 75% and
25% beneficial interests in the Joint Venture, respectively. The assets and
liabilities contributed by the Company into the Joint Venture were all Gibraltar
mine assets including mineral property interests, plant and equipment,
inventory, prepaid expenses, reclamation deposits, equipment loans, capital
lease obligations subject to the site closure and reclamation obligations. </P>
<P align=justify><I>Red Mile Royalty Sale Agreements </I></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<P align=center>- 16 - </P>
<P align=justify>In September 2004, the Company sold a royalty on the Gibraltar
mine&#146;s copper production to Red Mile Resources No. 2 Limited Partnership (Red
Mile), an unrelated investment partnership, for $67.4 million. The proceeds were
invested with a trust company in a promissory note and the Company pledged the
promissory note, along with interest earned thereon, as security for its royalty
obligation. </P>
<P align=justify>Annual royalties are payable to Red Mile at rates ranging from
$0.01 to $0.14 per pound of copper produced during the period from the
commencement of commercial production to December 2014. Funds held within the
trust company are released to satisfy the annual royalty payment. </P>
<P align=justify>The Company has a pre-emptive option to effectively purchase
(call) the royalty interest by acquiring the Red Mile partnership units in
consideration of a payment which is (i) approximately the balance of the
promissory note at maturity or (ii) the fair value, whichever is lower. Under
certain circumstances, the investors in Red Mile also have a right to sell (put)
their Red Mile partnership units to the Company at fair value; however, such
right is subject to the Company&#146;s pre-emptive right to exercise the &#147;call&#148; in
advance of any &#147;put&#148; being exercised and completed. Both the put and call
options will be exercisable during the fourth quarter of 2014. </P>
<P align=justify>The Company granted to Red Mile a net profits interest (NPI)
which survives any &#147;put&#148; or &#147;call&#148; of the Red Mile units. The NPI is applicable
for the years 2012 to 2014 and ranges from 2% to 4%, depending on the average
copper price each year adjusted for variations in foreign currency exchange
rates. No NPI is payable until the Company reaches a pre-determined aggregate
level of revenues less defined operating costs. As at December 31, 2013 these
threshold levels have not been met. </P>
<P align=justify>The Company expects the call option to be exercised to
purchase the royalty interest in 2014. The promissory note also matures in 2014,
the proceeds of which will be used to acquire the remaining royalty
interests.</P>
<P align=justify><I>Property Geology</I></P>
<P align=justify>The Gibraltar mine generally consists of six separate
mineralized zones. Five of these &#150; Pollyanna, Granite, Connector, Gibraltar, and
Gibraltar Extension &#150; occur within the Granite Mountain batholith in a broad
zone of shearing and alteration. A sixth copper mineralized body, the Sawmill
zone, lies about six kilometres to the south, along the southern edge of the
batholith, within a complex contact zone between the batholith and Cache Creek
Group rocks. </P>
<P align=justify>Two major structural orientations have been recognized at
Gibraltar: the Sunset and Granite Creek mineralized systems. The Sunset system
has a northwest strike with one set of structures dipping 35&#176; to 45&#176; to the
south and a conjugate set, known as the Reverse Sunset, dipping 50&#176; to 60&#176; to
the north. The Granite Creek system strikes east-west and dips 20&#176; to 40&#176; to the
south with a subordinate set of structures dipping steeply in a northerly
direction. Structures of the Sunset system that host mineralization are mainly
shear zones, with minor development of stockwork and associated foliation
lamellae. Host structures of the Granite Creek system are predominantly oriented
stockwork zones. </P>
<P align=justify>The Granite Creek system provides the major structures that
control mineralization of the Pollyanna, Granite and Sawmill zones. These bodies
have the characteristic large diffuse nature of porphyry copper type
mineralization. The Gibraltar deposit is essentially a system of interconnected Sunset zones, which create a large body of
uniform grade. The Gibraltar Extension deposit is contained within a large
complex shear zone. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A>
<P align=center>- 17 - </P>
<P align=justify><I>Mineralization </I></P>
<P align=justify>Pyrite and chalcopyrite are the principal primary iron and
copper sulphide minerals. Sixty percent of the copper occurs in fine-grained
chalcopyrite. Coarser grained chalcopyrite also occurs, usually in quartz veins
and shear zones. Small concentrations of bornite (a sulphide mineral of copper
and iron), associated with magnetite and chalcopyrite, is present on the
extremities of the Pollyanna and Sawmill deposits. Oxide copper mineralization
is also present between the Gibraltar and Pollyanna open pits in the Connector
Zone. Molybdenite (molybdenum sulphide mineral) is a minor but economically
important associate of chalcopyrite in the Pollyanna, Granite and Sawmill
deposits.</P>
<P align=justify><I>Exploration and Drilling </I></P>
<P align=justify>From 1999-2004, Taseko geologists and engineers explored for
additional mineralized material and to better define known resources. A core
drilling program for pit definition for the Granite Lake and PGE Connector
deposits and property exploration at the 98 Oxide Zone, was carried out between
September and November 2005. A further drilling program carried out in 2006 was
designed to define the mineral resources between the existing pits by tying
together the extensive mineralization zones, and to test for additional
mineralization at depth.</P>
<P align=justify>The 2007 program tested a number of targets to define further
mineralization, provided definition drilling in the Pollyanna-Granite saddle
zone and Granite West areas and included condemnation drilling for the proposed
extensions of both the #5 and #6 Dump footprints. The targets for further
mineralization were Gibraltar South, Pollyanna North IP anomaly, Granite South
and the Gunn Zone.</P>
<P align=justify>The 2008 exploration program was conducted on the southern and
eastern margins of the Gibraltar pit and northwest of the Gibraltar West pit.
The objective was to upgrade identified inferred resources to indicated or
measured categories through &#147;in-fill&#148; drilling. Holes drilled in the Gibraltar
West pit area were incorporated into the 2008 reserve estimate for the new
Gibraltar Extension Pit.</P>
<P align=justify>The 2010 program was conducted on the northern and western
margins of the Gibraltar pit, and one hole on the southwest margin. The
objective was to define the ultimate limit of the Gibraltar pit to the north and
west. The 2010 drilling program met the objective of delineating mineralization
to the north and west of the Gibraltar pit. A total of 28,129 feet (8,574
metres) was drilled in 34 drill holes in 2010 averaging 827 feet (252 metres) in
length. The holes encountered 79 intercepts at a 0.2% total copper (&#147;TCu&#148;)
cutoff ranging in length from 20 to 260 feet and grading from 0.2% to 1.2% TCu.
Additionally, a hole drilled on the south edge of Gibraltar pit encountered, as
anticipated, significant &#8805; 0.20 % copper mineralization. </P>
<P align=justify>The 2011 program was aimed at identifying mineralization
down-dip of the Gibraltar and Granite deposits. 5 holes totaling 12,229 feet
(3,727 metres) were drilled. A deep zone of anomalous copper &#177; molybdenum
mineralization encountered in drillhole 2011-003 extends from approximately 2600
to 3700 feet and consists of intermittent intercepts grading up to 1.3% TCu and
0.4% Mo. Further examination of the results is required to assess the potential
for classification as reserve or resource. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<P align=center>- 18 - </P>
<P align=justify>In 2013 there were two drill programs completed, one in the
summer and the other in the fall. Both programs targeted the projected
mineralization south of the current Granite pit. A total of 38,068 feet in 31
holes were drilled between the two programs. The objective of both programs was
to increase the extent of the mineralization within two of the Granite pit
pushbacks. </P>
<P align=justify><I>Sampling and Analytical Procedures </I></P>
<P align=justify>Drill core was boxed at the drill site and transported by
Company truck to a secure logging, sampling and sample preparation facility at
the Gibraltar mine. The drill core was mechanically split into two halves
lengthwise. Half core was taken as an assay sample. The remaining half core and
coarse reject after sample preparation at the analytical laboratories are stored
at the Gibraltar mine. The remaining pulps after analysis are stored at a secure
warehouse at Port Kells, British Columbia. </P>
<P align=justify>The 2013 sample preparation was performed by ALS Minerals,
Kamloops. The entire sample was dried, and jaw-crushed to 70% passing 10 mesh
(&lt;2 mm). A 500 g split was then taken and the samples were pulverized to 95%
passing 150 mesh (106 microns). The coarse reject samples were returned to
Gibraltar mine after analysis for long term storage. The sample pulps are
retained at the Port Kells warehouse of Taseko.</P>
<P align=justify>Taseko implemented a rigorous quality assurance quality control
(QA/QC) program after taking over the Gibraltar mine. This QA/QC program was in
addition to the procedures used internally by the analytical laboratories. The
results of this program indicate that analytical results are of high quality and
suitable for use in detailed modeling and resource evaluation studies. </P>
<P align=justify><I>Gibraltar Mine Reserves and Resources </I></P>
<P align=justify>The Gibraltar mine mineral reserves are based on the published
reserves at March 31, 2011 and reduced for ore production from the Granite pit
between March 31, 2011 and December 31, 2013.</P>
<P align=justify>The reserve estimates use long-term metal prices of US$2.25/lb
for copper and US$14.00/lb for molybdenum and a foreign exchange of
C$1=US$0.85.</P>
<P align=justify>The proven and probable sulphide reserves as of December 31,
2013 are tabulated in Table 2 below. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<P align=center>- 19 - </P>
<P align=center><B>Table 2: Gibraltar Mine Sulphide Mineral Reserves at 0.20%
Copper Cut-off </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Pit</B> <BR></TD>
    <TD align=left width="18%"><B>Category</B> <BR></TD>
    <TD align=center width="18%"><B>Tons</B> <BR><B>(millions)</B> </TD>
    <TD align=center width="18%"><B>Cu</B> <BR><B>(%)</B> </TD>
    <TD align=center width="18%"><B>Mo</B> <BR><B>(%)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Connector</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="18%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>45.1</B> <BR><B>30.5</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.299</B> <BR><B>0.284</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.012</B> <BR><B>0.010</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="18%"><B>Subtotal</B> </TD>
    <TD align=center width="18%"><B>75.6</B> </TD>
    <TD align=center width="18%"><B>0.293</B> </TD>
    <TD align=center width="18%"><B>0.011</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Gibraltar</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="18%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>143.6</B> <BR><B>71.6</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.276</B> <BR><B>0.267</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.008</B> <BR><B>0.010</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="18%"><B>Subtotal</B> </TD>
    <TD align=center width="18%"><B>215.2</B> </TD>
    <TD align=center width="18%"><B>0.273</B> </TD>
    <TD align=center width="18%"><B>0.009</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Granite</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="18%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>168.5</B> <BR><B>30.8</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.316</B> <BR><B>0.325</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.010</B> <BR><B>0.005</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="18%"><B>Subtotal</B> </TD>
    <TD align=center width="18%"><B>199.3</B> </TD>
    <TD align=center width="18%"><B>0.317</B> </TD>
    <TD align=center width="18%"><B>0.009</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Gibraltar Extension</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="18%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>72.6</B> <BR><B>31.1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.356</B> <BR><B>0.301</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.002</B> <BR><B>0.002</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="18%"><B>Subtotal</B> </TD>
    <TD align=center width="18%"><B>103.7</B> </TD>
    <TD align=center width="18%"><B>0.340</B> </TD>
    <TD align=center width="18%"><B>0.002</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Pollyanna</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="18%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>106.6</B> <BR><B>51.2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.291</B> <BR><B>0.279</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="18%"><B>0.009</B> <BR><B>0.010</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="18%"><B>Subtotal</B> </TD>
    <TD align=center width="18%"><B>157.8</B> </TD>
    <TD align=center width="18%"><B>0.287</B> </TD>
    <TD align=center width="18%"><B>0.009</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Total</B> </TD>
    <TD align=left width="18%">&nbsp; </TD>
    <TD align=center width="18%"><B>751.6</B> </TD>
    <TD align=center width="18%"><B>0.300</B> </TD>
    <TD align=center width="18%"><B>0.008</B> </TD></TR></TABLE></DIV>
<P align=justify>There are also oxide reserves as shown in Table 3 below. These
oxide reserves are in addition to the sulphide reserves stated in Table 2 and
are contained within the resources stated in Table 4.</P>
<P align=center><B>Table 3: Gibraltar Mine &#150; Oxide Mineral Reserves at 0.10%
ASCu Cut-off </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Pit</B> </TD>
    <TD align=left width="22%"><B>Category</B> </TD>
    <TD align=center width="22%"><B>Tons (millions)</B> </TD>
    <TD align=center width="22%"><B>ASCu (%)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Connector</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="22%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="22%"><B>9.5</B> <BR><B>1.3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="22%"><B>0.14</B> <BR><B>0.12</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%"><B>Subtotal</B> </TD>
    <TD align=center width="22%"><B>10.8</B> </TD>
    <TD align=center width="22%"><B>0.14</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Gibraltar</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="22%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="22%"><B>1.6</B> <BR><B>0.6</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="22%"><B>0.14</B> <BR><B>0.14</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%"><B>Subtotal</B> </TD>
    <TD align=center width="22%"><B>2.3</B> </TD>
    <TD align=center width="22%"><B>0.14</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Gibraltar Extension</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="22%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="22%"><B>0.1</B> <BR><B>0.1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="22%"><B>0.12</B> <BR><B>0.13</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%"><B>Subtotal</B> </TD>
    <TD align=center width="22%"><B>0.2</B> </TD>
    <TD align=center width="22%"><B>0.12</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 ><B>Pollyanna</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=left
      width="22%"><B>Proven</B> <BR><B>Probable</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="22%"><B>0.4</B> <BR><B>0.0</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" align=center
      width="22%"><B>0.12</B> <BR><B>0.10</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%"><B>Subtotal</B> </TD>
    <TD align=center width="22%"><B>0.4</B> </TD>
    <TD align=center width="22%"><B>0.11</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left ><B>Total</B> </TD>
    <TD align=left width="22%">&nbsp; </TD>
    <TD align=center width="22%"><B>13.7</B> </TD>
    <TD align=center width="22%"><B>0.14</B> </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<P align=center>- 20 - </P>
<P align=justify><B>Cautionary Note to Investors concerning estimates of
Measured and Indicated Resources </B></P>
<P align=justify>This section uses the terms &#147;measured&#148; and &#147;indicated
resources&#148;. We advise investors that while those terms are recognized and
required by Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize them. <B>Investors are cautioned not to assume that any part
or all mineral deposits in these categories that are not already classified as
&#147;reserves&#148; will ever be converted into reserves.</B></P>
<P align=justify>The mineral reserves stated in Tables 2 and 3 above are
contained within the mineral resources indicated in Table 4 below: </P>
<P align=center><B>Table 4: Gibraltar Mine Mineral Resources at 0.20% Copper
Cut-off </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Category</B> </TD>
    <TD align=center width="25%"><B>Tons (millions)</B> </TD>
    <TD align=center width="25%"><B>Cu (%)</B> </TD>
    <TD align=center width="25%"><B>Mo (%)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Measured</B> </TD>
    <TD align=center width="25%"><B>621.7</B> </TD>
    <TD align=center width="25%"><B>0.304</B> </TD>
    <TD align=center width="25%"><B>0.008</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Indicated</B> </TD>
    <TD align=center width="25%"><B>278.7</B> </TD>
    <TD align=center width="25%"><B>0.290</B> </TD>
    <TD align=center width="25%"><B>0.008</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Total</B> </TD>
    <TD align=center width="25%"><B>900.4</B> </TD>
    <TD align=center width="25%"><B>0.300</B> </TD>
    <TD align=center width="25%"><B>0.008</B> </TD></TR></TABLE></DIV>
<P align=justify>The mineral resource and reserve estimations were completed by
Gibraltar mine staff under the supervision of Scott Jones, P.Eng.,
Vice-President, Engineering, a Qualified Person under NI 43-101 and the author
of the Gibraltar Technical Report. Mr. Jones has verified the methods used to
determine grade and tonnage in the geological model, reviewed the long-range
mine plan, and directed the updated economic evaluation.</P>
<P align=justify><I>Mining Operations </I></P>
<P align=justify>The Gibraltar mine is a typical open pit operation that
utilizes drilling, blasting, cable shovel loading and large-scale truck hauling
to excavate rock. The Gibraltar mine is planned for excavation of sulphide
mineralized material of sufficient grade that can be economically mined,
crushed, ground and processed to a saleable product by froth flotation. Tailings
are pumped to a storage facility. </P>
<P align=justify>Rock containing lower grade sulphide mineralization or oxide
mineralization is also mined but is not immediately processed. The lower grade
sulphide material is stockpiled for later processing in the concentrator. In
addition, a portion of the low grade sulphide material and all of the oxide
material can be leached with a highly diluted sulphuric acid, which is naturally
assisted by bacterial action, and the resultant copper sulphate solution can be
processed to cathode copper in the Gibraltar mine&#146;s SX/EW plant.</P>
<P align=justify>A phased expansion of the mill that began in 2007 has now been
completed. Phase 1 concentrator construction was completed in February 2008,
followed by ramp up to the rated processing capacity of 46,000 tpd. The Phase 2
expansion program, designed to increase the concentrator throughput from 46,000
tpd to 55,000 tpd was completed in 2011. </P>
<P align=justify>The new in-pit 60-inch by 89-inch crusher and overland conveyor
system was completed and commissioned in mid-2010. The system is designed to
reduce operating costs and improve mine productivity by replacing the original
Gibraltar crusher and supplanting approximately three diesel-powered haulage
trucks with an electrically driven overland conveyor belt. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<P align=center>- 21 - </P>
<P align=justify>Replacement of the single-line tailings system with a two line
system and substitution of the natural gas fired concentrate dryer with a filter
press was completed in 2010. This equipment reduces operating cost and provides
a more stable operating platform, and is able to manage increased volume as mill
throughput increases. </P>
<P align=justify>Construction of the SAG Direct Feed System was started in the
fourth quarter of 2010 and completed mid-2011. The system is designed to improve
mill availability, increase throughput and reduce costs by eliminating the
complicated secondary crusher and fine ore feed system. The new direct feed
system allows larger mill feed more appropriate for semi-autogenous
grinding.</P>
<P align=justify>During 2013 Gibraltar completed the ramp up of concentrator #2,
which is now operating at design capacity. The new mill moves Gibraltar from a
single line 55,000 ton per day plant to a dual line 85,000 ton per day plant,
with a corresponding increase in mine fleet to accommodate this additional
capacity. A new molybdenum separation facility was also installed, commissioned
and is currently undergoing ramp up. </P>
<P align=justify>Gibraltar&#146;s copper concentrate has an approximately 28% copper
content grade and no significant deleterious elements. Gibraltar&#146;s copper
concentrate is currently sold at prices based on London Metal Exchange (&#147;LME&#148;)
quotations under off-take agreements with MRI Trading AG (&#147;MRI&#148;) of Switzerland
and with Cariboo, with production in excess of these off-take agreements sold to
alternative markets. The off-take agreement with Cariboo was entered into in
March 2010, in conjunction with the formation of the joint venture. Gibraltar&#146;s
copper concentrate is treated and refined by the receiving customer at a
pre-determined charge to Gibraltar. Under the terms of the MRI and Cariboo sales
agreements, the Company has secured fixed rates for the treatment and refining
of copper concentrate until December 31, 2014. Payable copper within the
concentrate is priced based on the average LME price during the quotational
period, which is generally one to four months after shipment.</P>
<P align=justify>Gibraltar copper cathode is nominally 99.9%+ pure copper, and
is currently sold under an agreement with Trafigura AG of Switzerland, which
includes provisions for 100% of the cathode production. Gibraltar also sells
molybdenum concentrate to international metals trading companies under annual
sales contracts. </P>
<P align=justify>The following table is a summary of the operating statistics
for the year ended December 31, 2013. All mining during 2013 took place in the
Granite pit. </P>
<P align=center><B>Table 5: Gibraltar Production (100% basis) </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left>Total tons mined (millions)<SUP>1</SUP> </TD>
    <TD align=center width="50%">89.4 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Total tons milled (millions) </TD>
    <TD align=center width="50%">24.5 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Stripping ratio </TD>
    <TD align=center width="50%">3.2 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper grade (%) </TD>
    <TD align=center width="50%">0.293 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum grade (%Mo) </TD>
    <TD align=center width="50%">0.011 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper recovery (%) </TD>
    <TD align=center width="50%">84.4 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum recovery (%) </TD>
    <TD align=center width="50%">27.1 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Copper production (millions lb) </TD>
    <TD align=center width="50%">121.4 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum production (thousands lb) </TD>
    <TD align=center width="50%">1,452 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<P align=center>- 22 - </P>
<P align=justify><SUP>1 </SUP>Total tons mined includes sulphide ore, low grade
stockpile material, overburden, and waste rock which were moved from within pit
limit to outside pit limit during the period. </P>
<P align=justify>There have been no material environmental non-compliance
incidents since the mine reopened in 2004. </P>
<P align=justify><B>New Prosperity Project</B></P>
<P align=justify>Unless stated otherwise, information of a technical or
scientific nature related to the New Prosperity project contained in this AIF is
summarized or extracted from a technical report entitled &#147;Technical Report on
the 344 million tonne increase in mineral reserves at the New Prosperity Gold &#150;
Copper Project&#148; dated December 17, 2009, prepared by Scott Jones, P. Eng. filed
on Taseko&#146;s profile on SEDAR at <U>www.sedar.com.
</U>Mr. Jones is employed by the Company as Vice-President, Engineering
and is a Qualified Person as defined by NI 43-101 (<I>Disclosure Standards for
Mineral Projects</I>). </P>
<P align=justify><I>Property Description and Location </I></P>
<P align=justify>The New Prosperity project is located at latitude 51&#176; 28&#146; N and
longitude 123&#176; 37&#146; W in the Clinton Mining Division, approximately 125
kilometres southwest of the City of Williams Lake, British Columbia. Five
additional claims were acquired in August, 2013 bringing the total tenure to one
mineral lease (number 787863) and seventy-one mineral claims covering the
mineral rights for approximately 198 square kilometres. The new claims are in
good standing until August 2014, while the balance are in good standing until at
least October 2014. The claims are 100% owned by Taseko and are not subject to
any royalties or carried interests. </P>
<P align=justify>As this is a greenfield project, there are no existing
environmental liabilities on the property and there has been no development at
the site. When additional site work is required, permit applications will be
made. The Company does not hold any surface rights.</P>
<P align=justify><I>Accessibility, Local Resources, Infrastructure and
Physiography </I></P>
<P align=justify>Access from Williams Lake is via Highway 20 to Lee&#146;s Corner,
then via an all-weather main logging haulage road to the site, a total road
distance of 192 kilometres. The Canadian National railway services Williams Lake
and has rolling stock available to move concentrates by rail to points of sale
in North America. The City of Williams Lake is sufficiently close and is capable
of supplying goods, services, and personnel to a mine. </P>
<P align=justify>Multiple high-voltage transmission lines from the existing
Peace River hydroelectric power grid are situated 118 kilometres east of the New
Prosperity project, a natural gas transmission pipeline is situated 112
kilometres northeast, and ample water is available nearby for a mining
operation. The Company does not yet have rights of way or approvals to construct
facilities to provide gas or electricity to the site. </P>
<P align=justify>The New Prosperity project is located on the Fraser Plateau
where the landscape is characterized by the low rounded summits of the Chilcotin
Range and moderately sloping upland. The New Prosperity project is located
within the Fish Creek and Fish Lake watershed in a broad valley with slopes of
moderate relief. Elevations at the site range between 1,450 metres and 1,600
metres above sea level. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<P align=center>- 23 - </P>
<P align=justify><I>New Prosperity Project History </I></P>
<P align=justify>Prospectors discovered mineralization in the 1930&#146;s.
Exploration continued intermittently and by a variety of operators until about
1991, and included extensive IP, magnetic and soil geochemistry surveys, and 176
percussion and diamond drill holes, totalling approximately 27,100 metres. This
work helped define the New Prosperity project mineralization to a depth of 200
metres, and outlined a copper-gold mineralized zone approximately 850 metres in
diameter. </P>
<P align=justify>In 1969, Taseko acquired the New Prosperity project and drilled
18 holes totalling approximately 2,300 metres immediately to the south of the
area previously explored, discovering significant tonnage grading 0.25% to 0.30%
copper. </P>
<P align=justify>Over the period from 1970 to 1974, under option agreements with
Nittetsu Mining Company and Quintana Minerals Corporation, approximately 5,000
metres of drilling was completed in 29 holes. Bethlehem Copper Corp.
(&#147;Bethlehem&#148;) optioned the New Prosperity project in 1979 and by 1981 had
completed approximately 14,000 metres of drilling in 73 holes. Following the
corporate merger of Bethlehem and Cominco Ltd.(&#147;Cominco&#148;). Cominco acquired the
Bethlehem option agreement on the New Prosperity project. Cominco continued to
drill the property, completing an additional 5,300 metres of drilling in 48
holes over the period 1982 to 1989. </P>
<P align=justify>Cominco work programs also included geophysical and soil
geochemical survey, outlining a 2 by 3 kilometre east-west trending zone of high
chargeability. Also undertaken was a limited metallurgical testwork program
which focused on achieving high copper recovery, with little emphasis on gold
recovery, using a conventional copper flotation.</P>
<P align=justify>After a period of disagreement with Cominco which included a
court process, Taseko acquired 100% of the New Prosperity project free
whatsoever of any royalties or third party interests in 1993 through settlement
agreements. </P>
<P align=justify><I>Geological Setting </I></P>
<P align=justify>The New Prosperity project is located within the western-most
portion of the Intermontane Belt at the boundary between the Intermontane and
Coast morphologic belts. The surrounding area is underlain by poorly exposed,
Late Paleozoic to Cretaceous litho tectonic assemblages which have been intruded
by plutons of Mid-Cretaceous to Early Tertiary age. The main Coast Plutonic
Complex is 50 kilometres southwest of the New Prosperity project area. </P>
<P align=justify>The Yalakom Fault is the major fault in the region and lies to
the southwest of the deposit on the New Prosperity project. Estimates of Eocene
dextral strike-slip offsets for the Yalakom Fault have been postulated variously
as ranging from 80 to 190 kilometres, 125 to 175 kilometres or 115 kilometres.
It may have imparted some related structural controls that are important to the
localization of mineralization at the deposit. </P>
<P align=justify><I>Mineralization </I></P>
<P align=justify>The New Prosperity project hosts a large porphyry gold-copper
deposit. The deposit is predominantly hosted in Cretaceous andesitic
volcaniclastic and volcanic rocks. In the western portion of the deposit, the
host rocks have been intruded by the multi-phase, steeply dipping Fish Creek
Stock. The stock is surrounded by an east-west trending, south dipping swarm of
subparallel quartz-feldspar porphyritic dykes. The stock and dykes comprise the
Late Cretaceous Fish Lake Intrusive Complex that is spatially and
genetically related to the deposit. Post mineralization porphyritic diorite
occurs as narrow dykes that cross-cut all host rocks. The central portion of the
deposit is cut by two major faults, striking north-south and dipping steeply to
the west. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<P align=center>- 24 - </P>
<P align=justify>Pyrite and chalcopyrite are the principal sulphide minerals in
the deposit on the New Prosperity project. They are uniformly distributed in
disseminations, fracture fillings, veins and veinlets and may be accompanied by
bornite and lesser molybdenite and tetrahedrite-tenantite. Native gold occurs as
inclusions in and along microfractures with copper-bearing minerals and pyrite.</P>
<P align=justify><I>Exploration </I></P>
<P align=justify>Up to 1991, exploration programs at the New Prosperity project
included extensive IP and magnetic geophysical and soil geochemical surveys, and
176 percussion and diamond drill holes totalling approximately 27,100 metres.
This work helped define the New Prosperity project mineralization to a depth of
200 metres, and outlined a gold-copper mineralized zone approximately 850 metres
in diameter. </P>
<P align=justify>In 1991 Taseko drilled 10 holes totalling 7,506 metres to test
the core of the deposit over a north-south distance of 550 metres. All of the
holes intersected continuous significant copper and gold grades and extended the
mineralization to 810 metres below surface. A scoping-level metallurgical
testwork program was completed which demonstrated that acceptable gold and
copper recoveries could be achieved by bulk sulphide flotation followed by
regrinding and conventional copper flotation. In the same year baseline
environmental and monitoring studies were initiated by the Company.</P>
<P align=justify>Diamond drilling from 1992 through 1997 totalled approximately
78,000 metres in 257 holes, expanding the deposit to 1400 metres east-west, 600
metres north-south and to 850 metres below surface, increasing the density of
drilling in the deposit, and adding to the geotechnical and geochemical
characterization of the deposit.</P>
<P align=justify>Over the 34-year period from 1963 to 1997, a total of 154,631
metres has been drilled in 452 holes on the New Prosperity project. Work on the
project was deferred from 2000-2005 first due to low metal prices and then later
as the Company turned its attention to re-starting the Gibraltar mine. In
November 2005, work was reactivated on the project. A pre-feasibility level
study was completed in the first quarter of fiscal 2007, and a full feasibility
study was completed in September 2007. In late 2009 and 2010, additional
metallurgical testing and geotechnical investigations were undertaken in support
of detailed engineering. </P>
<P align=justify><I>Sampling and Analysis</I></P>
<P align=justify>Details of sampling and analysis of drill cores are described
in the December 17, 2009 technical report, &#147;Technical Report on the 344 Million
Tonne Increase in Mineral Reserves at the New Prosperity Gold-Copper Project&#148;.
Sample pulps are stored in the Company&#146;s warehouse at Port Kells, British
Columbia. Coarse rejects from analytical work are retained in Taseko&#146;s secure
warehouse in Surrey, British Columbia. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<P align=center>- 25 - </P>
<P align=justify><I>Reserves and Resources </I></P>
<P align=justify>The Company and its consultants carried out progressive
engineering, metallurgical and environmental studies over the period 1998 to
2010, including a feasibility level study of the project in 2000, and a mill
redesign and project cost review in 2006. </P>
<P align=justify>In 2007, a feasibility study update incorporated the 2000
Feasibility Study, 2006 Mill Redesign, additional revisions to the processing
plant and infrastructure, updates to the tailings facility design and pit
geotechnical analysis, and revisions to the design and scheduling of the open
pit. </P>
<P align=justify>In 2008, Taseko worked with various consultants to investigate
value engineering opportunities, energy efficiency, and operating ease in
various areas of the concentrator and support infrastructure. </P>
<P align=justify>In 2009, Taseko incorporated different long term prices for
copper and gold from those assumed in 2007 and re-evaluated the reserves on the
basis of $1.65/lb Cu and $650/oz Au. The resulting mineral reserves are shown in
Table 6. </P>
<P align=center><B>Table 6: New Prosperity Mineral Reserves at CDN$5.50 NSR/t
Pit-Rim Cut-off </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center nowrap><B>Category</B> <BR><BR></TD>
    <TD width="16%" align=center nowrap><B>Tonnes</B> <BR><B>(millions)</B> <BR></TD>
    <TD width="16%" align=center nowrap><B>Gold</B> <BR><B>(g/t)</B> <BR></TD>
    <TD width="16%" align=center nowrap><B>Copper</B> <BR><B>(%)</B> <BR></TD>
    <TD width="16%" align=center nowrap><B>Recoverable</B> <BR><B>Gold Ounces</B>
      <BR><B>(millions)</B> </TD>
    <TD width="16%" align=center nowrap><B>Recoverable</B> <BR><B>Copper Pounds</B>
      <BR><B>(billions)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>Proven <BR>Probable </TD>
    <TD align=center width="16%">481 <BR>350 </TD>
    <TD align=center width="16%">0.46 <BR>0.35 </TD>
    <TD align=center width="16%">0.26 <BR>0.18 </TD>
    <TD align=center width="16%">5.0 <BR>2.7 </TD>
    <TD align=center width="16%">2.4 <BR>1.2 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Total </TD>
    <TD align=center width="16%">831 </TD>
    <TD align=center width="16%">0.41 </TD>
    <TD align=center width="16%">0.23 </TD>
    <TD align=center width="16%">7.7 </TD>
    <TD align=center width="16%">3.6 </TD></TR></TABLE></DIV>
<P align=justify><B>Cautionary Note to Investors concerning estimates of
Measured and Indicated Resources </B></P>
<P align=justify>This section uses the terms &#147;measured&#148; and &#147;indicated
resources&#148;. We advise investors that while those terms are recognized and
required by Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize them. <B>Investors are cautioned not to assume that any part
or all mineral deposits in these categories that are not already classified as
&#147;reserves&#148; will ever be converted into reserves.</B></P>
<P align=justify>The mineral resources shown in Table 7 include the mineral
reserves shown in Table 6. Resource estimates are based on a copper cut-off of
0.14%. </P>
<P align=center><B>Table 7: New Prosperity Mineral Resources at 0.14% Copper
Cut-off &#150; September 2009 </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=center><B>Category</B> </TD>
    <TD align=center width="25%"><B>Tonnes (millions)</B> </TD>
    <TD align=center width="25%"><B>Gold (g/t)</B> </TD>
    <TD align=center width="25%"><B>Copper (%)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=center>Measured <BR>Indicated </TD>
    <TD align=center width="25%">547.1 <BR>463.4 </TD>
    <TD align=center width="25%">0.46 <BR>0.34 </TD>
    <TD align=center width="25%">0.27 <BR>0.21 </TD></TR>
  <TR vAlign=top>
    <TD align=center>Total </TD>
    <TD align=center width="25%">1,010.5 </TD>
    <TD align=center width="25%">0.41 </TD>
    <TD align=center width="25%">0.24 </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<P align=center>- 26 - </P>
<P align=justify>In 2010 Taseko worked with various consultants to advance
project engineering to the detailed phase and to advance various permit
applications. Taseko temporarily suspended work on detailed engineering
and permitting in November 2010 following the federal cabinet&#146;s decision on the
environmental assessment. </P>
<P align=justify>In early 2012 Taseko completed a geotechnical field
investigation to support the design and environmental assessment of the
relocated tailings facility at New Prosperity.</P>
<P align=justify><I>Planned Mining Operations </I></P>
<P align=justify>The proposed mine plan utilizes a large-scale conventional
truck shovel open pit mining and milling operation. Following a one and a half
year pre-strip period, total material mined from the open pit over years 1 - 31
averages 170,000 tonnes per day at a life-of-mine strip ratio of 1.5:1. A
declining net smelter return cut-off is applied to the mill feed, which defers
lower grade ore for later processing. The stockpiled ore is processed in the
final years of the mine plan.</P>
<P align=justify>The New Prosperity processing plant has been designed with a
nominal capacity of 70,000 tonnes per day. The plant consists of a single 12
meter diameter SAG mill, two 7.9 -metre diameter ball mills, followed by
processing steps that include bulk rougher flotation, regrinding, cleaner
flotation, thickening and filtering to produce a copper-gold concentrate.
Expected life-of-mine metallurgical recovery is 87% for copper and 69% for gold,
with annual production averaging 110 million pounds copper and 234,000 ounces
gold over the 33-year mine life.</P>
<P align=justify>The copper-gold concentrate will be hauled with highway trucks
to an expanded load-out facility at Gibraltar Mines Ltd.&#146;s existing facility
near Macalister for rail transport to various points of sale, but primarily
through the Port of Vancouver for shipment to smelters/refineries around the
world.</P>
<P align=justify>Power is proposed to be supplied via a new 124 kilometre long,
230 kV transmission line from Dog Creek on the BC Hydro Grid. Infrastructure
would also include the upgrade of sections of the existing road to the site,
construction of a short spur to the minesite, an on-site camp, equipment
maintenance shop, administration office, concentrator facility, warehouse, and
explosives facilities.</P>
<P align=justify>Based on this update, the project would employ up to 460
permanent hourly and staff personnel. In addition, approximately 60 contractor
personnel would be employed in areas including catering, concentrate haulage,
explosives delivery, and busing.</P>
<P align=justify><I>Franco-Nevada Gold Stream Agreement </I></P>
<P align=justify>On May 12, 2010, the Company entered into a gold stream
transaction with Franco-Nevada Corporation (&#147;Franco-Nevada&#148;), under which
Franco-Nevada would purchase gold equal to 22% of the life of mine gold produced
at the project. Staged cash deposits aggregating US$350 million would be paid
during mine construction, and two million Franco-Nevada warrants would be issued
on the date of the first advance of the cash payment. For each ounce of gold
delivered to Franco-Nevada, Taseko would receive a further cash payment of
US$400/oz (subject to an inflationary adjustment) or the prevailing market
price, if lower. The deposit would be credited with the difference between
US$400/oz and the market price of gold for each ounce delivered until the
deposit is fully credited. Each warrant would be exercisable to purchase one
Franco-Nevada common share at a price of $75.00 until June 16, 2017 and would be
listed on TSX. The conditions to funding the gold stream and issuing the
warrants include obtaining full financing of the project, receipt of all material permits to
construct and operate New Prosperity, in accordance with the agreed project
plan, and securing marketing arrangements for the majority of the concentrate.
The revised New Prosperity project plan is different than the plan that was
agreed with Franco-Nevada in 2010 and, as a result, the conditions for funding
will not be satisfied and would require further negotiations with Franco-Nevada.
Franco-Nevada may terminate this agreement on ten business days&#146; written notice
to Taseko.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<P align=center>- 27 - </P>
<P align=justify><I>Environmental Assessment Processes </I></P>
<P align=justify>In 2009-2010 the British Columbia Environmental Assessment
Office (&#147;EAO&#148;) led a review of this Project in a coordinated manner with the
Canadian Environmental Assessment Agency (&#147;CEAA&#148;). </P>
<P align=justify>On January 14, 2010, Taseko received the environmental
assessment certificate for the New Prosperity project from the Province. </P>
<P align=justify>The Federal process was conducted by a three-person panel,
whose findings were in certain respects similar to the conclusions reached in
the Provincial Environmental Assessment, although they were not mandated to
assess positive economic and social value generated by the project. In July
2010, the panel submitted its final report to the Federal Government. </P>
<P align=justify>In November 2010, the Federal Minister of Environment announced
that the New Prosperity mine project, as proposed, would not be granted federal
authorizations to proceed. The Company reviewed and revised its plan and put
forth a new design proposal, which addressed the concerns identified during the
federal review process, and in February, 2011 the Company submitted a project
description for the New Prosperity project to the Federal Government. </P>
<P align=justify>On September 20, 2012, the Environmental Impact Statement (EIS)
was submitted to the three-member Review Panel (the &#147;Panel&#148;) established for the
federal environmental assessment of the project. Following the public hearings
conducted in Williams Lake and several First Nation communities in the region in
July and August 2013, the Panel prepared their report and submitted it to the
Federal Minister of the Environment on October 31, 2013. </P>
<P align=justify>The Panel report found that the proposed project is not likely
to cause significant adverse environmental effects in respect of 33 different
areas provided effective mitigation was undertaken but found significant adverse
environmental effects were likely in relation to three matters: (i) water
quality in Fish Lake and Wasp Lake; (ii) fish and fish habitat in Fish Lake,
wetlands and riparian ecosystems; and (iii) Tsilhqot&#146;in current use of lands for
traditional purposes, cultural heritage and archaeological/historical
resources.</P>
<P align=justify>On November 29, 2013 the Company filed an application for
judicial review in the Federal Court, seeking to set aside certain findings of
the Panel report. The Company is asking the court for a declaration that certain
findings relating to seepage and water quality be set aside, and that the Panel
failed in certain respects to comply with principles of procedural fairness and
the rules of natural justice. </P>
<P align=justify>On February 26, 2014 the Minister of the Environment announced
her conclusion, based on the Panel report, that the New Prosperity Mine project
is likely to cause significant adverse environmental effects that cannot be
mitigated In accordance with the requirements of the <I>Canadian Environmental
Assessment Act, 2012</I>, she referred the matter to the Governor in Council who
decided that those effects are not justified in the circumstances.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<P align=center>- 28 - </P>
<P align=justify>The federal judicial review remains before the court.</P>
<P align=justify><B>Aley Project </B></P>
<P align=justify>Unless stated otherwise, information of a technical or
scientific nature related to the Aley Project project contained in this AIF is
summarized or extracted from a technical report entitled &#147;Technical Report Aley
Carbonatite Niobium Project&#148; dated March 29, 2012, prepared by Ronald G.
Simpson, P.Geo, filed on Taseko&#146;s profile on SEDAR at <U>www.sedar.com.</U></P>
<P align=justify><I>Property Acquisition </I></P>
<P align=justify>In June 2007, Taseko acquired 100% of the Aley niobium project
in northern British Columbia through the acquisition of a private company, for
total cash consideration of $1.5 million and 894,730 common shares then valued
at $2.9 million. Taseko purchased the residual net smelter royalty for total
cash consideration of $0.3 million and the issuance of units having a value at
the time of $0.8 million (consisting of 240,000 common shares and 120,000
warrants).</P>
<P align=justify>Niobium is a metal used in high strength low alloy steels which
are required to manufacture automobiles, bridges, pipes, jet turbines and other
high technology applications. Ninety percent of niobium enters the market as
ferro-niobium (FeNb); 15% of all steel produced worldwide contains FeNb. The
increase in demand for FeNb has resulted largely from the overall growth in the
global steel market. Demand for ferro-niobium has grown at approximately 5-7%
per annum in recent years and Taseko anticipates that growth to continue over
the next 10 years. Ferro-niobium is currently selling at in excess of US$48/kg..
Currently, 90% of the world&#146;s niobium is supplied by three mines: CBMM
(Companhia Brasileira de Metalurgia e Minera&#231;&#227;o) and Anglo American of South
America Ltda mines in Brazil, and the Niobec mine operated by Iamgold in Quebec,
Canada, </P>
<P align=justify><I>Location, Access and Infrastructure </I></P>
<P align=justify>The property is located in the Omineca Mining Division in
British Columbia, Canada, centred at latitude 56&#176;27&#146;N and longitude 123&#176;13&#146;W.
Logging roads from Mackenzie, British Columbia lead to the Ospika Logging Camp
on the east side of Williston Lake. The property is located about 30 kilometres
from the Ospika Camp and is currently accessed via helicopter.</P>
<P align=justify><I>Property Description </I></P>
<P align=justify>Two additional claims were acquired in October 2013 bringing
the total tenure to 109 contiguous mineral claims that cover 437 square
kilometres. The new claims are in good standing until October 2014 and the
balance are in good standing until January 2021. The claims are 100% owned by us
and are not subject to any royalties or carried interests. </P>
<P align=justify><I>Aley Project History </I></P>
<P align=justify>A previous operator identified six zones from surface
exploration, which included mapping, sampling and trenching. Twenty holes,
totalling 3,058 metres were drilled in 1985-86. Of these, 16 were drilled in the
Saddle, Saddle West and Central zones.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<P align=center>- 29 - </P>
<P align=justify>In 2004, another operator took samples from trenches for
metallurgical testing. Approximately 1200 kilograms of material were collected
from three sites &#150; two in the Central zone and one from the Saddle zone. Sample
analysis was done by Process Research Associates (PRA), and test work was
similar to that developed for the Niobec mine in Quebec. The test work included
de-sliming, magnetic separation, carbonate rougher flotation, niobium rougher
and scavenger flotation, and the first and second niobium rougher and cleaner
flotation stages. Enough work was completed to benchmark reagent use and
operating conditions for unit processes. The results obtained compared
favourably to the operating results at Niobec. </P>
<P align=justify><I>Geology </I></P>
<P align=justify>The Aley project hosts a carbonatite complex that intrudes
Cambrian to Ordovician sedimentary rocks of the Kechika (limestone), Skoki
(dolomite to volcaniclastics), and Road River Group formations (clastic
sedimentary rocks). The intrusion is ovoid in plan view with a diameter of
approximately 2 km surrounded for up to 500m by a fenite (quartz-albite syenite)
aureole. The fenite comprises massive units and occasional breccias. The
carbonatite is predominantly composed of dolomite carbonatite with minor calcite
carbonatite. Niobium (Nb) occurs in the mineral pyrochlore, as crystals that
precipitated from the carbonatite magmas, and has also been altered to other
niobium bearing minerals such as fersmite (Nb-oxide) and columbite (Fe-bearing
Nb-Tantalum oxide). Niobium mineralization occurs in subvertical to moderately
inclined bands that probably formed at the edges of the magma chamber, and which
were elongated during intrusion into the sedimentary rocks.</P>
<P align=justify>Of the six known mineralized zones, the best exploration
results to date have been derived from the Central Zone.</P>
<P align=justify><I>Recent Exploration </I></P>
<P align=justify>Taseko completed an initial exploration program on the Aley
deposit in 2007 that included 11 diamond drill holes to check the results of the
1985-86 drilling program and to plan for subsequent exploration work. No work
was done on the Aley project in 2008 or 2009. </P>
<P align=justify>Taseko completed a significant exploration program on the Aley
project in the summer of 2010, comprising geological mapping and 4,460 metres of
diamond drilling in 23 holes in the Central Zone. These holes intersected
excellent grade niobium mineralization across an area measuring over 900 metres
east-west and 350 metres north-south. Mineralized drill intercepts ranged up to
over 200 metres in length. Niobium mineralization intersected was highly
continuous and close to surface. The extensive body of niobium mineralization
indicated by the 2010 drilling was open to expansion in at least three
directions and to depth. </P>
<P align=justify>In 2011 a drill program completed 17,094 metres over 70 holes
in the central zone. The objective of the drill program was the delineation of
the continuity and extent of Nb mineralization in the Central Zone with infill
drilling. The program also sought to establish a better understanding of the
deposit geometry and the continuity and extent of Nb mineralization. </P>
<P align=justify>Condemnation and geotechnical drilling totaling 2,493 metres
was completed in 2012. In addition 10 km of access road right of way was cleared
and 5 km of road was established. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<P align=center>- 30 - </P>
<P align=justify><I>Sampling and Analysis </I></P>
<P align=justify>Details of sampling and analysis of drill cores are described
in the March 29 2012 technical report, &#147;Technical Report Aley Carbonatite
Niobium Project&#148;. Sample pulps are stored in the Company&#146;s warehouse at Port
Kells, British Columbia. Drill core is stored at the Company&#146;s warehouse in
Mackenzie, British Columbia. </P>
<P align=justify><I>Estimates of Mineralization </I></P>
<P align=justify>The inclusion of the data from the 2011 drill program resulted
in an increased and upgraded in-pit mineral resource for the Central Zone. The
resource as documented in the March 29, 2012 technical report, &#147;Technical Report
Aley Carbonatite Niobium Project&#148;, prepared by Ronald G. Simpson, P.Geo, is
summarized in Table 8 for a range of cut-off grades with the base case of 0.2%
Nb<SUB>2</SUB>O<SUB>5 </SUB>in boldface.</P>
<P align=justify><B>Cautionary Note to Investors concerning estimates of
Measured and Indicated Resources </B></P>
<P align=justify>This section uses the terms &#147;measured&#148; and &#147;indicated
resources&#148;. We advise investors that while those terms are recognized and
required by Canadian regulations, the U.S. Securities and Exchange Commission
does not recognize them. <B>Investors are cautioned not to assume that any part
or all mineral deposits in these categories will ever be converted into
reserves.</B></P>
<P align=center><B>Table 8: Aley Mineral Resources as at March 1, 2012 </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=2 width="100%" border=0>

  <TR vAlign=top>
    <TD rowSpan=2
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>COG % </B><BR><B>Nb2O5 </B></TD>
    <TD colspan="2"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>MEASURED </B></TD>
    <TD width="4%" align=center nowrap  >&nbsp;</TD>
    <TD colspan="2"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>INDICATED </B></TD>
    <TD width="4%" align=center nowrap  >&nbsp;</TD>
    <TD colspan="2"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>MEASURED+INDICATED </B></TD>
    </TR>
  <TR vAlign=top>
    <TD width="13%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes 000's </B></TD>
    <TD width="13%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>% Nb2O5 </B></TD>
    <TD width="4%" align=center nowrap  >&nbsp;</TD>
    <TD width="13%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes 000's </B></TD>
    <TD width="13%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>% Nb2O5 </B></TD>
    <TD width="4%" align=center nowrap  >&nbsp;</TD>
    <TD width="13%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes 000's </B></TD>
    <TD width="13%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>% Nb2O5 </B></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>0.10 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">137,373 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">0.36 </TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">215,145 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;0.31 </TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">352,518 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;0.33 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>0.15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">126,769 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">0.38 </TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">197,767 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;0.33 </TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">324,536 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;0.35 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center><B>0.20 </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%"><B>112,651 </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%"><B>0.41 </B></TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%"><B>173,169 </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;<B>0.35
      </B></TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%"><B>285,820 </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;<B>0.37 </B></TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>0.25 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">96,183 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">0.44 </TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">131,999 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;0.39 </TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">228,182 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;0.41 </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>0.30 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">81,377 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">0.47 </TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">102,966 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;0.42 </TD>
    <TD align=right width="4%"  >&nbsp;</TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">184,343 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;0.45 </TD></TR>
  <TR>
    <TD align=center>&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD rowSpan=2
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>COG % </B><BR><B>Nb2O5 </B></TD>
    <TD colspan="2"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>INFERRED </B></TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD width="13%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>Tonnes 000's </B></TD>
    <TD width="13%"
    align=center nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"><B>% Nb2O5 </B></TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>0.10 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">177,350 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">0.29 </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>0.15 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">168,733 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">0.30 </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center><B>0.20 </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%"><B>144,216 </B></TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%"><B>0.32 </B></TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>0.25 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">97,891 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">0.37 </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center>0.30 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">68,976 </TD>
    <TD
    style="BORDER-RIGHT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=right width="13%">0.41 </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="4%"  >&nbsp;</TD>
    <TD align=center width="13%">&nbsp; </TD>
    <TD align=center width="13%">&nbsp; </TD></TR></TABLE>
</DIV>
<P align=justify>The resource is constrained by a 45&#176;wall slope Lerchs-Grossman
pit assuming a metal price of US$50/kg Nb with process recovery of 50%. General
&amp; administration, processing and ore mining costs were assumed to be
$30/tonne. Base waste mining costs were assumed to be $1.50/tonne. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A>
<P align=center>- 31 - </P>
<P align=justify><I>Exploration and Development </I></P>
<P align=justify>Condemnation and geotechnical drilling totaling 2,493 metres
was completed in 2012. In addition 10 km of access road right of way was cleared
and 5 km of road was established. Metallurgical, process, and construction
engineering requirements started in 2013 are scheduled to continue into the
first half of 2014. The current focus on the Aley niobium project is upgrading
the resources announced in March 2012 to a NI 43-101 compliant reserve.</P>
<P align=justify>Baseline environmental studies are ongoing </P>
<P align=justify><B>Harmony Project </B></P>
<P align=justify>Gibraltar Mines Ltd., a wholly owned subsidiary, acquired the
Harmony gold project in October 2001 through a transaction with Continental
Minerals Corporation (formerly Misty Mountain Gold Ltd.) for consideration of
$2.23 million in cash and the issuance of tracking preferred shares in
Gibraltar&#146;s capital stock. The tracking preferred shares were exchanged for
Taseko common shares in 2011. </P>
<P align=justify>As there had not been significant exploration or development
conducted on the Harmony project for several years, due to historically low gold
prices, the Harmony gold property was written down to a nominal value in 2004.
