Taseko Announces a New 7.7 Million Oz Gold and 3.6 Billion Lb Copper Reserve at Prosperity

Taseko Announces a New 7.7 Million Oz Gold and 3.6 Billion Lb Copper Reserve
at Prosperity

VANCOUVER, Nov. 2 /PRNewswire-FirstCall/ - Taseko Mines Limited (TSX: TKO;
NYSE Amex: TGB) ("Taseko" or the "Company") is pleased to announce a 70%
increase in mineral reserves at its 100% owned Prosperity Project, from 487
million tonnes to 830 million tonnes.
The reserve increase will add 3.0 million ounces of recoverable gold and 1.6
billion lbs of recoverable copper to the Prosperity reserve base, bringing
total recoverable metal to 7.7 million ounces of gold and 3.6 billion lbs of
copper.
This increase in recoverable metal, under present mine design criteria,
extends Prosperity's mine life from 20 years to 33 years.
Reserves were previously based on a $5.25 Net Smelter Return ("NSR") cut-off
using gold and copper prices of $500/oz and $1.50/lb, respectively. Current
reserves are based on a $5.50 NSR cut-off using gold and copper prices of
$650/oz and $1.65/lb, respectively.
Russell Hallbauer, President and CEO of Taseko commented, "In keeping with our
historically conservative approach to reserve calculations, we have modestly
adjusted our gold and copper price assumptions to better reflect longer-term
metal price expectations. This increase in metal price assumptions will allow
us to mine deeper, higher grade mineralization.
Prosperity now has the largest gold/copper reserve base of any mining project
in Canada. At present gold and copper prices the projected operating costs per
ounce of gold, net of copper credit, will be negative US$330/oz. With the size
of this reserve and the longevity of its mine life, Prosperity will be one of
the great mines of Canada. The 64% increase in recoverable gold and 80%
increase in recoverable copper will allow Prosperity to operate for over 3
decades.
We look forward to the upcoming completion of our Environmental Assessment
Review and getting on with building a mine that can benefit so many local,
provincial and national stakeholders."

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Mineral Reserves @ C$5.50 NSR/t Cut-off
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Grade Recoverable Metal Contained Metal
Size -----------------------------------------------
M Tonnes Au Cu Au Cu Au Cu
(g/t) (%) (M oz) (B lbs) (M oz) (B lbs)
-------------------------------------------------------------------------
Proven 481 0.46 0.26 5.0 2.4 7.1 2.8
-------------------------------------------------------------------------
Probable 350 0.35 0.18 2.7 1.2 3.9 1.4
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Total 831 0.41 0.23 7.7 3.6 11.0 4.2
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Note: Recoveries for Cu and Au are 87% and 69% respectively

Remaining measured and indicated resources are grading 0.40 g/t gold and 0.30%
copper containing 2.3 million ounces of gold and 1.2 billion lbs of copper (no
recoveries applied).
The mineral resource and reserve estimations were completed by Taseko staff
under the supervision of Scott Jones, P.Eng., Vice-President, Engineering and
a Qualified Person under National Instrument 43-101. 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. The
estimates for the reserves used long term metal prices of US$1.65/lb for
copper and US$650/oz for gold and a foreign exchange of C$0.82 per US dollar.
Mr Jones has reviewed this release. A technical report will be filed on
www.sedar.com.

Russell Hallbauer
President and CEO

No regulatory authority has approved or disapproved of the information
contained in this news release.

Forward Looking Statements

This release includes certain statements that may be deemed "forward-looking
statements". All statements in this release, 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 the Company
believes 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
capital market conditions, commodities market prices, exploitation and
exploration successes, lack of continuity of mineralization, continued
availability of capital and financing, the ability to obtain and maintain
required permits, including environmental, construction and mining permits and
general economic, market or business conditions. Investors are cautioned that
any such statements are not guarantees of future performance and that actual
results or developments may differ materially from those projected in the
forward-looking statements. For more information on the Company, Investors
should review the Company's annual Form 40-F filing with the United States
Securities and Exchange Commission or the Company's home jurisdiction filings
at www.sedar.com.

SOURCE Taseko Mines Limited

on Taseko, please see the Company's website www.tasekomines.com or contact:
Brian Bergot, Investor Relations -- (778) 373-4545, toll free 1-800-667-2114