Taseko Mines has received approval from the Province of British Columbia to undertake a site investigation program to conduct exploratory work at the New Prosperity Gold-Copper project site.
The Notice of Work (NOW), which is a multi-year permit, will allow the Company to gather information for the purpose of advancing mine permitting under the British Columbia Mines Act.
"The opportunities associated with New Prosperity are rare. It has the potential to generate significant wealth and employment for the Province of British Columbia and more specifically, the Cariboo," commented Russell Hallbauer, President and CEO of Taseko Mines Limited.
"Once in production, it will employ approximately 600 people and contribute roughly $1 million per day of spending on goods, services and labor. This combination of employment and spending means New Prosperity will create $12.7 billion of provincial GDP and increase provincial revenues by over $4 billion and federal revenues by over $2 billion during its life."
"The value of New Prosperity has yet to be unlocked, however, I believe the magnitude of New Prosperity's benefits are such that it will be developed into a world-class mine with the highest environmental and safety standards, similar to our nearby Gibraltar Mine," added Mr. Hallbauer.
"New Prosperity would be similar in size to Gibraltar which currently employs 650 people from the Cariboo region. The development of New Prosperity would be an economic catalyst for the struggling communities of the Cariboo. In authorizing Taseko to do this work, the Government of British Columbia is giving us the tools needed to move the project towards its ultimate development."
In addition to securing Provincial Government approval, the project also requires specific authorizations from the Government of Canada. This work program will yield information which is necessary to advance the Mines Act permitting process.
New Prosperity is located 125 km southwest of Williams Lake in the Cariboo-Chilcotin region of central British Columbia on a low level rolling plateau with a moderate climate and minimal precipitation. Its close proximity to important infrastructure makes for an ideal location for this large-scale project. It is not by any means an engineering or technical challenge.
However, like all projects of significance regardless of location in the world, there will be those who object to its development. Provincial regulators and Taseko personnel have been working on the specific details of this work program for over 10 months. Great care and attention has been taken by each to ensure all necessary steps have been taken to fully meet their respective obligations under the permit including those duties related to consultation with local First Nations.