The Company is considering further technical studies of Harmony. </P>
<P align=justify><I>Location, Access and Infrastructure </I></P>
<P align=justify>The Harmony project is located at latitude 53<SUP>o</SUP> 31&#146; N
and longitude 132<SUP>o</SUP> 13&#146; W in the Skeena Mining Division, on Graham
Island, Queen Charlotte Islands (also known as Haida Gwaii), on the
north-western coast of British Columbia, Canada.</P>
<P align=justify><I>Property Description </I></P>
<P align=justify>The Harmony project is comprised of 40 mineral claims and
approximately 161 square kilometres. All claims are in good standing until July
2014. The claims are 100% owned by Taseko and are not subject to any royalties
or carried interests. </P>
<P align=justify><I>Exploration History </I></P>
<P align=justify>Prospectors discovered mineralization at Harmony in 1970. The
project claims were optioned by various companies during the period 1970 to
1975, which carried out geological mapping, geochemical surveys and minor
drilling. Consolidated Cinola Mines Ltd. acquired the ground in 1977 and, with
partners, carried out detailed drilling totalling 30,116 metres in 231 holes by
1984. In 1981, 465 metres of an underground drift and crosscuts were excavated
for a metallurgical bulk sample. A 45 tonne per day pilot mill was established
to treat about 5,200 tonnes of material and in 1982 a feasibility study for a
10,000-15,000 tonnes per day operation was completed. From 1986 to 1988, City
Resources drilled 83 diamond drill holes and 64 reverse-circulation drill holes,
totalling 13,356 metres, and completed 117.6 metres of underground development
to obtain a bulk sample, conducted bench scale metallurgical testing, and
developed open pit scenarios for the project. Barrack Gold of Australia acquired
City Resources and the project in 1989, however Barrack subsequently was put
into bankruptcy and City Resources was acquired in the early 1990&#146;s by a new group
of investors who renamed the company Misty Mountain Gold Ltd. From 1989 &#150; 1999,
additional drilling, metallurgical and engineering studies were carried out at
the Harmony project. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<P align=center>- 32 - </P>
<P align=justify><I>Geology and Mineralization </I></P>
<P align=justify>The Harmony project hosts the Specogna epithermal gold deposit,
controlled by the Sandspit fault. Dacite dykes of Tertiary age have intruded
along the fault. Pervasive silicification, hydrothermal brecciation, stockwork
and banded quartz veining and gold mineralization developed along the hanging
wall of the fault. This extends for a strike distance of at least 800 metres,
eastwards from the fault at least 200 metres and to a depth of at least 240
metres. Pyrite and marcasite are the dominant metallic minerals. Gold occurs as
native gold and in silver-gold electrum, which are commonly visible.</P>
<P align=justify><I>Sampling and Analysis </I></P>
<P align=justify>Details of sampling and analysis of drill cores are described
in the 2004 Annual Information Form. Sample pulps are stored in the Company&#146;s
warehouse at Port Kells, BC. Drill core is stored at site. </P>
<P align=justify><I>Estimates of Mineralization </I></P>
<P align=justify>In 2001, measured and indicated resources were estimated by the
Company based on various reports to be 64 million tonnes grading 1.53 grams
Au/tonne, containing approximately 3 million ounces of gold. There were also
inferred resources estimated at 21 million tonnes grading 1.04 grams Au/tonne.
The estimates were done at a 0.60 grams Au/tonne cut-off. </P>
<P align=justify><I>Aboriginal Issues </I></P>
<P align=justify>The Queen Charlotte Islands-Haida Gwaii, including the area
surrounding the Harmony gold project, is subject to aboriginal peoples&#146; land
claims. Aboriginal land claims are subject to the B.C. Treaty Commission
Legislation and the B.C. Treaty Commission, both established in 1993.</P>
<P align=justify><I>Exploration and Development </I></P>
<P align=justify>In late 2007, after completion of the Queen Charlotte-Haida
Gwaii Land and Resource Management Plan designating the area in which the
Harmony project is located as a mineral development zone, Taseko initiated a
review of the metallurgical flow sheet and prior mine development planning to
establish further work programs. A review of metallurgical options
continues.</P>
<P align=justify><B>RISK FACTORS </B></P>
<P align=justify>There are a number of risks that may have a material and
adverse impact on the future operating and financial performance of Taseko and
could cause the Company&#146;s operating and financial performance to differ
materially from the estimates described in forward-looking statements relating
to the Company.</P>
<P align=justify><B><I>Changes in the market price of copper, gold and other
metals, which are volatile and have fluctuated widely, affect the profitability
of our operations and financial condition. </I></B></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<P align=center>- 33 - </P>
<P align=justify>Our profitability and long-term viability depend, in large
part, upon the market price of metals, primarily copper, but potentially gold
and other metals and minerals. The market price of copper is volatile and is
affected by numerous factors beyond our control, including: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Copper demand, especially from China;
  <LI>expectations with respect to the rate of inflation;
  <LI>the relative strength of the U.S. dollar and certain other currencies;
  <LI>interest rates;
  <LI>global or regional political or economic conditions, including interest
  rates and currency values;
  <LI>global mine supply of metal;
  <LI>global demand for industrial products and jewellery containing metals; and
  <LI>sales by central banks and other holders, speculators and producers of
copper, gold and other metals in response to any of the above factors.</LI></UL>
<P align=justify>A decrease in the market price of copper, gold and other metals
would affect the profitability of the Gibraltar mine and our ability to finance
the exploration and development of our other mineral properties, which would
have a material adverse effect on our financial condition and results of
operations. Copper and gold prices have recently been  near historical highs and there can be no
assurance that the market price of copper and other metals will remain at
current levels or that such prices will improve. If commercial quantities of
copper, gold and other metals are discovered, there is no assurance that a
profitable market will exist or continue to exist for a production decision to
be made or for the ultimate sale of the metals. </P>
<P align=justify><B><I>Fluctuations in foreign currency exchange rates could
have an adverse effect on our results of operations and financial condition.
</I></B></P>
<P align=justify>Fluctuations in the Canadian dollar relative to the US dollar
could significantly affect our business, results of operations and financial
condition. As our Gibraltar mine operation is located in Canada, our costs are
incurred primarily in Canadian dollars. However, our revenue is based on the
market price of copper and other metals and is denominated in United States
dollars. A strengthening of the Canadian dollar relative to the United States
dollar will reduce our profitability, adversely affect our financial condition,
and may also affect our ability to finance our development projects. We do not
currently enter into foreign currency contracts to hedge against currency
risk.</P>
<P align=justify><B><I>Mining is inherently dangerous and subject to conditions
or events beyond our control, which could have a material adverse effect on our
business. </I></B></P>
<P align=justify>Mining involves various types of risks and hazards, including:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>environmental hazards;
  <LI>industrial accidents;
  <LI>machinery breakdown;
  <LI>metallurgical and other processing problems;
  <LI>unusual or unexpected rock formations;
  <LI>structural cave-ins or slides; </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<P align=center>- 34 - </P>
<UL style="TEXT-ALIGN: justify">
  <LI>flooding;
  <LI>fire;
  <LI>metals losses; and
  <LI>periodic interruptions due to inclement or hazardous weather conditions.  </LI></UL>
<P align=justify>These risks could result in damage to, or destruction of,
mineral properties, production facilities or other properties, personal injury,
environmental damage, delays in mining, increased production costs, monetary
losses, and possible legal liability. We may not be able to obtain insurance to
cover these risks at economically feasible premiums. Insurance against certain
environmental risks, including potential liability for pollution or other
hazards as a result of the disposal of waste products occurring from production,
is not generally available to us or to other companies within the mining
industry. We may suffer a material adverse impact on our business if we incur
losses related to any significant events that are not covered by insurance
policies. </P>
<P align=justify><B><I>Lack of infrastructure and opposition could delay or
prevent us from developing our more advanced projects. </I></B></P>
<P align=justify>Completion of the development of our advanced projects is
subject to various requirements, including the availability and timing of
acceptable arrangements for power, water and transportation facilities. The lack
of availability on acceptable terms or the delay in the availability of any one
or more of these items could prevent or delay development of our advanced
projects. If adequate infrastructure is not available in a timely manner, there
can be no assurance that: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>the development of our projects will be commenced or completed on a timely
  basis, if at all;
  <LI>the resulting operations will achieve the anticipated production volume;
  or
  <LI>the construction costs and ongoing operating costs associated with the
development of our advanced projects will not be higher than anticipated.</LI></UL>
<P align=justify><B><I>We are subject to extensive governmental regulation of
all aspects of our Business. </I></B></P>
<P align=justify>Our operations and exploration and development activities in
Canada are subject to extensive federal, provincial and local laws and
regulations governing various matters, including: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>environmental protection;
  <LI>management and use of toxic substances and explosives;
  <LI>management of tailings and other wastes generated by our operations;
  <LI>management of natural resources;
  <LI>exploration and development of mines, production and post-closure
  reclamation;
  <LI>exports;
  <LI>price controls;
  <LI>taxation;
  <LI>labour standards and occupational health and safety, including mine
  safety; and
  <LI>historic and cultural preservation. </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A>
<P align=center>- 35 - </P>
<P align=justify>Failure to comply with applicable laws and regulations may
result in civil or criminal fines or penalties or enforcement actions, including
orders issued by regulatory or judicial authorities enjoining or curtailing
operations or requiring corrective measures, installation of additional
equipment or remedial actions, any of which could result in the Company
incurring significant expenditures. We may also be required to compensate
private parties suffering loss or damage by reason of a breach of such laws,
regulations or permitting requirements. It is also possible that future laws and
regulations, or a more stringent enforcement of current laws and regulations by
governmental authorities, could cause additional expense, capital expenditures,
restrictions on or suspensions of our operations and delays in the development
of our properties. </P>
<P align=justify><B><I>The New Prosperity Project as proposed has been subject
to First Nation and Governmental opposition and other risks. </I></B></P>
<P align=justify>On January 14, 2010, Taseko received an environmental
assessment certificate for the New Prosperity Project from the British Columbia
Provincial Ministry of Environment. Applications for Provincial permits were
submitted in June 2010 but were put in abeyance following the November 2010
adverse Federal decision. In November 2010, the Federal Minister of Environment
announced that the Prosperity Project, as proposed, could not be granted Federal
authorizations to proceed. The Company submitted a new project description to
the Federal Government in February 2011. In February 2014 the Federal Minister
of Environment announced that, based on the Panel report, the New Prosperity
Project, as proposed, could not be granted Federal authorizations to proceed. In
November 2013 the Company commenced a federal judicial review, seeking to set
aside certain findings of the Panel report. The Company is asking the court for
a declaration that certain findings relating to seepage and water quality be set
aside, and that the panel failed in certain respects to comply with principles
of procedural fairness. The judicial review remains before the court. Failure to
obtain certificates and permits in a timely manner or at all will delay and
could even prevent development of the New Prosperity Project, which could
negatively affect the Company. </P>
<P align=justify>The feasibility of the New Prosperity Project assumes
specified, long-term price levels for gold and copper. The prices of these
metals have historically been volatile, and the Company has no control of or
influence on these prices, which are determined in international markets. There
can be no assurance that the price of gold or copper will remain at current
levels or that it will not decline below the prices assumed in the feasibility
study. </P>
<P align=justify>The New Prosperity Project will require substantial financing,
including a possible combination of debt and equity financing. On May 12, 2010,
the Company entered into a gold stream transaction agreement with Franco-Nevada
Corporation (&#147;Franco-Nevada&#148;), whereby the Company may receive funding in staged
deposits totalling US $350 million. The investment by Franco-Nevada is subject
to (among other conditions) the condition precedent that the New Prosperity
project plan that we had agreed with them must receive appropriate governmental
approval. Because our revised New Prosperity project plan is not the one we
agreed with Franco-Nevada in 2010, this condition will not be satisfied, and so
Franco-Nevada may currently terminate this agreement on ten business days&#146;
written notice to Taseko. However, we believe Franco-Nevada currently has no
economic incentive to do so and is awaiting the outcome of our new proposal to
the Canadian federal environmental authorities. If our revised mine proposal is
ultimately accepted by the authorities, we intend to seek Franco-Nevada&#146;s
agreement to reconfirm the terms of our gold stream transaction with them, but
there is no assurance that Franco-Nevada will agree to provide such
reconfirmation. There is also a risk that Franco-Nevada will be unable to fund
its obligations at the time we receive the necessary approvals. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A>
<P align=center>- 36 - </P>
<P align=justify>The investment by Franco-Nevada is also subject to certain
other conditions precedent which the Company may not be able to satisfy. There
can be no assurance that gold stream, debt or equity financing will be available
on acceptable terms. Other risks include those typical of large mine development
projects, including the general uncertainties inherent in engineering and
construction costs, the need to comply with generally increasing environmental
regulation, opposition by First Nations and environmental groups, and
accommodation of local and community concerns. The economics of the feasibility
study are sensitive to the US dollar and Canadian dollar exchange rate, and this
rate has been subject to large fluctuations in the last several years. </P>
<P align=justify><B><I>The Gibraltar JV is subject to risks associated with most
joint ventures. </I></B></P>
<P align=justify>Taseko participates in a joint venture with Cariboo with
respect to the Gibraltar mine. Taseko may enter into more joint ventures in the
future with other third parties. There are risks associated with joint ventures,
including, for example: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>disagreement with a venture counterparty about how to develop, operate or
  finance a Gibraltar project;
  <LI>that a venture counterparty may at any time have economic or business
  interests or goals which are, or which become, inconsistent with our business
  interests or goals;
  <LI>that a venture counterparty may not comply with a joint venture agreement;
  <LI>the possibility that a venture counterparty might become bankrupt;
  <LI>that such venture counterparty may be in a position to take action
  contrary to Taseko&#146;s instructions or requests or contrary to Taseko&#146;s policies
  or objectives;
  <LI>possible litigation between joint venture counterparty about joint venture
  matters;
  <LI>the inability to exert control over decisions related to a joint venture
  in which Taseko does not have a controlling interest; or
  <LI>the possibility that Taseko may not be able to sell its interest in the
  joint venture if it desires to exit the joint venture. </LI></UL>
<P align=justify>These risks could result in legal liability, affect our ability
to develop or operate a project under a joint venture, or have a material and
adverse effect on our earnings, cash flows, financial condition or results of
operations. </P>
<P align=justify><B><I>We are solely dependent on the Gibraltar mine for
revenues and suspension of production at that mine would materially adversely
affect our business. </I></B></P>
<P align=justify>The New Prosperity project, the Harmony project and the Aley
project are in various stages of development. However, until these other
projects are developed and operational and are beginning to produce revenue, we
are dependent solely upon the Gibraltar mine for revenues. If the Gibraltar mine
were to cease production for any reason, it would have a material adverse effect
on our results of operations, business and financial position. </P>
<P align=justify><B><I>Our future success depends upon our ability to develop
our existing reserves. </I></B></P>
<P align=justify>We have not yet received the permits necessary to mine all of
our proven and probable reserves that are economically recoverable. In order to
develop our proven and probable reserves, we must receive various governmental
permits. We make no assurances that we will be able to obtain the governmental permits that we would need
to continue developing our proven and probable reserves. Furthermore, we may not
be able to mine all of our proven and probable reserves as profitably as we do
at our current operations. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A>
<P align=center>- 37 - </P>
<P align=justify>Our mining operations are conducted on properties owned,
subject to claims or leased by us from the provincial government. We may not be
able to negotiate new leases or obtain contracts for properties containing
surface, underground or subsidence rights necessary to develop any of our proven
and probable reserves at New Prosperity. Additionally, our leasehold interest at
New Prosperity could potentially be at risk if mining operations are not
commenced during the term of the lease. </P>
<P align=justify><B><I>Our projects, which are still under development, may not
achieve anticipated production capacity, may experience unanticipated costs or
may be delayed or not completed at all. </I></B></P>
<P align=justify>The New Prosperity, Harmony and Aley projects are at various
stages of development. The development of a project is a complex and challenging
process that may take longer and cost more than predicted, or may not be
completed at all. In addition, anticipated production capacity may not be
achieved. We may encounter unforeseen geological conditions or delays in
obtaining required construction, environmental or operating permits or mine
design adjustments. Construction delays cause reduced production and cash flow
while certain fixed costs, such as minimum royalties, may still have to be paid
on a predetermined schedule. </P>
<P align=justify><B><I>As our existing copper and molybdenum supply agreements
expire, our revenues and operating profits could be negatively impacted if we
are unable to extend existing agreements or enter into new agreements due to
competition, changing copper and molybdenum purchasing patterns, or other
variables. </I></B></P>
<P align=justify>As our copper and molybdenum supply agreements at the Gibraltar
mine expire, we will compete with other copper and molybdenum suppliers to renew
these agreements or to obtain new sales. If we cannot renew these copper and
molybdenum supply agreements with our customers or find alternate customers
willing to purchase our copper and molybdenum, our revenue and operating profits
would suffer. </P>
<P align=justify>Our customers may decide not to extend existing agreements or
enter into new long-term contracts or, in the absence of long-term contracts,
may decide to purchase less copper and molybdenum than in the past or on
different terms, including under different concentrate pricing terms. To the
degree that we operate outside of long-term contracts, our revenues are subject
to pricing in the concentrate spot market that can be significantly more
volatile than the pricing structure negotiated through a long-term copper and
molybdenum concentrate supply agreement. This volatility could adversely affect
the profitability of our operations if conditions in the spot market pricing for
copper and molybdenum concentrate are unfavourable. </P>
<P align=justify><B><I>Our business requires substantial capital expenditures.
</I></B></P>
<P align=justify>Our business is capital intensive due to construction of new
mines and infrastructure and maintenance of existing operations. Specifically,
the exploration, permitting and development of reserves, mining costs, the
maintenance of machinery and equipment and compliance with applicable laws and
regulations require substantial capital expenditures. While the capital
expenditures required to build-out our Gibraltar Mine have been spent, we must
continue to invest capital to maintain or to increase the amount of reserves
that we develop and the amount of metal that we produce. We make no assurances
that we will be able to maintain our production levels or generate sufficient cash flow, or that we
will have access to sufficient financing to continue our production,
exploration, permitting and development activities at or above our present
levels and we may be required to defer all or a portion of our future capital
expenditures. Our business, results of operations and financial condition may be
adversely affected if we cannot make such capital expenditures. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></A>
<P align=center>- 38 - </P>
<P align=justify><B><I>Our ability to operate our company efficiently could be
impaired if we lose key personnel or fail to continue to attract qualified
personnel. </I></B></P>
<P align=justify>We manage our business with a number of key personnel at each
location, including key contractors, the loss of a number of whom could have a
material adverse effect on us. In addition, as our business develops and
expands, we believe that our future success will depend greatly on our continued
ability to attract and retain highly-skilled and qualified personnel and
contractors. We cannot be certain that key personnel will continue to be
employed by us or that we will be able to attract and retain qualified personnel
and contractors in the future. Failure to retain or attract key personnel could
have a material adverse effect on us. </P>
<P align=justify><B><I>A major change in consumption patterns of copper could
affect our ability to sell the copper we produce. </I></B></P>
<P align=justify>The copper market is volatile and cyclical and consumption of
copper is influenced by global economic growth, trends in industrial production,
conditions in the housing and automotive industries and economic growth in
China, which is the largest consumer of refined copper in the world. Should
demand weaken and consumption patterns change, in particular, if consumers seek
out lower cost substitute materials, the price of copper could be adversely
affected, which could negatively affect our results of operations. </P>
<P align=justify><B><I>Increased competition and poor mining capital markets
could adversely affect our ability to attract necessary capital funding, could
increase project development costs, and could adversely affect our ability to
acquire suitable mineral properties for development in the future. </I></B></P>
<P align=justify>The mining industry is intensely competitive. Significant
competition exists for the acquisition of properties producing or capable of
producing copper, gold or other metals. We may be at a competitive disadvantage
in acquiring additional mining properties because we must compete with other
individuals and companies, many of which have greater financial resources,
operational experience and technical capabilities than we do. We may also
encounter increasing competition from other mining companies in our efforts to
hire experienced mining professionals. Competition for exploration resources at
all levels is currently very intense. Increased competition could adversely
affect our ability to attract necessary capital funding, or to acquire it on
acceptable terms, or acquire suitable producing properties or prospects for
mineral exploration in the future. </P>
<P align=justify>Increases in copper, gold and molybdenum prices during
2010-2012 resulted in substantial increases in mining exploration, development
and construction activities, which have resulted in increased demand for and
cost of contract exploration, development and construction services and
equipment. Although these increases have moderated of late, increased demand for
and cost of services and equipment could cause project costs to increase
materially, resulting in delays if services or equipment cannot be obtained in a
timely manner due to inadequate availability, and increased potential for
scheduling difficulties and cost increases due to the need to coordinate the availability of services or equipment, any of
which could materially increase project exploration, development or construction
costs, result in project delays, or both. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<P align=center>- 39 - </P>
<P align=justify><B>DIVIDENDS </B></P>
<P align=justify>The Company has not paid dividends to date and the Company has
no plans to pay a dividend in the foreseeable future. </P>
<P align=justify><B>DESCRIPTION OF CAPITAL STRUCTURE
</B></P>
<P align=justify><B>Share Capital </B></P>
<P align=justify>Taseko&#146;s share capital consists of an unlimited number of no
par value common shares. As of March 13, 2014, there were 193,731,955 common
shares issued and outstanding as fully paid and non-assessable.</P>
<P align=justify>The holders of Taseko&#146;s common shares are entitled to one vote
for each share on all matters submitted to a vote of shareholders. </P>
<P align=justify>There have been no changes in the classification of common
shares (reclassifications, consolidations, reverse splits or the like) within
the previous five years. All common shares of Taseko rank <I>pari passu
</I>(i.e. equally) for the payment of any dividends and distributions in the
event of a windup. </P>
<P align=justify>There are no constraints imposed on the foreign ownership of
securities of Taseko, however an acquisition of control of Taseko by a
non-Canadian would be subject to a review by the Canadian government under its
foreign investment laws. </P>
<P align=justify><B>Senior Notes </B></P>
<P align=justify>The Company has US$200 million aggregate principal amount of
publicly-traded senior notes (&#147;Notes&#148;) due in 2019, bearing interest at an
annual rate of 7.75%. The Company may redeem some or all of the Notes at any
time on or after April 15, 2015 at redemption prices ranging from 103.875% to
100%, plus accrued and unpaid interest to the date of redemption. Prior to April
15, 2015, all or part of the Notes may be redeemed at 100% plus a make-whole
premium, plus accrued and unpaid interest to the date of redemption. In
addition, until April 15, 2014, the Company may redeem up to 35% of the
principal amount of Notes, in an amount not greater than the net proceeds of
certain equity offerings, at a redemption price of 107.75%, plus accrued and
unpaid interest to the date of redemption. The Notes are guaranteed on a senior
unsecured basis by the Company&#146;s two existing subsidiaries, and future
subsidiaries of the Company other than immaterial subsidiaries. The subsidiary
guarantees are, in turn, guaranteed by the Company. </P>
<P align=justify><B>Ratings </B></P>
<P align=justify>The following table sets out the ratings of Taseko&#146;s senior
notes by the rating agencies indicated as at March 13, 2014: </P><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></A>
<P align=center>- 40 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR>
    <TD align=left >&nbsp;</TD>
    <TD colspan="2" align=center nowrap >&nbsp;<STRONG>Rating
      Agency</STRONG></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="33%" align=center nowrap><B>Standard &amp; Poor&#146;s Rating Services
    </B></TD>
    <TD width="33%" align=center nowrap><B>Moody&#146;s Investor Services </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>Senior Notes </TD>
    <TD align=center width="33%">B </TD>
    <TD align=center width="33%">B3 </TD></TR>
  <TR vAlign=top>
    <TD align=left>Trend/Outlook </TD>
    <TD align=center width="33%">Stable </TD>
    <TD align=center width="33%">Stable </TD></TR></TABLE>
</DIV>
<P align=justify>Standard &amp; Poor&#146;s Rating Services&#146; (&#147;S&amp;P&#148;) credit
ratings are on a long-term rating scale that ranges from AAA to D, which
represents the range from highest to lowest quality of such securities rated.
S&amp;P has assigned Taseko a corporate credit rating of B and a credit rating
of B on the senior notes. According to S&amp;P, this rating generally means the
relevant issuer currently has the capacity to meet its finance commitments, but
that adverse business, financial, or economic conditions will likely impair the
relevant issuer&#146;s capacity or willingness to meet its financial commitments.
S&amp;P adds that an issuer or obligation rated &#145;B&#146; should be able to withstand
a mild level of stress and still meet its financial obligations. The ratings
from AAA to D may be modified by the addition of a plus (+) or a minus (-) sign
to show relative standing within the major categories. In addition, S&amp;P may
add a rating outlook of &#147;positive&#148;, &#147;negative&#148; or &#147;stable&#148; which assesses the
potential direction of a long-term credit rating over the intermediate term
(typically six months to two years). </P>
<P align=justify>Moody&#146;s Investor Services&#146; (&#147;Moody&#146;s&#148;) credit ratings are on a
long-term debt rating scale that ranges from AAA to Caa, which represents the
range from highest to lowest quality of such securities rated. Moody&#146;s has
assigned Taseko a corporate family credit rating of B3 and a credit rating of B3
on the senior notes. According to Moody&#146;s this rating generally means that the
obligations are considered speculative and are subject to high credit risk.
Moody&#146;s appends numerical modifiers 1, 2 and 3 to each generic rating
classification from AA through C. The modifier 1 indicates that the security
ranks in the higher end of its generic rating category, the modifier 2 indicates
a mid-range ranking and the modifier 3 indicates a ranking in the lower end of
the generic category. </P>
<P align=justify>We understand that the credit ratings accorded to the senior
notes by S&amp;P and Moody&#146;s are not recommendations to purchase, hold or sell
the senior notes as such ratings do not comment as to market price or
suitability for a particular investor. There is no assurance that any rating
will remain in effect for any given period of time or that any rating will not
be revised or withdrawn entirely by a rating agency in the future if, in its
judgment, circumstances so warrant. </P>
<P align=justify><B>MARKET FOR SECURITIES </B></P>
<P align=justify>Taseko&#146;s common shares are listed on the Toronto Stock Exchange
(TSX) and the NYSE MKT under the symbols TKO and TGB, respectively. The
following table shows the price ranges and volume traded by month in 2013, based
on trading information published by each Exchange.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD colspan="3" align=center nowrap> <B>Toronto Stock Exchange </B></TD>
    <TD colspan="3" align=center nowrap><B>NYSE MKT Exchange </B></TD>
    </TR>
  <TR vAlign=top>
    <TD align=left><BR><BR><B>2013 </B></TD>
    <TD width="14%" align=center nowrap><BR><BR><B>High (C$) </B></TD>
    <TD width="14%" align=center nowrap><BR><BR><B>Low (C$) </B></TD>
    <TD width="14%" align=center nowrap><BR><B>Average Daily </B><BR><B>Share Volume
      </B></TD>
    <TD width="14%" align=center nowrap><BR><BR><B>High (US$) </B></TD>
    <TD align=center width="14%"><BR><BR><B>Low (US$) </B></TD>
    <TD align=center width="14%"><B>Average </B><BR><B>Daily Share
      </B><BR><B>Volume </B></TD></TR>
  <TR vAlign=top>
    <TD align=left>December </TD>
    <TD align=center width="14%">2.30 </TD>
    <TD align=center width="14%">1.90 </TD>
    <TD align=center width="14%">668,500 </TD>
    <TD align=center width="14%">2.17 </TD>
    <TD align=center width="14%">1.78 </TD>
    <TD align=center width="14%">550,500 </TD></TR>
  <TR vAlign=top>
    <TD align=left>November </TD>
    <TD align=center width="14%">2.35 </TD>
    <TD align=center width="14%">2.07 </TD>
    <TD align=center width="14%">158,200 </TD>
    <TD align=center width="14%">2.25 </TD>
    <TD align=center width="14%">1.96 </TD>
    <TD align=center width="14%">524,100 </TD></TR>
  <TR vAlign=top>
    <TD align=left>October </TD>
    <TD align=center width="14%">2.76 </TD>
    <TD align=center width="14%">2.07 </TD>
    <TD align=center width="14%">124,000 </TD>
    <TD align=center width="14%">2.66 </TD>
    <TD align=center width="14%">2.01 </TD>
    <TD align=center width="14%">581,900 </TD></TR>
  <TR vAlign=top>
    <TD align=left>September </TD>
    <TD align=center width="14%">2.25 </TD>
    <TD align=center width="14%">2.06 </TD>
    <TD align=center width="14%">127,600 </TD>
    <TD align=center width="14%">2.19 </TD>
    <TD align=center width="14%">2.00 </TD>
    <TD align=center width="14%">363,600 </TD></TR>
  <TR vAlign=top>
    <TD align=left>August </TD>
    <TD align=center width="14%">2.36 </TD>
    <TD align=center width="14%">1.98 </TD>
    <TD align=center width="14%">171,400 </TD>
    <TD align=center width="14%">2.26 </TD>
    <TD align=center width="14%">1.90 </TD>
    <TD align=center width="14%">442,200 </TD></TR>
  <TR vAlign=top>
    <TD align=left>July </TD>
    <TD align=center width="14%">2.34 </TD>
    <TD align=center width="14%">1.91 </TD>
    <TD align=center width="14%">130,000 </TD>
    <TD align=center width="14%">2.28 </TD>
    <TD align=center width="14%">1.83 </TD>
    <TD align=center width="14%">323,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left>June </TD>
    <TD align=center width="14%">2.32 </TD>
    <TD align=center width="14%">1.88 </TD>
    <TD align=center width="14%">323,000 </TD>
    <TD align=center width="14%">2.23 </TD>
    <TD align=center width="14%">1.80 </TD>
    <TD align=center width="14%">366,300 </TD></TR>
  <TR vAlign=top>
    <TD align=left>May </TD>
    <TD align=center width="14%">2.49 </TD>
    <TD align=center width="14%">2.08 </TD>
    <TD align=center width="14%">147,700 </TD>
    <TD align=center width="14%">2.44 </TD>
    <TD align=center width="14%">2.05 </TD>
    <TD align=center width="14%">370,700 </TD></TR>
  <TR vAlign=top>
    <TD align=left>April </TD>
    <TD align=center width="14%">2.85 </TD>
    <TD align=center width="14%">1.95 </TD>
    <TD align=center width="14%">314,300 </TD>
    <TD align=center width="14%">2.78 </TD>
    <TD align=center width="14%">1.89 </TD>
    <TD align=center width="14%">600,200 </TD></TR>
  <TR vAlign=top>
    <TD align=left>March </TD>
    <TD align=center width="14%">3.15 </TD>
    <TD align=center width="14%">2.71 </TD>
    <TD align=center width="14%">151,200 </TD>
    <TD align=center width="14%">3.10 </TD>
    <TD align=center width="14%">2.68 </TD>
    <TD align=center width="14%">337,100 </TD></TR></TABLE>
</DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></A>
<P align=center>- 41 - </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>February </TD>
    <TD align=center width="14%">3.36 </TD>
    <TD align=center width="14%">2.82 </TD>
    <TD align=center width="14%">183,900 </TD>
    <TD align=center width="14%">3.36 </TD>
    <TD align=center width="14%">2.76 </TD>
    <TD align=center width="14%">320,200 </TD></TR>
  <TR vAlign=top>
    <TD align=left>January </TD>
    <TD align=center width="14%">3.48 </TD>
    <TD align=center width="14%">3.02 </TD>
    <TD align=center width="14%">169,300 </TD>
    <TD align=center width="14%">3.53 </TD>
    <TD align=center width="14%">3.04 </TD>
    <TD align=center width="14%">374,100 </TD></TR></TABLE></DIV>
<P align=justify><B>DIRECTORS AND OFFICERS </B></P>
<P align=justify>As at March 13, 2014, the directors and executive officers of
Taseko, as a group, beneficially owned, directly or indirectly, or exercised
control or direction over 4,546,711 common shares, representing less than three
percent of the total number of common shares outstanding before giving effect to
the exercise of options to purchase common shares held by such directors and
executive officers. The statement as to the number of common shares beneficially
owned, directly or indirectly, or over which control or direction is exercised
by the directors and executive officers of Taseko as a group is based upon
information furnished by the directors and officers. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Name, Position and Office, and</B> </TD>
    <TD align=left width="30%" ><B>Period a Director and/or</B>    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Province or
      State and Country of Residence</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    ><B>Officer of Taseko</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Directors</B> </TD>
    <TD align=left width="30%" bgColor=#e6efff >&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>William Armstrong, Director <BR>Surrey,
      British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since May 2006
      <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>T. Barry Coughlan, Director <BR>Vancouver,
      British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since February
      2001 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Scott D. Cousens, Director <BR>Vancouver,
      British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since October
      1992 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Robert A. Dickinson, Director <BR>Lions
      Bay, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since January
      1991 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Russell E. Hallbauer, President, Chief
      Executive Officer and Director <BR>West Vancouver, British Columbia,
      Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since July 2005
      <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Wayne Kirk, Director <BR>Orcas, Washington,
      USA </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since July 2004
      <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Alex Morrison, Director <BR>Greenwood
      Village, Colorado, USA </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since April 2011
      <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Richard Mundie, Director <BR>Vancouver,
      British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since January
      2010 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Ronald W. Thiessen, Chairman of the Board
      and Director <BR>West Vancouver, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since October
      1993 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Executive Officers </TD>
    <TD align=left width="30%" bgColor=#e6efff >&nbsp; </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Brian Battison, Vice President Corporate
      Affairs <BR>Tsawwassen, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since September
      2007 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Brian Bergot, Vice President, Investor
      Relations <BR>North Vancouver, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since March 1,
      2014 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Scott Jones, Vice President, Engineering
      <BR>North Vancouver, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since December
      2007 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>John W. McManus, Chief Operating Officer
      <BR>West Vancouver, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since October
      2005 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Stuart McDonald, Chief Financial Officer
      <BR>North Vancouver, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since September
      2013 <BR></TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=left width="30%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>David Rouleau, Vice President, Operations
      <BR>Vancouver, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since June 2010
      <BR></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A>
<P align=center>- 42 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B>Name, Position and Office, and</B> </TD>
    <TD align=left width="30%" ><B>Period a Director and/or</B>    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Province or
      State and Country of Residence</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="30%"
    ><B>Officer of Taseko</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="30%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Robert Rotzinger, Vice President, Capital
      Projects <BR>West Vancouver, British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since January
      2013 <BR></TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="30%" >&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trevor Thomas, Secretary <BR>Vancouver,
      British Columbia, Canada </TD>
    <TD align=left width="30%" bgColor=#e6efff >Since August 2008
      <BR></TD></TR></TABLE>
<P align=justify>At the annual general meeting held in June 2013 all the
directors listed above were re-elected to a term of office expiring at the next
annual general meeting of Taseko, which is currently scheduled for June 2014.
Some of the directors serve together on a number of boards of other publicly
listed companies.</P>
<P align=justify>Although the directors oversee the management of Taseko&#146;s
affairs, a cost sharing arrangement exists between a number of the public
resource companies on which several of the directors serve pursuant to a
corporate services agreement with Hunter Dickinson Services Inc. (&#147;HDSI&#148;) dated
July 2, 2010. HDSI provides executive, engineering, geological and
administrative services to, and incurs costs on behalf of, these companies and
allocates the full costs to them. </P>
<P align=justify>All officers have a term of office lasting until their removal
or replacement by the Board of Directors. However, there are certain services
agreements in place with respect to these persons which will affect any
termination of services. The President and CEO is currently employed by HDSI and
provides services to the Company under the terms of the corporate services
agreement. </P>
<P align=justify><B>Committees of the Board of Directors</B></P>
<P align=justify><I>Audit and Risk Committee </I></P>
<P align=justify>The Audit and Risk Committee is comprised of Richard Mundie
(Chairman), Wayne Kirk, and Alex Morrison. </P>
<P align=justify><I>Compensation Committee </I></P>
<P align=justify>The Compensation Committee is comprised of T. Barry Coughlan
(Chairman), William P. Armstrong, and Richard Mundie. </P>
<P align=justify><I>Nominating and Governance Committee </I></P>
<P align=justify>The Nominating and Governance Committee is comprised of Wayne
Kirk (Chairman), T. Barry Coughlan and Alex Morrison. </P>
<P align=justify><I>Investment Committee </I></P>
<P align=justify>The Investment Committee is comprised of Russell Hallbauer
(Chairman), William P. Armstrong, Ronald W. Thiessen and Wayne Kirk. </P>
<P align=justify><I>Executive Committee </I></P>
<P align=justify>The Executive Committee is comprised of Russell Hallbauer
(Chairman), William P. Armstrong, T. Barry Coughlan and Ronald W.
Thiessen. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></A>
<P align=center>- 43 - </P>
<P align=justify><I>Environmental, Health and Safety Committee </I></P>
<P align=justify>The Environmental, Health and Safety Committee is comprised of
William P. Armstrong (Chairman), Alex Morrison and Richard Mundie. </P>
<P align=justify><B>Principal Occupations and Other Information </B></P>
<P align=justify><B>William P. Armstrong, P.Eng. &#150; Director</B></P>
<P align=justify>Mr. Armstrong earned his Bachelors and Masters Degrees in
Geological Engineering from the University of British Columbia and has more than
45 years of experience in the mining industry. He retired from Teck Cominco
Ltd., where he was General Manager, Resource Evaluations and was responsible for
the evaluation of potential acquisitions and divestitures. He was also
responsible for the company&#146;s mineral reserves and resources. During his career
with Cominco Ltd., and Teck Cominco Ltd., Mr. Armstrong was involved in
feasibility studies, construction and operation of a large number of mines,
including coal deposits, underground and open pit base metal mines and precious
metal mines.</P>
<P align=justify>Mr. Armstrong is, or was within the past five years, an officer
and/or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Euromax Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">October 2011 </TD>
    <TD align=left width="22%">February 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Hansa Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">August 2008 </TD>
    <TD align=left width="22%">April 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Spur Ventures Inc. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">September 2013 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">May 2006 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>T. Barry Coughlan, B.A. &#150; Director</B></P>
<P align=justify>Barry Coughlan is a self-employed businessman and senior
executive with international experience who has been involved in the financing
and management of publicly traded companies for over 25 years. During this
period, Mr. Coughlan has been involved in the financing of over thirty private
companies and their subsequent listing on both International and North American
markets. His principal occupation is President and Director of TBC Ventures
Ltd., a private investment company. </P>
<P align=justify>Mr. Coughlan is, or was within the past five years, an officer
and or a director of the following companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Amarc Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">February 2009 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Creso Exploration Inc. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">July 2010 </TD>
    <TD align=left width="22%">October 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Farallon Mining Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">March 1998 </TD>
    <TD align=left width="22%">January 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Great Basin Gold Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">February 1998 </TD>
    <TD align=left width="22%">June 2013 </TD></TR>
  </TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_45></A>
<P align=center>- 44 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >ICN Resources Ltd. (formerly Icon Industries Ltd.) </TD>
    <TD align=left width="22%">President and CEO </TD>
    <TD align=left width="22%">September 1991 </TD>
    <TD align=left width="22%">November 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">September 1991 </TD>
    <TD align=left width="22%">January 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Northcliff Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">June 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Quadro Resources Ltd. (formerly Tri-Gold
      Resources Corp.) </TD>
    <TD align=left width="22%">President, CEO and Director </TD>
    <TD align=left width="22%">June 1986 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Quartz Mountain Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">January 2005 </TD>
    <TD align=left width="22%">December 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Rathdowney Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">March 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">February 2001 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Vatic Ventures Corporation </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">January 2011 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Scott D. Cousens &#150; Director</B></P>
<P align=justify>Scott D. Cousens provides management, technical and financial
services to a number of publicly traded companies, as indicated below. Since
1991, Mr. Cousens&#146; principal occupation has been his role as a director of
Hunter Dickinson Inc. (&#147;HDI&#148;) and its wholly owned subsidiary, Hunter Dickinson
Services Inc. (&#147;HDSI&#148;), a company providing management and administrative
services to several publicly-traded companies. Mr. Cousens&#146; focus has been on
the development of relationships within the international investment community.
Substantial financings and subsequent corporate success has established strong
ties with North American, European and Asian investors.</P>
<P align=justify>Mr. Cousens is, or was within the past five years, an officer
and/or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Amarc Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">September 1995 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Atlatsa Resources Corporation <BR>(formerly
      Anooraq Resources <BR>Corporation) </TD>
    <TD align=left width="22%">Director <BR><BR></TD>
    <TD align=left width="22%">September 1996 <BR><BR></TD>
    <TD align=left width="22%">June 2009 <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left >Continental Minerals Corporation </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">June 1994 </TD>
    <TD align=left width="22%">April 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Heatherdale Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">November 2009 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">November 2009 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">June 1996 </TD>
    <TD align=left width="22%">Present </TD></TR>
  </TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_46></A>
<P align=center>- 45 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD rowspan="2" align=left >Northcliff Resources Ltd. </TD>
    <TD align=left>Director </TD>
    <TD align=left>June 2011 </TD>
    <TD align=left>February 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">May 2012 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Quartz Mountain Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">November 2012 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">November 2012 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Rathdowney Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">June 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">October 1992 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Robert A. Dickinson, B.Sc., M.Sc. - Director </B></P>
<P align=justify>Mr. Dickinson is an economic geologist who has been actively
involved in mineral exploration and mine development for over 40 years. He is
Chairman of HDI and HDSI as well as a director and member of the management team
of a number of the public companies associated with HDI. He is also President
and Director of United Mineral Services Ltd., a private resources company. He
also serves as a Director of the Britannia Mine Museum and a Trustee of the BC
Mineral Resources Education Program. </P>
<P align=justify>Mr. Dickinson is, or was within the past five years, an officer
and/or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Amarc Resources Ltd. <BR></TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">April 1993 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">April 2004 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Atlatsa Resources Corporation
      <BR>(formerly Anooraq Resources Corporation) </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">October 2004 </TD>
    <TD align=left width="22%">June 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Co-Chairman </TD>
    <TD align=left width="22%">October 2004 </TD>
    <TD align=left width="22%">June 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Continental Minerals Corporation </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">June 2004 </TD>
    <TD align=left width="22%">April 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Curis Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">November 2010 </TD>
    <TD align=left width="22%">November 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">November 2010 </TD>
    <TD align=left width="22%">December 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Detour Gold Corporation </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">August 2006 </TD>
    <TD align=left width="22%">February 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Heatherdale Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">November 2009 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Northcliff Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">June 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">June 2011 </TD>
    <TD align=left width="22%">January 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">June 1994 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">April 2004 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_47></A>
<P align=center>- 46 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Quartz Mountain Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">December 2003 </TD>
    <TD align=left width="22%">Present </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">December 2011 </TD>
    <TD align=left width="22%">November 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Rathdowney Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">March 2011 </TD>
    <TD align=left width="22%">December 2011 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">March 2011 </TD>
    <TD align=left width="22%">December 2011 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">January 1991 </TD>
    <TD align=left width="22%">Present </TD>
  </TR></TABLE></DIV>
<P align=justify><B>Russell E. Hallbauer, P.Eng. &#150; Director, President &amp; CEO
</B></P>
<P align=justify>Mr. Hallbauer graduated from the Colorado School of Mines with
a B.Sc. in Mining Engineering in 1979. He is a Registered Professional Engineer
with the Association of Professional Engineers of British Columbia. He has been
a member of the Canadian Institute of Mining and Metallurgy since 1975 and is a
director and former chairman of the Mining Association of B.C. </P>
<P align=justify>In 1983, he joined Teck Corporation&#146;s Bullmoose mine, advancing
through Engineering and Supervisory positions to become Mine Superintendent in
1987, and in 1992, became General Manager of Quintette. In 1995, he assumed new
responsibilities in Vancouver when he was appointed General Manager, Coal
Operations, overseeing Teck&#146;s three operating coal mines in the Province. In
2002, he was appointed General Manager, Base Metal Joint Ventures, responsible
for Teck Cominco&#146;s interests in Highland Valley Copper, Antamina in Peru, and
Louvicourt in Quebec. Mr. Hallbauer is a director of HDSI (and HDI), a company
providing management and administrative services to several publicly-traded
companies (including Taseko), and focuses on directing corporate development and
financing activities. </P>
<P align=justify>Mr. Hallbauer is, or was within the past five years, an officer
and/or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Curis Resources Ltd. </TD>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">December 2010 </TD>
    <TD align=left width="22%">September 2012 </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="22%">Co-Chairman </TD>
    <TD align=left width="22%">September 2012 </TD>
    <TD align=left width="22%">Present </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">November 2010 </TD>
    <TD align=left width="22%">Present </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">April 2008 </TD>
    <TD align=left width="22%">Present </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">President/CEO/Director </TD>
    <TD align=left width="22%">July 2005 </TD>
    <TD align=left width="22%">Present </TD>
  </TR></TABLE></DIV>
<P align=justify><B>Wayne Kirk, LLB &#150; Director </B></P>
<P align=justify>Wayne Kirk is a retired attorney and professional consultant.
With over 35 years professional experience Mr. Kirk also has over 9 years senior
executive experience in the mining industry. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_48></A>
<P align=center>- 47 - </P>
<P align=justify>Mr. Kirk is a citizen of the United States and is a resident of
the state of Washington. A Harvard University graduate, Mr. Kirk received his
law degree in 1968. From 1992 to 2001 Mr. Kirk was the Vice President, General
Counsel and Corporate Secretary of Homestake Mining Company. Prior to his
retirement in June 2004 he spent two years as Special Counsel for the law firm,
Thelen Reid &amp; Priest, in San Francisco. </P>
<P align=justify>Mr. Kirk is, or within the past five years was, a director of
the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Atlatsa Resources Corporation <BR>(formerly
      Anooraq Resources <BR>Corporation) </TD>
    <TD align=left width="22%">Director <BR><BR></TD>
    <TD align=left width="22%">July 2005 <BR><BR></TD>
    <TD align=left width="22%">September 2011 <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left >Gabriel Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">June 2008 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Great Basin Gold Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">July 2004 </TD>
    <TD align=left width="22%">January 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Luna Gold Corporation </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">May 2012 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">July 2004 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">July 2004 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Alexander Morrison, CA - Director </B></P>
<P align=justify>Alex Morrison is a mining executive and chartered accountant
with over 25 years of experience in the mining industry.</P>
<P align=justify>Mr. Morrison is a citizen of the United States and is a
resident of the state of Colorado. </P>
<P align=justify>Mr. Morrison has held senior executive positions at a number of
mining companies, most recently serving as Vice President and Chief Financial
Officer of Franco-Nevada Corporation from 2007 to 2010. From 2002 to 2007, Mr.
Morrison held increasingly senior positions at Newmont Mining Corporation,
including Vice President, Operations Services and Vice President, Information
Technology. Prior to that, Mr. Morrison was Vice President and Chief Financial
Officer of NovaGold Resources Inc., Vice President and Controller of Homestake
Mining Company and held senior financial positions at Phelps Dodge Corporation
and Stillwater Mining Company. Mr. Morrison began his career with
PricewaterhouseCoopers LLP after obtaining his Bachelor of Arts in Business
Administration from Trinity Western University.</P>
<P align=justify>Mr. Morrison is, or within the past five years was, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Detour Gold Corporation </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">May 2010 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Franco-Nevada Corporation </TD>
    <TD align=left width="22%">Chief Financial Officer </TD>
    <TD align=left width="22%">January 2008 </TD>
    <TD align=left width="22%">April 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">April 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Pershing Gold Corporation </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">November 2012 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_49></A>
<P align=center>- 48 - </P>
<P align=justify><B>Richard Mundie, CA &#150; Director</B></P>
<P align=justify>Richard Mundie is a Chartered Accountant with a Bachelor of
Commerce degree from the University of British Columbia. Mr. Mundie has held a
number of senior leadership positions in the mining sector for over 25 years in
key organizations in British Columbia and overseas. From 2005 to 2007, he was
Vice President, Asia Affairs and Chief Representative (China), for Teck Cominco
Limited. In this role, he was active in the international mining community and
participated in several joint programs to build stronger relationships with the
Chinese Government.</P>
<P align=justify>Mr. Mundie also held the position of Vice President &#150;
Commercial for a period of ten years with Teck Cominco. In this role, he was
responsible for marketing the company&#146;s commercial mineral products, gaining
invaluable experience in Europe, South America, United States, Japan, Korea, and
Taiwan.</P>
<P align=justify>Between 1983 and 1995, he held a number of financial and
leadership positions with Cominco and in 1992, he assumed the role of Director
of Business Development with wide responsibilities for mergers, acquisitions and
divestitures. Earlier career positions included a number of finance related
roles in the resources sector, transport and public accounting with
PricewaterhouseCoopers LLP. </P>
<P align=justify>Mr. Mundie is, or within the past five years was, an officer
and/or director of the following public companies:</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Far West Mining Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">August 2010 </TD>
    <TD align=left width="22%">June 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Mundoro Capital Inc. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">May 2010 </TD>
    <TD align=left width="22%">December 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Panoro Minerals Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">March 2010 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">January 2010 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Ronald W. Thiessen, FCA &#150; Chairman of the Board and
Director</B> </P>
<P align=justify>Ronald Thiessen is a Chartered Accountant with professional
experience in finance, taxation, mergers, acquisitions and re-organizations.
Since 1986, Mr. Thiessen has been involved in the acquisition and financing of
mining and mineral exploration companies. Mr. Thiessen&#146;s principal occupation is
his role as a director of HDSI (and HDI), a company providing management and
administrative services to several publicly-traded companies (including Taseko),
and focuses on directing corporate development and financing activities.</P>
<P align=justify>Mr. Thiessen is, or was within the past five years, an officer
and/or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD rowspan="2" align=left >Amarc Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">September 1995 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left>President and Chief Executive Officer </TD>
    <TD align=left>September 2000 </TD>
    <TD align=left>Present </TD>
  </TR>
</TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_50></A>
<P align=center>- 49 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>

  <TR vAlign=top>
    <TD align=left >Atlatsa Resources Corporation <BR>(formerly
      Anooraq Resources <BR>Corporation) </TD>
    <TD align=left width="22%">Director <BR><BR></TD>
    <TD align=left width="22%">April 1996 <BR><BR></TD>
    <TD align=left width="22%">June 2011 <BR><BR></TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Continental Minerals Corporation</TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">November 1995 </TD>
    <TD align=left width="22%">April 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Co-Chairman </TD>
    <TD align=left width="22%">January 2006 </TD>
    <TD align=left width="22%">April 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Detour Gold Corporation </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">July 2006 </TD>
    <TD align=left width="22%">May 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">July 2006 </TD>
    <TD align=left width="22%">March 2009 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Farallon Mining Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">August 1994 </TD>
    <TD align=left width="22%">January 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">December 2005 </TD>
    <TD align=left width="22%">January 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Great Basin Gold Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">October 1993 </TD>
    <TD align=left width="22%">June 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">November 2006 </TD>
    <TD align=left width="22%">June 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3 >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">November 1995 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">President and Chief </TD>
    <TD align=left width="22%">November 2001 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Executive Officer </TD>
    <TD align=left width="22%">&nbsp;</TD>
    <TD align=left width="22%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Quartz Mountain Resources Ltd. </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">December 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">President and Chief Executive Officer </TD>
    <TD align=left width="22%">December 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Taseko Mines Limited </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">October 1993 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chairman </TD>
    <TD align=left width="22%">May 2006 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Brian Battison &#150; Vice President, Corporate Affairs </B></P>
<P align=justify>Brian Battison is responsible for all matters relating to
corporate and public affairs, including government and community relations,
sustainability and economic and social responsibility. Mr. Battison has over 25
years of experience in policy development, issue management and communication in
both the private and public sectors. He has been a senior political and policy
advisor for the government of British Columbia, served as Interim President
&amp; CEO of the Mining Association of BC and spent more than a decade operating
a private full service communications consulting firm specializing in strategic
planning, program development, implementation and evaluation in the areas of
mining and resource development, electrical energy, and health care. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_51></A>
<P align=center>- 50 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR>
    <TD >Taseko Mines Limited </TD>
    <TD width="22%">Vice President, Corporate Affairs </TD>
    <TD width="22%">September 2007 </TD>
    <TD width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Brian Bergot &#150; Vice President, Investor Relations </B></P>
<P align=justify>Brian Bergot was appointed Vice President, Investor Relations
in March 2014 and has over 20 years of experience in the natural resources
sector. Brian joined Taseko in 2006 and has held roles of increasing
responsibility, in both Investor Relations and Marketing &amp; Logistics. Prior
to his career in mining, Brian spent 14 years at Methanex Corporation, a $7
billion BC-based chemical company. At Methanex, he held a number of corporate
and operational roles including investor relations and marketing &amp;
logistics. As Vice President, Investor Relations, he is responsible for
expanding the Company&#146;s shareholder base in the North American and European
markets. </P>
<P align=justify>Mr. Bergot is, or was within the past five years, an officer
and or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Western Lithium USA Corporation </TD>
    <TD align=left width="22%">Vice President, Investor Relations </TD>
    <TD align=left width="22%">April 2011 </TD>
    <TD align=left width="22%">March 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Vice President, Investor Relations </TD>
    <TD align=left width="22%">March 2014 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Scott Jones, P.Eng. &#150; Vice President, Engineering </B></P>
<P align=justify>Scott Jones has 30 years of experience in the mining industry.
Prior to joining Taseko in 2006, he was a Senior Mining Engineer for Teck
Cominco where he was involved in property valuation and feasibility studies. He
has also held various senior positions in both underground and open pit
operations for Teck Cominco and at Barrick Gold&#146;s Hemlo Operations. He has a
B.Sc. in Mine Engineering from McGill University. </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR>
    <TD ><BR>Taseko Mines Limited </TD>
    <TD width="22%"><BR>Vice President, Engineering </TD>
    <TD width="22%"><BR>December 2007 </TD>
    <TD width="22%"><BR>Present </TD></TR></TABLE></DIV>
<P align=justify><B>John McManus, P. Eng. &#150; Chief Operating Officer </B></P>
<P align=justify>John McManus holds a Bachelor of Science degree in mining
engineering from the Colorado School of Mines and a Technologist Diploma in
Mining from the British Columbia Institute of Technology. </P>
<P align=justify>Mr. McManus has worked in the mining industry in British
Columbia for over 30 years where he gained experience in mine operations, mine
engineering and environmental management. Prior to joining Taseko in 2005, he
was the General Manager, Coal Mountain Operations at Elk Valley Coal Corporation. Before that, Mr. McManus was the Mine Manager
at Teck Cominco&#146;s coal mining joint venture Bullmoose operation, General
Superintendent at the Elkview coal mine and Superintendent of Engineering at the
Quintette operation. His past experience also includes five years working in
operations and engineering at the Highland Valley and Lornex copper mines and
three years working in gold exploration in the Yukon, British Columbia and
California. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_52></A>
<P align=center>- 51 - </P>
<P align=justify>Mr. McManus is, or was within the past five years, an officer
and or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left>European Nickel PLC </TD>
    <TD align=left width="22%">Director </TD>
    <TD align=left width="22%">August 2010 </TD>
    <TD align=left width="22%">December 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=3>Taseko Mines Limited </TD>
    <TD align=left width="22%">Vice President, Operations </TD>
    <TD align=left width="22%">October 2005 </TD>
    <TD align=left width="22%">December 2007 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Senior Vice President, Operations </TD>
    <TD align=left width="22%">December 2007 </TD>
    <TD align=left width="22%">December 2013 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Chief Operating Officer </TD>
    <TD align=left width="22%">December 2013 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Stuart McDonald, CPA, CA &#150; Chief Financial Officer </B></P>
<P align=justify>Stuart McDonald is a Chartered Accountant with a Bachelor of
Commerce (Finance) degree from the University of British Columbia. Prior to his
role with Taseko, Mr. McDonald held executive positions with several companies
in the mining industry. He was most recently Chief Financial Officer and Senior
Vice President of Yukon Zinc Corp., a privately owned Canadian mining company.
Prior to this position he was Chief Financial Officer of Quadra FNX Mining Ltd.
(and its predecessor Quadra Mining Ltd.). He was also Corporate Controller at
Cumberland Resources Ltd., from 2004 until its acquisition by Agnico-Eagle Mines
in 2007. Prior to joining the mining industry, he was a Senior Manager at
Deloitte &amp; Touche LLP and also spent three years as an Audit Manager with
Ernst &amp; Young in the Czech Republic.</P>
<P align=justify>Mr. McDonald is, or was within the past five years, an officer
and or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Quadra FNX Mining Ltd. </TD>
    <TD align=left width="22%">Chief Financial Officer </TD>
    <TD align=left width="22%">May 2007 </TD>
    <TD align=left width="22%">August 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Chief Financial Officer </TD>
    <TD align=left width="22%">September 2013 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>David Rouleau, P. Eng. &#150; Vice-President, Operations </B></P>
<P align=justify>Dave Rouleau holds a Bachelor of Science Mine Engineering
Degree from the South Dakota School of Mines and a Mining Technology Diploma
from Haileybury School of Mines. Prior to joining Taseko, Mr. Rouleau was a key
member of Canadian Natural Resources senior management team developing the $10
billion Horizon Oil Sands Project in Fort McMurray, Alberta. Mr. Rouleau was
responsible for all aspects of the 200 million tonne per year mining operation supporting 110,000 barrels per day of synthetic crude
oil production. Mr. Rouleau's background also includes 17 years with Teck
Cominco in various mine operations and engineering roles.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_53></A>
<P align=center>- 52 - </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Vice President, Operations </TD>
    <TD align=left width="22%">June 2010 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Robert Rotzinger, P. Eng. &#150; Vice-President, Capital Projects
</B></P>
<P align=justify>Robert Rotzinger has over 18+ years&#146; experience in the mining
industry with Taseko and predecessor companies. Mr. Rotzinger has been a key
participant in the $700 million capital investment program at the Gibraltar mine
over the last five years, with his most recent role overseeing the
3<SUP>rd</SUP> phase of this mine expansion plan. In 2010, he was a co-recipient
of the Association of Mineral Exploration British Columbia (AMEBC) E.A.Scholz
Award for Excellence in Mine Development for the expansion and modernization of
the Gibraltar mine. He also received PowerSmart Excellence Awards from BC Hydro
in 2008 for Outstanding Energy Efficient Project and again in 2010 for the
Application of New Energy Efficient Technology.</P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Vice President, Capital Projects </TD>
    <TD align=left width="22%">January 2013 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Trevor Thomas, LLB &#150; Secretary </B></P>
<P align=justify>Trevor Thomas has practiced in the areas of corporate
commercial, corporate finance, securities and mining law since 1995, both in
private practice environment as well as in-house positions and is currently
general counsel for Hunter Dickinson Inc. Prior to joining Hunter Dickinson Inc.
he served as in-house legal counsel with Placer Dome Inc. </P>
<P align=justify>Mr. Thomas is, or within the past five years was, an officer
and or director of the following public companies: </P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
borderColor=#000000 cellSpacing=0 cellPadding=3 width="100%" border=1>

  <TR vAlign=top>
    <TD align=left ><B>Company</B> </TD>
    <TD align=left width="22%"><B>Positions Held</B> </TD>
    <TD align=left width="22%"><B>From</B> </TD>
    <TD align=left width="22%"><B>To</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left >Amarc Resources Ltd. </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">February 2008 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left ><BR>Atlatsa Resources Corporation
      <BR>(formerly Anooraq Resources Corporation) </TD>
    <TD align=left width="22%">Asst Secretary </TD>
    <TD align=left width="22%">November 2007 </TD>
    <TD align=left width="22%">July 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Continental Minerals Corporation </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">February 2008 </TD>
    <TD align=left width="22%">April 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Curis Resources Ltd. </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">June 2013 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Farallon Mining Ltd. </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">December 2007 </TD>
    <TD align=left width="22%">January 2011 </TD></TR>
  <TR vAlign=top>
    <TD align=left rowSpan=2 >Heatherdale Resources Ltd.
    <BR><BR></TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">November 2009 </TD>
    <TD align=left width="22%">September 2010 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">July 2013 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_54></A>
<P align=center>- 53 - </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 >Northcliff Resources Ltd. </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">June 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Northern Dynasty Minerals Ltd. </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">February 2008 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Quartz Mountain Resources Ltd. </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">June 2013 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Rathdowney Resources Ltd. </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">March 2011 </TD>
    <TD align=left width="22%">Present </TD></TR>
  <TR vAlign=top>
    <TD align=left >Rockwell Diamonds Inc. </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">February 2008 </TD>
    <TD align=left width="22%">September 2012 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Taseko Mines Limited </TD>
    <TD align=left width="22%">Secretary </TD>
    <TD align=left width="22%">August 1, 2008 </TD>
    <TD align=left width="22%">Present </TD></TR></TABLE></DIV>
<P align=justify><B>Cease Trade Orders, Bankruptcies, Penalties or Sanctions
</B></P>
<P align=justify>No director or executive officer of Taseko is as of the date of
this AIF, or has been within the 10 years before the date of this AIF, a
director or executive officer of any company that was the subject of a cease
trade order or similar penalty or sanction while that person was acting in that
capacity, or was the subject of a cease trade order or similar penalty or
sanction after the director or executive officer ceased to act in that capacity
and which resulted from any event that occurred while that person was acting in
the capacity of a director or executive officer. </P>
<P align=justify>Except as disclosed below, no director or executive officer of
the Company, or a shareholder holding a sufficient number of securities of the
Company to affect materially control of the Company, (i) is, or within ten years
prior to the date hereof has been, a director or executive officer of any
company (including the Company) that, while that person was acting in that
capacity, or within a year of that person ceasing to act in that capacity,
became bankrupt, made a proposal under any legislation relating to bankruptcy or
insolvency or was subject to or instituted any proceedings, arrangement or
compromise with creditors or had a receiver, receiver manager or trustee
appointed to hold its assets, or (ii) has, within ten years prior to the date
hereof, become bankrupt, made a proposal under any legislation relating to
bankruptcy or insolvency, or become subject to or instituted any proceedings,
arrangement or compromise with creditors, or had a receiver, receiver manager or
trustee appointed to hold the assets of the director, executive officer or
shareholder. </P>
<P align=justify>As publicly disclosed at <U>www.sedar.com,
</U>in September, 2012, Great Basin Gold Ltd. (&#147;GBG&#148;), a company for
which Messrs. T. Barry Coughlan and Ronald W. Thiessen were at the time
directors and for which Mr. Wayne Kirk was at that time a former director having
resigned as a director in January 2012, filed for creditor protection under the
Companies&#146; Creditors Arrangement Act (&#147;CCAA&#148;) in Canada, and as well, GBG&#146;s
principal South African subsidiary Southgold Exploration (Pty) Ltd.
(&#147;Southgold&#148;), filed for protection under the South African Companies Act
business rescue procedures. These companies continued to be subject to the
insolvency proceedings at the time that Messrs. Thiessen and Coughlan resigned.</P>
<P align=justify>No director or executive officer of the Company, or a
shareholder holding a sufficient number of securities of the Company to affect
materially the control of the Company, has been subject to (i) any penalties or
sanctions imposed by a court relating to securities legislation or by a
securities regulatory authority or has entered into a settlement agreement with
a securities regulatory authority; or (ii) any other penalties or sanctions
imposed by a court or regulatory body that would likely be considered important
to a reasonable investor in making an investment decision. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_55></A>
<P align=center>- 54 - </P>
<P align=justify><B>Potential Conflicts of Interest</B></P>
<P align=justify>Several directors of Taseko also serve as directors of one or
more other resource companies involved in mineral exploration and/or
development. It may occur from time to time that as a consequence of his
activity in the mineral industry and serving on such other boards that a
director may become aware of potential resource property opportunities which are
of interest to more than one of the companies on whose boards that person
serves. Furthermore, it is possible that the directors of Taseko and the
directors of one or more such other companies may also agree to allow joint
participation on Taseko&#146;s properties or the properties of that other company.
Accordingly, situations may arise in the ordinary course which involve a
director in an actual or potential conflict of interest as well as issues in
connection with the general obligation of a director to make corporate
opportunities available to the company on which the director serves. In all such
events, any director who might have a disclosable financial interest in a
contract or transaction by virtue of office, employment or security holdings or
other such interest in another company or in a property interest under
consideration by the Taseko Board, would be obliged to abstain from voting as a
Taseko director in respect of any transaction involving that other company(s) or
in respect of any property in which an interest is held by him. The directors
will use their best business judgment to help avoid situations where conflicts
or corporate opportunity issues might arise and they must at all times fulfill
their duties to act honestly and in the best interests of Taseko. </P>
<P align=justify><B>LEGAL PROCEEDINGS AND REGULATORY ACTIONS
</B></P>
<P align=justify>The Company has not been defendant in any potentially material
legal proceedings during this fiscal year.</P>
<P align=justify>The Company has not been a defendant in any regulatory actions
during this fiscal year. As discussed above the Company is seeking judicial
review of a federal environmental panel report on the proposed New Prosperity
project which the Company alleges contained unfounded conclusions and was the
product of a flawed hearing process. </P>
<P align=justify><B>INTEREST OF MANAGEMENT AND OTHERS IN
MATERIAL TRANSACTIONS </B></P>
<P align=justify>None of the directors or senior officers of the Company, nor
any person who has held such a position since the beginning of the last
completed financial year end of the Company, nor any associate or affiliate of
the foregoing persons, has any substantial or material interest, direct or
indirect, by way of beneficial ownership of securities or otherwise, in any
material transaction of the Company other than as set out herein. </P>
<P align=justify>HDSI is a private company with certain directors in common with
the Company and which provides geological, corporate development, administrative
and management services to, and incurs third party costs on behalf of the
Company. During 2013, the Company also made non-material investments in two
mineral exploration companies that have certain directors in common with the
Company. Refer to Note 26(c) of the Company&#146;s consolidated financial statements
for information on these transactions. </P>
<P align=justify><B>TRANSFER AGENT AND REGISTRAR
</B></P>
<P align=justify>The Company&#146;s registrar and transfer agent for its common
shares is Computershare Trust Company of Canada, located in Vancouver, British
Columbia. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_56></A>
<P align=center>- 55 - </P>
<P align=justify><B>MATERIAL CONTRACTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>Joint Venture Operating Agreement with Cariboo, dated
      March 18, 2010 whereby the Gibraltar mine is operated in a 75:25 joint
      venture with Cariboo;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Off-Take Agreement dated March 18, 2010 between the
      Company, Gibraltar and Cariboo, pursuant to which the Gibraltar Joint
      venture sells copper concentrate to Cariboo;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Purchase and Sale Agreement dated May 12, 2010 between
      Franco-Nevada Corporation and the Company, pursuant to which Franco-Nevada
      may purchase gold equal to 22% of the life-of-mine gold to be produced by
      Taseko from its proposed New Prosperity gold-copper mine; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Indenture, dated as of April 15, 2011, between the
      Company, as issuer and Parent Guarantor, Gibraltar Mines Ltd., as
      Subsidiary Guarantor, and Aley Corporation, as Subsidiary Guarantor, and
      The Bank of New York Mellon, as U.S. trustee, and BNY Trust Company of
      Canada, as Canadian Co-Trustee.</P></TD></TR></TABLE>
<P align=justify>Copies of these four agreements have been filed at
www.sedar.com. </P>
<P align=justify><B>INTERESTS OF EXPERTS </B></P>
<P align=justify>The following is a list of the persons or companies named as
having prepared or certified a statement, report or valuation, in this AIF
either directly or in a document incorporated by reference and whose profession
or business gives authority to the statement, report or valuation made by the
person or company: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(a) </TD>
    <TD>
      <P align=justify>The Company&#146;s independent auditors are KPMG LLP,
      Chartered Accountants, who have issued an independent auditors&#146; report
      dated February 18, 2014 in respect of the Company&#146;s consolidated financial
      statements as at December 31, 2013 and for the fiscal year ended December
      31, 2013 and the Company&#146;s internal control over financial reporting as at
      December 31, 2013;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(b) </TD>
    <TD>
      <P align=justify>Scott Jones, P. Eng. authored the &#147;Technical Report on
      the 357 Million Ton Increase in Mineral Reserves at the Gibraltar Mine&#148;
      dated June 24, 2011; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(c) </TD>
    <TD>
      <P align=justify>Scott Jones, P. Eng. authored the &#147;Technical Report on
      the 344 million tonne increase in mineral reserves at the New Prosperity
      Gold &#150; Copper Project&#148; dated December 17, 2009.</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(d) </TD>
    <TD>
      <P align=justify>Ronald G. Simpson, authored the &#147;Technical Report Aley
      Carbonatite Niobium Project&#148; dated March 29, 2012.</P></TD></TR></TABLE>
<P align=justify>To our knowledge, Scott Jones and Ronald Simpson do not hold,
directly or indirectly, more than 1% of our issued and outstanding common
shares.</P>
<P align=justify>KPMG are the auditors of the Company and have confirmed that
they are independent of the Company within the meaning of the &#145;Rules of
Professional Conduct&#146; of the Institute of Chartered Accountants of B.C.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_57></A>
<P align=center>- 56 - </P>
<P align=justify>Based on information provided by the relevant persons, and
except as otherwise disclosed in this AIF, none of the persons or companies
referred to above has received or will receive any direct or indirect interests
in our property or the property of an associated party or an affiliate of ours
or have any beneficial ownership, direct or indirect, of our securities or of an
associated party or an affiliate of ours. </P>
<P align=justify><B>ADDITIONAL INFORMATION </B></P>
<P align=justify>Additional information, including additional financial
information, directors&#146; and officers&#146; remuneration, indebtedness of officers,
executive stock options and interests of management and others in material
transactions, where applicable, is contained in annual financial statements,
MD&amp;A, proxy circulars and interim financial statements available at the
SEDAR internet web site (<U>www.sedar.com</U>). </P>
<P align=justify>The following documents can be obtained upon request from
Taseko&#146;s Shareholder Communication Department by calling (778) 373-4533: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(i) </TD>
    <TD>
      <P align=justify>this Annual Information Form, together with any document
      incorporated herein by reference;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(ii) </TD>
    <TD>
      <P align=justify>the Annual Report of the Company and any interim
      financial statements filed with Securities Commissions subsequent to the
      audited financial statements for the Company&#146;s most recently completed
      financial year; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(iii) </TD>
    <TD>
      <P align=justify>the Proxy Circular for the 2013 annual general meeting of
      the Company.</P></TD></TR></TABLE>
<P align=justify>The Company may require the payment of a reasonable charge from
persons, other than security holders of the Company, requesting copies of these
documents. </P>
<P align=justify><B>AUDIT AND RISK COMMITTEE </B></P>
<P align=justify>The Audit and Risk Committee has adopted a charter that sets
out its mandate and responsibilities, and is attached to this AIF as Appendix
A. </P>
<P align=justify><B>Composition of Audit and Risk Committee </B></P>
<P align=justify>The Audit and Risk Committee, consisting of Richard Mundie,
Wayne Kirk and Alex Morrison, reviews all financial statements of the Company
prior to their publication, reviews audits, considers the adequacy of audit
procedures, recommends the appointment of independent auditors, reviews and
approves the professional services to be rendered by them and reviews fees for
audit services. The charter has set criteria for membership which all members of
the Audit and Risk Committee are required to meet consistent with National
Instrument 52-110 <I>Audit Committees </I>and other applicable regulatory
requirements. The Audit and Risk Committee, as needed, meets separately (without
management present) with the Company&#146;s auditors to discuss the various aspects
of the Company&#146;s financial statements and the independent audit. </P>
<P align=justify>Each Audit and Risk Committee member is an independent director
and is financially literate. Mr. Mundie is the Audit and Risk Committee&#146;s
chairman. Mr. Morrison is a financial expert. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_58></A>
<P align=center>- 57 - </P>
<P align=justify><B>Relevant Education and Experience</B></P>
<P align=justify>Disclosure respecting the education and experience of the Audit
and Risk Committee is provided in their biographies above. As a result of their
education and experience, each member of the Audit Committee has familiarity
with, an understanding of, or experience in:</P>
<UL style="TEXT-ALIGN: justify">
  <LI>the accounting principles used by the Company to prepare its financial
  statements, and the ability to assess the general application of those
  principles in connection with estimates, accruals and reserves;
  <LI>reviewing or evaluating financial statements that present a breadth and
  level of complexity of accounting issues that are generally comparable to the
  breadth and complexity of issues that can reasonably be expected to be raised
  by the Company&#146;s financial statements, and
  <LI>internal controls and procedures for financial reporting. </LI></UL>
<P align=justify><B>Code of Ethics </B></P>
<P align=justify>The Company has adopted a code of ethics that applies to all
directors, officers and employees of the Company, including the Chief Executive
Officer, Chief Operating Officer, Chief Financial Officer and other senior
finance staff. A copy of the Code of Ethics, which is included as a part of the
Company&#146;s Governance Policies and Procedures Manual, is available on the
Company&#146;s website at <U>www.tasekomines.com</U> and at the SEDAR internet web
site <U>www.sedar.com</U>.</P>
<P align=justify><B>Principal Accountant Fees and Services </B></P>
<P align=justify>The following table discloses the aggregate fees billed for
each of the last two years for professional services rendered by the Company&#146;s
audit firm for various services. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left ><B>Services:</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="17%" align=right nowrap><B>Year ended</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="17%" align=right nowrap><B>Year 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
      width="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 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="17%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2012</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
    >Audit Fees </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;441,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>&nbsp;462,500 </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
      >Audit Related Fees<SUP>1</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">&#150; </TD>
    <TD style="BORDER-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="17%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Tax Fees </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="17%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%"
    bgColor=#e6efff>&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >All
      Other Fees </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">&#150; </TD>
    <TD style="BORDER-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="17%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff >&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="17%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Total </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">&nbsp;441,600 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%">&nbsp;462,500 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>(1) &#147;Audit-Related Fees&#148; include services that are
traditionally performed by the auditor.</P>
<P align=justify><B>Pre-Approval Policies and Procedures </B></P>
<P align=justify>Management of the Company requests approval from the Audit and
Risk Committee for all audit and non-audit services to be provided by the
Company&#146;s auditors. The Audit and Risk Committee pre-approves all such services
with set maximum dollar amounts for each itemized service. During such
deliberations, the Audit and Risk Committee assesses, among other factors,
whether the services requested would be considered &#147;prohibited services&#148; as
contemplated under Canadian independence standards and by the US Securities and
Exchange Commission, and whether the services requested and the fees related to
such services could impair the independence of the auditors. No audit-related
fees, tax fees or other non-audit fees for such &#147;prohibited services&#148; were
approved by the Audit and Risk Committee. </P>
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<A name=page_59></A>
<P align=center><B>APPENDIX A </B></P>
<P align=center><B>Audit and Risk Committee Charter </B></P>
<P align=justify><B><I>1. Purpose: Responsibilities and Authority </I></B></P>
<P align=justify>The Audit and Risk Committee (the &#147;Audit Committee&#148; or
&#147;Committee&#148;) shall carry out its responsibilities under applicable laws,
regulations and stock exchange requirements with respect to the employment,
compensation and oversight of the Company&#146;s independent auditor, and other
matters under the authority of the Committee. The Committee also shall assist
the Board of Directors in carrying out its oversight responsibilities relating
to the Company&#146;s financial, accounting and reporting processes, the Company&#146;s
system of internal accounting and financial controls, the Company&#146;s compliance
with related legal and regulatory requirements, and the fairness of transactions
between the Company and related parties. In furtherance of this purpose, the
Committee shall have the following responsibilities and authority: </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(a)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Relationship with Independent Auditor.</I></STRONG> </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>Subject to the law of British Columbia as to the role of the
Shareholders in the appointment of independent auditors, the Committee shall
have the sole authority to appoint or replace the independent auditor. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall be directly responsible for the compensation and
oversight of the work of the independent auditor (including resolution of
disagreements between management and the independent auditor regarding financial
reporting) for the purpose of preparing or issuing an audit report or related
work.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The independent auditor shall report directly to the Committee. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iv)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall approve in advance all audit and permitted
non-audit services with the independent auditor, including the terms of the
engagements and the fees payable; provided that the Committee Chairman may
approve services to be performed by the independent auditors and the fee
therefor between Committee meetings if the amount of the fee does not exceed
$50,000, provided that any such approval shall be reported to the Committee at
the next meeting thereof. The Committee may delegate to a subcommittee the
authority to grant pre-approvals of audit and permitted non-audit services,
provided that the decision of any such subcommittee shall be presented to the
full Committee at its next scheduled meeting. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(v)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>&nbsp;At least annually, the Committee shall review and evaluate the
experience and qualifications of the lead partner and senior members of the
independent auditor team. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(vi)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
At least annually, the Committee shall obtain and review a report from the
independent auditor regarding: </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
the independent auditor&#146;s internal quality-control procedures; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(B)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
any material issues raised by the most recent internal quality-control review,
or peer review, of the auditor, or by any inquiry or investigation by governmental or
professional authorities within the preceding five years respecting one or more
independent audits carried out by the firm; </P>
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<P align=center>- 2 - </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(C)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>any steps taken to deal with any such issues; and </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(D)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>all relationships between the independent auditor and the Company.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(vii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>At least annually, the Committee shall evaluate the qualifications,
performance and independence of the independent auditor, including considering
whether the auditor&#146;s quality controls are adequate and the provision of
permitted non-audit services is compatible with maintaining the auditor&#146;s
independence.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(viii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall ensure the rotation of the lead (or coordinating)
audit partner having primary responsibility for the audit, the concurring
partner responsible for reviewing the audit, and other audit partners as
required by law.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ix)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall consider whether, in order to assure continuing
auditor independence, it is appropriate to adopt a policy of rotating the
independent auditing firm on a regular basis. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(x)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall recommend to the Board policies for the Company&#146;s
hiring of employees or former employees of the independent auditor who were
engaged on the Company&#146;s account or participated in any capacity in the audit of
the Company. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(xi)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall oversee the implementation by management of
appropriate information technology systems for the Company, including as
required for proper financial reporting and compliance. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(b)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Financial Statement and Disclosure Review.</I></STRONG> </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>&nbsp;The Committee shall review and discuss with management and the
independent auditor the annual audited financial statements, including
disclosures made in management&#146;s discussion and analysis, and recommend to the
Board whether the audited financial statements should be filed with applicable
securities regulatory authorities and included in the Company&#146;s annual reports.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall review and discuss with management (and, to the
extent the Committee deems it necessary or appropriate, the independent auditor)
the Company&#146;s quarterly financial statements, including disclosures made in
management&#146;s discussion and analysis, and recommend to the Board whether such
financial statements should be filed with applicable securities regulatory
authorities. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iii)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
The Committee shall review and discuss with management and the independent
auditor significant financial reporting issues and judgments made in connection
with the preparation of the Company&#146;s financial statements, including the
independent auditor&#146;s assessment of the quality of the Company&#146;s accounting principles, any significant changes in
the Company&#146;s selection or application of accounting principles, any major
issues as to the adequacy of the Company&#146;s internal controls over financial
reporting, and any special steps adopted in light of material control
deficiencies. </P>
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<P align=center>- 3 - </P>
<P style="MARGIN-LEFT: 10%" align=justify>(iv)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>At least annually and prior to the publication of annual audited
financial statements, the Committee shall review and discuss with management and
the independent auditor a report from the independent auditor on: </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
all critical accounting policies and practices used by the Company; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(B)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>all alternative accounting treatments of financial information that
have been discussed with management since the prior report, ramifications of the
use of such alternative disclosures and treatments, the treatment preferred by
the independent auditor, and an explanation of why the independent auditor&#146;s
preferred method was not adopted; and. </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(C)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>other material written communications between the independent auditor
and management since the prior report, such as any management letter or schedule
of unadjusted differences, the development, selection and disclosure of critical
accounting estimates, and analyses of the effect of alternative assumptions,
estimates or GAAP methods on the Company&#146;s financial statements. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(v)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>Prior to their filing or issuance, the Committee shall review the
Company&#146;s Annual Information Form/Annual Report to the SEC, quarterly and annual
earnings press releases, and other financial press releases, including the use
of &#147;pro forma&#148; or &#147;adjusted&#148; non-GAAP information. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(vi)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall review and discuss with management the financial
information and earnings guidance provided to analysts and rating agencies. Such
discussion may be specific or it may be in general regarding the types of
information to be disclosed and the types of presentations to be made. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(c)&nbsp;<B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<EM>Conduct of the Annual Audit</EM></B>. The Committee shall oversee the annual
audit, and in the course of such oversight the Committee shall have the
following responsibilities and authority:</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall meet with the independent auditor prior to the
audit to discuss the planning and conduct of the annual audit, and shall meet
with the independent auditor as may be necessary or appropriate in connection
with the audit. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall ascertain that the independent auditor is
registered and in good standing with the Canadian Public Accounting Board and
the Public Company Accounting Oversight Board and that the independent auditor
satisfies all applicable Canadian independence standards, Independence Standards
Board Standard No. 1, and SEC Regulation S-X, Section 2-01. The Committee shall
obtain from the auditor a written statement delineating all relationships
between the auditor and the Company as per ISB Standard 1, and review
relationships that may impact the objectivity and independence of the
auditor.</P>
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<A name=page_62></A>
<P align=center>- 4 - </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall discuss with the independent auditor the matters
required to be discussed by Statement on Auditing Standards No. 61 relating to
the conduct of the audit, including </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(A)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
the adoption of, or changes to, the Company&#146;s significant auditing and
accounting principles and practices as suggested by the independent auditor,
internal auditors or management; </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(B)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>the management letter provided by the independent auditor and the
Company&#146;s response to that letter; and </P>
<P style="MARGIN-LEFT: 15%"
align=justify>(C)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>any difficulties encountered in the course of the audit work, including
any restrictions on the scope of activities or access to requested information,
and any significant disagreements with management. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iv)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall obtain from the independent auditor assurance that
the audit was conducted in a manner consistent with Section 10A of the
Securities Exchange Act of 1934 and that, in the course of conducting the audit,
the independent auditor has not become aware of information indicating that an
illegal act has or may have occurred or, if such an act may have occurred, that
the independent auditor has taken all action required by Section 10A(b) of the
Securities Exchange Act of 1934. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(v)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>&nbsp;The Committee shall make such inquiries to the management and the
independent auditor as the Committee members deem necessary or appropriate to
satisfy themselves regarding the efficacy of the Company&#146;s financial and
internal controls and procedures and the auditing process.</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(d)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<I>Compliance and Oversight.</I></STRONG> </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall meet periodically with management and the
independent auditor in separate executive sessions. The Committee may also, to
the extent it deems necessary or appropriate, meet with the Company&#146;s investment
bankers and financial analysts who follow the Company.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall discuss with management and the independent auditor
the effect of regulatory and accounting initiatives as well as off-balance sheet
structures on the Company&#146;s financial statements.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall discuss with management the Company&#146;s major
financial risk exposures and the steps management has taken to monitor and
control such exposures, including the Company&#146;s risk assessment and risk
management policies, and regularly review the top risks identified by management
and the policies and practices adopted by the Company to mitigate those risks.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iv)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>At least annually and prior to the filing of the AIF/Annual Report to
the SEC, the Committee shall review with management and the independent auditor
the disclosure controls and procedures and confirm that the Company (with CEO
and CFO participation) has evaluated the effectiveness of the design and
operation of the controls within 90 days prior to the date of filing of the AIF/Annual Report to the SEC. The
Committee also shall review with management and the independent auditor any
deficiencies in the design and operation of internal controls and significant
deficiencies or material weaknesses therein and any fraud involving management
or other employees who have a significant role in the Company&#146;s internal
controls. As a part of that review, the Committee shall review the process
followed in preparing and verifying the accuracy of the required CEO and CFO
annual certifications. </P>
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<P align=center>- 5 - </P>
<P style="MARGIN-LEFT: 10%" align=justify>(v)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>At least annually and prior to the filing of the AIF/Annual Report to
the SEC, the Committee shall review with management and the independent auditor
management&#146;s internal control report and assessment of the internal controls and
procedures, and the independent auditor&#146;s report on and assessment of the
internal controls and procedures.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(vi)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
The Committee shall establish procedures for the receipt, retention and
treatment of complaints received by the Company regarding accounting, internal
accounting controls or auditing matters, and the confidential, anonymous
submission by employees of concerns regarding questionable accounting or
auditing matters. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(vii)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
The Committee shall discuss with management and the independent auditor any
correspondence with regulators or governmental agencies and any employee
complaints or reports which raise material issues regarding the Company&#146;s
financial statements or accounting policies. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(viii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>At least annually, the Committee shall meet with the Company&#146;s legal
counsel and discuss any legal matters that may have a material impact on the
financial statements or the Company&#146;s compliance policies. </P>
<P style="MARGIN-LEFT: 10%" align=justify>(ix)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; </STRONG>The Committee shall oversee
the preparation of reports relating to the Audit Committee required under
applicable laws, regulations and stock exchange requirements.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(x)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp; </STRONG>The Committee shall exercise oversight with respect to
anti-fraud programs and controls </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(e)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
<B><I>Related Party Transactions.</I></B> </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall review for fairness to the Company proposed
transactions, contracts and other arrangements between the Company and its
subsidiaries and any related party or affiliate, and make recommendations to the
Board whether any such transactions, contracts and other arrangements should be
approved or continued. The foregoing shall not include any compensation payable
pursuant to any plan, program, contract or arrangement subject to the authority
of the Company&#146;s Compensation Committee.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>As used herein the term &#147;related party&#148; means any officer or director
of the Company or any subsidiary, or any shareholder holding a greater than 10%
direct or indirect financial or voting interest in the Company, and the term
&#147;affiliate&#148; means any person, whether acting alone or in concert with others,
that has the power to exercise a
controlling influence over the Company and its subsidiaries. "Related party"
includes Hunter Dickinson Services Inc.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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<P align=center>- 6 - </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(f)<B><EM>&nbsp;</EM>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
<EM>Additional duties. </EM></B>The Committee shall perform the following
additional duties: </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(i)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall review and recommend hedging and dividend policies.</P>
<P style="MARGIN-LEFT: 10%"
align=justify>(ii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall oversee the Company&#146;s insurance program and approve
insurance policy limits. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iii)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall review the appointment of senior financial
personnel and make recommendations to the Board of Directors regarding the
appointment of the Chief Financial Officer. </P>
<P style="MARGIN-LEFT: 10%"
align=justify>(iv)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</STRONG>The Committee shall recommend to the Nominating and Governance
Committee the qualifications and criteria for membership on the Committee. </P>
<P align=justify><B><I>2. Structure and Membership </I></B></P>
<P style="MARGIN-LEFT: 5%"
align=justify>(f)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Number and qualification</STRONG>. The Committee shall consist of three persons
unless the Board should from time to time otherwise determine. All members of
the Committee shall meet the experience and financial literacy requirements of
National Instrument NI 52-110 and the rules of the Toronto Stock Exchange and
the NYSE MKT. At least one member of the Committee shall be a &#147;financial expert&#148;
as defined in Item 407 of SEC Regulation S-K.</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(g)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Selection and Removal</STRONG>. Members of the Committee shall be appointed by
the Board, upon the recommendation of the Nominating and Corporate Governance
Committee. The Board may remove members of the Committee at any time with or
without cause. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(h)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Independence</STRONG>. All of the members of the Committee shall be
&#147;independent&#148; as required for audit committees by National Instrument NI 52-110,
the rules of the Toronto Stock Exchange and the NYSE MKT, and SEC Rule 10A-3.</P>
<P style="MARGIN-LEFT: 5%"
align=justify>(i)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Chair</STRONG>. Unless the Board elects a Chair of the Committee, the Committee
shall elect a Chair by majority vote. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(j)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Compensation</STRONG>. The compensation of the Committee shall be as determined
by the Board. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(k)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
<B>Term</B>. Members of the Committee shall be appointed for one-year terms.
Each member shall serve until his or her replacement is appointed, or until he
or she resigns or is removed from the Board or the Committee. </P>
<P align=justify><B><I>3. Procedures and Administration</I></B></P>
<P style="MARGIN-LEFT: 5%"
align=justify>(l)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Meetings</STRONG>. The Committee shall meet as often as it deems necessary in
order to perform its responsibilities, but not less than quarterly. The
Committee shall keep minutes of its meetings and any other records as it deems
appropriate. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_65></A>
<P align=center>- 7 - </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(m)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Subcommittees</STRONG>. The Committee may form and delegate authority to one or
more subcommittees, consisting of at least one member, as it deems appropriate
from time to time under the circumstances. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(n)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Reports to the Board</STRONG>. The Committee shall regularly report to the Board
with respect to such matters as are relevant to the Committee&#146;s discharge of its
responsibilities, and shall report in writing on request of the Chairman of the
Board. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(o)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
<B>Charter</B>. The Committee shall, at least annually, review and reassess the
adequacy of this Charter and recommend any proposed changes to the Board for
approval. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(p)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Independent Advisors</STRONG>. The Committee shall have the authority to engage
such independent legal and other advisors as it deems necessary or appropriate
to carry out its responsibilities. Such independent advisors may be regular
advisors to the Company. The Committee is empowered, without further action by
the Board, to cause the Company to pay appropriate compensation to advisors
engaged by the Committee. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(q)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Investigations</STRONG>. The Committee shall have the authority to conduct or
authorize investigations into any matters within the scope of its
responsibilities as it deems appropriate, including the authority to request any
Officer or other person to meet with the Committee and to access all Company
records. </P>
<P style="MARGIN-LEFT: 5%"
align=justify>(r)&nbsp;<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Annual Self-Evaluation</STRONG>. The Committee shall evaluate its own
performance at least annually. </P>
<P align=justify><B><I>4. Additional Powers </I></B></P>
<P align=justify>The Committee shall have such other duties as may be delegated
from time to time by the Board of Directors. </P>
<P align=justify><B><I>5. Limitation of Committee&#146;s Role</I></B></P>
<P align=justify>While the Committee has the responsibilities and powers set
forth in this Charter, it is not the duty of the Committee to plan or conduct
audits or to determine that the Company&#146;s financial statements and disclosures
are complete and accurate and are in accordance with GAAP and applicable rules
and regulations. These are the responsibilities of management and the
independent auditor. </P>
<P align=justify><B><EM>6. Committee Member Independence, Financial
Literacy and Financial Expert Requirements </EM></B></P>
<P
align=justify><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Independence</B></P>
<P
align=justify>(s)<STRONG>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</STRONG>
See Appendix 2 of the Company&#146;s Corporate Governance Overview and Guidelines.</P>
<P
align=justify><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Financial Literacy and Financial Expert Requirements </B></P>
<P align=justify><B>NI 52-110 </B></P>
<P align=justify>Section 3.1(4) states that each audit committee member must be
financially literate. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_66></A>
<P align=center>- 8 - </P>
<P align=justify>Section 1.6 defines the meaning of financial literacy as
follows: </P>
<P align=justify>&#147;For the purposes of this Instrument, an individual is
financially literate if he or she has the ability to read and understand a set
of financial statements that present a breadth and level of complexity of
accounting issues that are generally comparable to the breadth and complexity of
the issues that can reasonably be expected to be raised by the issuer&#146;s
financial statements.&#148; </P>
<P align=justify><B>NYSE MKT Section 803(B)(2)(a)(iii) </B></P>
<P align=justify>Each issuer must have an Audit Committee of at least three
members, each of whom: </P>
<P align=justify>&#147;is able to read and understand fundamental financial
statements, including a company&#146;s balance sheet, income statement, and cash flow
statement. Additionally, each issuer must certify that it has, and will continue
to have, at least one member of the audit committee who is financially
sophisticated, in that he or she has past employment experience in finance or
accounting, requisite professional certification in accounting, or any other
comparable experience or background which results in the individual&#146;s financial
sophistication, including but not limited to being or having been a chief
executive officer, chief financial officer, other senior officer with financial
oversight responsibilities. A director who qualifies as an audit committee
financial expert under Item 407(d)(5)(ii) of Regulation S-K is presumed to
qualify as financially sophisticated.&#148; </P>
<P align=justify><B>ITEM 407(d)(5)(ii) 0F REGULATION S-K, DEFINITION OF
FINANCIAL EXPERT </B></P>
<P align=justify>For purposes of this Item, an audit committee financial expert
means a person who has the following attributes: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>An understanding of generally accepted accounting
      principles and financial statements;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>The ability to assess the general application of such
      principles in connection with the accounting for estimates, accruals and
      reserves;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>Experience preparing, auditing, analyzing or evaluating
      financial statements that present a breadth and level of complexity of
      accounting issues that are generally comparable to the breadth and
      complexity of issues that can reasonably be expected to be raised by the
      small business issuer&#146;s financial statements, or experience actively
      supervising one or more persons engaged in such activities;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>An understanding of internal control over financial
      reporting; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(E) </TD>
    <TD>
      <P align=justify>An understanding of audit committee
  functions.</P></TD></TR></TABLE>
<P align=justify>A person shall have acquired such attributes through:</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(A) </TD>
    <TD>
      <P align=justify>Education and experience as a principal financial
      officer, principal accounting officer, controller, public accountant or
      auditor or experience in one or more positions that involve the
      performance of similar functions;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(B) </TD>
    <TD>
      <P align=justify>Experience actively supervising a principal financial
      officer, principal accounting officer, controller, public accountant,
      auditor or person performing similar
functions;</P></TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_67></A>
<P align=center>- 9 - </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(C) </TD>
    <TD>
      <P align=justify>Experience overseeing or assessing the performance of
      companies or public accountants with respect to the preparation, auditing
      or evaluation of financial statements; or</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(D) </TD>
    <TD>
      <P align=justify>Other relevant experience.</P></TD></TR></TABLE><BR>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit99-6.htm
<DESCRIPTION>EXHIBIT 99.6
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Ltd.: Exhibit 99.6 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">

<P><A name=page_1></A>&nbsp;</P>
<P align=center><IMG
src="lrglogo.jpg"
border=0> <BR>
</P>
<P align=center><FONT size=4>Consolidated Financial Statements</FONT><BR><FONT
size=4>December 31, 2013 and 2012</FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<P align=justify><B>MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL STATEMENTS
</B></P>
<P align=justify>The consolidated financial statements, the notes thereto and
other financial information contained in the Management&#146;s Discussion and
Analysis have been prepared in accordance with International Financial Reporting
Standards as issued by the International Accounting Standards Board and are the
responsibility of the management of Taseko Mines Limited. The financial
information presented elsewhere in the Management&#146;s Discussion and Analysis is
consistent with the data that is contained in the consolidated financial
statements. The consolidated financial statements, where necessary, include
amounts which are based on the best estimates and judgment of management. </P>
<P align=justify>In order to discharge management&#146;s responsibility for the
integrity of the financial statements, the Company maintains a system of
internal accounting controls. These controls are designed to provide reasonable
assurance that the Company&#146;s assets are safeguarded, transactions are executed
and recorded in accordance with management&#146;s authorization, proper records are
maintained and relevant and reliable financial information is produced. These
controls include maintaining quality standards in hiring and training of
employees, establishing policies and procedures, a corporate code of conduct and
ensuring that there is proper accountability for performance within appropriate
and well-defined areas of responsibility. </P>
<P align=justify>The Board of Directors is responsible for overseeing
management&#146;s performance of its responsibilities for financial reporting and
internal control. The Audit Committee, which is composed of non-executive
directors, meets with management as well as the external auditors to ensure that
management is properly fulfilling its financial reporting responsibilities to
the Directors who approve the consolidated financial statements. The external
auditors have full and unrestricted access to the Audit Committee to discuss the
scope of their audits, the adequacy of the system of internal controls and
review financial reporting issues. </P>
<P align=justify>The consolidated financial statements have been audited by KPMG
LLP, the Company&#146;s independent registered chartered accountants, in accordance
with Canadian generally accepted auditing standards. </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>/s/ Russell Hallbauer </TD>
    <TD align=left width="50%">/s/ Stuart McDonald </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Russell Hallbauer </TD>
    <TD align=left width="50%">Stuart McDonald </TD></TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD align=left width="50%">Chief Financial Officer </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Vancouver, British Columbia </TD>
    <TD align=left width="50%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>February 18, 2014 </TD>
    <TD align=left width="50%">&nbsp; </TD></TR></TABLE><BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<P align="justify"><b>MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</b></P>
<p align="justify">The Company&rsquo;s management, including the Chief Executive  Officer and the Chief Financial Officer, is responsible for establishing and  maintaining adequate internal control over financial reporting. Internal  control over financial reporting is defined in Rule 13a-15(f) and Rule  15d-15(f) promulgated under the Securities Exchange Act of 1934, as amended  (the &ldquo;Exchange Act&rdquo;) as a process designed by, or under the supervision of, the  Company&rsquo;s principal executive and principal financial officers and effected by the  Company&rsquo;s Board of Directors, management and other personnel, to provide  reasonable assurance regarding the reliability of financial reporting and the  preparation of financial statements for external purposes in accordance with International  Financial Reporting Standards. The Company&rsquo;s internal control over financial  reporting includes those policies and procedures that:</p>
<ul>
  <li>
    <div align="justify">pertain to the maintenance of records  that, in reasonable detail, accurately and fairly reflect the transactions and  dispositions of the assets of the Company;<br>
&nbsp;</div>
  </li>
  <li>
    <div align="justify">provide reasonable assurance that  transactions are recorded as necessary to permit preparation of financial  statements in accordance with generally accepted accounting principles, and  that receipts and expenditures of the Company are being made only in accordance  with authorizations of management and directors of the Company; and<br>
    &nbsp;</div>
  </li>
  <li>
    <div align="justify">provide reasonable assurance regarding  prevention or timely detection of unauthorized acquisition, use or disposition  of the Company&rsquo;s assets that could have a material effect on the financial  statements</div>
  </li>
</ul>
<p align="justify">The Company&rsquo;s management, under the supervision of the Chief  Executive Officer and the Chief Financial Officer, assessed the effectiveness  of the Company&rsquo;s internal control over financial reporting as defined in Rule  13a-15(f) and Rule 15d-15(f) under the Exchange Act as of December 31, 2013. In  making this assessment, it used the criteria set forth in the Internal  Control-Integrated Framework issued by the Committee of Sponsoring  Organizations of the Treadway Commission (COSO). Based on this assessment,  management has concluded that, as of December 31, 2013, the Company&rsquo;s internal  control over financial reporting is effective based on those criteria. </p>
<p align="justify">The effectiveness of the Company&rsquo;s internal control over  financial reporting as of December 31, 2013 has been audited by KPMG LLP, the  Company&rsquo;s independent registered chartered accountants, as stated in their  report immediately preceding the Company&rsquo;s audited consolidated financial  statements for the years ended December 31, 2013 and 2012.</p>
<TABLE width="100%" border=0 cellPadding=0
cellSpacing=0
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; ">
  <TR vAlign=top>
    <TD align=left>/s/ Russell Hallbauer </TD>
    <TD align=left width="50%">/s/ Stuart McDonald </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Russell Hallbauer </TD>
    <TD align=left width="50%">Stuart McDonald </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Chief Executive Officer </TD>
    <TD align=left width="50%">Chief Financial Officer </TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
  </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD width="50%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Vancouver, British Columbia </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>February 18, 2014 </TD>
    <TD align=left width="50%">&nbsp;</TD>
  </TR>
</TABLE>
<br>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>&nbsp;<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top align=left  rowSpan=7><IMG
      src="logo.jpg"
      border=0></TD>
    <TD align=left width="33%" >&nbsp;</TD>
    <TD align=left width="33%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left width="33%" >&nbsp;</TD>
    <TD align=left width="33%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%"><B>KPMG LLP </B></TD>
    <TD align=left width="33%">Telephone&nbsp;&nbsp;&nbsp; &nbsp;(604)
      691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%"><B>Chartered Accountants </B></TD>
    <TD align=left
      width="33%">Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left
      width="33%">Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="33%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Canada </TD>
    <TD align=left width="33%">&nbsp;</TD></TR></TABLE>
<P align=center><B><FONT size=4>INDEPENDENT AUDITORS&rsquo; REPORT OF REGISTERED PUBLIC ACCOUNTING FIRM </FONT></B></P>
<P align=justify>To the Shareholders of Taseko Mines Limited </P>
<p align="justify">We have audited the  accompanying consolidated balance sheets of Taseko Mines Limited as of December  31, 2013 and December 31, 2012 and the related consolidated statements of  comprehensive income (loss), changes in equity and cash flows for the years  then ended. These consolidated financial statements are the responsibility of  Taseko Mines Limited's management. Our responsibility is to express an opinion  on these consolidated financial statements based on our audits.</p>
<p align="justify"> We conducted our audits in  accordance with the standards of the Public Company Accounting Oversight Board  (United States). Those standards require that we plan and perform the audit to  obtain reasonable assurance about whether the financial statements are free of  material misstatement. An audit includes examining, on a test basis, evidence  supporting the amounts and disclosures in the financial statements. An audit  also includes assessing the accounting principles used and significant  estimates made by management, as well as evaluating the overall financial  statement presentation. We believe that our audits provide a reasonable basis  for our opinion.</p>
<p align="justify"> In our opinion, the  consolidated financial statements referred to above present fairly, in all  material respects, the consolidated financial position of Taseko Mines Limited  as of December 31, 2013 and December 31, 2012, and its consolidated financial  performance and its consolidated cash flows for the years then ended in  conformity with International Financial Reporting Standards as issued by the  International Accounting Standards Board.</p>
<p align="justify"> As discussed in Note 2 to  the consolidated financial statements, Taseko Mines Limited has restated its  December 31, 2012 balance sheet to correct a misstatement in its method of  accounting for royalty obligations and included the presentation of the balance  sheet as at January 1, 2012.</p>
<p align="justify">As discussed in Note 27 to the consolidated financial  statements, Taseko Mines Limited changed its method of accounting for deferred  stripping costs effective January 1, 2012 due to the adoption of IFRIC 20 <i>Stripping Costs in the Production Phase of a  Surface Mine</i>.</p>
<p>&nbsp; </p>
<P style="MARGIN-LEFT: 35%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG LLP. </FONT></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>&nbsp;<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD align=left >&nbsp;<IMG
      src="smlogo.jpg"
      border=0></TD>
  </TR>
  <TR vAlign=top>
    <TD align=right><I>Taseko Mines Limited</I> </TD></TR>
  <TR vAlign=top>
    <TD align=right><I>Page 2</I> </TD></TR></TABLE>
<p align="justify">We also have audited, in  accordance with the standards of the Public Company Accounting Oversight Board  (United States), Taseko Mines Limited&rsquo;s internal control over financial  reporting as of December&nbsp;31, 2013, based on the criteria established in  Internal Control &ndash; Integrated Framework (1992) issued by the Committee of  Sponsoring Organizations of the Treadway Commission (COSO), and our report  dated March 13, 2014 expressed an unqualified opinion on the effectiveness of  Taseko Mines Limited&rsquo;s internal control over financial reporting.</p>
<P align=justify>&nbsp;</P>
<p><b>\\s\\&nbsp;  KPMG LLP</b><br>
  Chartered Accountants</p>
<p>March 13,  2014<br>
  Vancouver, Canada</p>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
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  <TR>
    <TD vAlign=top align=left  rowSpan=7><IMG
      src="logo.jpg"
      border=0></TD>
    <TD align=left width="33%" >&nbsp;</TD>
    <TD align=left width="33%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left width="33%" >&nbsp;</TD>
    <TD align=left width="33%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%"><B>KPMG LLP </B></TD>
    <TD align=left width="33%">Telephone&nbsp;&nbsp;&nbsp; &nbsp;(604)
      691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%"><B>Chartered Accountants </B></TD>
    <TD align=left
      width="33%">Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left
      width="33%">Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="33%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Canada </TD>
    <TD align=left width="33%">&nbsp;</TD></TR></TABLE>
<P align=center><B><FONT size=4>REPORT OF INDEPENDENT REGISTERED PUBLIC
ACCOUNTING FIRM</FONT></B></P>
<p align="justify">To the Board of Directors and  Shareholders of Taseko Mines Limited</p>
<p align="justify">We have audited Taseko  Mines Limited (the &ldquo;Company&quot;)&rsquo;s internal control over financial reporting  as of December 31, 2013 based on criteria established in <i>Internal Control&mdash;Integrated Framework (1992)</i> issued by the  Committee of Sponsoring Organizations of the Treadway Commission (COSO). The  Company's management is responsible for maintaining effective internal control  over financial reporting and for its assessment of the effectiveness of  internal control over financial reporting. Our responsibility is to express an  opinion on the Company's internal control over financial reporting based on our  audit.</p>
<p align="justify"> We conducted our audit in  accordance with the standards of the Public Company Accounting Oversight Board  (United States). Those standards require that we plan and perform the audit to  obtain reasonable assurance about whether effective internal control over  financial reporting was maintained in all material respects. Our audit included  obtaining an understanding of internal control over financial reporting,  assessing the risk that a material weakness exists, and testing and evaluating  the design and operating effectiveness of internal control based on the  assessed risk. Our audit also included performing such other procedures as we  considered necessary in the circumstances. We believe that our audit provides a  reasonable basis for our opinion.</p>
<p align="justify"> A company's internal  control over financial reporting is a process designed to provide reasonable  assurance regarding the reliability of financial reporting and the preparation  of financial statements for external purposes in accordance with generally  accepted accounting principles. A company's internal control over financial  reporting includes those policies and procedures that (1) pertain to the  maintenance of records that, in reasonable detail, accurately and fairly  reflect the transactions and dispositions of the assets of the company; (2)  provide reasonable assurance that transactions are recorded as necessary to  permit preparation of financial statements in accordance with generally  accepted accounting principles, and that receipts and expenditures of the  company are being made only in accordance with authorizations of management and  directors of the company; and (3) provide reasonable assurance regarding  prevention or timely detection of unauthorized acquisition, use, or disposition  of the company's assets that could have a material effect on the financial  statements. </p>
<p align="justify">Because of its inherent limitations, internal control  over financial reporting may not prevent or detect misstatements. Also, projections  of any evaluation of effectiveness to future periods are subject to the risk  that controls may become inadequate because of changes in conditions, or that  the degree of compliance with the policies or procedures may deteriorate. </p>
<p>&nbsp; </p>
<P style="MARGIN-LEFT: 35%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG LLP. </FONT></P>
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    <TD align=left >&nbsp;<IMG
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  </TR>
  <TR vAlign=top>
    <TD align=right><I>Taseko Mines Limited</I> </TD></TR>
  <TR vAlign=top>
    <TD align=right><I>Page 2</I> </TD></TR></TABLE>
<p align="justify">In our opinion, the Company  maintained, in all material respects, effective internal control over financial  reporting as of December 31, 2013, based on criteria established in <i>Internal Control&mdash;Integrated Framework (1992)</i> issued by the Committee of Sponsoring Organizations of the Treadway Commission  (COSO).</p>
<p align="justify"> We also have audited, in  accordance with the standards of the Public Company Accounting Oversight Board  (United States), the consolidated balance sheets of the Company and  subsidiaries as of December&nbsp;31, 2013 and 2012 and the related consolidated  statements of comprehensive income (loss), changes in equity and cash flows for  the years then ended, and our report dated March 13, 2014 expressed an  unqualified opinion on those consolidated financial statements</p>
<P align=justify>&nbsp;</P>
<p><b>\\s\\&nbsp;  KPMG LLP</b><br>
  Chartered Accountants</p>
<p>March 13,  2014<br>
  Vancouver, Canada</p>
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  <TR vAlign=top>
    <TD align=left><FONT color=#0080ff size="4"><B>TASEKO MINES
      LIMITED</B> </FONT></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Comprehensive Income (Loss)
  </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands, except share and per share amounts) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap  >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="14%" align=left nowrap >&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="14%" align=right nowrap >For the years ended </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap  >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="14%" align=left nowrap >&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="14%" align=right nowrap >December 31, </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap  >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="14%" align=right nowrap >2013 </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="14%" align=right nowrap >2012 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
     >Note </TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="14%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp; </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="14%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >(Restated note 27</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Revenues </TD>
    <TD align=center width="8%"  bgColor=#e6efff >5
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >290,056 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >253,607 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cost of sales </TD>
    <TD align=center width="8%"  >6 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Production costs </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(213,056</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(172,267</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Depletion
      and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >(34,067</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="14%"
    >(21,026</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings from mining operations </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >42,933 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >60,314 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>General and administrative </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(16,236</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(19,084</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Exploration and evaluation </TD>
    <TD align=center width="8%"  >15c </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(10,294</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(17,807</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other (expenses) income </TD>
    <TD align=center width="8%"  bgColor=#e6efff >8
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(2,880</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(29,158</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Write-down of
      marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     >13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >(13,984</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="14%"
    >- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income (loss) before financing costs and
      income taxes </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(461</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(5,735</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Finance expenses </TD>
    <TD align=center width="8%"  bgColor=#e6efff >9
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(25,399</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(14,211</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Finance income </TD>
    <TD align=center width="8%"  >10 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >6,214 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >12,092 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Foreign exchange gain (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff >(12,534</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="14%"
    bgColor=#e6efff >(701</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Income (loss) before income taxes </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(32,180</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(8,555</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Income tax
      recovery (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     >11 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >(2,659</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="14%"
    >(584</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>Net income (loss) for the year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff ><B>(34,839</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="14%"
    bgColor=#e6efff ><B>(9,139</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff><B>)</B> </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other comprehensive income (loss), net of tax </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Unrealized income (loss) on
      available-for-sale financial assets </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >2,095 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(2,726</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;&nbsp; Reclassification for permanent impairment on
      available for sale <BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; financial
      assets, included in the net loss </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >8,213 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;&nbsp; Reclassification of realized loss (gain) on
      available-<BR>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; for-sale financial
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     bgColor=#e6efff >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff >- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff >(1,241</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Total other
      comprehensive income (loss) for the year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    ><B>10,308</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="14%"
    ><B>(3,967</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left><B>Total
      comprehensive income (loss) for the year</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="8%"
     >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    ><B>(24,531</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    ><B>(13,106</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
    ><B>)</B> </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Earnings (loss) per share</B> </TD>
    <TD align=center width="8%"  bgColor=#e6efff >22
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Basic </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(0.18</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(0.05</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Diluted </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(0.18</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(0.05</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Weighted average shares outstanding
      (thousands)</B> </TD>
    <TD align=center width="8%"  bgColor=#e6efff >22
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Basic </TD>
    <TD align=center width="8%"  >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >192,222 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >192,599 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Diluted </TD>
    <TD align=center width="8%"  bgColor=#e6efff
    >&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >192,222 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >192,599 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_6></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Cash Flows </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="14%" align=right nowrap >For the years ended </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="14%" align=right nowrap >December 31, </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >2013 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="14%" align=right nowrap >2012 </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=center width="8%"
    >Note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="14%"
    >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD width="14%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >(Restated note 27</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Operating activities </B></TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Net income (loss) for the year </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(34,839</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(9,139</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Adjustments for: </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Depletion and amortization </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >34,508 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >21,684 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Income tax
      expense (recovery) </TD>
    <TD align=center width="8%"  bgColor=#e6efff>11 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >2,659 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >584 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Share-based compensation expense
    </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >2,680 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >5,423 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Change in fair
      value of copper put options </TD>
    <TD align=center width="8%"  bgColor=#e6efff>8 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >4,371 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >29,811 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Finance expenses (income) </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >19,185 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >14,279 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Unrealized
      foreign exchange loss (gain) </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >12,244 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >814 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp;Write-down of marketable
      securities </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >13,984 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp;Other operating
      activities </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(1,898</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(11</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;Net
      change in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >24 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >14,693 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >4,742 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash provided by operating activities </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >67,587 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >68,187 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="14%" >&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Investing activities </B></TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Purchase of property, plant and equipment </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(98,524</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(192,906</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Investment in financial assets
    </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(7,578</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(27,763</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Interest received </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >1,662 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >1,314 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Proceeds from sale of
      financial assets </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >20,050 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >54,434 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Investment in long-term prepaids </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(9,485</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(4,335</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Other investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff >- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff >(652</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash used for investing activities </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(93,875</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(169,908</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financing activities </B></TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="14%" >&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Repayment of debt </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(22,929</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(14,491</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Interest paid </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(19,722</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(17,763</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Repurchase of common shares
</TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" 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="14%" bgColor=#e6efff >(20,897</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Common shares issued for cash </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >2,779 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >1,571 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Proceeds from debt issuance </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff >11,330 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    bgColor=#e6efff >15,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash used for financing activities </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(28,542</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="14%" >(36,089</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="14%" bgColor=#e6efff >&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Effect of exchange
      rate changes on cash and equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >2,700 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >(4,987</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Decrease in cash and equivalents </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(52,130</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="14%" bgColor=#e6efff >(142,797</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and
      equivalents, beginning of year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >134,995 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="14%"
    >277,792 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff><B>Cash and equivalents, end of year </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="8%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#e6efff >82,865 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="14%"
    bgColor=#e6efff >134,995 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_7></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Balance Sheets </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=right nowrap>December 31, </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=right nowrap>December 31, </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=right nowrap>January 1, </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=right nowrap>2013 </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=right nowrap>2012 </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=right nowrap>2012 </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=right nowrap>(Restated note 2 </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="13%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >Note </TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="13%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </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="13%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">and
    27</TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >) </TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="13%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">(Restated note 2</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>ASSETS </B></TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current assets </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Cash and equivalents </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>82,865 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>134,995 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>277,792 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accounts receivable </TD>
    <TD align=center width="8%" >12 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">4,532 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">28,966 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">39,909 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Other financial assets </TD>
    <TD align=center width="8%"  bgColor=#e6efff>13 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>69,729 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>29,865 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>86,147 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Inventories </TD>
    <TD align=center width="8%" >14 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">47,174 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">27,450 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">23,290 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Current tax receivable </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>18,284 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>2,309 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>7,437 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Prepaids </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">6,354
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">5,123
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">2,348
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>228,938 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>228,708 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>436,923 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other financial assets </TD>
    <TD align=center width="8%"  bgColor=#e6efff>13 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>38,272 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>102,737 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>111,641 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Property, plant and equipment </TD>
    <TD align=center width="8%" >15 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">678,580 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">647,542 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">446,003 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Prepaids </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>10,543 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>4,500 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>165 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other receivables
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >11f </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">13,895 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">12,961 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%">&#150; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="8%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>970,228 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>996,448 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>994,732 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>LIABILITIES </B></TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current liabilities </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=center width="8%"  bgColor=#e6efff>16 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>26,864 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>42,938 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>36,289 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Current portion of long-term debt </TD>
    <TD align=center width="8%" >19 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">22,625 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">18,067 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">13,753 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Interest payable </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>3,435 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>3,213 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>&#150; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Other
      financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >17 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">63,985 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">10,995 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">10,972 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>116,909 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>75,213 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>61,014 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Long-term debt </TD>
    <TD align=center width="8%"  bgColor=#e6efff>19 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>259,515 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>234,793 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>218,502 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other financial liabilities </TD>
    <TD align=center width="8%" >17 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">565 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">57,862 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">68,986 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Provision for environmental rehabilitation
      ("PER") </TD>
    <TD align=center width="8%"  bgColor=#e6efff>18 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>69,673 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>106,517 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>96,022 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred tax
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >11 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">97,350 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">76,482 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">77,618 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>544,012 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>550,867 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>522,142 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>EQUITY </B></TD>
    <TD align=center width="8%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share capital </TD>
    <TD align=center width="8%" >20 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">372,274 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">368,128 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">378,393 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Contributed surplus </TD>
    <TD align=center width="8%"  bgColor=#e6efff>20, 21 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>38,507 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>37,487 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="13%" bgColor=#e6efff>33,040 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Accumulated other comprehensive income (loss) ("AOCI") </TD>
    <TD align=center width="8%" >20c </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">4,943 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(5,365</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="13%">(1,398</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Retained earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>10,492 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="13%"
    bgColor=#e6efff>45,331 </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="13%"
    bgColor=#e6efff>62,555 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="8%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">426,216 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">445,581 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="13%">472,590 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=center width="8%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>970,228 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>996,448 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=right width="13%"
    bgColor=#e6efff><B>994,732 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="13%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Commitments and contingencies </TD>
    <TD align=center width="8%"  bgColor=#e6efff>23 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="13%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Subsequent event </TD>
    <TD align=center width="8%" >26c </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="13%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_8></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO
      MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Consolidated Statements of Changes in Equity </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD></TR></TABLE><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap>Share </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap>Contributed </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=right nowrap>Retained </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="10%" align=left nowrap>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD width="8%" align=center nowrap style="BORDER-BOTTOM: #000000 1px solid">Note    </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">capital </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">surplus </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">AOCI    </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">earnings </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">Total    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD>
    <TD vAlign=bottom width="1%">&nbsp;</TD>
    <TD vAlign=bottom width="10%">&nbsp; </TD>
    <TD vAlign=bottom width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Balance at January 1, 2012 (Restated) </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>2 </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>378,393 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>33,040 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,398</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>62,555 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>472,590 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Exercise of options </TD>
    <TD vAlign=bottom align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,547 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(976</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">1,571 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Share-based compensation </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,423 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>5,423 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Repurchase of common shares </TD>
    <TD vAlign=bottom align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(12,812</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(8,085</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(20,897</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total comprehensive loss for
      <BR>&nbsp;&nbsp; the year (Restated) </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>27 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(3,967</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(9,139</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(13,106</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance at December 31, 2012 (Restated) </TD>
    <TD vAlign=bottom align=center width="8%">2, 27 </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>368,128 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>37,487 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>(5,365</B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>45,331 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>445,581 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom width="10%" bgColor=#e6efff>&nbsp; </TD>
    <TD vAlign=bottom width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance at January 1, 2013 </TD>
    <TD vAlign=bottom align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">368,128 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">37,487 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">(5,365</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">45,331 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">445,581 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Exercise of options </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>4,146 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>(1,367</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>- </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%" bgColor=#e6efff>2,779 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Share-based compensation </TD>
    <TD vAlign=bottom align=center width="8%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,387 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">- </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="10%">2,387 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total comprehensive income (loss)
      <BR>&nbsp;&nbsp; for the year </TD>
    <TD vAlign=bottom align=center width="8%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>10,308 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(34,839</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="10%" bgColor=#e6efff>(24,531</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance at December 31, 2013 </TD>
    <TD vAlign=bottom align=center width="8%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>372,274 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>38,507 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>4,943 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>10,492 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=right
    width="10%"><B>426,216 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 2px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>The accompanying notes are an integral part of these
consolidated financial statements.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_9></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD></TR></TABLE>
<P align=justify><B>1.&nbsp;&nbsp;&nbsp; REPORTING ENTITY </B></P>
<P align=justify>Taseko Mines Limited (the Company) is a corporation governed by
the <I>British Columbia Business Corporations Act. </I>The consolidated
financial statements of the Company as at and for the year ended December 31,
2013 comprise the Company, its subsidiaries and its 75% interest in the
Gibraltar joint venture since its formation on March 31, 2010. The Company is
principally engaged in the production and sale of metals, as well as related
activities including exploration and mine development, within the province of
British Columbia. Seasonality does not have a significant impact on the
Company&#146;s operations. </P>
<P align=justify><B>2.&nbsp;&nbsp;&nbsp; RESTATEMENT OF PREVIOUSLY ISSUED
FINANCIAL STATEMENTS </B></P>
<P align=justify>During the preparation of the current year financial
statements, the Company determined that the effective interest rate associated
with the Company&#146;s royalty obligation (note 17(a)) had been calculated
incorrectly at inception and the accretion included in finance expense for the
period from inception in 2004 through 2013 was incorrect. The Company has
determined the cumulative impact of the difference in accretion at the revised
rate of 6.21% compared to the original calculated rate of 2.20% . This
correction has resulted in an increase to the royalty obligation of $22,700 and
an increase in deferred tax liabilities of $1,527 as at January 1, 2012 and
December 31, 2012 with an offsetting adjustment to retained earnings of $24,227.
The impact on the comparative statement of comprehensive income (loss) for the
year ended December 31, 2012 was not material.</P>
<P align=justify><B>3.&nbsp;&nbsp;&nbsp; BASIS OF PREPARATION </B></P>
<P align=justify><I>3.1&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Statement of compliance
</I></P>
<P align=justify>These consolidated financial statements have been prepared in
accordance with International Financial Reporting Standards (IFRS) as issued by
the International Accounting Standards Board.</P>
<P align=justify>These consolidated financial statements were authorized for
issue by the Board of Directors on February 18, 2014. </P>
<P align=justify><I>3.2&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;Basis of measurement,
judgment and estimation </I></P>
<P align=justify>These consolidated financial statements have been prepared on a
historical cost basis except for fair-value- through-profit-or-loss,
available-for-sale and derivative financial instruments, which are measured at
fair value. </P>
<P align=justify>These consolidated financial statements are presented in
Canadian dollars, which is the Company&#146;s functional currency. Non-Canadian
dollar monetary assets and liabilities are translated into Canadian dollars at
the closing exchange rate as at the balance sheet date. Non-monetary assets and
liabilities, revenues and expenses are translated in Canadian dollars at the
prevailing rate of exchange on the dates of the transactions. All financial
information presented in Canadian dollars has been rounded to the nearest
thousand, unless otherwise noted. </P>
<P align=justify>The preparation of these consolidated financial statements in
conformity with IFRS requires management to make judgments, estimates and
assumptions that affect the application of accounting policies and the reported
amounts of assets, liabilities, income and expenses. Actual results may differ
from these estimates. Estimates and underlying assumptions are reviewed on an
ongoing basis. Revisions to accounting estimates are recognized in the period in
which the estimates are revised and in any future periods affected. </P>
<P align=justify>In the process of applying the Company&#146;s accounting policies,
significant areas where judgment is required include the determination of a
joint arrangement and recovery of other receivables. </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify>Significant areas of estimation include reserve and resource
estimation; asset valuations and the measurement of impairment charges or
reversals; finished and in-process inventory quantities; plant and equipment
lives; tax provisions; provisions for environmental rehabilitation; valuation of
financial instruments and derivatives; deferred stripping costs and share-based
compensation. Key estimates and assumptions made by management with respect to
these areas have been disclosed in the notes to these consolidated financial
statements as appropriate.</P>
<P align=justify>The accuracy of reserve and resource estimates is a function of
the quantity and quality of available data and the assumptions made and judgment
used in the engineering and geological interpretation, and may be subject to
revision based on various factors. Changes in reserve and resource estimates may
impact the carrying value of property, plant and equipment; the calculation of
depreciation expense; the capitalization of stripping costs incurred during
production; and the timing of cash flows related to the provision for
environmental rehabilitation. </P>
<P align=justify>Changes in forecast prices of commodities, exchange rates,
production costs and recovery rates may change the economic status of reserves
and resources. Forecast prices of commodities, exchange rates, production costs
and recovery rates, and discount rates assumptions, either individually or
collectively, may impact the carrying value of derivative financial instruments,
inventories, property, plant and equipment, and intangibles, as well as the
measurement of impairment charges or reversals. </P>
<P align=justify><I>3.3&nbsp;&nbsp; &nbsp;Basis of consolidation </I></P>
<P align=justify>The consolidated financial statements comprise the financial
statements of the Company and controlled entities as at December 31, 2013.
Control is achieved when the Company is exposed, or has rights, to variable
returns from its involvement with the investee and has the ability to affect
those returns through its power over the investee.</P>
<P align=justify>The Company reassesses whether or not it controls an investee
if facts and circumstances indicate that there are changes to one or more of the
three elements of control. Consolidation of a subsidiary begins when the Company
obtains control over the subsidiary and ceases when the Company loses control of
the subsidiary. Assets, liabilities, income and expenses of a subsidiary
acquired or disposed of during the year are included in the consolidated
statement of profit or loss and other comprehensive income from the date the
Company gains control until the date the Company ceases to control the
subsidiary. When necessary, adjustments are made to the financial statements of
subsidiaries to bring their accounting policies into line with the Company&#146;s
accounting policies. All intercompany assets and liabilities, equity, income,
expenses and cash flows relating to transactions between members of the Company
are eliminated in full on consolidation.</P>
<P align=justify><I>3.4&nbsp;&nbsp; &nbsp;Changes in accounting policies and
disclosures </I></P>
<P align=justify>Except for the changes below, the Company has consistently
applied the accounting policies set out in note 3.5 to all periods presented in
these consolidated financial statements. </P>
<P align=justify><I>Joint Arrangements</I></P>
<P align=justify>In May 2011, the IASB issued IFRS 11, Joint Arrangements, which
provides guidance on accounting for joint arrangements. If an arrangement has
joint control, IFRS 11 classifies joint arrangements as either joint operations
or joint ventures, depending on the rights and obligations of the parties
involved.</P>
<P align=justify>A joint operation is an arrangement where the jointly
controlling parties have rights to the assets and obligations in respect of the
liabilities relating to the arrangement. An entity accounts for a joint
operation by recognizing its portion of the assets, liabilities, revenues and
expenses. A joint venture is an arrangement where the jointly controlling
parties have rights to the net assets of the arrangement. A joint venture is
accounted for using the equity method. Proportionate consolidation of joint
ventures is no longer permitted. </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify>This standard is effective for annual periods beginning on or
after January 1, 2013, with early adoption permitted. The Company has completed
its assessment of these amendments and concluded that the Company&#146;s interest in
the Gibraltar joint arrangement should be classified as a joint operation. The
Company arrived at this conclusion through assessing the Joint Venture Formation
and Operating agreements in place.</P>
<P align=justify>Due to the terms of the Gibraltar Joint Venture Formation and
Operating agreements, the Company includes in its financial information 75% of
all assets, liabilities, revenues and expenses, including associated financial
information, of the Joint Venture. There was no material impact on the Company&#146;s
financial statements from the adoption of IFRS 11. </P>
<P align=justify><I>Production Stripping Costs </I></P>
<P align=justify>The IFRS Interpretations Committee issued IFRIC 20, Stripping
Costs in the Production Phase of a Surface Mine (IFRIC 20), effective January 1,
2013. </P>
<P align=justify>Previously, the Company only capitalized stripping costs
incurred in order to provide initial access to the ore body. IFRIC 20 now
provides specific guidance on how to account for stripping costs during the
production phase. It requires such costs to be capitalized where the recognition
criteria set out in IFRIC 20 are met. </P>
<P align=justify>IFRIC 20 requires the Company to identify specific components
of the ore body to which stripping costs will relate. A component is defined as
a specific volume of the ore body that is made more accessible by the stripping
activity. It is considered that a mine may have several components, which are
identified based on the mine plan. Stripping costs are then capitalized when
stripping activities occur in excess of the average expected for the component.
Stripping costs are capitalized within property, plant and equipment and
depreciated over the life of the respective component based on units of
production. </P>
<P align=justify>Based on the Company&#146;s analysis, the identified components of
the ore body are to be phases, pits or sub-pits depending on the ore body being
analyzed. These components align with the mine and how the Company plans its
mining activities. Under IFRIC 20, the Company recognizes stripping assets when
the following three criteria are met: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>it is probable that the future economic benefit (improved access to the
  ore body) associated with the stripping activity will flow to the entity;
  <LI>the entity can identify the component of the ore body for which access has
  been improved; and
  <LI>the costs relating to the stripping activity associated with that
  component can be measured reliably. </LI></UL>
<P align=justify>IFRIC 20 is to be applied prospectively to production stripping
costs incurred on or after the beginning of the earliest period presented. The
financial impacts of the Company&#146;s transition to IFRIC 20 can be found in note
27. The 2012 comparative information contained in these financial statements has
been restated for the adoption of IFRIC 20. </P>
<P align=justify><I>Disclosures of interests in other entities </I></P>
<P align=justify>The Company adopted IFRS 12, Disclosures of Interests in Other
Entities (&#147;IFRS 12&#148;) on January 1, 2013. IFRS 12 outlines the disclosure
requirements for interests in subsidiaries and other entities to enable users to
evaluate the risks associated with interests in other entities and the effects
of those interests on an entity&#146;s financial position, financial performance and
cash flows.</P>
<P align=justify>The requirements of IFRS 12 relate to disclosures only and can
be found in note 4. </P>
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  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>Fair value measurement </I></P>
<P align=justify>The Company adopted IFRS 13, Fair Value Measurement (&#147;IFRS 13&#148;)
with prospective application from January 1, 2013. IFRS 13 defines fair value,
sets out a single IFRS framework for measuring fair value and outlines
disclosure requirements for fair value measurements.</P>
<P align=justify>IFRS 13 defines fair value as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Fair value is a
market-based measurement, not an entity-specific measurement, so assumptions
that market participants would use should be applied in measuring fair value.
The adoption of IFRS 13 did not have an effect on the consolidated financial
statements. IFRS 13 disclosures can be found in note 25. </P>
<P align=justify><I>Consolidated financial statements </I></P>
<P align=justify>The Company adopted IFRS 10, Consolidated Financial Statements
(&#147;IFRS 10&#148;) on January 1, 2013 with retrospective application. IFRS 10
establishes principles for the presentation and preparation of consolidated
financial statements when an entity controls one or more other entities. This
IFRS defines the principle of control and establishes control as the basis for
determining which entities are consolidated in an entity&#146;s financial
statements.</P>
<P align=justify>Based on the Company&#146;s analysis, IFRS 10 did not have an impact
on the consolidated financial statements for the current period or prior periods
presented as the adoption did not result in a change in the consolidation status
of any of the Company&#146;s subsidiaries or investees. </P>
<P align=justify><I>Presentation changes </I></P>
<P align=justify>The Company has separated depletion and amortization from other
items comprising cost of sales in the statement of comprehensive income (loss)
for the current and comparative periods presented.</P>
<P align=justify><I>3.5&nbsp;&nbsp; &nbsp;Significant Accounting Policies
</I></P>
<P align=justify><I>(a)&nbsp;&nbsp;&nbsp; Revenue recognition </I></P>
<P align=justify>Revenue is recognized when the significant risks and rewards of
ownership have been transferred and the amount of revenue is reasonably
determinable. These conditions are generally satisfied when title passes to the
customer. Cash received in advance of meeting these conditions is recorded as
deferred revenue.</P>
<P align=justify>Under the terms of the Company&#146;s concentrate and cathode sales
contracts, the final sales amount is based on final assay results and quoted
market prices which may be in a period subsequent to the date of sale. Revenues
for these sales are recorded at the time of shipment, which is also when the
risks and rewards of ownership transfer to the customer, based on an estimate of
metal contained using initial assay results and forward market prices on the
expected date that final sales prices will be fixed. The period between
provisional pricing and final settlement can be up to four months. This
provisional pricing mechanism represents an embedded derivative. The embedded
derivative is recorded at fair value each reporting period by reference to
forward market prices until the date of final pricing, with the changes in fair
value recorded as an adjustment to revenue. </P>
<P align=justify><I>(b)&nbsp;&nbsp;&nbsp; Cash and equivalents </I></P>
<P align=justify>Cash and equivalents consist of cash and highly-liquid
investments having terms of three months or less from the date of acquisition
and that are readily convertible to known amounts of cash. Cash and equivalents
exclude cash subject to restrictions. </P>
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    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>(c)&nbsp;&nbsp;&nbsp; Financial instruments </I></P>
<P align=justify>Financial assets and liabilities are recognized on the balance
sheet when the Company becomes party to the contractual provisions of the
instrument. The classification of financial instruments dictates how these
assets and liabilities are measured subsequently in the Company&#146;s financial
statements.</P>
<P align=justify><I>Financial instruments at fair value through profit or loss
(FVTPL) </I></P>
<P align=justify>Financial instruments are classified as FVTPL when they are
held for trading. A financial instrument is held for trading if it was acquired
for the purpose of selling in the near term. Derivative financial instruments
that are not designated and effective as hedging instruments are classified as
FVTPL. Financial instruments classified as FVTPL are stated at fair value with
any changes in fair value recognized in earnings for the period. Financial
assets in this category include dual currency deposits and derivatives.</P>
<P align=justify>The Company may enter into derivative financial instruments to
manage exposure to commodity price fluctuations (primarily copper) and to
improve the returns on its cash assets. These instruments are non-hedge
derivative instruments. </P>
<P align=justify><I>Loans and receivables </I></P>
<P align=justify>Loans and receivables are financial assets with fixed or
determinable payments that are not quoted in an active market. Subsequent to
initial recognition, these financial assets are recorded at amortized cost using
the effective interest method, except for short-term receivables when the
recognition of interest would be immaterial. Accounts receivable are assessed
for evidence of impairment at each reporting date, with any impairment
recognized in earnings for the period. Financial assets in this category include
cash and equivalents, accounts receivable, current tax receivable and the
promissory note. </P>
<P align=justify><I>Available-for-sale financial assets </I></P>
<P align=justify>Marketable securities (except for those marketable securities
that are derivative instruments), subscription receipts, capped floating rate
notes and reclamation deposits are designated as available-for-sale and recorded
at fair value. Unrealized gains and losses are recognized in other comprehensive
income until the securities are disposed of or when there is evidence of
impairment in value. Impairment is evident when there has been a significant and
sustained decline in the fair value of the marketable securities. If impairment
in value has been determined, it is recognized in earnings for the period.</P>
<P align=justify><I>Financial liabilities </I></P>
<P align=justify>Financial liabilities are initially recorded at fair value, net
of transaction costs, and are subsequently measured at amortized cost using the
effective interest method. The Company has accounted for accounts payable and
accrued liabilities, debt and the royalty obligation under this method. </P>
<P align=justify><I>Fair value measurement </I></P>
<P align=justify>Fair value is the price that would be received to sell an asset
or paid to transfer a liability in an orderly transaction between market
participants at the measurement date. The fair value hierarchy establishes three
levels to classify the inputs to valuation techniques used to measure fair
value, by reference to the reliability of the inputs used to estimate the fair
values. </P>
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<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P style="MARGIN-LEFT: 5%" align=justify>Level 1 &#150; quoted prices (unadjusted) in
active markets for identical assets or liabilities; </P>
<P style="MARGIN-LEFT: 5%" align=justify>Level 2 &#150; inputs other than quoted
prices included within Level 1 that are observable for the asset or liability,
either directly (i.e., as prices) or indirectly (i.e., derived from prices); and
</P>
<P style="MARGIN-LEFT: 5%" align=justify>Level 3 &#150; inputs for the asset or
liability that are not based on observable market data (unobservable inputs).
</P>
<P align=justify><I>(d)&nbsp;&nbsp;&nbsp; Exploration and evaluation</I> </P>
<P align=justify>Exploration and evaluation expenditures relate to the initial
search for a mineral deposit and the subsequent evaluation to determine the
economic potential of the mineral deposit. The exploration and evaluation stage
commences when the Company obtains the legal right or license to begin
exploration. This stage ends when management determines that there is sufficient
evidence to support probability of future mining operations of economically
recoverable reserves, and requires significant judgment on the part of
management. </P>
<P align=justify>Exploration and evaluation expenditures are recognized in
earnings in the period in which they are incurred. Once it is expected that
expenditures can be recovered by future exploitation or sale, they are
considered development costs and capitalized as part of mineral properties
within property, plant and equipment.</P>
<P align=justify><I>(e)&nbsp;&nbsp; &nbsp;Inventories </I></P>
<P align=justify>Inventories are valued at the lower of cost and net realizable
value. Cost is determined on a weighted average basis and includes direct labour
and materials; non-capitalized stripping costs; depreciation and amortization;
freight; and overhead costs. Net realizable value is determined with reference
to relevant market prices, less applicable variable selling costs and estimated
remaining costs of completion to bring the inventories into saleable form. </P>
<P align=justify>Work in process represents stockpiled ore and metals in the
processing circuits that have not yet completed the production process, and are
not yet in a saleable form. Finished goods inventories represent metals in
saleable form that have not yet been sold. Materials and supplies inventories
represent consumables used in the production process, as well as spare parts and
other maintenance supplies that are not classified as capital items. </P>
<P align=justify>The quantity of recoverable metal in stockpiled ore and in the
processing circuits is an estimate which is based on the tons of ore added and
removed, expected grade and recovery. The quantity of recoverable metal in
concentrate is an estimate using initial assay results. </P>
<P align=justify><I>(f)&nbsp;&nbsp; &nbsp;Property, plant and equipment
</I><I>Land, buildings, plant and equipment </I></P>
<P align=justify>Land, buildings, plant and equipment are recorded at cost,
including all expenditures incurred to prepare an asset for its intended
use.</P>
<P align=justify>Repairs and maintenance costs are charged to expense as
incurred, except when these repairs significantly extend the life of an asset or
result in an operating improvement. In these instances, the portion of these
repairs relating to the betterment is capitalized as part of plant and
equipment. </P>
<P align=justify>Depreciation is based on the cost of the asset less residual
value. Where an item of plant and equipment is comprised of major components
with different useful lives, the components are accounted for as separate items
and depreciated separately. Depreciation commences when an
asset is available for use. Estimates of remaining useful lives and residual
values are reviewed annually. Changes in estimates are accounted for
prospectively. </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify>The depreciation rates of the major asset categories are as
follows: </P>
<DIV align=center>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="70%" border=0>

  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Land </TD>
    <TD align=right width="50%" bgColor=#e6efff>Not depreciated </TD></TR>
  <TR vAlign=top>
    <TD align=left>Buildings </TD>
    <TD align=right width="50%">Straight-line basis over 10-25 years </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Plant and equipment </TD>
    <TD align=right width="50%" bgColor=#e6efff>Units-of-production basis
  </TD></TR>
  <TR vAlign=top>
    <TD align=left>Mining equipment </TD>
    <TD align=right width="50%">Straight-line basis over 5-20 years </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Light vehicles and other mobile equipment
    </TD>
    <TD align=right width="50%" bgColor=#e6efff>Straight-line basis over 2-5
      years </TD></TR>
  <TR vAlign=top>
    <TD align=left>Furniture, computer and office equipment </TD>
    <TD align=right width="50%">Straight-line basis over 2-3 years
  </TD></TR></TABLE></DIV>
<P align=justify><I>Mineral properties </I></P>
<P align=justify>Mineral properties consist of the cost of acquiring and
developing mineral properties. Once in production, mineral properties are
amortized on a units-of-production basis over the component of the ore body to
which they relate.</P>
<P align=justify>Acquisition costs arise either as an individual asset purchase
or as part of a business combination, and may represent a combination of either
proven and probable reserves, resources, or future exploration potential. The
estimated fair values attributable to proven and probable reserves and resources
are recorded as mineral properties within property, plant and equipment.</P>
<P align=justify>Mineral property development costs include: stripping costs
incurred in order to provide initial access to the ore body; stripping costs
incurred during production that generate a future economic benefit by increasing
the productive capacity, extending the productive life of the mine or allowing
access to a mineable reserve; capitalized project development costs; and
capitalized interest.</P>
<P align=justify><I>Construction in progress </I></P>
<P align=justify>Construction in progress includes the purchase price and any
costs directly attributable to bringing the asset to the location and condition
necessary for its intended use. Construction in progress includes advances on
long-lead items. Construction in progress is not depreciated. Once the asset is
complete and available for use, the costs of construction are transferred to the
appropriate category of property, plant and equipment, and depreciation
commences. </P>
<P align=justify><I>Property Acquisition costs </I></P>
<P align=justify>Property acquisition costs arise either as an individual asset
purchase or as part of a business combination, and may represent a combination
of either proven and probable reserves, resources, or future exploration
potential. When management has not made a determination that there is probable
future economic benefit and the property is not imminently expected to move into
development, the entire amount is considered property acquisition costs and not
amortized. When such property moves into development, the property acquisition
cost asset is transferred to mineral properties within property, plant and
equipment. </P>
<P align=justify><I>Capitalized interest </I></P>
<P align=justify>Interest is capitalized for qualifying assets. Qualifying
assets are assets that require a substantial period of time to prepare for their
intended use. Capitalization ceases when the asset is substantially complete or
if construction is interrupted for an extended period. Where the funds used to
finance a project form part of general borrowings, the amount capitalized is
calculated using a weighted average of rates applicable to relevant general
borrowings of the Company during the period.</P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>Leased assets </I></P>
<P align=justify>Leased assets in which the Company receives substantially all
  the risks and rewards of ownership of the asset are capitalized as finance
  leases at the lower of the fair value of the asset or the estimated present
  value of the minimum lease payments. The corresponding lease obligation is
  recorded within debt on the balance sheet. Assets under operating leases are not
  capitalized and rental payments are included in earnings. </P>
<P align=justify><I>Impairment </I></P>
<P align=justify>The carrying amounts of the Company&#146;s non-financial assets are
reviewed for impairment whenever circumstances suggest that the carrying value
may not be recoverable. If such indication exists, the recoverable amount of the
asset is estimated in order to determine the extent of the impairment, if any.
These assessments require the use of estimates and assumptions such as long-term
commodity prices, discount rates, future capital requirements, exploration
potential and operating performance.</P>
<P align=justify>The recoverable amount of an asset or cash generating unit
(CGU) is the higher of fair value less costs to sell and value in use. Fair
value is determined as the amount that would be obtained from the sale of the
asset in an arm&#146;s-length transaction between knowledgeable and willing parties.
In assessing value in use, the estimated future cash flows are discounted to
their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. For
the purpose of impairment testing, assets that cannot be tested individually are
grouped together into the smallest group of assets that generates cash inflows
that are largely independent of the cash flows of other assets or CGU&#146;s. If the
recoverable amount of an asset or its related CGU is estimated to be less than
its carrying amount, the carrying amount of the asset or CGU is reduced to its
recoverable amount and the impairment loss is recognized in earnings for the
period.</P>
<P align=justify>Where an impairment loss subsequently reverses, the carrying
amount of the asset or CGU is increased to the revised estimate of its
recoverable amount, but not to an amount that exceeds the carrying amount that
would have been determined had no impairment loss been recognized for the asset
or CGU in prior years. A reversal of an impairment loss is recognized
immediately in earnings. </P>
<P align=justify><I>(g)&nbsp;&nbsp; &nbsp;Income taxes </I></P>
<P align=justify>Income tax on the earnings for the periods presented comprises
current and deferred tax. Income tax is recognized in earnings except to the
extent that it relates to items recognized directly in equity or in other
comprehensive income. Income tax is calculated using tax rates enacted or
substantively enacted at the reporting date applicable to the period of expected
realization or settlement. </P>
<P align=justify>Current tax expense is the expected tax payable on the taxable
income for the year, adjusted for amendments to tax payable with regards to
previous years. </P>
<P align=justify>Deferred tax is determined using the balance sheet liability
method, providing for temporary differences between the carrying amounts of
assets and liabilities for financial reporting purposes and the amounts used for
taxation purposes. The following temporary differences are not provided for: the
initial recognition of assets or liabilities acquired (not in a business
combination) that affect neither accounting nor taxable profit on acquisition;
and differences relating to investments in subsidiaries, associates, and joint
ventures to the extent that they are not probable to reverse in the foreseeable
future. The amount of deferred tax provided is based on the expected manner of
realization or settlement of the carrying amount of assets and liabilities. A
deferred tax asset is recognized only to the extent that it is probable that
future taxable profits will be available against which the asset can be
utilized. Deferred tax assets are reviewed at each reporting date and are
reduced to the extent it is no longer probable that the related tax benefit will
be realized.</P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>(h)&nbsp;&nbsp; &nbsp;Share-based compensation </I></P>
<P align=justify>The fair-value method of accounting is used for the Company&#146;s
share option plan. Fair value is measured at grant date using the Black-Scholes
option pricing model and is recognized in earnings on a graded amortization
basis over the option vesting period, with a corresponding increase in equity.
The amount recognized as an expense is adjusted to reflect the actual number of
share options that are expected to vest.<B> </B></P>
<P align=justify><I>(i)&nbsp;&nbsp;&nbsp; Provisions </I><I>Environmental
rehabilitation </I></P>
<P align=justify>The Company records the present value of estimated costs of
legal and constructive obligations required to retire an asset in the period in
which the obligation occurs. Environmental rehabilitation activities include
facility decommissioning and dismantling; removal and treatment of waste
materials; site and land rehabilitation, including compliance with and
monitoring of environmental regulations; and related costs required to perform
this work and/or operate equipment designed to reduce or eliminate environmental
effects. The provision for environmental rehabilitation (PER) is adjusted each
period for new disturbances, and changes in regulatory requirements, the
estimated amount of future cash flows required to discharge the liability, the
timing of such cash flows and the pre-tax discount rate specific to the
liability. The unwinding of the discount is recognized in earnings as a finance
cost.</P>
<P align=justify>When a PER is initially recognized, the corresponding cost is
capitalized by increasing the carrying amount of the related asset, and is
amortized to earnings on a unit-of-production basis. Costs are only capitalized
to the extent that the amount meets the definition of an asset and represents
future economic benefits to the operation.</P>
<P align=justify>Significant estimates and assumptions are made in determining
the provision for environmental rehabilitation as there are numerous factors
that will affect the ultimate liability payable. These factors include
estimation of the extent and cost of rehabilitation activities; timing of future
cash flows that are impacted by changes in discount rates; inflation rate; and
regulatory requirements. </P>
<P align=justify><I>Other provisions </I></P>
<P align=justify>Other provisions are recognized when the Company has a present
obligation (legal or constructive) that has arisen as a result of a past event
and it is probable that a future outflow of resources will be required to settle
the obligation, provided that a reliable estimate can be made of the amount of
the obligation. Where the effect is material, the provision is discounted using
a pre-tax rate that reflects current market assessments of the time value of
money and the risk specific to the obligation. The accretion expense is included
in finance expense. </P>
<P align=justify><I>(j)&nbsp;&nbsp; &nbsp;Finance income and expenses </I></P>
<P align=justify>Finance income comprises interest income on funds invested,
gains on the disposal of marketable securities, and changes in the fair value of
derivatives included in cash and equivalents and marketable securities. Interest
income is recognized as it accrues in earnings, using the effective interest
method. Finance expenses comprise interest expense on borrowings, unwinding of
the discount on provisions, losses on the disposal of marketable securities,
changes in the fair value of derivatives included in cash and equivalents and
marketable securities, and impairment losses recognized on financial assets.
Borrowing costs that are not directly attributable to the acquisition,
construction or production of a qualifying asset are recognized in earnings
using the effective interest method.</P>
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noShade SIZE=5>
<A name=page_18></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>(k)&nbsp;&nbsp; &nbsp;Earnings (loss) per share </I></P>
<P align=justify>The Company presents basic and diluted earnings (loss) per
share data for its common shares, calculated by dividing the earnings (loss)
attributable to common shareholders of the Company by the weighted average
number of common shares outstanding during the period. Diluted earnings per
share is determined by adjusting the earnings attributable to common
shareholders and the weighted average number of common shares outstanding for
the effects of all dilutive potential common shares, which comprise convertible
preferred shares and share options granted. There is no dilution impact when the
Company incurs a loss.</P>
<P align=justify><I>(l)&nbsp;&nbsp;&nbsp; Government assistance </I></P>
<P align=justify>Government assistance includes investment tax credits and is
recognized when there is reasonable assurance that the Company will comply with
the relevant conditions and that the government assistance will be received.
Government assistance that meets the recognition criteria and that relates to
current expenses is recorded as a reduction of the related expenses. Government
assistance that meets the recognition criteria and that relates to the
acquisition of an asset is recorded as a reduction of assets and is applied as a
reduction of the cost of the related asset. Investment tax credits, until they
are refunded or applied to reduce the Company's current tax liabilities, are
included as "other receivables" in the financial statements. </P>
<P align=justify><I>(m)&nbsp;&nbsp;&nbsp; Interests in joint arrangements
</I></P>
<P align=justify>IFRS defines a joint arrangement as one over which two or more
parties have joint control, which is the contractually agreed sharing of control
over an arrangement. This exists only when the decisions about the relevant
activities (being those that significantly affect the returns of the
arrangement) require the unanimous consent of the parties sharing control. </P>
<P align=justify>A joint operation is a type of joint arrangement whereby the
parties that have joint control of the arrangement have rights to the assets and
obligations for the liabilities, relating to the arrangement. In relation to its
interests in joint operations, the Company recognizes its: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Assets, including its share of any assets held jointly;
  <LI>Liabilities, including its share of any liabilities incurred jointly;
  <LI>Revenue from the sale of its share of the output arising from the joint
  operation; and
  <LI>Expenses, including its share of any expenses incurred jointly. </LI></UL>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>3.6&nbsp;&nbsp;&nbsp; New accounting standards </I></P>
<P align=justify><I>IFRS 9
  Financial Instruments </I></P>
<P align=justify>IFRS 9, as issued, reflects the first phase of the IASB&#146;s work
on the replacement of IAS 39 and applies to classification and measurement of
financial assets and financial liabilities, as defined in IAS 39. The standard
was initially effective for annual periods beginning on or after January 1,
2013, but Amendments to IFRS 9 Mandatory Effective Date of IFRS 9 and Transition
Disclosures, issued in December 2011, moved the mandatory effective date to
January 1, 2015.</P>
<P align=justify>The Company will quantify the effect in conjunction with the
other phases, when the final standard, including all phases, is issued. </P>
<P align=justify><I>IFRIC Interpretation 21 Levies (IFRIC 21) </I></P>
<P align=justify>IFRIC 21 clarifies that an entity recognizes a liability for a
levy when the activity that triggers payment, as identified by the relevant
legislation, occurs. For a levy that is triggered upon reaching a minimum
threshold, the Interpretation clarifies that no liability should be anticipated
before the specified minimum threshold is reached. IFRIC 21 is effective for
annual periods beginning on or after January 1, 2014, with early application
permitted.</P>
<P align=justify>The Company has completed its assessment of the impact of these
amendments and concluded that there will be no material impact on its financial
statements. </P>
<P align=justify><I>IAS 32 Financial Instruments: Presentation </I></P>
<P align=justify><I>IAS 32</I>, issued in December 2011, amended the
requirements to offset financial assets and liabilities. An entity shall apply
those amendments for annual periods beginning on or after January 1, 2014. An
entity shall apply those amendments retrospectively. The Company intends to
adopt the amendments to IAS 32 in its financial statements for the annual period
beginning January 1, 2014. The extent of the impact of adoption of the
amendments has not yet been determined. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>4.&nbsp;&nbsp; &nbsp;INTEREST IN JOINT ARRANGEMENT </B></P>
<P align=justify>On March 31, 2010, the Company entered into an agreement with
Cariboo Copper Corp. (Cariboo) whereby the Company contributed certain assets
and liabilities of the Gibraltar mine, operating in British Columbia, into an
unincorporated joint venture to acquire a 75% interest in the joint venture.
Cariboo contributed $186.8 million to purchase the remaining 25% interest. </P>
<P align=justify>The assets and liabilities contributed by the Company to the
joint venture were mineral property interests, plant and equipment, inventories,
prepaid expenses, reclamation deposits, capital lease obligations, and site
closure and reclamation obligations. Certain key strategic, operating, investing
and financing policies of the joint venture require unanimous approval such that
neither venturer is in a position to exercise unilateral control over the joint
venture. The Company continues to be the operator of the Gibraltar mine. </P>
<P align=justify>The Company has joint control over the joint arrangement and as
such consolidates its 75% portion of all the joint arrangements assets,
liabilities, income and expenses. </P>
<P align=justify>The following is a summary of the joint arrangement financial
information on a 100% basis. </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 colspan="4" align=right nowrap><B>As at December 31,</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" 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="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>71,497 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>77,073 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other current
      assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">76,770 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">73,366 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>148,267 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>150,439 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Non-current assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,309,821 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,270,489 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">246 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trade and other payables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>30,935 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>54,660 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Current financial
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">30,166 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">24,090 </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>Current liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>61,347 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>78,750 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Non-current financial liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">68,221 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">54,432 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other non-current liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>92,897 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>142,022 </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>Non-current
      liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">161,118 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">196,454 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right nowrap><B>Years ended December 31,</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" 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="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</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="12%" bgColor=#e6efff>386,741 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>338,143 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Production costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(284,074</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(229,690</TD>
    <TD align=left width="2%" >) </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="12%" bgColor=#e6efff>(54,066</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(35,409</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Other operating expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(4,323</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,638</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,555</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,258</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Interest income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,462 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,119 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Foreign exchange gain (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,026</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,241</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">38,159 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">67,026 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other comprehensive income (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,039</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(841</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Comprehensive income for joint arrangement </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">37,120 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">66,185 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR></TABLE>
<P align=justify>The Company does not have any further commitments to the joint
venture beyond those disclosed in note 23. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>5.&nbsp;&nbsp; &nbsp;REVENUE </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 colspan="4" align=right nowrap><B>Years ended December 31,</B> </TD>
  <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD
    width="2%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Copper contained in concentrate </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>277,091 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>232,604 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Copper cathode </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">33</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5,444    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Total copper sales </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>277,124 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>238,048 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum concentrate </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9,550 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">12,228 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Silver contained in copper concentrate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,382 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,331 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">290,056 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">253,607 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><B>6.&nbsp;&nbsp;&nbsp; COST OF SALES </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 colspan="4" align=right nowrap><B>Years ended December 31,</B> </TD>
  <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2013</B> </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2012</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap>&nbsp;</TD>
    <TD width="1%" align=right nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>(Restated note</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=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>27</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Direct mining costs </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>190,276 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>147,611 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Treatment and refining costs </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">17,291 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">12,628 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Transportation costs </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,029 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,006 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Changes in
      inventories of finished goods and work in process </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(12,540</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,978</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Production costs </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>213,056 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>172,267 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Depletion and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">34,067 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">21,026 </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>Cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>247,123 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>193,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Cost of sales consists of direct mining costs (which include
personnel costs, mine site supervisory costs, non-capitalized stripping costs,
repair &amp; maintenance costs, depletion and amortization, operating supplies
and external services), and off property costs comprised of treatment &amp;
refining costs and transportation costs. </P>
<P align=justify><B>7.&nbsp;&nbsp;&nbsp; COMPENSATION EXPENSE </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 colspan="4" align=right nowrap><B>Years ended December 31,</B> </TD>
  <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD
    width="2%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Wages, salaries and benefits </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>59,129 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>49,313 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Post-employment benefits </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,643 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">687 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Share-based compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,670 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,410 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">63,442 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">55,410 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Compensation expense is presented as a component of cost of
sales, general and administrative expense, and exploration and evaluation
expense.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>8.&nbsp;&nbsp; &nbsp;OTHER EXPENSES (INCOME)</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 colspan="4" align=right nowrap><B>Years ended December 31,</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" 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="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Realized loss on copper put options (note
      25(f)) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,530 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,010 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized loss (gain) on copper put options(note 25(f))</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(6,159</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">24,801 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss on disposition of property, plant and
      equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>192 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(545</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Management fee income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(966</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(845</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,880    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">29,158 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>9.&nbsp;&nbsp;&nbsp; FINANCE EXPENSES </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 colspan="4" align=right><B>Years ended December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest expense </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>23,553 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,041 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Accretion on PER
      (note 18) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,846    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,170    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25,399 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>14,211 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><B>10. &nbsp;FINANCE INCOME </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 colspan="4" align=right><B>Years ended December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Interest income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,860 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,668 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Income on dual currency deposits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">354 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,006 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Gain on sale of marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,418 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,214    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">12,092 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><B>11.&nbsp; INCOME TAX </B></P>
<P align=justify><I>(a)&nbsp;&nbsp;&nbsp; Income tax expense (recovery) </I></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 colspan="4" align=right><B>Years ended December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current income tax: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Current period </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(16,960</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">484 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp;Current tax adjustments related to prior
      periods </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>256 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>669 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(16,704</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,153    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deferred income tax: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Origination and reversal of temporary differences </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">19,348 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">110 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Deferred tax adjustments related to prior periods</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>15 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(679</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">19,363 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(569</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>Income tax expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>584 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify>During the year ended December 31, 2013, the Company recognized
recoveries of income tax of nil (2012: $877) and interest expense of nil (2012:
$232) associated with the reversal of historical tax reserves dating back to
2007. </P>
<P align=justify><I>(b)&nbsp;&nbsp; &nbsp;Income tax recognized directly in OCI
</I></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 colspan="4" align=right><B>Years ended December 31,</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Unrealized (income) loss on
      available-for-sale financial assets, before tax </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,427</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,116 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Tax benefit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">332    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(390</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>&nbsp;Unrealized (income) loss on available-for-sale
      financial assets, net of tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,095</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,726 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Reclassification of fair value movements on
      available-for-sale financial assets, before tax </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(9,386</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,418 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Tax benefit </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,173 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(177</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid"
      align=left>&nbsp;Reclassification of realized gains on available-for-sale
      financial assets, net of tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(8,213</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,241    </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 other comprehensive (income) loss for the year </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(10,308</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,967 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><I>(c)&nbsp;&nbsp;&nbsp; Effective tax rate reconciliation
</I></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 colspan="4" align=right><B>Years ended December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Income tax at Canadian statutory rate of
      35.37% (2012: 34.75%) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(11,382</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,973</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Permanent differences </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,328 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,473 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Tax rate differences </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>547 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(345</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrecognized tax benefits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,893 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(553</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Other </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>273 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(18</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Income tax expense
      (recovery) at the effective tax rate of (8.30)% (2012: (6.80%)) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,659    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">584    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><I>(d)&nbsp;&nbsp;&nbsp; Deferred tax assets and liabilities
</I></P>
<P align=justify>Deferred tax assets and liabilities are attributable to the
following: </P>
<TABLE
style="BORDER-COLOR: black; 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 colspan="4" align=right><B>As at December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Property, plant and equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(118,049</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(107,497</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Financial instruments at fair value through profit or loss    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(545</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,009</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Available-for-sale financial assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(739</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>766 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Provisions </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,482 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,287 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,858 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,173 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Tax loss carry
      forwards </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,643    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3,798    </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>Deferred tax asset (liability) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(97,350</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(76,482</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>e)&nbsp;&nbsp; &nbsp;Unrecognized deferred tax assets and
liabilities </I></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 colspan="4" align=right><B>As at December 31,</B> </TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deductible temporary differences: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Debt </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">20,210 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">6,510 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Royalty obligation </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>32,233 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>28,574 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Other financial assets </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">8,300 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Deferred tax asset: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Debt </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">2,627 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">814 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Royalty obligation </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,190 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,572 </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;Other
      financial assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,079    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify>Deferred tax assets have not been recognized in respect of
these items because it is not probable that future taxable profit will be
available against which the Company can utilize the benefits. There are no
unrecognized tax liabilities. </P>
<P align=justify><I>f)&nbsp;&nbsp;&nbsp; Other receivables </I></P>
<P align=justify>Other receivables of $13,895 (2012: $12,961) represent mineral
tax benefits that the Company is entitled to receive as a result of the
completion of the Gibraltar mine expansion. </P>
<P align=justify><B>12. &nbsp;ACCOUNTS RECEIVABLE </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 colspan="4" align=right><B>As at December 31,</B> </TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trade receivables </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,367 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>13,914 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other receivables due from related parties </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">62 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Goods and services tax receivable </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,998 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,521 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>BC mineral exploration tax credit </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">4,510 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other receivables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,105 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,021 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4,532    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">28,966 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>13 . OTHER FINANCIAL ASSETS </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 colspan="4" align=right><B>As at December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Copper put option contracts (note 25(f)) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,295 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,776 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Marketable securities &#150; available for
      sale </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,951 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,196 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Red Mile Promissory note (note 17(a)) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">63,483 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,820 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Capped floating rate notes (note
      25(f)) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>10,023 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Short-term
      investments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">50</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>69,729 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>29,865 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Long-term: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Subscription receipts &#150; available for
      sale </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,400 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,100 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Red Mile Promissory note (note 17(a)) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">59,842 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Reclamation deposits </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>25,872 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>25,728 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Capped
      floating rate notes (note 25(f)) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">10,067 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>38,272 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>102,737 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The Company holds strategic investments in publicly traded and
privately owned companies, which are classified as available for sale
investments. As at December 31, 2013 these investments included marketable
securities as well as subscription receipts in a privately held company which
will be convertible into units comprised of shares, or shares and warrants. As
at December 31, 2013 two of these investees have directors in common with the
Company (note 26).</P>
<P align=justify>During the year the Company reviewed the value of its
investments for objective evidence of impairment based on both quantitative and
qualitative criteria. Accordingly, the Company has recorded a write down through
the income statement of $13,984 (2012 &#150; nil) on its marketable securities. The
subscription receipts were subsequently written up by $6,150 through OCI (2012 &#150;
nil). The fair value of the marketable securities was determined based upon
public market information and the revised subscription receipts fair value was
determined by a recent third party transaction.</P>
<P align=justify>At December 31, 2013 the Company has a commitment to purchase
$5 million of shares in Curis Resources Ltd (note 26c). </P>
<P align=justify><B>14. &nbsp;INVENTORIES</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 colspan="4" align=right><B>As at December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2013</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2012</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=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(Restated note 27</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Work in process </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,250 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,065 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Finished goods: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Copper contained in concentrate </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>20,049 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,288 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Molybdenum concentrate </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">859 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">265 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Materials and supplies </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25,016 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>17,832 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">47,174 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">27,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify>In<I> </I>2013, materials and supplies inventories were written
down by $904 (2012: $362). This write down is included in cost of sales. The net
realizable value of the materials and supplies inventories after the write down
was nil (2012: nil). </P>
<P align=justify><B>15.&nbsp; PROPERTY, PLANT &amp; EQUIPMENT </B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="11%" align=right nowrap>Property </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="11%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="11%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="11%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="11%" align=left nowrap>&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="11%" align=right nowrap>Acquisition </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="11%" align=right nowrap>Mineral </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="11%" align=right nowrap>Plant and </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="11%" align=right nowrap>Construction </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="11%" align=left nowrap>&nbsp; </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 width="11%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">costs    </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="11%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">properties </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="11%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">equipment </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="11%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">in
      Progress </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="11%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">Total    </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>Cost</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=left width="11%"
    bgColor=#e6efff>&nbsp; </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=left width="11%"
    bgColor=#e6efff>&nbsp; </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=left width="11%"
    bgColor=#e6efff>&nbsp; </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=left width="11%"
    bgColor=#e6efff>&nbsp; </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=left width="11%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>At January 1, 2012 </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">5,438 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">143,305 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">306,583 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">50,705 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">506,031 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Additions </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>10,938 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>54 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>209,382 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>220,374 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Rehabilitation cost asset </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">8,529 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">8,529 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Capitalized interest <SUP>1</SUP> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>7,679 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>7,679 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Disposals </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(869</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(869</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Investment tax credits </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" 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="11%" bgColor=#e6efff>(12,961</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>(12,961</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Transfers
      between categories </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </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="11%">- </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="11%">86,170 </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="11%">(86,170</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="11%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>At December 31, 2012 (Restated note 27) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>5,438 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>162,772 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>378,977 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>181,596 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>728,783 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Additions </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">19,635 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">204 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">80,208 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">100,047 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Rehabilitation cost asset </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>(36,920</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" 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="11%" bgColor=#e6efff>(36,920</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capitalized interest <SUP>1</SUP> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">3,351 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">3,351 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Disposals </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" 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="11%" bgColor=#e6efff>(3,705</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>(3,705</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Investment tax credits </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(932</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(932</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Transfers between categories </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="11%"
    bgColor=#e6efff>- </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="11%"
    bgColor=#e6efff>- </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="11%"
    bgColor=#e6efff>251,737 </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="11%"
    bgColor=#e6efff>(251,737</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="11%"
    bgColor=#e6efff>- </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>At December 31,
      2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">5,438
    </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="11%">145,487 </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="11%">626,281 </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="11%">13,418 </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="11%">790,624 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Accumulated depreciation and</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>impairments</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="11%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="11%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="11%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="11%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="11%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>At January 1, 2012 </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>17,783 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>42,245 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>60,028 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Depreciation<SUP>2</SUP> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">5,260 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">15,058 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">20,318 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Disposals </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" 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="11%" bgColor=#e6efff>(488</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>(488</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Impairments
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </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="11%">- </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="11%">1,383
    </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="11%">- </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="11%">1,383
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>At December 31, 2012 (Restated note 27) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>23,043 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>58,198 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>81,241 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Depreciation<SUP>2</SUP> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">8,752 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">25,756 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">34,508 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Disposals </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="11%"
    bgColor=#e6efff>- </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="11%"
    bgColor=#e6efff>- </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="11%"
    bgColor=#e6efff>(3,705</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="11%"
    bgColor=#e6efff>- </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="11%"
    bgColor=#e6efff>(3,705</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>At December 31,
      2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">- </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="11%">31,795 </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="11%">80,249 </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="11%">- </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="11%">112,044 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Carrying amounts</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>At December 31,
      2012 (Restated note 27) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%">5,438
    </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="11%">139,729 </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="11%">320,779 </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="11%">181,596 </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="11%">647,542 </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>At
      December 31, 2013 </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="11%"
    bgColor=#e6efff>5,438 </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="11%"
    bgColor=#e6efff>113,692 </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="11%"
    bgColor=#e6efff>546,032 </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="11%"
    bgColor=#e6efff>13,418 </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="11%"
    bgColor=#e6efff>678,580 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><SUP>1</SUP> Interest was capitalized at an annual rate of
7.35% (2012: 7.77%) <BR><SUP>2</SUP> Depreciation included in cost of sales for
2013 and 2012 was 34,067 and 21,026 respectively. Depreciation included in
general and administrative costs for 2013 and 2012 was 441 and 675
respectively<SUP> </SUP></P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>(a)&nbsp;&nbsp;&nbsp; Leased assets</I></P>
<P align=justify>The Company leases mining equipment under a number of capital
lease agreements. Some leases may not be terminated by the Company prior to the
end of their terms. Most of the leases provide the Company with the option to
purchase the equipment at a beneficial price. One lease contains a mandatory
purchase provision. Certain rents are based on an annual average usage for the
applicable equipment and, if at the end of the term (unless the equipment has
been purchased by the Company), the actual annual average usage of such
equipment has been greater than the specified usage, the Company must pay an
additional amount for each excess hour of actual usage. The leased assets secure
the lease obligations (note 19). </P>
<P align=justify>At December 31, 2013, the net carrying amount of leased assets
was $68,858 (2012: $47,898). </P>
<P align=justify><I>(b)&nbsp;&nbsp;&nbsp; Capitalized Stripping</I></P>
<P align=justify>During the year the Company capitalized $17,717 in stripping
costs (2012: $10,908 (note 27)). Capitalized costs are included within Mineral
Properties. </P>
<P align=justify><I>(c)&nbsp;&nbsp;&nbsp; Property acquisition costs</I></P>
<P align=justify>Property acquisition costs are composed of the Aley Niobium
property $5,436 (2012: $5,436), New Prosperity gold-copper property $1 (2012:
$1) and Harmony gold property $1 (2012: $1). The carrying amounts for the New
Prosperity and Harmony properties are the original property acquisition costs
less historical impairments. During the year the Company spent $10,294 (2012:
17,807) on evaluating these properties. Exploration costs are expensed as
incurred. </P>
<P align=justify><B>16. &nbsp;ACCOUNTS PAYABLE AND ACCRUED LIABILITIES </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 colspan="4" align=right><B>As at December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Trade payables </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>22,768 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>39,963 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Other payables due to related parties </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">94 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">100 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other payables </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4,002 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,875 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">26,864 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">42,938 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_28></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>17. &nbsp;OTHER FINANCIAL LIABILITIES </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 colspan="4" align=right><B>As at December 31,</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=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Current: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Royalty obligations </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>63,854 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,820 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Deferred
      revenue &#150; royalty obligation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">131    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">175    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>63,985 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>10,995 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Long-term: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Royalty obligations (Restated noted
      2) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>57,459 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Deferred revenue &#150; royalty obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">131 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Income tax obligations </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>272 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>272 </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;Deferred share units (Note 21) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">293    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>565 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>57,862 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><I>(a)&nbsp;&nbsp;&nbsp; Red Mile royalty obligation and
promissory note (note 2) </I></P>
<P align=justify>In September 2004, the Company sold a royalty on the Gibraltar
mine&#146;s copper production to Red Mile Resources No. 2 Limited Partnership (Red
Mile), an unrelated investment partnership, for $67,357. The proceeds were
invested with a trust company in a promissory note (note 13) and the Company
pledged the promissory note, along with interest earned thereon, as security for
its royalty obligation. </P>
<P align=justify>Annual royalties are payable to Red Mile at rates ranging from
$0.01 to $0.14 per pound of copper produced during the period from the
commencement of commercial production to December 2014. Funds held within the
trust company are released to satisfy the annual royalty payment. </P>
<P align=justify>The Company has a pre-emptive option to effectively purchase
(call) the royalty interest by acquiring the Red Mile partnership units in
consideration of a payment which is (i) approximately the balance of the
promissory note at maturity (ii) the fair value, whichever is lower. Under
certain circumstances, the investors in Red Mile also have a right to sell (put)
their Red Mile partnership units to the Company at fair value; however, such
right is subject to the Company&#146;s pre-emptive right to exercise the &#147;call&#148; in
advance of any &#147;put&#148; being exercised and completed. Both the put and call
options will be exercisable during the fourth quarter of 2014. </P>
<P align=justify>Pursuant to the agreements, the Company received fees and
interest for services performed in relation to the Red Mile transaction,
including $1,750 for indemnifying an affiliate of Red Mile from any claims
relating to a breach by the Company under the royalty agreement. The
indemnification funds received were recorded as deferred revenue and are being
recognized as income over the expected remaining life of the royalty agreement.
</P>
<P align=justify>The Company has granted to Red Mile a net profits interest
(NPI) which survives any &#147;put&#148; or &#147;call&#148; of the Red Mile units. The NPI is
applicable for the years 2012 to 2014 and ranges from 2% to 4%, depending on the
average copper price each year adjusted for variations in foreign currency
exchange rates. No NPI is payable until the Company reaches a pre-determined
aggregate level of revenues less defined operating costs. As at December 31,
2013 and 2012, these threshold levels have not been met. </P>
<P align=justify>The Company expects either the put or call option to be
exercised to purchase the royalty interest in 2014. The promissory note also
matures in 2014 will be used to acquire the remaining royalty interests.
Accordingly both the promissory note and the royalty obligation have been
reclassified as current, asset and liability respectively.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>18.&nbsp;&nbsp;PROVISION FOR ENVIRONMENTAL REHABILITATION
</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 width="12%" align=right nowrap>Environmental </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
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">rehabilitation </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>At January 1, 2012 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>96,022 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Additions during the year </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">301 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Change in estimates </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>8,221 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Used during the year </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(197</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Accretion </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,170 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>At December 31, 2012 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">106,517 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Additions during the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,714 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Change in estimates </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(38,634</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Used during the year </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,770</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Accretion
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,846
    </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>At
      December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>69,673 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The PER represents the present value of estimated costs of
legal and constructive obligations required to retire an asset. Assumptions,
based on the current economic environment, have been made which management
believes are a reasonable basis upon which to estimate the future liability.
</P>
<P align=justify>The following significant estimates and assumptions were made
for the purpose of estimating the PER: </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=right width="20%"><B>December 31,</B> </TD>
    <TD align=right width="20%"><B>December 31,</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%"><B>2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%"><B>2012</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Pre-tax discount rate </TD>
    <TD align=right width="20%" bgColor=#e6efff>3.2% </TD>
    <TD align=right width="20%" bgColor=#e6efff>2.4% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Inflation rate </TD>
    <TD align=right width="20%">2.0% </TD>
    <TD align=right width="20%">2.0% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Market risk adjustment </TD>
    <TD align=right width="20%" bgColor=#e6efff>0.5% </TD>
    <TD align=right width="20%" bgColor=#e6efff>0.5% </TD></TR>
  <TR vAlign=top>
    <TD align=left >Number of years to mine closure </TD>
    <TD align=right width="20%">24 </TD>
    <TD align=right width="20%">25 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Number of years over which rehabilitation occurs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="20%"
    bgColor=#e6efff>100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="20%"
    bgColor=#e6efff>100 </TD></TR></TABLE>
<P align=justify>Estimates are reviewed regularly to take into account any
material changes to the assumptions. During 2012, the Company submitted an
updated decommissioning cost report to the BC Ministry of Energy, Mines and
Petroleum Resources as a requirement to maintain its permits in good standing.
The underlying cost assumptions supporting the 2012 decommissioning report
reflect management&#146;s best estimate for closure costs and were incorporated into
the PER. There have been some adjustments to certain estimates, both in terms of
amount and timing, made subsequently as a result of updated information. The
majority of the changes in estimates in the current year relates to changes in
discount rates during the current period, which has had a significant impact on
the PER. </P>
<P align=justify>In general, the expected cash flows become more reliable
towards the end of the mine&#146;s life, whereas the estimate of a PER at the
beginning of the mine&#146;s life is more subjective. Actual rehabilitation costs
will ultimately depend upon future market prices for the necessary
decommissioning works required, which will reflect market conditions at the
relevant time. Furthermore, the timing of rehabilitation is likely to depend on
when the mine ceases to produce at economically viable rates. This, in turn,
will depend upon future metal prices, which are inherently uncertain. </P>
<P align=justify>As required by the regulatory authorities, before commencing
work on a project or mine, the Company posts security which is held in trust by
the regulatory authorities. These reclamation deposits (note 13) are returned
once the site is reclaimed to a satisfactory level and there are no ongoing
monitoring or maintenance requirements. For the Gibraltar mine, the Company has also
issued an irrevocable standby letter of credit for $10 million as part of its
security with the regulatory authorities. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>19.&nbsp; DEBT </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 colspan="4" align=right><B>As at December 31,</B> </TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Current: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capital leases </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">13,674 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">10,755 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Secured equipment loans </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>8,951 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>7,312 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">22,625 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">18,067 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Long-term: </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Senior notes </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">208,349 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">193,970 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Capital leases </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>33,138 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>24,486 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Secured
      equipment loans </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">18,028 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">16,337 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>259,515 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>234,793 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><I>(a)&nbsp;&nbsp;&nbsp; Senior notes</I><B><I> </I></B></P>
<P align=justify>In April 2011, the Company completed a public offering of
US$200 million in senior notes due in 2019, bearing interest at an annual rate
of 7.75% . The notes are guaranteed by the Company&#146;s subsidiaries and the
subsidiary guarantees are, in turn, guaranteed by the Company. </P>
<P align=justify>The Company may redeem some or all of the notes at any time on
or after April 15, 2015 at redemption prices ranging from 103.875% to 100% plus
accrued interest. Prior to April 15, 2015, the notes may be redeemed at 100%
plus a make-whole premium, plus accrued interest. In addition, until April 15,
2014, the Company may redeem up to 35% of the principal amount of notes, in an
amount not greater than the net proceeds of certain equity offerings, at a
redemption price of 107.75%, plus accrued interest.</P>
<P align=justify>The Company is subject to certain restrictions on asset sales,
payments, and incurrence of indebtedness and issuance of preferred stock. As at
December 31, 2013 the Company is in compliance with all Senior note covenants.
</P>
<P align=justify><I>(b)&nbsp;&nbsp; &nbsp;Capital leases</I></P>
<P align=justify>Capital leases are repayable in monthly installments with fixed
interest rates and are secured by plant and equipment with a carrying value of
$68,858 (2012: $47,898). The capital lease obligations bear fixed interest rates
ranging from 4.55% to 6.25% and have maturity dates ranging from 2014 to 2018.
</P>
<P align=justify><I>(c)&nbsp;&nbsp;&nbsp; Secured equipment loans</I></P>
<P align=justify>The equipment loans are secured by equipment with a carrying
value of $62,714 (2012: $50,724). The loans are repayable in monthly
installments and bear fixed interest rates ranging from 4.49% to 6.47% and have
maturity dates out to 2018. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_31></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>20. &nbsp;EQUITY </B></P>
<P align=justify><I>(a)&nbsp;&nbsp;&nbsp; Share capital </I></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(thousands of
      shares) </TD>
    <TD width="1%" align=left style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
    <TD width="12%" align=right style="BORDER-BOTTOM: #000000 1px solid">Common shares </TD>
  <TD width="2%" align=left style="BORDER-BOTTOM: #000000 1px solid" >&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Common shares outstanding at January 1,
      2012 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>196,505 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Repurchased </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(6,645</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Exercise of share options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,022 </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>Common shares
      outstanding at December 31, 2012 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">190,882 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Exercise of share options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,500 </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>Common shares
      outstanding at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">193,382 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The Company&#146;s authorized share capital consists of an unlimited
number of common shares with no par value. </P>
<P align=justify><I>(b)&nbsp;&nbsp; &nbsp;Contributed surplus </I></P>
<P align=justify>Contributed surplus represents employee entitlements to
share-based awards that have been charged to profit and loss in the periods
during which the entitlements were accrued and have not yet been exercised. </P>
<P align=justify><I>(c)&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income
(loss) (&#147;AOCI&#148;) </I></P>
<P align=justify>AOCI is comprised of the cumulative net change in the fair
value of available-for-sale financial assets, net of taxes, until the
investments are sold or impaired. </P>
<P align=justify><B>21.&nbsp; SHARE-BASED COMPENSATION </B></P>
<P align=justify>The Company has a share option plan (equity settled) approved
by the shareholders that allows it to grant options to directors, officers,
employees and other service providers. Under the plan, a maximum of 9.5% of the
Company&#146;s outstanding common shares may be granted. The maximum allowable number
of options to independent directors as a group at any time outstanding is 1% of
the Company&#146;s outstanding common shares. The exercise price of an option is set
at the time of grant using the five-day volume weighted average price of the
common shares. Options may be exercisable for a maximum of five years from the
effective date of grant under the plan. Vesting conditions of options are at the
discretion of the Board of Directors at the time the options are granted.</P>
<P align=justify>The Company has adopted a Deferred Share Unit (&#147;DSU&#148;) Plan (the
&#147;DSU Plan&#148;) for non-employee directors, effective February 15, 2013. The DSU
Plan provides for an annual grant to each non-employee director of the Company,
or an equivalent cash payment in lieu thereof, which participants have agreed
would in first instance be used to assist in complying with the Company&#146;s share
ownership guidelines. DSUs vest immediately upon grant and are paid out in cash
when a participant ceases to be a director of the Company. </P>
<P align=justify>During 2013, the Company issued 133,333 DSU&#146;s to directors. The
DSU&#146;s were valued at $3.18 per unit based upon the underlying share price at
grant date and are fair valued based upon the market price every period end. The
total number of deferred and restricted share units outstanding at December 31,
2013 was 133,333 units. An expense of $293 has been recognized for the year.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(thousands of
      options) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">Options </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">Average price </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Outstanding at January 1, 2012 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,295 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>3.22 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Granted </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">4,430 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">2.78 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Exercised </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,022</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>1.53 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Forfeited </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(431</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">4.33 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(147</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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4.31 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Outstanding at January 1, 2013 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,125 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">3.16 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Granted </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>175 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.02 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Exercised </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,500</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >$</TD>
    <TD align=right width="12%">1.12 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Forfeited </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,117</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>$</TD>
    <TD align=right width="12%" bgColor=#e6efff>3.85 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Expired </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(937</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4.77
    </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>Outstanding at December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>9,746 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3.43 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Exercisable at
      December 31, 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8,446
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3.53
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The weighted-average share price at the date of exercise for
share options exercised in 2013 was $2.20 (2012: $3.20) . </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=right width="12%">Options </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">Average life </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Range of exercise
      price </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(years) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>$1.00 to $2.18 </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,892 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.6 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>$2.19 to $4.09 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,723 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3.0 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>$4.10 to $5.74 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4,131 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1.4 </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>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9,746
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1.9
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The fair value at grant date of the share option plan was
measured based on the Black-Scholes formula. Expected volatility is estimated by
considering historic average share price volatility. The inputs used in the
measurement of the fair values at grant date of the share-based payment plans
are the following: </P>
<TABLE
style="BORDER-COLOR: black; 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 colspan="4" align=right><div align="center">Key management personnel </div></TD>
    <TD align=right width="2%" ><div align="center"></div></TD>
    <TD align=right width="1%" ><div align="center"></div></TD>
    <TD colspan="4" align=right><div align="center">Employees  </div></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=right width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2012    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2013    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2012    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Weighted-average share price </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.14 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.76 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.14 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2.84 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Expected term (years) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5.0 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5.0 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3.0 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3.2 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expected forfeiture rate </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Weighted-average expected volatility </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">68.6% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">72.6% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">49.4% </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">61.9% </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Expected dividend yield </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0% </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Risk-free interest
      rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1.74%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1.33%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1.24%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1.1%    </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>Weighted-average fair value per option </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1.26 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1.65 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>0.78 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1.21 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<BR>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>22.&nbsp; EARNINGS (LOSS) PER SHARE </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 colspan="4" align=right nowrap><B>Year ended December 31,</B> </TD>
  <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2013</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2012</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>(Restated note</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 width="12%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;    </TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>27</B></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>Net (loss) earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(34,839</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(9,139</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>(in thousands of common shares) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Weighted-average number of common shares</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>192,222 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>192,599 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Dilutive securities: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Effect of share options </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </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>Weighted-average
      number of diluted common shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">192,222 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">192,599 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>($ per common share) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Basic earnings per share</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(0.18</B></TD>
    <TD align=left width="2%"><B>)</B> </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>(0.05</B></TD>
    <TD align=left width="2%"><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Diluted earnings per share </B><SUP>1</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(0.18</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="12%"
    bgColor=#e6efff><B>(0.05</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff><B>)</B> </TD></TR></TABLE>
<P align=justify><SUP>1. </SUP>Refer to note 21 for potentially dilutive
instruments that were not included in earnings per share for 2013 due to their
anti-dilutive nature. </P>
<P align=justify><B>23.&nbsp; COMMITMENTS AND CONTINGENCIES </B></P>
<P align=justify><I>(a)&nbsp;&nbsp;&nbsp; Commitments </I></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>&lt;1 year or</B> </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>
    <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 >&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%"><B>on</B> </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>
    <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
      >&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>demand</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>1
      - 2 years</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>2
      - 5 years</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>&gt;5 years</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>Total</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>At December 31, 2013</B>
    </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>
    <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;Capital lease liability </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">13,674 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">13,414 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">19,724 </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%">46,812 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Future interest charges </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>2,203 </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>1,437 </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>1,086 </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>- </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>4,726 </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
      >Capital lease commitments </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%">15,877 </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%">14,851 </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%">20,810 </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%">- </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%">51,538 </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
    >Operating lease commitments<SUP>1</SUP> </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>2,271 </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>466 </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>856 </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>667 </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>4,260 </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
      >Purchase obligations </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%">2,587
    </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%">- </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%">- </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%">- </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%">2,587
    </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
    >Capital expenditures commitments </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>2,192 </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>- </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>- </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>- </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>2,192 </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
      >Marketable security investment </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%">5,000
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%">- </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%">- </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%">- </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%">5,000
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>At December 31, 2012</B>
    </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>
    <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;Capital lease liability </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">10,755 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">8,984 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="10%">15,503 </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%">35,242 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Future interest charges </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>1,741 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>1,176 </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>932 </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>- </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>3,849 </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
      >Capital lease commitments </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%">12,496 </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%">10,160 </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%">16,435 </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%">- </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%">39,091 </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
    >Operating lease commitments<SUP>1</SUP> </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>3,313 </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>1,801 </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>946 </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>934 </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>6,994 </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
      >Purchase obligations </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%">14,016 </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%">2,131
    </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%">- </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%">- </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%">16,147 </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
    >Capital expenditures commitments </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>31,849 </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>- </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>- </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>- </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>31,849 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><SUP>1. </SUP>Certain leases contain extension and renewal
options. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify>In respect of its interest in the joint arrangement (note 4),
the joint venture is committed to incur capital expenditures of $2,923 (2012:
$42,466), of which the Company&#146;s share of this commitment is $2,192 (2012:
$31,849). </P>
<P align=justify>During the year ended December 31, 2013, an amount of $3,662
was recognized as an expense in profit or loss in respect of operating leases
(2012: $3,181).</P>
<P align=justify><I>(b)&nbsp;&nbsp;&nbsp; Contingencies </I></P>
<P align=justify>The Company has guaranteed 100% of certain debt entered into by
the Gibraltar joint venture in which it holds a 75% interest. As at December 31,
2013, this debt totaled $62,417 on a 100% basis. The Company has also guaranteed
its share of additional debt totaling $26,978 on 75% basis. </P>
<P align=justify><B>24. &nbsp;SUPPLEMENTARY CASH FLOW INFORMATION </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 colspan="4" align=right nowrap><B>For the year ended December 31,</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2013</B> </TD>
    <TD width="2%" align=right nowrap >&nbsp;</TD>
    <TD width="1%" align=right nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2012</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap>&nbsp; </TD>
    <TD width="2%" align=right nowrap >&nbsp;</TD>
    <TD width="1%" align=right nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>(Restated note</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp; </TD>
    <TD width="2%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>27</B></TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    ><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Change in non-cash working capital
      items</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accounts receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">24,394 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,943 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Inventories </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(19,724</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,160</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Prepaids </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,211 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,775</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,945 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,114</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest payable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">138 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(71</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Income tax paid </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,450</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,308</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Income tax received </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,179 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,402 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Deferred revenue &#150; royalty obligation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(175</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">14,693 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">4,742    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Non-cash investing and financing
      activities</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Assets acquired under capital lease </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">25,293 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,098 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Interest earned on promissory note</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,642</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,038</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest expense on royalty obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,396 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">984 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Royalty obligation settled by promissory note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(10,820</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(8,190</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify><B>25.&nbsp; FINANCIAL RISK MANAGEMENT </B></P>
<P align=justify><I>(a)&nbsp;&nbsp; &nbsp;Overview </I></P>
<P align=justify>In the normal course of business, the Company is inherently
exposed to market, liquidity and credit risk through its use of financial
instruments. The timeframe and manner in which the Company manages these risks
varies based upon management&#146;s assessment of the risk and available alternatives
for mitigating risk. The Board approves and monitors risk management processes,
including treasury policies, counterparty limits, controlling and reporting
structures.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>(b)&nbsp;&nbsp; &nbsp;Market risk </I></P>
<P align=justify>Market risk is the risk that the fair value of future cash
flows of a financial instrument will fluctuate because of changes in market
prices. Market prices comprise three types of risk: commodity price risk;
interest rate risk; and currency risk. Financial instruments affected by market
risk include: cash and equivalents; accounts receivable; promissory note;
marketable securities; subscription receipts; reclamation deposits; accounts
payable and accrued liabilities; debt; royalty obligation; and derivatives. </P>
<P align=justify>The objective of market risk management is to manage and
control market risk exposures within acceptable parameters, while optimizing the
return. The Company buys and sells derivatives in order to manage market risks.
The derivative instruments employed by the Company are not designated as hedges
for accounting purposes. These non-hedge derivatives are considered to be
economic hedges. </P>
<P align=justify><I>Commodity price risk </I></P>
<P align=justify>The Company is exposed to the risk of fluctuations in
prevailing market commodity prices on the metals it produces. To manage the
Company&#146;s operating margins effectively in volatile metals markets, the Company
enters into copper option contracts. The amount and duration of the hedge
position is based on an assessment of business-specific risk elements combined
with the copper pricing outlook. Copper price and quantity exposure are reviewed
at least quarterly to ensure that adequate revenue protection is in place.
Copper option contracts are typically extended adding incremental quarters at
established put strike prices to provide the necessary price protection.</P>
<P align=justify>The Company also enters into physical commodity contracts in
the normal course of business. These contracts are not derivatives and are
measured at cost (typically at nil); they are therefore excluded from the fair
value and sensitivity table below. Also not included in the below table are
provisionally priced sales volumes for which price finalization is outstanding
at balance sheet date. Provisionally pricing mechanisms embedded within these
sales arrangements have the character of a commodity derivative and are carried
at fair value as part of accounts receivables.</P>
<P align=justify>The table below summarizes the impact on earnings after tax and
equity for changes in commodity prices on the fair value of derivatives and the
provisionally invoiced sales volumes. </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 colspan="4" align=right><B>Years ended December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Copper increase/decrease by US$0.34/lb
      (2012: US$0.35/lb) <SUP>1</SUP> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>576 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>450 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Molybdenum
      increase/decrease by US$0.96/lb (2012: US$1.34/lb) <SUP>1</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">299    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">136    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><SUP>1. </SUP>The analysis is based on the assumption that the
year-end copper price increases 10% with all other variables held constant. The
relationship between the year-end copper price and the strike price of copper
options has significant influence over the fair value of the derivatives. As
such, a 10% decrease in the year-end copper price will not result in an equal
but opposite impact on earnings after tax and equity. The closing exchange rate
for the year ended December 31, 2013 of CAD/USD 1.0636 (2012: 0.9949) was used
in the analysis. </P>
<P align=justify>The sensitivities in the above tables have been determined as
the absolute impact on fair value of a 10 per cent increase in commodity prices
at each reporting date, while holding all other variables, including foreign
currency and exchange rates, constant. The relationship between commodity prices
and foreign currencies is complex and movements in foreign exchange can impact
commodity prices. The sensitivities should therefore be used with care. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>Interest rate risk </I></P>
<P align=justify>The Company is exposed to interest rate risk on its outstanding
debt and investments, including cash and equivalents, from the possibility that
changes in market interest rates will affect future cash flows or the fair value
of fixed-rate interest-bearing financial instruments.</P>
<P align=justify>The table below summarizes the impact on earnings after tax and
equity for a change of 100 basis points in interest rates at the reporting date.
This analysis assumes that all other variables, in particular foreign currency
rates, remain constant. This assumes that the change in interest rates is
effective from the beginning of the financial year and balances are constant
over the year. However, interest rates and balances of the Company may not
remain constant in the coming financial year and therefore such sensitivity
analysis should be used with care. </P>
<TABLE
style="BORDER-COLOR: black; 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 colspan="4" align=right><B>Years ended December 31,</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=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Fair value sensitivity for fixed-rate instruments</B></TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Promissory note </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>836 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>835 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Royalty Obligation </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(261</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(350</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Capital leases </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(328</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(227</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Secured equipment loans </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(199</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(91</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Senior notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,533</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,499</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,485</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,332</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Cash flow sensitivity for variable-rate
      instruments</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Cash and equivalents </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">278 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">571 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Capped floating rate notes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>19 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Reclamation
      deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">187    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">184    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>465 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>774 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><I>Currency risk </I></P>
<P align=justify>The Canadian dollar is the functional currency of the Company
and, as a result, currency exposures arise from transactions and balances in
currencies other than the Canadian dollar, primarily the US dollar. The
Company&#146;s potential currency exposures comprise translational exposure in
respect of non-functional currency monetary items, and transactional exposure in
respect of non-functional currency revenues and expenditures.</P>
<P align=justify>The following table demonstrates the sensitivity to a 10%
strengthening in the CAD against the USD. With all other variables held
constant, the Company&#146;s shareholders equity and earnings after tax would both
increase/(decrease) due to changes in the carrying value of monetary assets and
liabilities. A weakening in the CAD against the USD would have had the equal but
opposite effect to the amounts shown below. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_37></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; 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 colspan="4" align=right><B>Year ended December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash and equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,457</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,167</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts receivable </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(102</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,044</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Copper put option contracts </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(96</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(133</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">205 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">129 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Equipment loans </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,778 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,201 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Senior notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">15,468 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">14,536 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The Company&#146;s financial asset and liability profile may not
remain constant and, therefore, these sensitivities should be used with care.
</P>
<P align=justify><I>(c)&nbsp;&nbsp;&nbsp; Liquidity risk </I></P>
<P align=justify>Liquidity risk is the risk that the Company will not be able to
meet its financial obligations as they become due. The Company manages liquidity
risk by holding sufficient cash and equivalents and scheduling long-term
obligations based on estimated cash inflows. </P>
<P align=justify>During the year ended December 31, 2013, Moody&#146;s Investor
Service made no change to the Company&#146;s long-term credit rating of B3, and
Standard &amp; Poor&#146;s made no change to the Company&#146;s long-term credit rating of
B. The Company&#146;s strong credit profile and significant cash balance ensure that
sufficient liquid funds are maintained to meet its daily cash requirements. The
Company&#146;s practice on counterparty credit exposure ensures that only
counterparties of a high credit standing are used for the investment of any
excess cash. </P>
<P align=justify>There were no defaults on loans payable during the year. </P>
<P align=justify>The maturity profile of the Company&#146;s financial liabilities
based on contractual undiscounted amounts is: </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_38></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%"><B>&lt;1 year or</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </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=right
      width="11%"><B>demand</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="11%"><B>1
      - 2 years</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="11%"><B>2
      - 5 years</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="11%"><B>&gt;5 years</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="11%"><B>Total</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>At December 31, 2013</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts payable and accrued
      liabilities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>26,864 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>26,864 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Expected future interest payments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">19,860 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">18,724 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">51,178 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">4,808 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">94,570 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Capital leases </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>13,674 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>13,414 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>19,724 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>46,812 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Secured equipment loans </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">8,951 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">5,840 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">12,188 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">26,979 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Senior notes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" 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="11%" 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="11%" bgColor=#e6efff>212,720 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>212,720 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Royalty
      obligations </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">63,854 </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="11%">- </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="11%">- </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="11%">- </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="11%">63,854 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="11%"
    bgColor=#e6efff>133,203 </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="11%"
    bgColor=#e6efff>37,978 </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="11%"
    bgColor=#e6efff>83,090 </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="11%"
    bgColor=#e6efff>217,528 </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="11%"
    bgColor=#e6efff>471,799 </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>Carrying amount
</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%">113,343 </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="11%">19,254 </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="11%">31,912 </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="11%">212,720 </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="11%">377,229 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>At December 31, 2012</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="11%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">42,938 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">42,938 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Expected future interest payments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>18,148 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>17,186 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>47,906 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>19,920 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>103,160 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capital leases </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">10,755 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">8,984 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">15,502 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">35,241 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Secured equipment loans </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>7,312 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>6,304 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>10,033 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>23,649 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Senior notes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">198,980 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="11%">198,980 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Royalty obligations (Restated note 2) <SUP>1</SUP>
    </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="11%"
    bgColor=#e6efff>10,820 </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="11%"
    bgColor=#e6efff>23,809 </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="11%"
    bgColor=#e6efff>33,650 </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="11%"
    bgColor=#e6efff>- </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="11%"
    bgColor=#e6efff>68,279 </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>&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="11%">89,973 </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="11%">56,283 </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="11%">107,091 </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="11%">218,900 </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="11%">472,247 </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>Carrying amount </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="11%"
    bgColor=#e6efff>71,825 </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="11%"
    bgColor=#e6efff>39,097 </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="11%"
    bgColor=#e6efff>59,185 </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="11%"
    bgColor=#e6efff>198,980 </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="11%"
    bgColor=#e6efff>369,087 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify><SUP>1. </SUP>Actual timing of payment for royalty obligations
may differ. Amounts estimated based on expected future production levels. </P>
<P align=justify><I>(d)&nbsp;&nbsp;&nbsp; Credit risk </I></P>
<P align=justify>Credit risk is the risk of potential loss to the Company if a
customer or counterparty to a financial instrument fails to meet its contractual
obligations. The Company is exposed to credit risk from its receivables,
marketable securities and investments, and derivatives. In general, the Company
manages its credit exposure by transacting only with reputable counterparties.
The Company monitors the financial condition of its customers and counterparties
to contracts. The Company deals with a limited number of counterparties for its
metal sales. The balance at December 31, 2013 is comprised of five customers
(2012: four customers). There are no impairments recognized on the receivables.
</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_39></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><I>(e)&nbsp;&nbsp;&nbsp; Fair values of financial instruments
</I></P>
<P align=justify>The fair values of financial assets and liabilities, together
with their carrying amounts, are presented by class in the following table. The
table does not include fair value information for financial assets and
liabilities not measured at fair value if the carrying amount is a reasonable
approximation of fair value. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 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 colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Carrying</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Carrying</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>amount</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>amount</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Fair value</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial assets</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><I>Fair value through profit and loss
      (FVTPL)</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Copper put option contracts </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,295 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,295 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,776 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,776 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><I>Loans and receivables</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">82,865 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">134,995 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Accounts receivable </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,532 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>28,966 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Promissory
      note <SUP>1</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">63,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">70,662 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><I>Available-for-sale</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capped floating rate notes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,090 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,090 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Shares </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,951 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,951 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,196 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,196 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Subscription receipts </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,400 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,400 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7,100 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">7,100 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Reclamation deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25,872 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25,872 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25,728 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25,728 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Financial liabilities</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><I>Financial liabilities</I> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Accounts payable and accrued liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,864 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">42,938 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Interest payable senior notes </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,435 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,213 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Senior notes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">208,349 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">211,540 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">193,970 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">190,897 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Capital leases </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>46,812 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>44,628 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>35,241 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>35,059 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Secured equipment loans </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,979 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,825 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,649 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,532 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Royalty obligation (Restated note 2) <SUP>1</SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>63,854 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>68,279 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><SUP>1.</SUP> The fair value of the promissory note and royalty
obligation are not readily determinable with sufficient reliability due to the
uncertainty around the maturities and the future cash flows associated with the
promissory note. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_40></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify>The Company uses the fair value hierarchy described in note
3.5c for determining the fair value of instruments that are measured at fair
value.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Level 1</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Level 2</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Level 3</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Total</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>December 31, 2013</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Financial assets designated at FVTPL</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Copper put option contracts </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>1,295 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,295 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Available-for-sale financial assets</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Marketable Securities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,951 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,951 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Subscription receipts (note 13) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,400 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,400 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Reclamation deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25,872 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25,872 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">30,823 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,295
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">12,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">44,518 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>December 31, 2012</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Financial assets designated at FVTPL</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Copper put option contracts </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>1,776 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,776 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><I>Available-for-sale financial assets</I> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Marketable Securities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,196 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,196 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Capped floating rate notes </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,090 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">20,090 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Subscription receipts (note 13) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" 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="12%" bgColor=#e6efff>7,100 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,100 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Reclamation
      deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">25,728 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">25,728 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>32,924 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>21,866 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>7,100 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>61,890 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>There have been no transfers between fair value levels during
the reporting period.</P>
<P align=justify>The fair values of the level 2 instruments, copper put option
contracts and capped floating rate notes, are based on broker quotes. Similar
contracts are traded in an active market and the broker quotes reflect the
actual transactions in similar instruments. </P>
<P align=justify>The subscription receipts, a level 3 instrument, are valued
based on a purchase transaction in the last twelve months or in the absence of a
transaction, market comparison based on the average share value of comparable
companies. A transaction has occurred within 2013 financial year which valued
each subscription receipt at $0.80 each. </P>
<P align=justify>The senior notes, a level 1 instrument, are valued based upon
publicly available information. The capital leases and secured equipment loans,
level 2 instruments, are fair valued through discounting future cash flows at a
rate of 5.5% based on the relevant loans effective interest rate. </P>
<P align=justify>The following table shows a reconciliation from the opening
balances to the closing balances for Level 3 fair values. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_41></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>Note</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%"><B>Subscription receipts</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>At January 1, 2012</B> </TD>
    <TD align=center width="25%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="25%" bgColor=#e6efff>- </TD></TR>
  <TR vAlign=top>
    <TD align=left>Acquisition </TD>
    <TD align=center width="25%">&nbsp; </TD>
    <TD align=center width="25%">10,000 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Change in fair value (other comprehensive
      income) </TD>
    <TD align=center width="25%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="25%" bgColor=#e6efff>(2,900) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Balance at December 31, 2012 </TD>
    <TD align=center width="25%">&nbsp; </TD>
    <TD align=center width="25%">7,100 </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="25%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="25%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left>Purchase </TD>
    <TD align=center width="25%">&nbsp; </TD>
    <TD align=center width="25%">2,400 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss included in &#145;Impairment of marketable
      securities&#146; </TD>
    <TD align=center width="25%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=center width="25%" bgColor=#e6efff>(6,150) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Change in fair
      value (other comprehensive income) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="25%">9,050 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>At December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%"
    bgColor=#e6efff>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="25%"
    bgColor=#e6efff>12,400 </TD></TR></TABLE>
<P align=justify>The fair value of the subscription receipts is based upon a
recent transaction and not subject to sensitivity. </P>
<P align=justify><I>(f) Summary of derivatives</I></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-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="19%"><B>Notional amount</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="19%"><B>Strike price</B><SUP>1</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="19%"><B>maturity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="19%"><B>Fair value</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    ><B>At December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="19%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="19%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="19%"
    bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="19%"
    bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left ><I>Commodity contracts</I> </TD>
    <TD align=left width="19%">&nbsp; </TD>
    <TD align=left width="19%">&nbsp; </TD>
    <TD align=left width="19%">&nbsp; </TD>
    <TD align=left width="19%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Copper put option
      contracts </TD>
    <TD align=center width="19%" bgColor=#e6efff>25.6 million lbs </TD>
    <TD align=center width="19%" bgColor=#e6efff>US$3.00 </TD>
    <TD align=center width="19%" bgColor=#e6efff>Q1-Q2 2014 </TD>
    <TD align=right width="19%" bgColor=#e6efff>647 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp;Copper put option contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%">7.3
      million lbs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="19%">US$3.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%">Q3
      2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="19%">648
    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=right width="19%" bgColor=#e6efff><B>1,295</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>At December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="19%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="19%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="19%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="19%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><I>Commodity contracts</I>
</TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Copper put option contracts </TD>
    <TD align=center width="19%">33.1 million lbs </TD>
    <TD align=center width="19%">US$3.00 </TD>
    <TD align=center width="19%">Q1-Q2 2013 </TD>
    <TD align=right width="19%">557 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Copper call option contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    bgColor=#e6efff>26.5 million lbs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    bgColor=#e6efff>US$2.75 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    bgColor=#e6efff>Q3-Q4 2013 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="19%"
    bgColor=#e6efff>1,219 </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="19%">&nbsp; </TD>
    <TD align=left width="19%">&nbsp; </TD>
    <TD align=left width="19%">&nbsp; </TD>
    <TD align=right width="19%"><B>1,776</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><I>Capped floating rate notes
      </I><SUP>2</SUP> </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="19%" bgColor=#e6efff>&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;3-month BA rate + 25 bps </TD>
    <TD align=center width="19%">C$10 million </TD>
    <TD align=center width="19%">5.00% </TD>
    <TD align=center width="19%">Q4 2013 </TD>
    <TD align=right width="19%">10,023 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;3-month BA rate + 45 bps </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    bgColor=#e6efff>C$10 million </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    bgColor=#e6efff>5.50% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="19%"
    bgColor=#e6efff>Q4 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="19%"
    bgColor=#e6efff>10,067 </TD></TR></TABLE></DIV><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%"><SUP>1.</SUP> </TD>
    <TD>
      <P align=justify>For the floating rate notes, this value represents the
      cap level for the coupon rate.</P></TD></TR>
  <TR>
    <TD vAlign=top width="5%"><SUP>2.</SUP> </TD>
    <TD>
      <P align=justify>The floating rate notes were redeemed in April of
      2013.</P></TD></TR></TABLE>
<P align=justify>The Company spent $3.2 million to purchase Copper put options
in the twelve month periods ended December 31, 2013. </P>
<P align=justify><I>(g)&nbsp;&nbsp; &nbsp;Capital management </I></P>
<P align=justify>The Company's primary objective when managing capital is to
ensure that the Company is able to continue its operations and that it has
sufficient ability to satisfy its capital obligations and ongoing operational
expenses, as well as to have sufficient liquidity available to fund suitable
business opportunities as they arise. </P>
<P align=justify>The Company considers the components of share holders' equity,
as well as its cash and equivalents, DCDs classified within marketable
securities, credit facilities and debt as capital. The Company manages its
capital structure and makes adjustments to it in light of changes in economic
conditions and the risk characteristics of the underlying assets. In order to
maintain or adjust the capital structure, the Company may issue or buy back
equity, issue, buy back or repay debt, sell assets, or return capital to
shareholders.</P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_42></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; 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 width="12%" align=right nowrap><B>December 31,</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>December 31,</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2013</B> </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>2012</B> </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
    <TD width="2%" align=left nowrap>&nbsp;</TD>
    <TD width="1%" align=left nowrap>&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>(Restated note</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=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>2</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      width="2%"><B>)</B> </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Cash and equivalents </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>82,865 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>134,995 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Current debt </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">22,625 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">18,067 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Long-term debt </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>259,515 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>234,793 </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>Net debt
      (cash)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>199,275</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>117,865</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>Shareholders&#146; equity</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>426,216</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="12%"
    bgColor=#e6efff><B>445,581</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>In order to facilitate the management of its capital
requirements, the Company prepares annual operating budgets that are approved by
the Board of Directors. Management also actively monitors its financial
covenants to ensure compliance. </P>
<P align=justify>The Company is not subject to any capital restrictions. </P>
<P align=justify>The Company&#146;s investment policy is to invest its cash in highly
liquid interest-bearing investments that are readily convertible to known
amounts of cash. </P>
<P align=justify>There were no changes to the Company's approach to capital
management during the year ended December 31, 2013. </P>
<P align=justify><B>26.&nbsp; RELATED PARTIES </B></P>
<P align=justify><I>(a)&nbsp;&nbsp;&nbsp; Subsidiaries </I></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 width="20%" align=right nowrap><B>Ownership interest as at</B> </TD>
  <TD width="20%" align=right nowrap>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD width="20%" align=right nowrap><B>December 31,</B> </TD>
  <TD width="20%" align=right nowrap><B>December 31,</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD
      width="20%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
  <TD
      width="20%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gibraltar Mines Ltd. </TD>
    <TD align=right width="20%" bgColor=#e6efff>100% </TD>
    <TD align=right width="20%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD align=left>Aley Corporation </TD>
    <TD align=right width="20%">100% </TD>
    <TD align=right width="20%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Taseko Acquisition sub Ltd. <SUP>1</SUP>
</TD>
    <TD align=right width="20%" bgColor=#e6efff>N/A </TD>
    <TD align=right width="20%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD align=left>0806294 BC Ltd. <SUP>1</SUP> </TD>
    <TD align=right width="20%">N/A </TD>
    <TD align=right width="20%">100% </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>688888 BC Ltd. </TD>
    <TD align=right width="20%" bgColor=#e6efff>100% </TD>
    <TD align=right width="20%" bgColor=#e6efff>100% </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Gibraltar Royalty
      LP </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">99.99% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">99.99% </TD></TR></TABLE>
<P align=justify><SUP>1. </SUP>These companies were wound up in 2013. </P>
<P align=justify><I>(b)&nbsp;&nbsp;&nbsp; Key management personnel compensation
</I></P>
<P align=justify>Key management personnel include the members of the Board of
Directors and executive officers of the Company. </P>
<P align=justify>The Company contributes to a post-employment defined
contribution pension plan on the behalf of certain key management personnel.
This retirement compensation arrangement (RCA Trust) was established to provide
benefits to certain executive officers on or after retirement in recognition of
their long service. Upon retirement, the participant is entitled to the
distribution of the accumulated value of the contributions under the RCA Trust.
Obligations for contributions to the defined contribution pension plan are
recognized as compensation expense in profit or loss in the periods during which
services are rendered by the executive officers. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_43></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify>Certain executive officers are entitled to termination and
change in control benefits. In the event of termination without cause, other
than a change in control, these executive officers are entitled to an amount
ranging from 9-month to 12-month&#146;s salary. In the event of a change in control,
if a termination without cause or a resignation occurs within 12 months
following the change of control, these executive officers are entitled to
receive, among other things, an amount ranging from 24-month to 32-months salary
and accrued bonus, and all stock options held by these individuals will fully
vest. </P>
<P align=justify>Executive officers and directors also participate in the
Company&#146;s share option program (note 21).</P>
<P align=justify>Compensation for key management personnel (including directors)
is as follows: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>Year ended December 31,</B> </TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Salaries and benefits </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,188 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,855 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Post-employment benefits </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,643 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">687 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Share-based compensation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,736 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4,630 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8,567    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9,172    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=justify><I>(c) Other related party transactions </I></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 colspan="4" align=right nowrap><B>Transaction value for the</B> </TD>
    <TD width="2%" align=right nowrap >&nbsp;</TD>
    <TD width="1%" align=right nowrap >&nbsp;</TD>
    <TD colspan="4" align=right nowrap><B>Due from (to) related parties</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right nowrap><B>year end December 31,</B> </TD>
    <TD width="2%" align=right nowrap >&nbsp;</TD>
    <TD width="1%" align=right nowrap >&nbsp;</TD>
    <TD colspan="4" align=right nowrap><B>as at December 31,</B> </TD>
  <TD align=right width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</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="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Hunter Dickinson Services Inc.: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;General and administrative expenses </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,468 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,925 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Exploration and evaluation expenses </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,139 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>513 </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=left width="12%"
    bgColor=#e6efff>&nbsp; </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=left width="12%"
    bgColor=#e6efff>&nbsp; </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3,607    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,438    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(94</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(59</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Gibraltar joint venture: </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Other operating income (management fee) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">966 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">845 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Reimbursable compensation expenses
      and </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>427 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>137 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;third party
      costs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,393 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>982 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>62 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(41</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>Hunter Dickinson Services Inc. (HDSI) is a private company,
which employs some members of the executive management of the Company and
invoices the Company for their executive services as well as other services.
</P>
<P align=justify>Under the terms of the joint venture operating agreement, the
Gibraltar joint venture pays the Company a management fee for services rendered
by the Company as operator of the Gibraltar mine. </P>
<P align=justify>During the year, the Company invested $2.4 million in
subscription receipts of a private company with directors in common which holds
mineral property interests. The subscription receipts will be convertible into
units comprised of shares, or shares and warrants (note 13). During the year,
the Company invested $2 million in Curis Resources Ltd, a public company with
one director in common, which holds mineral property interests (note 13).</P>
<P align=justify>Subsequent to year end the Company completed an additional
investment in Curis Resources Ltd for $5 million. </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_44></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Notes to Consolidated Financial Statements </TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
  </TR>
</TABLE>
<P align=justify><B>27.&nbsp; TRANSITION TO IFRIC 20 &#150; STRIPPING COSTS IN THE
PRODUCTION PHASE OF A SURFACE MINE </B></P>
<P align=justify>In accordance with the transitional provisions of IFRIC 20,
this new policy has been applied prospectively from the start of the comparative
period, being January 1, 2012. As a result of the adoption of the
interpretation, the adjustments outlined below were made to the financial
statements. </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>As at December
      31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>As previously</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=right nowrap><B>IFRIC 20</B> </TD>
    <TD width="2%" align=left nowrap >&nbsp;</TD>
    <TD width="1%" align=left nowrap >&nbsp;</TD>
    <TD width="12%" align=left nowrap>&nbsp; </TD>
  <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Description</B>
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>reported</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>adjustments</B> </TD>
    <TD width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid"
    >&nbsp;</TD>
    <TD
      width="12%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Adjusted balance</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><I>Property, Plant &amp; Equipment</I></B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>December 31, 2012 closing balance </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>637,435 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Additions under IFRIC 20 </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,908 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Amortization under IFRIC 20 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(801</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=left width="12%"
    bgColor=#e6efff>&nbsp; </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>Adjusted December
      31, 2012 closing balance </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">637,435 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">10,107 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">647,542 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><I>Inventory</I></B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>December 31, 2012 closing balance </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>27,556 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>IFRIC 20
      capitalization and amortization impact </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(106</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=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Adjusted December 31, 2012 closing balance </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>27,556 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(106</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>27,450 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><I>For the year ended December 31, 2012</I></B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B><I>Consolidated Statements of Comprehensive Loss</I></B>
    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Loss after tax </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(15,665</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Additional capitalized stripping </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,908 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Capitalized stripping amortization </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>(801</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(106</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=left width="12%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Sub-total </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(15,665</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,001 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,664</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Tax effect of
      adjustments at 35% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(3,475</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </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>Adjusted earnings/(Loss) after tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(15,665</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>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="12%"
    bgColor=#e6efff>(9,139</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B><I>Equity</I></B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>December 31, 2012 closing balance (Restated
    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>439,055 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>note 2) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Retained earnings impact </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>6,526 </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=left width="12%"
    bgColor=#e6efff>&nbsp; </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>Adjusted December
      31, 2012 closing balance </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">439,055 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,526
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">445,581 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The impact on operating activities within the Statements of
Cash Flows in addition to net loss were $801 increase in depletion and
amortization, $106 increase in net change in non-cash working capital and $3,475
increase in income tax expense for the twelve month period ended December 31,
2012.</P>
<P align=justify>The effect on loss per share related to the December 2012
restatement was an increase of $0.03 per share. There was no impact on the
January 1, 2012 consolidated balance sheet from the adoption of IFRIC 20.</P>
<P align=justify>The impact, post tax, on net loss for the twelve month period
ended December 31, 2013 was a decrease of $9.3 million. The impact, post tax, on
(loss) per share for the twelve month period ended December 31, 2013 was a
decrease of $0.05. </P>
<HR align=center width="100%" color=black noShade SIZE=5>
</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.7
<SEQUENCE>8
<FILENAME>exhibit99-7.htm
<DESCRIPTION>EXHIBIT 99.7
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Ltd.: Exhibit 99.7 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<A name=page_1></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis
  </FONT></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD></TR></TABLE>
<P align=justify>This management&#146;s discussion and analysis ("MD&amp;A") is
intended to help the reader understand Taseko Mines Limited (&#147;Taseko&#148;, &#147;we&#148;,
&#147;our&#148; or the &#147;Company&#148;), our operations, financial performance, and current and
future business environment. This MD&amp;A is intended to supplement and
complement the consolidated financial statements and notes thereto, prepared in
accordance with IFRS for the year ended December 31, 2013 (collectively, the
&#147;Financial Statements&#148;). You are encouraged to review the Financial Statements
in conjunction with your review of this MD&amp;A and the most recent Form
40-F/Annual Information Form, which is available on the Canadian Securities
Administrators&#146; website at www.sedar.com and on the EDGAR section of the United
States Securities and Exchange Commission&#146;s (&#147;SEC&#148;) website at www.sec.gov. </P>
<P align=justify>This MD&amp;A is prepared as of February 18, 2014. All dollar
figures stated herein are expressed in Canadian dollars, unless otherwise
specified. </P>
<P align=justify><B>Cautionary Statement on Forward-Looking Information </B></P>
<P align=justify>This discussion includes certain statements that may be deemed
"forward-looking statements". All statements in this discussion, other than
statements of historical facts, that address future production, reserve
potential, exploration drilling, exploitation activities, and events or
developments that the Company expects are forward-looking statements. Although
we believe the expectations expressed in such forward-looking statements are
based on reasonable assumptions, such statements are not guarantees of future
performance and actual results or developments may differ materially from those
in the forward-looking statements. Factors that could cause actual results to
differ materially from those in forward-looking statements include market
prices, exploitation and exploration successes, continued availability of
capital and financing and general economic, market or business conditions.
Investors are cautioned that any such statements are not guarantees of future
performance and actual results or developments may differ materially from those
projected in the forward-looking statements. All of the forward-looking
statements made in this MD&amp;A are qualified by these cautionary statements.
We disclaim any intention or obligation to update or revise any forward-looking
statements whether as a result of new information, future events or otherwise,
except to the extent required by applicable law. Further information concerning
risks and uncertainties associated with these forward-looking statements and our
business may be found in our most recent Form 40-F/Annual Information Form on
file with the SEC and Canadian provincial securities regulatory authorities.</P>
<P align=center>1 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_2></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B>CONTENTS </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 bgColor=#eeeeee><B>OVERVIEW</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>3</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>HIGHLIGHTS</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>3</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>HIGHLIGHTS - CONTINUED</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>4</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>REVIEW OF OPERATIONS</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>5</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>REVIEW OF PROJECTS</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>8</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>MARKET REVIEW</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>9</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>FINANCIAL PERFORMANCE</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>10</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>RESTATEMENT OF PREVIOUSLY ISSUED
      FINANCIAL STATEMENTS</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>15</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>FINANCIAL CONDITION REVIEW</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>16</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>SELECTED ANNUAL INFORMATION</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>19</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>FOURTH QUARTER RESULTS</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>20</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>SUMMARY OF QUARTERLY RESULTS</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>26</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>CRITICAL ACCOUNTING POLICIES AND
      ESTIMATES</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>27</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>CHANGE IN ACCOUNTING POLICIES</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>28</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>FINANCIAL INSTRUMENTS</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>30</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>INTERNAL CONTROLS OVER FINANCIAL
      REPORTING AND DISCLOSURE CONTROLS AND</B> <B>PROCEDURES</B> </TD>
    <TD align=right width="5%"  bgColor=#eeeeee
      ><B>31</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>RELATED PARTY TRANSACTIONS</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>31</B> </TD></TR>
  <TR>
    <TD align=left >&nbsp;</TD>
    <TD align=right width="5%"  >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#eeeeee><B>NON-GAAP PERFORMANCE MEASURES</B> </TD>
    <TD align=right width="5%" bgColor=#eeeeee ><B>33</B>
  </TD></TR></TABLE>
<P align=center>2 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_3></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B><FONT color=#0080ff>OVERVIEW </FONT></B></P>
<P align=justify>Taseko Mines Limited (&#147;Taseko&#148; or &#147;Company&#148;) is a mining
company that seeks to create shareholder value by acquiring, developing, and
operating large tonnage mineral deposits which, under conservative forward metal
price assumptions, are potentially capable of supporting a mine for 10 years or
longer. The Company&#146;s sole operating asset is the 75% owned Gibraltar Mine, a
large copper/molybdenum mine located in central British Columbia. The Gibraltar
Mine has undergone a major expansion in recent years and is now one of the
largest copper mines in North America. Taseko also owns the New Prosperity
gold-copper, Aley niobium and Harmony gold projects. </P>
<P align=justify><B><FONT color=#0080ff>HIGHLIGHTS </FONT></B></P>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="7" align=center nowrap><B>Three months ended </B></TD>
    <TD
    width="2%" align=center nowrap style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD colspan="7" align=center nowrap> <B>Year 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 colspan="7" align=center nowrap> <B>December 31, </B> </TD>
    <TD
    width="2%" align=center nowrap style="BORDER-RIGHT: #000000 1px solid">&nbsp;</TD>
    <TD width="1%" align=center nowrap>&nbsp;</TD>
    <TD colspan="7" align=center nowrap> <B>December 31, </B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD
      width="9%" 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="9%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="9%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>Change </B></TD>
    <TD width="2%"
    align=left nowrap
    style="BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="9%" 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="9%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><B>2012 </B></TD>
    <TD
    width="2%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left nowrap style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="9%" align=right nowrap style="BORDER-BOTTOM: #000000 1px solid"><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 vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>94,916 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>62,878 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>32,038 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>290,056 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>253,607 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>36,449 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Earnings from mining operations before depletion
      <BR>&nbsp;&nbsp;&nbsp;&nbsp; and amortization* </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">24,969 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">14,528 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">10,441 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">77,000 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">81,340 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(4,340</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings from mining operations </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>15,285 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>7,387 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>7,898 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>42,933 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>60,314 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(17,381</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net earnings (loss) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(9,756</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(5,514</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(4,242</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(34,839</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(9,139</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(25,700</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Per share - basic (&#147;EPS&#148;) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.05</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.03</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.02</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.18</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.05</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.13</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjusted net earnings (loss)<SUP>* </SUP></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">834 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(2,680</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">3,514 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(14,027</TD>
    <TD vAlign=bottom align=left width="2%">) </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">8,700 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(22,727</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Per share - basic (&#147;adjusted
      EPS&#148;) <SUP>* </SUP></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.00</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.01</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.01 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.07</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>0.05 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(0.12</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>EBITDA <SUP>* </SUP></TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">11,107 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">2,230 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">8,877 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">20,021 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">18,502 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">1,519 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Adjusted EBITDA <SUP>* </SUP></TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>16,954 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>6,009 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>10,945 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>39,498 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>42,290 </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#e6efff>(2,792</TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash flows provided by operations </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">32,791 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">12,999 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">19,792 </TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">67,587 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">68,187 </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%">(600</TD>
    <TD vAlign=bottom align=left width="2%">) </TD></TR>
  <TR>
    <TD align=left bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-RIGHT: #000000 1px solid" vAlign=bottom align=right
    width="2%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="1%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="9%" bgColor=#0080ff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="2%"
  bgColor=#0080ff>&nbsp;</TD></TR></TABLE>
</DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="7" align=center><B>Three months ended </B></TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD align=center width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating Data (Gibraltar - 100% basis) </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="7" align=center> <B>December 31, </B> </TD>
    <TD align=center width="2%">&nbsp;</TD>
    <TD align=center width="1%">&nbsp;</TD>
    <TD colspan="7" align=center><B>Year ended December 31, </B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="9%"><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="9%"><B>2012 </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="9%"><B>Change </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="9%"><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="9%"><B>2012 </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="9%"><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>Tons mined (millions) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>21.5 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>17.9 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3.6 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>89.4 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>66.2 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>23.2 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Tons milled (millions) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">7.6 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">4.2 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">3.4 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">24.5 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">16.3 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">8.2 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Production (million pounds Cu) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" 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="9%" bgColor=#e6efff>21.3 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>12.2 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>121.4 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>89.8 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>31.6 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Sales (million
      pounds Cu) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">37.0    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">23.0    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">14.0    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">113.8    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">89.5    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">24.3    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR></TABLE>
</DIV><BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#0080ff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#0080ff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Operating Data
      (Gibraltar - 100% basis) </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="9%"><B>Q4
      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="9%"><B>Q3
      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="9%"><B>Q2
      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="9%"><B>Q1
      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="9%"><B>Q4
      2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Copper concentrate </B></TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Production (million pounds Cu)
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" 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="9%" 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="9%" bgColor=#e6efff>28.1 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>23.2 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>21.2 </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="9%">37.0 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">26.6 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">27.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">22.4 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="9%">23.0 </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="9%" 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="9%" 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="9%" bgColor=#e6efff>3.5 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>3.3 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="9%" bgColor=#e6efff>2.5 </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="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="9%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Operating costs of production*
    </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>1.88 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>1.95 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>2.09 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>2.28 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>2.47 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;By-product credits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="9%">(0.18</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="9%">(0.04</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="9%">(0.15</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="9%">(0.21</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="9%">(0.17</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)
</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net operating costs of production * </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>1.70 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>1.91 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>1.94 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>2.07 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="9%" bgColor=#e6efff>2.30 </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="9%">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="9%">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="9%">0.40
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">0.38
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%">0.42
    </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff>2.14 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff>2.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="9%"
    bgColor=#e6efff>2.45 </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="9%"
    bgColor=#e6efff>2.72 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>*Non-GAAP performance measure. See page 33 on this MD&amp;A.
</P>
<P align=center>3 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_4></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B><FONT color=#0080ff>HIGHLIGHTS - CONTINUED </FONT></B></P>
<P align=justify><I><STRONG>Annual Highlights </STRONG></I></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>The second line of the Gibraltar concentrator two line facility was
  completed on time and on budget, and produced first concentrate in March 2013.
  The new facility has reached design capacity and the focus is now on
  optimizing copper recovery circuits and improving mechanical availability on
  both lines; </P>
  <LI>
  <P>Annual copper production at Gibraltar increased to 121.4 million pounds
  (100% basis) in 2013, a 35% increase over 2012; </P>
  <LI>
  <P>Total sales for 2013 were 113.8 million pounds of contained copper in
  concentrate (100% basis) 27% higher than 2012. Year-end copper inventories
  were 10.1 million pounds, which is higher than normal due to poor weather
  conditions at sea delaying the final 2013 shipment; </P>
  <LI>
  <P>The Gibraltar mining fleet has been expanded to meet the new concentrator&#146;s
  production capacity resulting in a 35% increase in tonnes mined over 2012;
</P>
  <LI>
  <P>Higher copper production and cost efficiency programs at Gibraltar resulted
  in a significant downward trend in unit production costs during 2013. Total
  operating costs for 2013 were US$2.27 per pound, a 4% decrease over the
  US$2.36 per pound for 2012; </P>
  <LI>
  <P>Cash flows from operations were $67.6 million in 2013. This amount was
  offset by capital expenditures, primarily for the remaining concentrator #2
  construction payments and debt service costs of $42.6 million, resulting in a
  net decrease in cash and equivalents of $52.1 million during the year; and
</P>
  <LI>
  <P>Panel hearings for the New Prosperity project concluded on August 23, 2013.
  The Review Panel&#146;s report was made public on October 31, 2013. The Government
  of Canada has a maximum of 120 days from the publication date to decide if it
  should grant the necessary authorizations for the project to proceed.
</P></LI></UL>
<P align=justify><I><STRONG>Fourth Quarter Highlights </STRONG></I></P>
<UL style="TEXT-ALIGN: justify">
  <LI>
  <P>Total sales for the fourth quarter of 2013 were 37.0 million pounds of
  copper, up 60% over the same quarter last year; </P>
  <LI>
  <P>The trend of declining operating costs per unit continued in the fourth
  quarter with a total cost per pound produced of US$2.14, compared to US$2.72
  in the fourth quarter of 2012; </P>
  <LI>
  <P>Cash flow from operations in the fourth quarter of 2013 was $32.8 million,
  up 152% from the fourth quarter in 2012; and </P>
  <LI>
  <P>Molybdenum recovery increased to 34.8% in the fourth quarter of 2013 from
  17.5% in the third quarter of 2013. </P></LI></UL>
<P align=center>4 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_5></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B>REVIEW OF OPERATIONS </B></P>
<P align=justify><I><STRONG>Gibraltar mine (75% Owned) </STRONG></I></P>
<P align=justify>During 2013 Gibraltar completed the ramp up of concentrator #2,
which is now operating at design capacity. The new mill moves Gibraltar from a
single line 55,000 ton per day plant to a dual line 85,000 ton per day plant,
with a corresponding increase in mine fleet to accommodate this additional
capacity. A new molybdenum separation facility was also installed, commissioned
and is currently undergoing ramp up. </P>
<P align=justify>The 2014 focus for Gibraltar will be to increase mechanical
availability, optimize copper recovery circuits and advance cost efficiency
programs designed to decrease the production cost per pound of copper. </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"
    align=left><B>Operating Data (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>YE 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>YE 2012</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>
    <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 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>Q4 2012</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 bgColor=#e6efff>Tons mined (millions) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>89.4 </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>66.2 </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>21.5 </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>22.6 </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>22.7 </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>22.6 </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>17.9 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Tons milled (millions) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">24.5 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">16.3 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">7.6 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">6.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">5.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">4.3 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">4.2 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Strip ratio </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3.2 </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>3.0 </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>3.9 </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>2.6 </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>3.3 </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>3.3 </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>2.9 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Copper concentrate</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>
    <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;Grade (%) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>0.293 </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>0.314 </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>0.270 </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>0.315 </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>0.281 </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>0.318 </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>0.298 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Recovery (%) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">84.4 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">85.6 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">81.7 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">85.9 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">85.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">84.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">84.8 </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>121.4 </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>87.8 </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>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>23.2 </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>21.2 </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%">113.8 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">89.5 </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>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">22.4 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">23.0 </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>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>2.5 </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>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>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>3.3 </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>2.5 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Copper 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>
    <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)
</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" 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="8%" bgColor=#e6efff>1.9 </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>- </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>- </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>- </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>- </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>0.2 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Sales (million pounds) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">2.1 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.5 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Molybdenum concentrate</B> </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" 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="8%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Grade (%) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.011 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.011 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.010 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.012 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.011 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.011 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">0.009 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Recovery (%) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>27.1 </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>36.0 </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>34.8 </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>17.5 </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>26.4 </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>38.2 </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>31.0 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left nowrap>&nbsp; &nbsp;Production (thousand pounds Mo) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,452 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">1,317 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">480 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">284 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">333 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">355 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="8%">223 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Sales (thousand pounds Mo) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,263 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="8%" bgColor=#e6efff>1,325 </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>499 </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>110 </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>317 </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>337 </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>215 </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><SUP>*</SUP> </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>
    <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<SUP>*</SUP> </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.03 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</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>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.09 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.28 </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>2.47 </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 <SUP>*</SUP> </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%">(0.14</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%">(0.23</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>
    <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%">(0.17</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
      <SUP>*</SUP> </TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.89 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>1.96 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</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>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.07 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>$</TD>
    <TD align=right width="8%" bgColor=#e6efff>2.30 </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%">0.38
    </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>
    <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>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%">0.38
    </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%">0.42
    </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 <SUP>*, </SUP>** </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.27 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.36 </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>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.34 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>$</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="8%"
    bgColor=#e6efff>2.45 </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>2.72 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE></DIV>
<P align=justify>*Non-GAAP performance measure. See page 33 on this MD&amp;A
<BR>**2012 numbers have been restated to reflect the adoption of a new
accounting policy for capitalized stripping costs. See note 27 of our
consolidated financial statements. </P>
<P align=center>5 </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><STRONG><I>Fourth quart</I><I>er results </I></STRONG></P>
<P align=justify>In the fourth quarter 2013, Gibraltar mined 21.5 million tons a
20% increase over tons mined in the fourth quarter of 2012 and consistent with
the mining rate in the previous quarters of this year. During the quarter,
mining operations transitioned into a lower grade portion of the Granite Pit,
where the copper grade is approximately 10% lower than the life of mine reserve
grade. </P>
<P align=justify>Total mill throughput for the fourth quarter was 7.6 million
tons, an increase of 82% over tons milled in the fourth quarter 2012. Feed from
the stockpile was used to supplement the ore from Granite Pit causing a slight
decrease in head grade. </P>
<P align=justify>Total copper production for the quarter was 33.5 million
pounds, a 58% increase over pounds produced in the fourth quarter of 2012. This
significant increase in production was achieved even though recoveries were
lower than previous quarters and the combined availability of the two
concentrators averaged 86%, below the target of 93.5% . </P>
<P align=justify>Molybdenum recoveries were 34.8% for the fourth quarter; much
improved over the previous quarter. Molybdenum production for the fourth quarter
was 480,000 pounds, an improvement of 69% on the previous quarter and a 115%
increase over the fourth quarter of 2012. Commissioning of the new molybdenum
plant is ongoing with targeted recoveries at 50%. </P>
<P align=justify><B>Net operating cash costs of production*</B><B>per
pound <BR>
(Q3 2013 compared to Q4 2013) </B></P>
<P align=center><IMG
src="chart1.jpg"
border=0> </P>
<P align=justify>*Non-GAAP performance measure. See page 33 on this MD&amp;A
</P>
<P align=justify>A driver of the declining unit cost trend during 2013 is the
Company&#146;s continued advancement of cost reduction programs and ongoing
optimization of copper recovery circuits. In the fourth quarter of 2013, net
operating costs per pound of copper produced were US$1.70, a 11% decrease over
the US$1.91 per pound in the third quarter 2013. This decrease was primarily due
to increased by-product credits and capitalized stripping, partially offset by
lower copper production. </P>
<P align=justify>The increase in molybdenum by-product credits was due to the
improved performance in the new molybdenum plant. Additionally, the fourth
quarter had higher than normal stripping activities, hence capitalized stripping
increased yielding a $0.30 per pound produced positive impact on total operating
costs. </P>
<P align=center>6 </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>The impact of increased by-product credits and capitalized
stripping was partially offset by a decline in copper production. Production in
the fourth quarter was 33.5 million pounds, down 9% from the third quarter
primarily due a drop in head grade, which lead to a drop in recovery. The drop
in head grade was due to the stockpile feed and ore from the lower grade portion
of the Granite pit. </P>
<P align=justify>Off-property costs, including transportation, treatment and
refining charges, for the fourth quarter of 2013 were $0.44 per pound produced,
compared to $0.30 per pound in the previous quarter and $0.42 per pound produced
in the fourth quarter of 2012. Off property costs are driven by sales volume and
timing of shipments, and as such are subject to fluctuation. The total operating
costs, including off-property costs, for the fourth quarter of 2013 were $2.14
per pound produced, comparable to the $2.21 per pound produced in the third
quarter of 2013 and down from $2.72 per pound produced in the fourth quarter of
2012. </P>
<P align=justify><STRONG><I>Full-year res</I><I>ults </I></STRONG></P>
<P align=justify>In 2013, Gibraltar mined 89.4 million tons of material; a 35%
increase over tons mined in 2012. The strip ratio of 3.2 was consistent with the
2012 result. </P>
<P align=justify>During 2013 Gibraltar milled 24.5 million tons, a 50% increase
over the tons milled in 2012. The ramp up of concentrator #2 to full production
was completed and the operational focus shifted to optimizing the performance of
both concentrators. These initiatives, which focus on copper recoveries, ore
blending and mill availability are intended to achieve further increases to
copper production and lower unit operating costs. </P>
<P align=justify>Copper production in 2013 was 121.4 million pounds, an increase
of 35% compared to the prior year production of 89.8 million pounds. Molybdenum
production during 2013 was 1.2 million pounds which was consistent with
production in 2012. </P>
<P align=justify>Gibraltar&#146;s SX/EW plant remained temporarily idle in 2013 and
is expected to restart in the spring of 2014. </P>
<P align=justify><B>Net operating cash costs of production*</B><B><SUP>
</SUP></B><B>per pound <BR>(2012 compared to 2013) </B></P>
<P align=center><IMG src="chart2.jpg" border=0> </P>
<P align=justify>*Non-GAAP performance </P>
<P align=justify>In 2013, net operating cash costs per pound of copper produced
was US$1.89, a 4% decrease over the US$1.96 averaged during the prior-year. The
decrease in net operating cash cost in 2013 was primarily driven by the
increased copper production realized through bringing Gibraltar concentrator #2
online. The unit cost of maintenance, labour and consumables increased due to
the commissioning of the new concentrator. These higher unit costs associated with the commissioning and ramp up
period have started to decline in the second half of 2013. </P>
<P align=center>7 </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>By-product credits in 2013 were affected by the lower
recoveries and the declining molybdenum price. Molybdenum recoveries are
increasing as the commissioning of the new plant continues and are now trending
towards the 50% target. </P>
<P align=justify>Off-property costs, including transportation, treatment and
refining charges, for 2013 were $0.38 per pound produced, compared to $0.40 per
pound in 2012. Off property costs are driven by sales volume and timing of
shipments, and as such are subject to fluctuation. The total operating costs,
including off-property costs, for 2013 were $2.27 per pound produced, down from
$2.36 per pound produced in 2012. </P>
<P align=justify><B><FONT color=#0080ff>REVIEW OF PROJECTS </FONT></B></P>
<P align=justify><I>New Prosperity project </I></P>
<P align=justify>On September 20, 2012, the Environmental Impact Statement (EIS)
was submitted to the three-member Review Panel established for the federal
environmental assessment of the project. Following submission of additional
information requested by the panel, public hearings were conducted in Williams
Lake and surrounding First Nation communities from July 22 to August 23, 2013.
The panel subsequently prepared their report and submitted it to the Federal
Minister of the Environment on October 31, 2013. </P>
<P align=justify>The panel report found that the proposed project is not likely
to cause significant adverse environmental effects in respect of 33 different
areas but found significant adverse environmental effects were likely in
relation to three areas; (i) water quality in Fish Lake and Wasp Lake, (ii) fish
and fish habitat in Fish Lake, wetlands and riparian ecosystems, and (iii)
Tsilhqot&#146;in current use of lands for traditional purposes, cultural heritage and
archaeological/historical resources. </P>
<P align=justify>On November 29, 2013 the Company commenced a federal judicial
review, seeking to set aside certain findings of the panel report. The Company
is asking the court for a declaration that certain panel findings relating to
seepage and water quality be set aside, and that the Panel failed in certain
respects to comply with principles of procedural fairness. </P>
<P align=justify>The Government of Canada is required to make a decision on the
Project by February 28, 2014. </P>
<P align=justify><I>Aley project </I></P>
<P align=justify>The current focus on the Aley niobium project is upgrading the
resources announced in March 2012 to a NI 43-101 compliant reserve. Work is
continuing on metallurgical flow sheets, engineering and environmental studies.
</P>
<P align=center>8 </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B>MARKET REVIEW </B></P>
<P align=justify><I>Copper price</I><I>s </I></P>
<P align=justify><STRONG>Figure 1: Average monthly spot copper prices (USD per
pound)</STRONG> (Source: Bloomberg) </P>
<P align=center><IMG src="figure1.jpg" border=0> </P>
<P align=justify>In the fourth quarter copper prices were relatively flat,
ending the three-month period 2% higher at US$3.34. It was the second straight
quarter of average pricing increases. A key factor in the copper price is LME
copper inventories. These inventories have been in decline since the middle of
the year and this trend continued in the fourth quarter. Global LME inventories
declined a further 31% in the quarter alone, down to 366,000 tonnes, which
represents about six days of global copper demand. Rapid inventory declines are
not unusual but typically have a positive effect on copper pricing, unlike in
today&#146;s circumstance where pricing is trending sideways.</P>
<P align=justify>One factor that may be contributing to the flat pricing
environment is an anticipated small copper supply/demand surplus in 2014 and
2015. While there are concerns that production from new copper mines could put
the market into a surplus, if historical operating reliability factors are used
and recent demand strength continues, the market could quite easily fall back
into a deficit position. </P>
<P align=justify><I>Molybdenum p</I><I>rices </I></P>
<P align=justify><STRONG>Figure 2: Average monthly molybdenum oxide prices (USD
per pound)</STRONG> (Source: Bloomberg) </P>
<P align=center><IMG src="figure2.jpg" border=0> </P>
<P align=justify>Molybdenum provides a significant by-product credit in our net
operating cash costs of production.</P>
<P align=center>9 </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><I>F</I><I>oreign exc</I><I>h</I><I>ange rates </I></P>
<P align=justify><STRONG>Figure 3: Average monthly USD exchange rates (CAD/USD)
</STRONG>(Source: Bloomberg)</P>
<P align=center><IMG
src="figure3.jpg"
border=0> </P>
<P align=justify>Since early 2013 the Canadian dollar has been on a weakening
trend, which has continued into early 2014. This trend has yielded positive
results for our operations which are affected by the Canadian dollar/US dollar
exchange rate. Our product sales are denominated in US dollars while the
majority of our operating expenses are denominated in Canadian dollars.</P>
<P align=justify>Fluctuations in the Canadian dollar/US dollar exchange rate can
have a significant effect on operating results and an effect on the net
operating costs of production in US$ per pound. </P>
<P align=justify><B><FONT color=#0080ff>FINANCIAL PERFORMANCE </FONT></B></P>
<P align=justify><I>Earnings</I></P>
<P align=justify>Earnings from mining operations decreased to $42.9 million in
2013 from $60.3 million in 2012, primarily due to lower copper prices and
increased depreciation expense. Copper sales volumes increased to 85.3 million
pounds in 2013 from 67.1 million pounds in 2012, a 27% increase as a result of
increased production from the Gibraltar Mine expansion which ramped up during
2013. However, the increased volumes were partially offset by lower realized
copper prices which declined to $3.27 per pound in 2013 from $3.61 per pound in
2012. Earnings from mining operations in 2013 were also impacted by a $13
million increase in depletion and amortization expense due to the commissioning
of concentrator #2 and the increased production.</P>
<P align=justify>For the 2013 financial year the Company realized a net loss of
$34.8 million ($0.18 per share), compared to a net loss of $9.1 million ($0.05
per share) in 2012. 2013 was a ramp up year for the Company with the completion
of its 75% owned Gibraltar mine expansion and progressing the New Prosperity
project through environmental assessment. The net loss in 2013 was impacted by
the reduction in earnings from mining operations, and a $14 million write-down
of marketable securities, a $12 million unrealized foreign exchange loss on the
Company&#146;s US dollar denominated debt, and increased finance expenses. </P>
<P align=center>10 </P>
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noShade SIZE=5>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>Included in net earnings are a number of items that management
believes require adjustment in order to better measure the underlying
performance of the business. These items are in the table below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-TOP: #000000 1px solid">    <B>Year
    ended </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="12%">&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31, </B></TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Change </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>Net (loss) earnings </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(34,839</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(9,139</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(25,700</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </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="12%">(6,159</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">24,801 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(30,960</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Unrealized foreign exchange (gain)
      loss </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,082 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>643 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>11,439 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Gain on sale of marketable securities and dividend
      income </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,418</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,418 </TD>
    <TD align=left width="2%" >&nbsp;</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="12%" bgColor=#e6efff>13,984 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>13,984 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrealized (income) loss on dual currency deposits</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(239</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">239 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Non-recurring adjustment to interest
      on royalty obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,918 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,918 </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="12%">(430</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(430</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Estimated tax effect of adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(3,583</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(5,948</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,365 </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>Adjusted net
      earnings (loss) <SUP>* </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(14,027</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8,700    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(22,727</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR></TABLE>
<P align=justify>*Non-GAAP performance measure. See page 33 on this MD&amp;A
</P>
<P align=justify>Unrealized gains/losses on derivatives can vary materially each
period and have a significant impact on earnings. These amounts represent the
change in fair value of our copper put options during the period. </P>
<P align=justify>During the year the Company reviewed the value of its
investments for objective evidence of impairment based on both quantitative and
qualitative criteria. Accordingly, the Company has recorded a write down of
$13,984 (2012 &#150; nil) on its marketable securities. </P>
<P align=justify>The foreign currency translation impact and the unrealized
gains and losses on the derivative instruments are removed from the adjusted net
earnings measure as they are not indicative of a realized economic gain/loss or
the underlying performance of the business in the period.</P>
<P align=justify>The adjustment to interest on royalty obligation relates to a
change in the calculation of non-cash accretion expense. </P>
<P align=justify>It should also be noted that 2012 comparative figures have been
adjusted to reflect a change in International Financial Reporting Standards
(&#147;IFRS&#148;) regarding stripping costs in the production operations of a surface
mine. Refer to the cost of sales discussion below for more information. </P>
<P align=center>11 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_12></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></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-BOTTOM: #000000 1px solid" align=left><I>Revenues
</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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right> <B>Year ended </B></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31, </B></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>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>Copper in concentrate </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>277,091 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>232,604 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>44,487 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Copper cathode </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">33</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5,444    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(5,411</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Total copper sales </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>277,124 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>238,048 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>39,076 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum concentrate </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">9,550 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">12,228 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(2,678</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Silver contained in copper concentrate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,382 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,331 </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="12%"
    bgColor=#e6efff>51 </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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">290,056 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">253,607 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">36,449 </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=#ffffff>(thousands of pounds, unless otherwise noted) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Copper in concentrate <SUP>* </SUP></TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>82,194 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>64,486 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17,708 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>Copper cathode </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>1,540 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(1,540</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Total copper sales </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>82,194 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>66,026 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>16,168 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Average realized copper price (US$ per
      pound) </TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>3.27 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>3.61 </TD>
    <TD align=left width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(0.34</TD>
    <TD align=left width="2%" bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Average LME copper price (US$ per pound) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3.32 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3.61 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(0.29</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>* This amount includes a net smelter payable deduction of
approximately 3.5% to derive net pounds of copper sold. </P>
<P align=justify>Copper revenues for 2013 increased by $39.1 million, or 16%,
over the prior-year period, due to a 24% increase in copper sales volumes offset
by a 9% decrease in average realized copper prices. Average realized copper
price was US$3.27 per pound for 2013, which was 9% less than the $3.61 in
2012.</P>
<P align=justify>Molybdenum revenues for 2013 totaled $9.6 million, a decrease
of 22% over the $12.2 million for 2012. The decrease in revenues was due to a
combined effect of both a 5% decrease in sales volumes and the weakening
molybdenum oxide prices, down 15% from the monthly average price of US$11.44 per
pound, a year ago.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>Cost of sales
      </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right> <B>Year ended </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31, </B></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Cdn$ in thousands) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>2013 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>2012 </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%"><B>Change </B></TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">(Restated </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">note
      27</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=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Direct mining and processing costs </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>190,276 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>147,611 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>42,665 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Treatment and refining costs </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">17,291 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">12,628 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="12%">4,663 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Transportation costs </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>18,029 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>14,006 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,298 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Changes in
      inventories of finished goods and WIP </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(12,540</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,978</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(10,837</TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">)</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Production costs </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>213,056 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>172,267 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>40,789 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Depletion and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">34,067 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">21,026 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">13,041 </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>Cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>247,123 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>193,293 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>53,830 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>Contributing to the year-over-year increase in cost of sales
for 2013 was a 35% increase in tons mined. For the 2013 financial year, direct
mining and processing costs increased by 29% over 2012 as a result of the 35%
increase in copper production. </P>
<P align=center>12 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_13></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>Depletion and amortization expenses have increased
year-over-year, reflecting the commissioning of concentrator #2 and the relating
increased production levels. </P>
<P align=justify>Although absolute costs have increased as a result of the
higher production levels at Gibraltar, direct mining costs per pound are down by
4% compared to 2012. </P>
<P align=justify>It should also be noted that 2012 comparative figures have been
adjusted to reflect a change in International Financial Reporting Standards
(&#147;IFRS&#148;) regarding stripping costs in the production plans of a surface mine.
Prior to the change, there was no IFRS standard on this matter and we followed
the standard that existed under prior Canadian GAAP, which limited
capitalization of such costs. The change should improve conformity and
comparability between mining companies subject to IFRS and place us on the same
footing as our international peers.</P>
<P align=justify>Figures for 2012 have been restated so that all figures are
presented on a comparable basis. This new standard results in a decrease in
production costs and an increase in depletion and amortization expense. The
effect of the new standard for 2012 and 2013 is set out in the table below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;(Cdn$ in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>Year ended December 31, 2013</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2013</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2012</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Additional amounts capitalized </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17,721 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,908 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Additional
      depletion and amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,123</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(801</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Inventory change    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(334</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(106</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;
      &nbsp;Decrease in cost of sales </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">14,264 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,001 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Tax effect </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(4,992</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(3,475</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; &nbsp;
      &nbsp; &nbsp; &nbsp; &nbsp;Increase in net income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9,272    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,526    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>Other expenses
      (income)</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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Year ended</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Change</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>General and administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>16,236 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>19,084 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,848</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Exploration and
      evaluation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">10,294 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">17,807 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(7,513</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other operating expenses (income): </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Realized loss on copper derivative instruments    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">10,530 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,010 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">5,520 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Unrealized (gain) loss on
      copper derivative instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,159</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>24,801 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(30,960</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;&nbsp; Other
      expense (income) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(1,491</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(653</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(838</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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,880 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>29,158 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(26,278</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>The $2.8 -million decrease in general and administrative
expenses during the year 2013 is primarily due to a decrease in share-based
compensation costs, over 2012. </P>
<P align=justify>Decreased exploration and evaluation expenses period over
period is primarily due to our New Prosperity and Aley projects entering into
less cash intensive activities. The New Prosperity project was progressing
through the environmental assessment and federal panel process during 2013. The
Aley Niobium project focused on interpreting the 2012 drilling program results
and moving toward publishing a 43-101 compliant reserve statement. </P>
<P align=center>13 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_14></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>The $6.2 million unrealized gain is a result of $2.6 million in
unrealized losses due to changes in the fair value of the put options for the
2014 production and $8.7 million in unrealized gains on the 2013 contracts.
During 2013, the Company purchased put options for 32.9 million pounds of 2014
copper production. The puts were purchased at premiums ranging between US$0.14
per pound and US$0.09 per pound.</P>
<P align=justify><I>Marketable securities </I></P>
<P align=justify>During the year ended December 31, 2013, the Company reviewed
the value of its marketable securities and subscription receipts for objective
evidence of impairment based on both quantitative and qualitative criteria and
determined that a write down was required for all but one investment. The write
down reflected the decline in market value of these investments which is
representative of the recent decline in equity market valuations for junior
mining companies. Accordingly, the Company recorded a write down of marketable
securities of $14 million (2012 &#150; nil). Subsequent to this write down the
investment in a private company&#146;s subscription receipts was reviewed and valued
based upon a recent third party transaction and as a result was written up
through other comprehensive income in the third quarter of 2013 by an amount of
$6.2 million (2012 &#150; nil). </P>
<P align=justify><I>Finance income &amp; expenses </I></P>
<P align=justify>Finance expenses for the year ended December 31, 2013,
increased by $11.1 million, compared to 2012. This is due to an increase in
interest expense on new capital leases and secured equipment loans. In addition,
the Company has ceased capitalizing interest on the construction of concentrator
#2, due to its commissioning during the first quarter. </P>
<P align=justify>Finance income is primarily comprised of income earned on the
promissory note and reclamation deposits, gains and losses on the dual currency
deposits, as well as gains on the sale of marketable securities. For 2013,
finance income is lower compared to the prior-year, mostly due to the lower
levels of cash invested in the dual currency deposits. In addition for 2012, a
$1.4 million gain was recognized on the sale of marketable securities.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>Income tax</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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Year ended</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</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="12%"><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>Current expense (recovery) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(16,704</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,153 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(17,857</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred expense
      (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">19,363 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(569</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">19,932 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,659 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>584 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2,075 </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>Effective tax rate    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(8.30%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(6.80%</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=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Canadian statutory rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25.8% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25.0% </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=left width="12%"
    bgColor=#e6efff>&nbsp; </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>BC Mineral tax
      rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9.6%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9.8%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The Company recognized an overall income tax expense in 2013 of
$2.7 million (2012 - $0.5 million). The current tax recovery in 2013 is mainly
due to the company&#146;s ability to carry back a non-capital loss generated in 2013
back to the 2010 taxation year, when the company was taxable and paid cash
taxes. Approximately $17.9 million (2012 &#150; nil) of the Current tax receivable
represents the tax benefit of the 2013 non-capital loss to be carried back to
2010.</P>
<P align=justify>The Company recognized a deferred tax expense of $19.3 million
in 2013 (2012 &#150; $0.6 million recovery) to reflect the reversal of temporary
differences associated with Property, plant and equipment and the Reclamation
obligation which had the overall effect of increasing the
Deferred income tax liability to $97.3 million (2012 - $76.5 million) </P>
<P align=center>14 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_15></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>The effective tax rate for 2013 was lower than the statutory
rate of 35.37% . Permanent differences related to non-deductible share-based
compensation, unrealized losses on marketable securities and unrealized foreign
exchange on debt combined with items that are not deductible for BC Mineral tax
purposes had the effect of reducing the effective tax rate by 32.1% . In
addition, the company did not recognize certain temporary tax assets which
reduced the effective rate by a further 9.0% . Changes in the statutory tax rate
and other items further reduced the difference by 2.6%, which was the result of
the provincial corporate tax rate increase from 10% to 11% announced on April 1,
2013. </P>
<P align=justify>The effective tax rate for 2012 was lower than the statutory
rate primarily due to permanent differences related to stock based compensation
and unrealized foreign exchange on debt along with items that are not deductible
for BC Mineral tax purposes. Unrecognized tax benefits and the change in
corporate tax rates accounted for the remainder of the difference. </P>
<P align=justify><B><FONT color=#0080ff>RESTATEMENT OF PREVIOUSLY ISSUED
FINANCIAL STATEMENTS </FONT></B></P>
<P align=justify>During the preparation of the current year financial
statements, the Company determined that the effective interest rate associated
with the Company&#146;s royalty obligation (see note 17(a) of the Company&#146;s
consolidated financial statements) had been calculated incorrectly at inception
and the accretion included in finance expense for the period from inception in
2004 through 2013 was incorrect. The Company has determined the cumulative
impact of the difference in accretion at the revised rate of 6.21% compared to
the original calculated rate of 2.20% . This correction has resulted in an
increase to the royalty obligation of $22.7 million and an increase in deferred
tax liabilities of $1.5 million as at January 1, 2012 and December 31, 2012 with
an offsetting adjustment to retained earnings of $24.2 million. The impact on
the comparative statement of comprehensive income (loss) for the year ended
December 31, 2012 was not material.</P>
<P align=center>15 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_16></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B><FONT color=#0080ff>FINANCIAL CONDITION REVIEW
</FONT></B></P>
<P align=justify><I>Balance sheet review </I></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 colspan="7" align=center style="BORDER-TOP: #000000 1px solid"><B>As
      at December 31, </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>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>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="12%"><B>2012</B><SUP>* </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>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>Cash and equivalents </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>82,865 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>134,995 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(52,130</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Other current assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">146,073 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">93,713 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">52,360 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Non-current assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>678,580 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>647,542 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>31,038 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other assets </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">62,710 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">120,198 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(57,488</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>Total assets </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>970,228 </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="12%"
    bgColor=#e6efff><B>996,448 </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="12%"
    bgColor=#e6efff><B>(26,220</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Current liabilities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">116,909 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">75,213 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">41,696 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Long-term debt </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>259,515 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>234,793 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>24,722 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Other liabilities    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">167,588 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">240,861 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(73,273</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>Total liabilities </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>544,012 </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="12%"
    bgColor=#e6efff><B>550,867 </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="12%"
    bgColor=#e6efff><B>(6,855</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Equity </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>426,216 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>445,581 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>(19,365</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Working capital </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>112,029 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>153,495 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(41,466</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Net debt </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">199,275 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">117,865 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">81,410 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Total common shares outstanding (millions) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>193.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>190.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>2.5 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><SUP>* </SUP>Certain 2012 figures have been restated, see notes
2 and 27 of the Company&#146;s consolidated financial statements </P>
<P align=justify>Taseko&#146;s asset base is comprised principally of non-current
assets including property, plant and equipment, reflecting the capital intensive
nature of the mining business. The current assets include cash, accounts
receivable, other financial assets and inventories (supplies and production
inventories), along with prepaid expenses and deposits. Production inventories,
accounts receivable and cash balances fluctuate in relation to shipping and cash
settlement schedules. </P>
<P align=justify>Total liabilities decreased slightly from $550.8 million at
December 31, 2012 to $544.0 million as at December 31, 2013. Current liabilities
increased by $41.7 million, due to the movement of $47.1 million in royalty
obligations from long-term to current, offset by a $16.1 million decrease in
current payables. Long-term liabilities, excluding the royalty obligation
increased by $8.9 million; $24.7 million increase in long-term debt (including
the impact of translation), a $20.8 million increase in deferred tax
liabilities, offset by a $36.8 -million decrease in the provision for the
environmental rehabilitation (PER). </P>
<P align=justify>The PER valuation was adjusted during 2013 for changes in
estimated cash flows required to discharge the liability, along with a change in
the discount rates. The Bank of Canada long-term benchmark bond rate used as a
proxy for long-term discount rates increased to 3.2% at December 31, 2013
compared to 2.4% at December 31, 2012. Given the long timeframe over which
environmental rehabilitation expenditures are expected to be incurred (over 100
years), the amounts of the provision and asset are very sensitive to changes in
discount rates.</P>
<P align=justify>As at February 18, 2014, there were 193,731,955 common shares
outstanding. In addition, there were 9,745,500 director and employee stock
options. More information on these instruments and the terms of their exercise
is set out in note 21 of the Financial Statements. </P>
<P align=justify><I>Liquidity, cash flow and capital resources </I></P>
<P align=justify>At December 31, 2013, the Company had cash and equivalents of
$82.9 million, as compared to $135.0 million at December 31, 2012. The decrease
has primarily been driven by the investment in mine infrastructure and associated equipment in connection with the Gibraltar mine
expansion. We maintained our strategy of retaining significant liquidity to fund
operations and to reflect the capital intensive nature of the business.</P>
<P align=center>16 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_17></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>Operating cash flow for 2013 was an inflow of $67.6 million
compared to an inflow of $68.2 million for the prior-year. The similar operating
cash flow is a product of higher copper sales by volume with a lower per unit
cost of production offset by a lower realized sale price. </P>
<P align=justify>Cash used in investing activities for 2013 was $93.9 million,
of which $98.5 million was invested in property, plant and equipment, $9.5
million in long-term prepaid for electrical infrastructure and $7.6 million in
financial assets, offset by $20.1 million in proceeds on the redemption of
highly-liquid money market instruments. Cash used in investing activities for
2012 was $169.9 million principally due to the purchase of plant, property and
equipment for the GDP3 expansion for $192.9 million and investments in financial
assets for $27.8 million, offset by the sales of financial assets of $54.4
million. Investment in financial assets included marketable securities and
copper put options.</P>
<P align=justify>Cash used for financing activities for 2013 was $28.5 million,
primarily due to combined debt repayment and interest charges of $42.7 million,
offset by $11.3 million in debt issuance and $2.8 million in proceeds on the
issuance of common shares. Cash used for financing activities for 2012 was $36.1
million. Included in 2012 is the repurchase of common shares for $20.9 million
and a combined $32.3 million for debt repayment and interest charges, offset by
$15.5 million in debt issuance and $1.6 million in proceeds from share
issuance.</P>
<P align=justify>Future changes in copper and molybdenum market prices could
impact the timing and amount of cash available for future investment in capital
projects and/or other uses of capital. To partially mitigate these risks, copper
put options are entered into on our share of Gibraltar copper production. In
addition to operating cash flows generated by the Gibraltar mine, alternate
sources of funding for future capital or other liquidity needs may include,
strategic partnerships, such as the Gibraltar joint venture and the
Franco-Nevada gold stream transaction for the New Prosperity project, and debt
or equity financings. These alternatives are regularly evaluated to determine
the optimal mix of capital resources to address capital needs and to minimize
the weighted average cost of capital. </P>
<P align=justify><I>Hedging strategy </I></P>
<P align=justify>The hedging program was implemented in 2009 as copper prices
were recovering from the commodity pricing collapse that occurred in late 2008
and early 2009. Since that time, the Company&#146;s strategy has been to hedge a
portion of copper production using put options that are either purchased
outright or funded by the sale of call options that are significantly out of the
money. The amount and duration of the hedge position is based on an assessment
of business-specific risk elements combined with the copper pricing outlook.
Copper price and quantity exposure are reviewed at least quarterly to ensure
that adequate revenue protection is in place. Hedge positions are typically
extended adding incremental quarters at established put strike prices to provide
the necessary price protection.</P>
<P align=justify>Considerations on the cost of the hedging program include an
assessment of Gibraltar&#146;s estimated production costs, anticipated copper prices
and the Company&#146;s capital requirements during the relevant period. The following
table shows the commodity contracts that were outstanding as at the date of this
document. </P>
<P align=center>17 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_18></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<BR>
<DIV>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="20%"><B>Notional amount</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="20%"><B>Strike price</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="20%"><B>Term to maturity</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=center width="20%"><B>Original cost</B> </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>At February 18,
      2014</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="20%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="20%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="20%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
    width="20%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center><I>Commodity contracts</I> </TD>
    <TD align=center width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp; </TD>
    <TD align=center width="20%">&nbsp;</TD>
    <TD align=center width="20%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=center bgColor=#e6efff>Copper put option </TD>
    <TD align=center width="20%" bgColor=#e6efff>12.0 million lbs </TD>
    <TD align=center width="20%" bgColor=#e6efff>US$3.00 </TD>
    <TD align=center width="20%" bgColor=#e6efff>Q1 2014 </TD>
    <TD align=center width="20%" bgColor=#e6efff>$1.6 million </TD></TR>
  <TR vAlign=top>
    <TD align=center>Copper put option </TD>
    <TD align=center width="20%">13.6 million lbs </TD>
    <TD align=center width="20%">US$3.00 </TD>
    <TD align=center width="20%">Q2 2014 </TD>
    <TD align=center width="20%">$1.5 million </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      bgColor=#e6efff>Copper put option </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>14.6 million lbs </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>US$3.00 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>Q3 2014 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="20%"
    bgColor=#e6efff>$1.2 million </TD></TR></TABLE></DIV>
<P align=justify>The Company spent $1.5 million and $3.2 million to purchase
Copper put options in the three and twelve month periods ended December 31, 2013
respectively. Subsequent to year-end, the Company spent $1.2 million to acquire
additional put options at $3.00/lb. for the third quarter of 2014.</P>
<P align=justify><I>Commitments and contingencies </I></P>
<P align=justify>The Company expects to incur capital expenditures during the
next five years for both the Gibraltar mine and other projects. The other
projects are at various stages of development, from preliminary exploration
through to permitting. The ultimate decision to incur capital expenditures at
each potential site is subject to positive results which allow the project to
advance past key decision hurdles.</P>
<P align=justify>At December 31, 2013, capital commitments in respect of the
Gibraltar mine totaled $2.9 million on a 100% basis. The Company&#146;s share of
these commitments was $2.2 million at year end. </P>
<P align=justify>In April 2011, the Company completed a public offering of
US$200 million in senior notes due in 2019, bearing interest at an annual rate
of 7.75% . The notes are guaranteed by the Company&#146;s subsidiaries and the
subsidiary guarantees are, in turn, guaranteed by the Company. The Company may
redeem some or all of the notes at any time on or after April 15, 2015 at
redemption prices ranging from 103.875% to 100% plus accrued interest. Prior to
April 15, 2015, the notes may be redeemed at 100% plus a make-whole premium,
plus accrued interest. In addition, until April 15, 2014, the Company may redeem
up to 35% of the principal amount of notes, in an amount not greater than the
net proceeds of certain equity offerings, at a redemption price of 107.75%, plus
accrued interest. The Company is subject to certain restrictions on asset sales,
payments, and incurrence of indebtedness and issuance of preferred stock.</P>
<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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid"
    align=left width="1%">&nbsp;</TD>
    <TD colspan="19"
    align=center style="BORDER-TOP: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid">  Payments due       </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>($ in thousands)    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="7%">2014    </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="7%">2015    </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="7%">2016    </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="7%">2017    </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="7%">2018    </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="7%">thereafter </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="7%">Total    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Debt *: </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="7%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Repayment of principal </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>22,625 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>19,254 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>16,925 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>12,635 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>2,352 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>212,720 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>286,511 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">19,860 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">18,724 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">17,734 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">16,922 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">16,522 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">4,808 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">94,570 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>PER ** </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>69,673 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>69,673 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Operating leases </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">2,271 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">466 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">322 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">267 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">267 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">667 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">4,260 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Capital expenditures *** </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" bgColor=#e6efff>2,192 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="7%" 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="7%" 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="7%" 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="7%" 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="7%" 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="7%" bgColor=#e6efff>2,192 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Marketable security investment </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">5,000 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="7%">5,000 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Other expenditures **** </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="7%"
    bgColor=#e6efff>63,854 </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="7%"
    bgColor=#e6efff>- </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="7%"
    bgColor=#e6efff>- </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="7%"
    bgColor=#e6efff>- </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="7%"
    bgColor=#e6efff>- </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="7%"
    bgColor=#e6efff>- </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="7%"
    bgColor=#e6efff>63,854 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
</DIV>
<P align=justify><SUP>*</SUP> Debt is comprised of senior notes, capital leases
and secured equipment loans. <BR><SUP>**</SUP> Provision for environmental
rehabilitation &#150; Amounts presented in the table represents the expected cost of
environmental rehabilitation without considering the effect of discount or
inflation rates. <BR><SUP>***</SUP> Purchase obligations for capital commitments
include only those items where binding commitments have been entered
into.<BR><SUP>****</SUP> Other expenditure commitments include the purchase of
goods and services, royalty obligations and exploration activities. Actual
timing of payment for royalty obligations may differ. Amounts estimated based on
expected future production levels. </P>
<P align=center>18 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_19></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B><FONT color=#0080ff>SELECTED ANNUAL INFORMATION
</FONT></B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD 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="12%"><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="12%"><B>2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>2011 </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="12%" bgColor=#e6efff>290,056 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>253,607 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>251,866 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Net (loss) earnings </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(34,839</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(9,139</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">26,974 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Per share &#150; basic </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(0.18</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(0.05</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>0.14 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left >Per
      share &#150; diluted </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(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="12%">(0.05</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">0.14
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="7" align=center><B>As at December 31, </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=right
      width="12%"><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="12%"><B>2012</B><SUP>* </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>2011 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total assets </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>970,228 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>996,448 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>994,732 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Total long-term
      financial liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">260,080 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">292,655 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">264,482 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify><SUP>* </SUP>Certain 2012 figures have been restated, see notes
2 and 27 of the Company&#146;s consolidated financial statements </P>
<P align=center>19 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_20></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B>FOURTH QUARTER RESULTS </B></P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-TOP: #000000 1px solid"><B>Three
      months ended </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Consolidated Statements of Comprehensive Income </B></TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>December 31, </B></TD>
    <TD align=right 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=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B><SUP>* </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right 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="12%" bgColor=#e6efff>94,916 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>62,878 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Cost of sales </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Production costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(69,947</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(48,350</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>&nbsp;Depletion and amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(9,684</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(7,141</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Earnings from mining operations </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>15,285 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,387 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>General and administrative </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(3,886</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,981</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Exploration and evaluation </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(2,594</TD>
    <TD align=left width="2%"  bgColor=#ffffff>) </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(1,837</TD>
    <TD align=left width="2%"  bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,546</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,040</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>Write down of marketable securities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(5</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,254 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,471</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Finance expenses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(11,404</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,730</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Finance income </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>1,134 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>2,009 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Foreign exchange gain (loss) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(5,621</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(1,136</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Loss before income taxes </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(8,637</TD>
    <TD align=left width="2%"  bgColor=#ffffff>) </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(6,328</TD>
    <TD align=left width="2%"  bgColor=#ffffff>) </TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>Income tax recovery (expense) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(1,119</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>814 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Net income (loss) for the period </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(9,756</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(5,514</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other comprehensive income (loss): </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>Unrealized losses on available-for-sale financial assets,
      net of tax </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(131</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(3,474</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Total other comprehensive income (loss) for the period
      </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(131</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(3,474</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff><B>Total comprehensive income (loss) for the period
</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(9,887</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>(8,988</B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Earnings (loss) per share </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Basic </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(0.05</TD>
    <TD align=left width="2%"  bgColor=#ffffff>) </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(0.03</TD>
    <TD align=left width="2%"  bgColor=#ffffff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Diluted </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(0.05</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(0.03</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD bgColor=#ffffff>&nbsp; </TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD width="12%" bgColor=#ffffff>&nbsp; </TD>
    <TD width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Weighted-average shares outstanding
      (thousands) </B></TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Basic </TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>192,983 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>190,676 </TD>
    <TD align=left width="2%"  bgColor=#ffffff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Diluted </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>192,983 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>190,676 </TD>
    <TD align=left width="2%"
  bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>*2012 numbers have been restated to reflect the adoption of a
new accounting policy for capitalized stripping costs. See note 27 of our
consolidated financial statements. </P>
<P align=center>20 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_21></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></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" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-TOP: #000000 1px solid"><B>Three
      months ended</B> </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Consolidated Statements of Cash Flows</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>December 31,</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B><SUP>*</SUP> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Operating activities</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Net loss for the period </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(9,756</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,514</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Adjustments for: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Depletion and
      amortization </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,770 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,298 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Income tax expense (recovery) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,119 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(814</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Share-based
      compensation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>466 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,636 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Change in fair value of copper put
      options </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,584 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,951 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Finance expenses
      (income) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,270 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,478 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Unrealized foreign exchange loss (gain)    </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,382 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,035 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp; &nbsp;Write down of
      marketable securities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp; &nbsp;Other operating activities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(72</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(6</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Net change in non-cash working capital </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>13,023 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(3,065</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash provided by operating activities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">32,791 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,999 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left><B>Investing activities</B> </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Purchase of property, plant and
      equipment </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(13,040</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(73,691</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Investment in financial assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,501</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,136</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Interest received </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>59 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>212 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Proceeds from financial assets </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">57 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Investment in long-term prepaids </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" 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="12%" bgColor=#e6efff>(4,335</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Other
      investing activities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">290    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Cash used for investing activities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(16,482</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(82,603</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>Financing activities</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Repayment of debt </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(5,921</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(3,984</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Interest paid </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(9,054</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(8,272</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Common shares issued for cash </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">632 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">390 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp;Proceeds from debt issuance </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>15,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Cash provided by (used for) financing activities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(14,343</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,625 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR>
    <TD bgColor=#e6efff>&nbsp; </TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Effect of exchange
      rate changes on cash and equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,069    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">220    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Increase (decrease) in cash and equivalents    </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,035 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(65,759</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Cash and
      equivalents, beginning of period </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">79,830 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">200,754 </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>Cash and equivalents, end of period</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>82,865</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="12%"
    bgColor=#e6efff><B>134,995</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>*2012 numbers have been restated to reflect the adoption of a
new accounting policy for capitalized stripping costs. See note 27 of our
consolidated financial statements. </P>
<P align=center>21 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_22></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><I>Earnings </I></P>
<P align=justify>Earnings from mining operations increased to $15.3 million in
the fourth quarter of 2013 from $7.4 million in the fourth quarter of 2012,
primarily due to increased copper sales by volume, partially offset by lower
copper prices and increased depreciation expense. Copper sales volumes increased
to $27.7 million pounds in 2013 from $17.2 million pounds in 2012, a 61%
increase as a result of increased production from the Gibraltar Mine expansion
which ramped up during 2013. However, the increased volumes were partially
offset by lower realized copper prices which declined to $3.18 per pound in 2013
from $3.48 per pound in 2012. Earnings from mining operations<SUP>* </SUP>in
2013 were also impacted by a $2.5 million increase in depletion and amortization
expense due to the commissioning of concentrator #2 and the increased
production.</P>
<P align=justify>In the fourth quarter of 2013, the Company realized net loss of
$9.7 million ($0.05 per share), compared to a net loss of $5.5 million ($0.03
per share) in the fourth quarter of 2012. </P>
<P align=justify>Included in net loss are a number of items that management
believes require adjustment in order to better measure the underlying
performance of the business. These items are in the table below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-TOP: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-TOP: #000000 1px solid"><B>Three
      months ended </B></TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=right width="12%">&nbsp;    </TD>
    <TD style="BORDER-TOP: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right> <B>December 31, </B></TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012 </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="12%"><B>Change </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>Net loss </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(9,756</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(5,514</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(4,242</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </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="12%">(607</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,319 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(2,926</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Unrealized foreign exchange (gain)
      loss </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,449 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,929 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,520 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Gain on sale of marketable securities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(541</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">541 </TD>
    <TD align=left width="2%" >&nbsp;</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="12%" bgColor=#e6efff>5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Unrealized (income) loss on dual currency deposits</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">72 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(72</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Non-recurring adjustment to interest
      on royalty obligation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,918 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>4,918 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Estimated
      tax effect of adjustments </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(175</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(945</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">770    </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>Adjusted net earnings (loss) <SUP>* </SUP></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>834 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,680</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,514 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>*Non-GAAP performance measure. See page 33 on this MD&amp;A
</P>
<P align=center>22 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_23></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></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-BOTTOM: #000000 1px solid" align=left><I>Revenues
</I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months ended </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31, </B></TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012 </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="12%"><B>Change </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Copper in concentrate </TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>90,151 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>59,013 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>31,138 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Copper cathode </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,176    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(1,176) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Total copper sales </TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>90,151 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>60,189 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>29,962 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left>Molybdenum concentrate </TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">3,819 </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">1,756 </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD align=right width="12%">2,063 </TD>
    <TD align=right width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Silver contained in copper concentrate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>946 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>933 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>13 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#e6efff>&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=right
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">94,916 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">62,878 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">32,038 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="2%">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>(thousands of pounds, unless otherwise noted) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%"
    bgColor=#ffffff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Copper in concentrate <SUP>* </SUP></TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>27,041 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17,089 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,952 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#ffffff>Copper cathode </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>337 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#ffffff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#ffffff>(337) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;&nbsp; Total copper sales </TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>27,041 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>17,426 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,615 </TD>
    <TD align=right width="2%" bgColor=#e6efff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#ffffff>Average realized copper price (US$ per
      pound) </TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>3.18 </TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>3.48 </TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="1%" bgColor=#ffffff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#ffffff>(0.30) </TD>
    <TD align=right width="2%" bgColor=#ffffff>&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Molybdenum concentrate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>374 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>161 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>213 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    bgColor=#e6efff>&nbsp;</TD>
  </TR></TABLE>
<P align=justify>* This amount includes a net smelter payable deduction of
approximately 3.5% to derive net pounds of copper sold. </P>
<P align=justify>Revenues for the fourth quarter 2013 increased by $31.0
million, or 51%, compared to revenues in the prior-year period as a result of a
higher volume of copper sales. The Company&#146;s average realized copper price of
US$3.18 per pound for the fourth quarter 2013 was 9% lower than the $3.48 per
pound in 2012. </P>
<P align=justify>Molybdenum revenues totaled $3.8 million in fourth quarter 2013
which is 117% higher than the prior-year quarter due to a 132% increase in sales
volumes compared to the prior year quarter.</P>
<P align=center>23 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_24></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></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-BOTTOM: #000000 1px solid" align=left><I>Cost of
      sales</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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months ended</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right> <B>December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>(Cdn$ in thousands) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2013</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>2012</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>Change</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=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">(Restated note 27</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Direct mining costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>49,413 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>39,219 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>10,194 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Treatment and refining costs </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">6,120 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,098 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">3,022 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Transportation costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5,512 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>3,516 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,271 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Changes in
      inventories of finished goods and WIP </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">8,902    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,517    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">6,110    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Production costs </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>69,947 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>48,350 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>21,597 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Depletion and
      amortization </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9,684    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">7,141    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,543    </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>Cost of sales </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>79,631 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>55,491 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>24,140 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify>The 44% increase in cost of sales reflects the 55% increase in
copper sales volumes in fourth quarter 2013 compared to the prior-year quarter.
Contributing to the year-over-year increase in direct mining and processing
costs for the fourth quarter was a 20% increase in tons mined. In addition,
direct mining and processing costs for the fourth quarter 2013 compared to the
prior-year quarter were negatively impacted by higher labour, maintenance and
external services. Although absolute costs have increased as a result of the
higher production levels at Gibraltar, direct mining costs per pound are down by
20% compared to the fourth quarter of 2012. </P>
<P align=justify>Depreciation expenses during the fourth quarter have increased
year-over-year, reflecting an increase in assets placed into service. Treatment
and refining costs and transportation costs have slightly increased, consistent
with the increase in pounds sold. </P>
<P align=justify>It should also be noted that 2012 comparative figures have been
adjusted to reflect a change in International Financial Reporting Standards
(&#147;IFRS&#148;) regarding stripping costs in the production plans of a surface mine.
This new standard results in a decrease in production costs and an increase in
depletion and amortization expense. The effect of the new standard for 2012 and
2013 is set out in the table below: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD colspan="4" align=center style="BORDER-BOTTOM: #000000 1px solid"><B>Three months ended</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >(Cdn$ in thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="17%"><B>December 31, 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="17%"><B>December 31, 2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Additional amounts
      capitalized </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>8,372 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="17%" bgColor=#e6efff>2,172 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Additional depletion and amortization </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(883</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">(364</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Inventory change </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="17%"
    bgColor=#e6efff>(334</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="17%"
    bgColor=#e6efff>(211</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Decrease in cost of sales </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">7,155 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="17%">1,597 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Tax effect </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="17%"
    bgColor=#e6efff>(2,504</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="17%"
    bgColor=#e6efff>(558</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >Increase in net income </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="17%">4,651    </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="17%">1,039    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=center>24 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_25></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></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-BOTTOM: #000000 1px solid" align=left><I>Other expenses
      (income)</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="12%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%">&nbsp; </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=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months ended</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">&nbsp; </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=right width="12%"><B>December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><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="12%"><B>2012</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>Change</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>General and administrative </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>3,886 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>5,981 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,095</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Exploration and
      evaluation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,594    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,837    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">757    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Other operating expenses (income): </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="12%" bgColor=#e6efff>&nbsp; </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; &nbsp;Realized (gain) loss on copper derivative
      instruments </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,191 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">1,632 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">559 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp; &nbsp;Unrealized (gain) loss on
      copper derivative instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(607</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,319 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,926</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Other
      expenses (income) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
width="12%">(38</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">89</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(127</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>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,546 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>4,040 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(2,494</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD></TR></TABLE>
<P align=justify>The decrease in general and administrative expenses during the
fourth quarter 2013 is primarily due to the lower share-based compensation
expenses, consulting and regulatory fees for the quarter over the prior year
period.</P>
<P align=justify>Exploration and evaluation expenses during fourth quarter 2013
were attributable to work performed at the Aley project and the New Prosperity
project. During fourth quarter 2013, $1.1 million was spent on Aley and $1.2
million was spent on the New Prosperity project compared to $1.2 million spent
on Aley and $0.6 million spent on New Prosperity project in the fourth quarter
of 2012. </P>
<P align=justify>The decrease in other operating expenses for the fourth quarter
2013, over the same quarter of 2012 is primarily attributable to gains and
losses associated with the copper hedge program. </P>
<P align=justify><I>Finance income and expenses</I></P>
<P align=justify>Finance income is primarily comprised of income earned on the
promissory note and reclamation deposits, gains and losses on the dual currency
deposits, as well as gains on the sale of marketable securities. During the
fourth quarter 2013, income from these items decreased compared to the
prior-year period mostly due to the lower levels of cash invested in the dual
currency deposits.</P>
<P align=justify>Finance expenses for the fourth quarter 2013 increased by $8.7
million over the fourth quarter of 2012. This is due to an increase in interest
expense on new capital leases and secured equipment loans. In addition, the
Company has ceased capitalizing interest on the construction of concentrator #2,
due to its commissioning during the first quarter of 2013. </P>
<P align=center>25 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_26></A><BR>
<TABLE
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cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></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-BOTTOM: #000000 1px solid" align=left><I>Income tax
    </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp; </TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD>
    <TD width="1%" >&nbsp;</TD>
    <TD width="12%">&nbsp; </TD>
    <TD width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months ended </B></TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31, </B></TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>(Cdn$ in
      thousands) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>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="12%"><B>2012 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="12%"><B>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>Current expense (recovery) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(4,450</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(2,723</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,727</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Deferred expense    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">5,569    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,909    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">3,660    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,119 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>(814</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>1,933 </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>Effective tax rate    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(13.0%</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">12.9%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      bgColor=#e6efff>Canadian statutory rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25.8% </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff>25.0% </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=left width="12%"
    bgColor=#e6efff>&nbsp; </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>BC mineral tax
      rate </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9.6%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">9.8%    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="12%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR></TABLE>
<P align=justify>The income tax expense for fourth quarter 2013 primarily
resulted from income being offset by non-deductible expenses including royalty
accretion and foreign exchange devaluation. </P>
<P align=justify><I>Liquidity, cash flow and capital resources </I></P>
<P align=justify>The Company&#146;s primary source of liquidity is operating cash
flow. In the fourth quarter of 2013, operating cash flow of $32.8 million
compared to $13.0 million for the prior-year period.</P>
<P align=justify>Cash used in investing activities in the fourth quarter of 2013
amounting to $16.5 million was mainly due to capital expenditures, which include
capitalized stripping of $8.4 million and purchase of financial assets of $3.5
million.</P>
<P align=justify>Cash used for financing activities was $14.3 million for the
fourth quarter 2013 resulting from debt principal and interest payments of $15
million offset by proceeds from share issuance of $0.6 million. </P>
<P align=justify><B><FONT color=#0080ff>SUMMARY OF QUARTERLY RESULTS
</FONT></B></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" align=left >&nbsp;    </TD>
    <TD colspan="4" align=center style="BORDER-TOP: #000000 1px solid">    2013    </TD>
    <TD colspan="4" align=center style="BORDER-TOP: #000000 1px solid">    2012        </TD>
    </TR>
  <TR vAlign=top>
    <TD align=left >($ in thousands, </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD>
    <TD align=center width="10%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >except per share amounts) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">Q4    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">Q3    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">&nbsp; &nbsp;Q2 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center
      width="10%">&nbsp; &nbsp;Q1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">Q4    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">Q3    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">Q2    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=center width="10%">Q1    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Revenues </TD>
    <TD align=right width="10%" bgColor=#e6efff>94,916 </TD>
    <TD align=right width="10%" bgColor=#e6efff>66,799 </TD>
    <TD align=right width="10%" bgColor=#e6efff>68,191 </TD>
    <TD align=right width="10%" bgColor=#e6efff>60,150 </TD>
    <TD align=right width="10%" bgColor=#e6efff>62,878 </TD>
    <TD align=right width="10%" bgColor=#e6efff>60,999 </TD>
    <TD align=right width="10%" bgColor=#e6efff>74,377 </TD>
    <TD align=right width="10%" bgColor=#e6efff>55,353 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Net earnings (loss) </TD>
    <TD align=right width="10%">(9,756) </TD>
    <TD align=right width="10%">120 </TD>
    <TD align=right width="10%">(14,721) </TD>
    <TD align=right width="10%">(10,482) </TD>
    <TD align=right width="10%">(5,514) </TD>
    <TD align=right width="10%">(3,133) </TD>
    <TD align=right width="10%">5,761 </TD>
    <TD align=right width="10%">(6,253) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Basic EPS </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.05) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.00) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.08) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.05) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.03) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.02) </TD>
    <TD align=right width="10%" bgColor=#e6efff>0.03 </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.03) </TD></TR>
  <TR vAlign=top>
    <TD align=left >Adjusted net earnings (loss) * </TD>
    <TD align=right width="10%">834 </TD>
    <TD align=right width="10%">(1,851) </TD>
    <TD align=right width="10%">(10,177) </TD>
    <TD align=right width="10%">(2,833) </TD>
    <TD align=right width="10%">(2,680) </TD>
    <TD align=right width="10%">2,453 </TD>
    <TD align=right width="10%">5,867 </TD>
    <TD align=right width="10%">3,060 </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp; &nbsp;Adjusted basic
      EPS * </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.00) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.01) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.05) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.01) </TD>
    <TD align=right width="10%" bgColor=#e6efff>(0.01) </TD>
    <TD align=right width="10%" bgColor=#e6efff>0.01 </TD>
    <TD align=right width="10%" bgColor=#e6efff>0.03 </TD>
    <TD align=right width="10%" bgColor=#e6efff>0.02 </TD></TR>
  <TR vAlign=top>
    <TD align=left >EBITDA * </TD>
    <TD align=right width="10%">11,107 </TD>
    <TD align=right width="10%">14,028 </TD>
    <TD align=right width="10%">(2,884) </TD>
    <TD align=right width="10%">(2,230) </TD>
    <TD align=right width="10%">2,230 </TD>
    <TD align=right width="10%">137 </TD>
    <TD align=right width="10%">17,219 </TD>
    <TD align=right width="10%">(1,085) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Adjusted EBITDA * </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>16,954 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>11,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>3,175 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>7,969 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>6,009 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>7,585 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>17,361 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>11,333 </TD></TR>
  <TR>
    <TD >&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD>
    <TD width="10%">&nbsp; </TD></TR>
  <TR>
    <TD  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%"  bgColor=#e6efff>&nbsp;</TD>
    <TD width="10%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD colspan="3" align=left style="BORDER-BOTTOM: #000000 1px solid" >(US$
      per pound, except where indicated)     </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="10%">&nbsp;    </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >Realized copper price * </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.18 </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.33 </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.16 </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.47 </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.48 </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.64 </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.52 </TD>
    <TD align=right width="10%" bgColor=#e6efff>3.87 </TD></TR>
  <TR vAlign=top>
    <TD align=left >Total operating costs * </TD>
    <TD align=right width="10%">2.14 </TD>
    <TD align=right width="10%">2.21 </TD>
    <TD align=right width="10%">2.34 </TD>
    <TD align=right width="10%">2.45 </TD>
    <TD align=right width="10%">2.72 </TD>
    <TD align=right width="10%">2.50 </TD>
    <TD align=right width="10%">2.05 </TD>
    <TD align=right width="10%">2.18 </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >Copper sales (million pounds) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>27.0 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>18.9 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>20.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>16.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>17.4 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>16.1 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>19.8 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="10%"
    bgColor=#e6efff>12.7 </TD></TR></TABLE>
</DIV>
<P align=justify>*Non-GAAP performance measure. See page 33 on this MD&amp;A
</P>
<P align=center>26 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_27></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>Financial results for the last eight quarters reflect: volatile
copper prices that impact realized sale prices; variability in the quarterly
sales volumes due to timing of shipments which impacts revenue recognition; and
a trend of increasing absolute production costs caused by increasing
production.</P>
<P align=justify><B><FONT color=#0080ff>CRITICAL ACCOUNTING POLICIES AND
ESTIMATES </FONT></B></P>
<P align=justify>The Company's significant accounting policies are presented in
note 3.5 of the Financial Statements. The preparation of the Financial
Statements in conformity with IFRS requires management to make judgments,
estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets, liabilities, income and expenses. Actual results
may differ from these estimates. Estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting estimates are recognized
in the period in which the estimates are revised and in any future periods
affected. </P>
<P align=justify>In the process of applying the Company&#146;s accounting policies,
significant areas where judgment is required include the determination of a
joint arrangement and recovery of other receivables. </P>
<P align=justify>Significant areas of estimation include reserve and resource
estimation; asset valuations and the measurement of impairment charges or
reversals; finished and in-process inventory quantities; plant and equipment
lives; tax provisions; provisions for environmental rehabilitation; valuation of
financial instruments and derivatives; deferred stripping costs and share-based
compensation. Key estimates and assumptions made by management with respect to
these areas have been disclosed in the notes to these consolidated financial
statements as appropriate.</P>
<P align=justify>The accuracy of reserve and resource estimates is a function of
the quantity and quality of available data and the assumptions made and judgment
used in the engineering and geological interpretation, and may be subject to
revision based on various factors. Changes in reserve and resource estimates may
impact the carrying value of property, plant and equipment; the calculation of
depreciation expense; the capitalization of stripping costs incurred during
production; and the timing of cash flows related to the provision for
environmental rehabilitation. </P>
<P align=justify>Changes in forecast prices of commodities, exchange rates,
production costs and recovery rates may change the economic status of reserves
and resources. Forecast prices of commodities, exchange rates, production costs
and recovery rates, and discount rates assumptions, either individually or
collectively, may impact the carrying value of derivative financial instruments,
inventories, property, plant and equipment, and intangibles, as well as the
measurement of impairment charges or reversals. </P>
<P align=center>27 </P>
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noShade SIZE=5>
<A name=page_28></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B><FONT color=#0080ff>CHANGE IN ACCOUNTING POLICIES
</FONT></B></P>
<P align=justify><I>Joint Arrangements</I></P>
<P align=justify>In May 2011, the IASB issued IFRS 11, Joint Arrangements, which
provides guidance on accounting for joint arrangements. If an arrangement has
joint control, IFRS 11 classifies joint arrangements as either joint operations
or joint ventures, depending on the rights and obligations of the parties
involved.</P>
<P align=justify>A joint operation is an arrangement where the jointly
controlling parties have rights to the assets and obligations in respect of the
liabilities relating to the arrangement. An entity accounts for a joint
operation by recognizing its portion of the assets, liabilities, revenues and
expenses. A joint venture is an arrangement where the jointly controlling
parties have rights to the net assets of the arrangement. A joint venture is
accounted for using the equity method. Proportionate consolidation of joint
ventures is no longer permitted. </P>
<P align=justify>This standard is effective for annual periods beginning on or
after January 1, 2013, with early adoption permitted. The Company has completed
its assessment of these amendments and concluded that the Company&#146;s interest in
the Gibraltar joint arrangement should be classified as a joint operation. The
Company arrived at this conclusion through assessing the Joint Venture Formation
and Operating agreements in place.</P>
<P align=justify>Due to the terms of the Gibraltar Joint Venture Formation and
Operating agreements, the Company includes in its financial information 75% of
all assets, liabilities, revenues and expenses, including associated financial
information, of the Joint Venture. There was no material impact on the Company&#146;s
financial statements from the adoption of IFRS 11. </P>
<P align=justify><I>Production Stripping Costs </I></P>
<P align=justify>The IFRS Interpretations Committee issued IFRIC 20, Stripping
Costs in the Production Phase of a Surface Mine (IFRIC 20), effective January 1,
2013. </P>
<P align=justify>Previously, the Company only capitalized stripping costs
incurred in order to provide initial access to the ore body. IFRIC 20 now
provides specific guidance on how to account for stripping costs during the
production phase. It requires such costs to be capitalized where the recognition
criteria set out in IFRIC 20 are met. </P>
<P align=justify>IFRIC 20 requires the Company to identify specific components
of the ore body to which stripping costs will relate. A component is defined as
a specific volume of the ore body that is made more accessible by the stripping
activity. It is considered that a mine may have several components, which are
identified based on the mine plan. Stripping costs are then capitalized when
stripping activities occur in excess of the average expected for the component.
Stripping costs are capitalized within Mineral Properties and depreciated over
the life of the respective component based on units of production. </P>
<P align=justify>Based on the Company&#146;s analysis, the identified components of
the ore body are to be phases, pits or sub-pits depending on the ore body being
analyzed. These components align with the mine and how the Company plans its
mining activities. Under IFRIC 20, the Company recognizes stripping assets when
the following three criteria are met: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>it is probable that the future economic benefit (improved access to the
  ore body) associated with the stripping activity will flow to the entity;
  <LI>the entity can identify the component of the ore body for which access has
  been improved; and
  <LI>the costs relating to the stripping activity associated with that
  component can be measured reliably. </LI></UL>
<P align=justify>IFRIC 20 is to be applied prospectively to production stripping
costs incurred on or after the beginning of the earliest period presented. The
financial impacts of the Company&#146;s transition to IFRIC 20 can be found in note
27 of the Company&#146;s consolidated financial statements. The 2012
comparative information contained in these financial statements has been
restated for the adoption of IFRIC 20. </P>
<P align=center>28 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_29></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><I>Disclosures of interest in other entities </I></P>
<P align=justify>The Company adopted IFRS 12, Disclosures of Interests in Other
Entities (&#147;IFRS 12&#148;) on January 1, 2013. IFRS 12 outlines the disclosure
requirements for interests in subsidiaries and other entities to enable users to
evaluate the risks associated with interests in other entities and the effects
of those interests on an entity&#146;s financial position, financial performance and
cash flows.</P>
<P align=justify>The requirements of IFRS 12 relate to disclosures only and are
applicable for the first annual period after adoption.</P>
<P align=justify><I>Fair value measurement </I></P>
<P align=justify>The Company adopted IFRS 13, Fair Value Measurement (&#147;IFRS 13&#148;)
with prospective application from January 1, 2013. IFRS 13 defines fair value,
sets out a single IFRS framework for measuring fair value and outlines
disclosure requirements for fair value measurements.</P>
<P align=justify>IFRS 13 defines fair value as the price that would be received
to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. Fair value is a
market-based measurement, not an entity-specific measurement, so assumptions
that market participants would use should be applied in measuring fair value.
The adoption of IFRS 13 did not have an effect on the consolidated financial
statements. IFRS 13 disclosures can be found in note 25 of the Company&#146;s
consolidated financial statements. </P>
<P align=justify><I>Consolidated financial statements </I></P>
<P align=justify>The Company adopted IFRS 10, Consolidated Financial Statements
(&#147;IFRS 10&#148;) on January 1, 2013 with retrospective application. IFRS 10
establishes principles for the presentation and preparation of consolidated
financial statements when an entity controls one or more other entities. This
IFRS defines the principle of control and establishes control as the basis for
determining which entities are consolidated in an entity&#146;s financial
statements.</P>
<P align=justify>Based on the Company&#146;s analysis, IFRS 10 did not have an impact
on the consolidated financial statements for the current period or prior periods
presented as the adoption did not result in a change in the consolidation status
of any of the Company&#146;s subsidiaries or investees. </P>
<P align=justify><I>Income statement presentation changes </I></P>
<P align=justify>The Company has separated depletion and amortization from other
items comprising cost of sales in the statement of comprehensive income (loss)
for the current and comparative periods presented.</P>
<P align=center>29 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_30></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B><FONT color=#0080ff>FINANCIAL INSTRUMENTS</FONT></B></P>
<P align=justify>The Company uses a mixture of cash, long-term debt and
shareholders&#146; equity to maintain an efficient capital allocation and ensure
adequate liquidity exists to meet the ongoing cash requirements of the business.
In the normal course of business, the Company is inherently exposed to financial
risks, including market risk, commodity price risk, interest rate risk, currency
risk, liquidity risk and credit risk. The Company manages these risks in
accordance with its risk management policies. To mitigate some of these inherent
business risks, the Company uses commodity hedging derivative instruments that
do not qualify for hedge accounting treatment. These non-hedge derivatives are
summarized in note 25(f) to the consolidated financial statements. The financial
risks and the Company&#146;s exposure to these risks, is provided in various tables
in note 25 of the consolidated financial statements. For a discussion on the
methods used to value financial instruments, as well as significant assumptions,
refer also to notes 3 and 25 of the consolidated financial statements.</P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Summary of
      Financial Instruments </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%"><B>Carrying amount </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%"><B>Associated Risks </B></TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><B>Financial
      assets </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%">&nbsp;
    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><I>Loans and
      receivables </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="20%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="20%">&nbsp;
    </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=left>Cash
      and equivalents </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">82,865 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Interest rate <BR>Credit </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>Accounts receivable </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">4,532 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Credit <BR>Market </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>&nbsp;Promissory note </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">63,483 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Interest rate </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left><I>Available-for-sale </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>&nbsp;Shares </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">4,951 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Market </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>&nbsp;Subscription receipts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">12,400 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Market </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>&nbsp;Reclamation deposits </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">25,872 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Market </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left><I>Fair value through profit and loss (FVTPL) </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>Copper put option contracts </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">1,295 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Liquidity <BR>Market <BR>Credit </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left><B>Financial liabilities </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">&nbsp; </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>Accounts payable and accrued liabilities </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">26,864 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Currency <BR>Interest rate </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>&nbsp;Senior notes </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">208,349 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Currency </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>&nbsp;Capital leases </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">46,812 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Interest rate </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>Secured equipment loans </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">26,979 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Currency <BR>Interest rate </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center
      align=left>&nbsp;Royalty obligation </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">63,854 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=center align=right
    width="20%">Interest rate </TD></TR></TABLE>
<P align=center>30 </P>
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<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B><FONT color=#0080ff>INTERNAL CONTROLS OVER FINANCIAL
REPORTING AND DISCLOSURE CONTROLS AND PROCEDURES </FONT></B></P>
<P align=justify>The Company's management is responsible for establishing and
maintaining adequate internal control over financial reporting and disclosure
controls and procedures.</P>
<P align=justify>The Company&#146;s internal control system over financial reporting
is designed to provide reasonable assurance to management and the Board of
Directors regarding the preparation and fair presentation of published financial
statements. Internal control over financial reporting includes those policies
and procedures that: </P>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0 BCLLIST>

  <TR>
    <TD vAlign=top width="5%">(1) </TD>
    <TD>
      <P align=justify>pertain to the maintenance of records that in reasonable
      detail accurately and fairly reflect the transactions and dispositions of
      the assets of the Company;</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(2) </TD>
    <TD>
      <P align=justify>provide reasonable assurance that transactions are
      recorded as necessary to permit preparation of financial statements in
      accordance with IFRS, and that receipts and expenditures of the Company
      are being made only in accordance with authorizations of management and
      directors of the Company; and</P></TD></TR>
  <TR>
    <TD width="5%">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD vAlign=top width="5%">(3) </TD>
    <TD>
      <P align=justify>provide reasonable assurance regarding prevention or
      timely detection of unauthorized acquisition, use or disposition of the
      Company&#146;s assets that could have a material effect on the financial
      statements.</P></TD></TR></TABLE>
<P align=justify>The Company&#146;s internal control system over disclosure controls
and procedures is designed to provide reasonable assurance that material
information relating to the Company is made known to management and disclosed to
others and information required to be disclosed by the Company in its annual
filings, interim filings or other reports filed or submitted by us under
securities legislation is recorded, processed, summarized and reported within
the time periods specified in the securities legislation.</P>
<P align=justify>All internal control systems, no matter how well designed, have
inherent limitations. Therefore, even those systems determined effective can
provide only reasonable assurance with respect to financial reporting and
disclosure.</P>
<P align=justify>As disclosed in Note 2 to the consolidated financial
statements, the Company has restated the comparative financial statements to
reflect the cumulative impact of an error in accretion rates applied to the
Company&#146;s Red Mile royalty obligation since inception of the arrangement in
2004. The restatement was identified as a result of management reassessing the
historical accounting for this complex transaction. Management has therefore
reviewed other legacy transactions and reevaluated the respective accounting
treatments and is satisfied that no other changes were required. There has been
no other change in our internal control over financial reporting that occurred
during the quarter ended December 31, 2013 that has materially affected or is
reasonably likely to materially affect our internal control over financial
reporting. </P>
<P align=justify>The Company&#146;s management, at the direction of our chief
executive officer and chief financial officer, have evaluated the effectiveness
of the design and operation of the internal controls over financial reporting
and disclosure controls and procedures as of the end of the period covered by
this report, and have concluded that they were effective. </P>
<P align=justify><B><FONT color=#0080ff>RELATED PARTY TRANSACTIONS
</FONT></B></P>
<P align=justify><I>Key management personnel </I></P>
<P align=justify>Key management personnel include the members of the Board of
Directors and executive officers of the Company. </P>
<P align=justify>The Company contributes to a post-employment defined
contribution pension plan on the behalf of certain key management personnel.
This retirement compensation arrangement (RCA Trust) was established to provide
benefits to certain executive officers on or after retirement
in recognition of their long service. Upon retirement, the participant is
entitled to the distribution of the accumulated value of the contributions under
the RCA Trust. Obligations for contributions to the defined contribution pension
plan are recognized as compensation expense in profit or loss in the periods
during which services are rendered by the executive officers. </P>
<P align=center>31 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_32></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>Certain executive officers are entitled to termination and
change in control benefits. In the event of termination without cause, other
than a change in control, these executive officers are entitled to an amount
ranging from 9-month to 12-month&#146;s salary. In the event of a change in control,
if a termination without cause or a resignation occurs within 12 months
following the change of control, these executive officers are entitled to
receive, among other things, an amount ranging from 24-month to 32-months&#146;
salary and accrued bonus, and all stock options held by these individuals will
fully vest. </P>
<P align=justify>Executive officers and directors also participate in the
Company&#146;s share option program. During 2013, the Company incurred total
compensation expenses of $8.6 million for its key management personnel compared
to $9.2 million in 2012.</P>
<P align=justify>The Company has adopted a Deferred Share Unit (&#147;DSU&#148;) Plan (the
&#147;DSU Plan&#148;) for non-employee directors, effective February 15, 2013. The DSU
Plan provides for an annual grant to each non-employee director of the Company,
or an equivalent cash payment in lieu thereof, which participants have agreed
would in first instance be used to assist in complying with the Company&#146;s share
ownership guidelines. DSUs vest immediately upon grant and are paid out in cash
when a participant ceases to be a director of the Company.</P>
<P align=justify>During the first quarter of 2013, the Company issued 133,333
DSUs to directors. The DSUs were valued at $3.18 per unit based upon the
underlying share price at grant date and are fair valued based upon the market
price every period end. The total number of deferred and restricted share units
outstanding at December 31, 2013 was 133,333 units. </P>
<P align=justify><I>Other related parties </I></P>
<P align=justify>Hunter Dickinson Services Inc. ("HDSI") is a private company
which has certain directors in common with the Company. HDSI carries out
geological, engineering, corporate development, administrative, financial
management, investor relations, and other management activities for the Company.
The terms and conditions of the transactions are similar to transactions
conducted on an arm&#146;s length basis. During 2013, the Company incurred general
and administrative expenses of $2.5 million, and exploration and evaluation
expenses of $1.1 million with HDSI. This compares to general and administrative
expenses of $1.9 million, exploration and evaluation expenses of $0.5 million in
2012. </P>
<P align=justify>The Gibraltar joint venture pays a management fee to the
Company for services rendered as operator of the Gibraltar mine. During the year
2013, the Company has earned $1.0 million of other operating income for these
services rendered, which was comparable to fees earned in 2012. </P>
<P align=justify>During the year, the Company invested $2.4 million in
subscription receipts of a private company with directors in common which holds
mineral property interests. The subscription receipts will be convertible into
units comprised of shares, or shares and warrants. During the year, the Company
invested $2.0 million in Curis Resources Ltd, a public company with one director
in common, which holds mineral property interests.</P>
<P align=justify>Subsequent to year end the Company completed an additional
investment in Curis Resources Ltd for $5 million. </P>
<P align=center>32 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_33></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><B><FONT color=#0080ff>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 byproduct 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 net operating costs of production as well as
offsite costs divided by the copper pounds produced. By-product credits are
calculated based on actual sales of molybdenum and silver for the period divided
by the total pounds of copper produced during the period. 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 colspan="4" align=right><B>Three months ended </B></TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>Year ended </B></TD>
    <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, </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 colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31, </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    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="11%"><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="11%"><B>2012 </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="11%"><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="11%"><B>2012 </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="11%" bgColor=#e6efff><I>79,631 </I></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><I>55,491 </I></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><I>247,123 </I></TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff><I>193,293 </I></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="11%">(9,684</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(7,141</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(34,067</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(21,026</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="11%"
    bgColor=#e6efff>(8,902</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="11%"
    bgColor=#e6efff>(2,517</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="11%"
    bgColor=#e6efff>12,540 </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="11%"
    bgColor=#e6efff>1,978 </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="11%">61,045 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">45,833 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">225,596 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">174,245 </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="11%" 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="11%" 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="11%" 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="11%" 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="11%">(3,819</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(1,756</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(9,550</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(12,228</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="11%" bgColor=#e6efff>(946</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(933</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(3,382</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(3,331</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="11%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&nbsp; </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=left width="11%">&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="11%" bgColor=#e6efff>(6,120</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(3,098</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(17,291</TD>
    <TD align=left width="2%" bgColor=#e6efff>) </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>(12,628</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="11%">(5,512</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="11%">(3,516</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="11%">(18,029</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="11%">(14,006</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="11%" bgColor=#e6efff>44,648 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>36,530 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>177,344 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>132,052 </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="11%">25,136 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">16,015 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">91,110 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">67,348 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Total costs per pound produced </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>1.78 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>2.28 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>1.95 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>1.96 </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="11%">1.0498 </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="11%">0.9914 </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="11%">1.0301 </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="11%">0.9994 </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="11%"
    bgColor=#e6efff><B>1.70 </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="11%"
    bgColor=#e6efff><B>2.30 </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="11%"
    bgColor=#e6efff><B>1.89 </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="11%"
    bgColor=#e6efff><B>1.96 </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="11%">44,648 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">36,530 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">177,344 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">132,052 </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="11%" 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="11%" 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="11%" 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="11%" 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="11%">6,120 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">3,098 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">17,291 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">12,628 </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="11%"
    bgColor=#e6efff>5,512 </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="11%"
    bgColor=#e6efff>3,516 </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="11%"
    bgColor=#e6efff>18,029 </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="11%"
    bgColor=#e6efff>14,006 </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="11%"><I>56,280 </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><I>43,144 </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><I>212,664 </I></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><I>158,686 </I></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="11%"
    bgColor=#e6efff><B>2.14 </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="11%"
    bgColor=#e6efff><B>2.72 </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="11%"
    bgColor=#e6efff><B>2.27 </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="11%"
    bgColor=#e6efff><B>2.36 </B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=center>33 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_34></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify><I>Adjusted net earnings </I></P>
<P align=justify>Adjusted net earnings removes the effect of the following
transactions from net earnings as reported under IFRS: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Unrealized gains/losses on derivative instruments;
  <LI>Gains/losses on the sale of financial instruments;
  <LI>Changes in the fair value of financial instruments;
  <LI>Foreign currency translation gains/losses; and
  <LI>Non-recurring transactions, including non-recurring tax adjustments.
</LI></UL>
<P align=justify>Management believes these transactions do not reflect the
underlying operating performance of our core mining business and are not
necessarily indicative of future operating results. Furthermore, unrealized
gains/losses on derivative instruments, changes in the fair value of financial
instruments, and foreign currency translation gains/losses are not necessarily
reflective of the underlying operating results for the reporting periods
presented.</P>
<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 colspan="4" align=right><B>Three months ended</B> </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD colspan="4" align=right> <B>Year ended</B> </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31,</B> </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD colspan="4" align=right> <B>December 31,</B> </TD>
    <TD 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="11%"><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="11%"><B>2012</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="11%"><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="11%"><B>2012</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 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="11%"
    bgColor=#e6efff><B>(9,756</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="11%"
    bgColor=#e6efff><B>(5,514</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="11%"
    bgColor=#e6efff><B>(34,839</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="11%"
    bgColor=#e6efff><B>(9,139</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="11%">(607</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">2,319 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(6,159</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">24,801 </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Unrealized foreign
      exchange (gain) loss </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>6,449 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>1,929 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>12,082 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>643 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Gain on sale of marketable securities    </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(541</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(1,418</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Write down in
      marketable securities </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>5 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>13,984 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp;Unrealized (income) loss on dual
      currency deposits </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">72 </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(239</TD>
    <TD align=left width="2%">) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff >&nbsp;Non-recurring
      adjustment to interest on royalty obligation </TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>4,918 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" 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="11%" bgColor=#e6efff>4,918 </TD>
    <TD align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="11%" bgColor=#e6efff>- </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="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">(430</TD>
    <TD align=left width="2%">) </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD align=right width="11%">- </TD>
    <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left bgColor=#e6efff
    >&nbsp;Estimated tax effect of adjustments </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="11%"
    bgColor=#e6efff>(175</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="11%"
    bgColor=#e6efff>(945</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="11%"
    bgColor=#e6efff>(3,583</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="11%"
    bgColor=#e6efff>(5,948</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      ><B>Adjusted net earnings (loss)</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
      width="11%"><B>834</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="11%"><B>(2,680</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="11%"><B>(14,027</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="11%"><B>8,700</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>Adjusted EPS</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="11%"
    bgColor=#e6efff><B>(0.00</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="11%"
    bgColor=#e6efff><B>(0.01</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="11%"
    bgColor=#e6efff><B>(0.07</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="11%"
    bgColor=#e6efff><B>0.05</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    bgColor=#e6efff>&nbsp;</TD></TR></TABLE>
<P align=justify><I>EBITDA and adjusted EBITDA </I></P>
<P align=justify>EBITDA represents net earnings before interest, income taxes,
and depreciation. EBITDA is presented because it is an important supplemental
measure of our performance and is frequently used by securities analysts,
investors and other interested parties in the evaluation of companies in the
industry, many of which present EBITDA when reporting their results. Issuers of
&#147;high yield&#148; securities also present EBITDA because investors, analysts and
rating agencies consider it useful in measuring the ability of those issuers to
meet debt service obligations. The Company believes EBITDA is an appropriate
supplemental measure of debt service capacity, because cash expenditures on
interest are, by definition, available to pay interest, and tax expense is
inversely correlated to interest expense because tax expense goes down as
deductible interest expense goes up; depreciation is a non-cash charge. </P>
<P align=justify>Adjusted EBITDA is presented as a further supplemental measure
of the Company&#146;s performance and ability to service debt. Adjusted EBITDA is
prepared by adjusting EBITDA to eliminate the impact of a number of items that
are not considered indicative of ongoing operating performance.</P>
<P align=center>34 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_35></A>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<P align=justify>Adjusted EBITDA is calculated by adding to EBITDA certain items
of expense and deducting from EBITDA certain items of income that are not likely
to recur or are not indicative of the Company&#146;s future operating performance
consisting of: </P>
<UL style="TEXT-ALIGN: justify">
  <LI>Unrealized gains/losses on derivative instruments;
  <LI>Gains/losses on the sale of marketable securities;
  <LI>Changes in the fair value of financial instruments;
  <LI>Foreign currency translation gains/losses; and
  <LI>Non-recurring transactions. </LI></UL>
<P align=justify>While some of the adjustments are recurring 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>
<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 colspan="4" align=right><B>Three months ended</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right> <B>Year ended</B> </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp; </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31,</B> </TD>
    <TD align=right width="2%" >&nbsp;</TD>
    <TD align=right width="1%" >&nbsp;</TD>
    <TD colspan="4" align=right><B>December 31,</B> </TD>
    <TD align=right 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="12%"><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="12%"><B>2012</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="12%"><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="12%"><B>2012</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="12%" bgColor=#e6efff><B>(9,756</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="12%" bgColor=#e6efff><B>(5,514</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="12%" bgColor=#e6efff><B>(34,839</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="12%" bgColor=#e6efff><B>(9,139</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="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Depreciation </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>9,770 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>7,298 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>34,508 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>21,684 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>&nbsp;Interest expense </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">11,108 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">2,205 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">23,553 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">12,041 </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>&nbsp;Interest income </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(1,134</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(945</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(5,860</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,668</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>&nbsp;Income tax
      expense (recovery) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">1,119    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(814</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">2,659    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">584    </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff><B>EBITDA</B> </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>11,107</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>2,230</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>20,021</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff><B>18,502</B> </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Adjustments: </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=left width="12%">&nbsp; </TD>
    <TD align=left width="2%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Unrealized (gain)/loss on derivative
      instruments </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(607</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>2,319 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>(6,159</TD>
    <TD align=left width="2%"  bgColor=#e6efff>) </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>24,801 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Gain on sale of marketable securities </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(541</TD>
    <TD align=left width="2%" >) </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(1,418</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Foreign currency translation losses </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>6,449 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>1,929 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>12,082 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>643 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left>Unrealized (income) loss on dual currency deposits </TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">72 </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">- </TD>
    <TD align=left width="2%" >&nbsp;</TD>
    <TD align=left width="1%" >&nbsp;</TD>
    <TD align=right width="12%">(238</TD>
    <TD align=left width="2%" >) </TD></TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff>Write down in marketable securities </TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>5 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>13,984 </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=left width="1%"  bgColor=#e6efff>&nbsp;</TD>
    <TD align=right width="12%" bgColor=#e6efff>- </TD>
    <TD align=left width="2%"  bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left>Non-recurring
      other expenses (income) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    width="12%">(430</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
    >) </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
    >&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%">- </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>Adjusted EBITDA</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="1%"
     bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=right width="12%"
    bgColor=#e6efff><B>16,954</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="12%"
    bgColor=#e6efff><B>6,009</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="12%"
    bgColor=#e6efff><B>39,498</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="12%"
    bgColor=#e6efff><B>42,290</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left width="2%"
     bgColor=#e6efff>&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
is meant to provide further information about the financial results to
investors. </P>
<P align=center>35 </P>
<HR style="PAGE-BREAK-AFTER: always" align=center width="100%" color=black
noShade SIZE=5>
<A name=page_36></A><BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>
  <TR vAlign=top>
    <TD align=left><B><FONT color="#0080ff" size=4>TASEKO MINES LIMITED </FONT></B></TD>
  </TR>
  <TR vAlign=top>
    <TD align=left><FONT size=3>Management&#146;s Discussion and Analysis </FONT></TD>
  </TR>
  <TR>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left><FONT
      size=3>&nbsp;</FONT></TD>
  </TR>
</TABLE>
<BR>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>Three months</B> </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD colspan="4" align=right>&nbsp;  </TD>
  <TD align=left width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="1%">&nbsp;</TD>
    <TD colspan="4" align=right> <B>ended</B> </TD>
    <TD align=right width="2%">&nbsp;</TD>
    <TD align=right width="1%">&nbsp;</TD>
    <TD colspan="4" align=right><B>Year ended</B> </TD>
  <TD align=right width="2%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
      >&nbsp; </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" align=left
    width="1%">&nbsp;</TD>
    <TD colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31,</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 colspan="4" align=right style="BORDER-BOTTOM: #000000 1px solid"><B>December 31,</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" align=right
    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
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2013</B> </TD>
    <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
    width="1%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
    <TD
      width="12%" align=right valign="bottom" style="BORDER-BOTTOM: #000000 1px solid"><B>2012</B> </TD>
  <TD
    width="2%" align=left valign="bottom" style="BORDER-BOTTOM: #000000 1px solid">&nbsp;</TD>
  </TR>
  <TR vAlign=top>
    <TD align=left bgColor=#e6efff ><B>Earnings from mining
      operations</B> </TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>15,285</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>7,387</B> </TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>42,933</B></TD>
    <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD vAlign=bottom align=right width="12%" bgColor=#e6efff><B>60,314</B></TD>
  <TD vAlign=bottom align=left width="2%" bgColor=#e6efff>&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left >Add: </TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
    <TD vAlign=bottom align=left width="2%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="1%">&nbsp;</TD>
    <TD vAlign=bottom align=left width="12%">&nbsp; </TD>
  <TD vAlign=bottom 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" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>9,684 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>7,141 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>34,067 </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%" bgColor=#e6efff>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%" bgColor=#e6efff>21,026 </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom 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 and
      amortization</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>24,969</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>14,528</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>77,000</B> </TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="1%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=right
    width="12%"><B>81,340</B> </TD>
  <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=bottom align=left
    width="2%">&nbsp;</TD></TR></TABLE>
<P align=center>36 </P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.8
<SEQUENCE>9
<FILENAME>exhibit99-8.htm
<DESCRIPTION>EXHIBIT 99.8
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.8 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<br>
<TABLE
style="BORDER-COLOR: black; FONT-SIZE: 10pt; BORDER-COLLAPSE: collapse; "
cellSpacing=0 cellPadding=0 width="100%" border=0>

  <TR>
    <TD vAlign=top align=left  rowSpan=7><IMG
      src="logo.jpg"
      border=0></TD>
    <TD align=left width="33%" >&nbsp;</TD>
    <TD align=left width="33%" >&nbsp;</TD></TR>
  <TR>
    <TD align=left width="33%" >&nbsp;</TD>
    <TD align=left width="33%" >&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%"><B>KPMG LLP </B></TD>
    <TD align=left width="33%">Telephone&nbsp;&nbsp;&nbsp; &nbsp;(604)
      691-3000 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%"><B>Chartered Accountants </B></TD>
    <TD align=left
      width="33%">Fax&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;(604) 691-3031 </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">PO Box 10426 777 Dunsmuir Street </TD>
    <TD align=left
      width="33%">Internet&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      &nbsp;www.kpmg.ca </TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Vancouver BC V7Y 1K3 </TD>
    <TD align=left width="33%">&nbsp;</TD></TR>
  <TR vAlign=top>
    <TD align=left width="33%">Canada </TD>
    <TD align=left width="33%">&nbsp;</TD></TR></TABLE>
<P align=center>&nbsp;</P>
<P align=center><B><FONT size=4>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></B></P>
<p align="justify">To the Board of  Directors of Taseko Mines Limited </p>
<p align="justify">We consent to the  inclusion in this annual report on Form 40-F of:</p>
<UL>
    <li>
      <div align="justify">our  Independent Auditors&rsquo; Report of Registered Public Accounting Firm dated March 13, 2014 on the consolidated balance sheets of Taseko Mines Limited  (the &ldquo;Company&quot;) as of December&nbsp;31, 2013 and 2012, and the related  consolidated statements of comprehensive income (loss), changes in equity and  cash flows for the years then ended; and<br>
       &nbsp;</div>
    </li>
    <li>
      <div align="justify">our Report  of Independent Registered Public Accounting Firm dated March 13, 2014 on the Company&rsquo;s internal control over  financial reporting as of December 31, 2013</div>
    </li>
</UL>
<p align="justify">each of<b> </b>which is contained in this annual  report on Form 40-F of the Company for the fiscal year ended December 31, 2013.</p>
<p align="justify"> As discussed in Note 2 to  the consolidated financial statements, Taseko Mines Limited has restated its  December 31, 2012 balance sheet to correct a misstatement in its method of  accounting for royalty obligations and included the presentation of the balance  sheet as at January 1, 2012.</p>
<p align="justify"> As discussed in Note 27 to  the consolidated financial statements, Taseko Mines Limited changed its method  of accounting for deferred stripping costs effective January 1, 2012 due to the  adoption of IFRIC 20 <i>Stripping Costs in  the Production Phase of a Surface Mine</i>.</p>
<p><b>\\s\\</b>&nbsp; <b>KPMG LLP</b></p>
<p>  Chartered Accountants</p>
<p>March 13, 2014<br>
  Vancouver,  Canada</p>
<P style="MARGIN-LEFT: 35%" align=justify><FONT size=1>KPMG LLP is a Canadian
limited liability partnership and a member firm of the KPMG </FONT><BR><FONT
size=1>network of independent member firms affiliated with KPMG International
Cooperative </FONT><BR><FONT size=1>(&#147;KPMG International&#148;), a Swiss entity.
</FONT><BR><FONT size=1>KPMG Canada provides services to KPMG LLP. </FONT></P>
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.9
<SEQUENCE>10
<FILENAME>exhibit99-9.htm
<DESCRIPTION>EXHIBIT 99.9
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.9 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center><IMG src="exhibit99-9x1x1.jpg" border=0> </P>
<P align=justify>March 13, 2014 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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 >Re: </TD>
    <TD align=left width="95%">Taseko Mines Limited (the "<B>Company</B>")
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Annual Report on Form 40-F </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="95%">Consent of Expert <BR>&nbsp;</TD></TR></TABLE>
<P align=justify>This letter is provided in connection with the Company's Form
40-F annual report for the year ended December 31, 2013 (the &#147;<B>Annual
Report</B>&#148;) to be filed by the Company with the United States Securities and
Exchange Commission (the &#147;SEC&#148;). The Annual Report incorporates by reference the
Annual Information Form of the Company for the year ended December 31, 2013.
</P>
<P align=justify>I hereby consent to the use of my name in connection with
reference to my involvement in the preparation of the following technical
reports (the "<B>Technical</B> <B>Reports</B>"): </P>
<UL style="TEXT-ALIGN: justify">
  <LI>&#147;Technical Report on the 344 million tonne increase in mineral reserves at
  the Prosperity Gold &#150; Copper Project&#148; dated December 17, 2009 <BR>&nbsp;
  <LI>&#147;Technical Report on the 357 Million Ton Increase in Mineral Reserves at
  the Gibraltar Mine&#148; dated June 24, 2011 </LI></UL>
<P align=justify>and to references to the Technical Reports, or portions
thereof, in the Annual Report and to the inclusion and incorporation by
reference of the information derived from the Technical Reports in the Annual
Report. </P>
<P align=justify>Yours truly, </P>
<P align=justify><U>/s/ S. Jones <BR></U><B>Scott Jones, P.Eng., Vice President,
Engineering </B></P>
<HR align=center width="100%" color=black noShade SIZE=5>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.10
<SEQUENCE>11
<FILENAME>exhibit99-10.htm
<DESCRIPTION>EXHIBIT 99.10
<TEXT>
<HTML>
<HEAD>
   <TITLE>Taseko Mines Limited: Exhibit 99.10 - Filed by newsfilecorp.com</TITLE>
</HEAD>
<BODY style="font-size:10pt;">
<HR noshade align="center" width=100% size=3 color="black">
<!--$$/page=--><A name=page_1></A>
<P align=center>Ronald G. Simpson, P.Geo. <BR>GeoSim Services Inc. <BR>1975
Stephens Street <BR>Vancouver, B.C. Canada, V6K 4M7 <BR>Telephone: 604 733-7970
<BR>Email: rgs@uniserve.com <BR></P>
<P align=justify>March 13, 2014 </P>
<P align=justify>VIA EDGAR</P>
<P align=justify>United States Securities and Exchange Commission</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 >Re: </TD>
    <TD align=left width="95%">Taseko Mines Limited (the "<B>Company</B>")
  </TD></TR>
  <TR vAlign=top>
    <TD align=left >&nbsp; </TD>
    <TD align=left width="95%">Annual Report on Form 40-F </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="95%">Consent of Expert <BR>&nbsp;</TD></TR></TABLE>
<P align=justify>This letter is provided in connection with the Company's Form
40-F annual report for the year ended December 31, 2013 (the &#147;<B>Annual
Report</B>&#148;) to be filed by the Company with the United States Securities and
Exchange Commission (the &#147;SEC&#148;). The Annual Report incorporates by reference the
Annual Information Form of the Company for the year ended December 31, 2013.
</P>
<P align=justify>I hereby consent to the use of my name in connection with
reference to my involvement in the preparation of the following technical report
(the "<B>Technical</B> <B>Report</B>"): </P>
<UL style="TEXT-ALIGN: justify">
  <LI>&#147;Technical Report Aley Carbonatite Niobium Project&#148; dated March 29, 2012
  </LI></UL>
<P align=justify>and to references to the Technical Report, or portions thereof,
in the Annual Report and to the inclusion and incorporation by reference of the
information derived from the Technical Reports in the Annual Report. </P>
<P align=justify>Yours truly,</P>
<P align=justify><U>/s/ Ronald G. Simpson <BR></U>Ronald G. Simpson, P.Geo </P>
<HR align=center width="100%" color=black noShade SIZE=5>
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</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>chart1.jpg
<DESCRIPTION>GRAPHIC
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