TASEKO MINES SUBMITS REVISED PROJECT DESCRIPTION FOR THE PROSPERITY PROJECT TO FEDERAL GOVERNMENT

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VANCOUVER, Feb. 21 /PRNewswire/ - Taseko Mines Limited (TSX: TKO) (NYSE Amex:
TGB) ("Taseko" or the "Company") wishes to report that it has submitted
a new Project Description for its Prosperity Gold-Copper Project with
the Government of Canada.


The revised plan addresses the concerns identified during the federal
review process. The proposal greatly reduces environmental impacts,
preserves Fish Lake and its aquatics, and enables all mine operations
and related components to be contained within one single watershed, a
beneficial feature of the original design.




The Company has been assured by the Government of Canada that it wishes
to see resource projects developed and that it is not opposed to the
mining of the Prosperity ore body, only the way in which it was
originally proposed.


Mr. Russell Hallbauer, President & CEO of Taseko, commented; "In 2005
when we initiated engineering work and economic and environmental
studies on our Prosperity Project, the long-term price projections for
copper and gold were $1.50/lb and $550/oz, respectively. Using these
metal price projections, we put forward the best plan to ensure the
Project was economically viable; this plan involved the elimination of
Fish Lake. The assumptions used were consistent with the Environmental
Assessment Terms of Reference and the Project was advanced with both
Provincial and Federal agencies as well as with First Nations groups.


In 2009, however, when we were in the middle of presenting our project
to the Federal Agencies, short-term metal prices began to rise and new
longer-term price projections emerged which indicated both copper and
gold prices would be much higher.


Today, price projections for copper average about $2.50/lb and for gold
above $1,000/oz - nearly two times the prices we used in our original
assessment. It is for this reason that we are now able to consider and
advance this new design proposal which adds construction costs and life
of mine operating expenditures of approximately $300 million."




Given that the project re-design retains much of the original plan,
Taseko is confident that Government agencies and departments will be
able to rely on significant portions of the already completed
environmental assessments to inform the new assessment and that we
anticipate the scope of that assessment to be focused on only what has
changed."


Mr. Hallbauer added, "Our initiative to preserve Fish Lake and
accommodate the concerns of the Federal Government and First Nations
communities is a major commitment and undertaking by Taseko.


We look forward to working with all levels of Government, First Nations
communities, the City of Williams Lake and with the Cariboo Regional
district on moving this project forward in the coming months."


Russell Hallbauer
President and CEO


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


CAUTION REGARDING FORWARD-LOOKING INFORMATION




This document contains "forward-looking statements" that were based on
Taseko's expectations, estimates and projections as of the dates as of
which those statements were made. Generally, these forward-looking
statements can be identified by the use of forward-looking terminology
such as "outlook", "anticipate", "project", "target", "believe",
"estimate", "expect", "intend", "should" and similar expressions.




Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the Company's actual
results, level of activity, performance or achievements to be
materially different from those expressed or implied by such
forward-looking statements. These included but are not limited to:



uncertainties and costs related to the Company's exploration and
development activities, such as those associated with continuity of
mineralization or determining whether mineral resources or reserves
exist on a property;




uncertainties related to the accuracy of our estimates of mineral
reserves, mineral resources, production rates and timing of production,
future production and future cash and total costs of production and
milling;




uncertainties related to feasibility studies that provide estimates of
expected or anticipated costs, expenditures and economic returns from a
mining project;




uncertainties related to our ability to complete the mill upgrade on
time estimated and at the scheduled cost;




uncertainties related to the ability to obtain necessary licenses
permits for development projects and project delays due to third party
opposition;




uncertainties related to unexpected judicial or regulatory proceedings;




changes in, and the effects of, the laws, regulations and government
policies affecting our exploration and development activities and
mining operations, particularly laws, regulations and policies;




changes in general economic conditions, the financial markets and in the
demand and market price for copper, gold and other minerals and
commodities, such as diesel fuel, steel, concrete, electricity and
other forms of energy, mining equipment, and fluctuations in exchange
rates, particularly with respect to the value of the U.S. dollar and
Canadian dollar, and the continued availability of capital and
financing;




the effects of forward selling instruments to protect against
fluctuations in copper prices and exchange rate movements and the risks
of counterparty defaults, and mark to market risk;




the risk of inadequate insurance or inability to obtain insurance to
cover mining risks;




the risk of loss of key employees; the risk of changes in accounting
policies and methods we use to report our financial condition,
including uncertainties associated with critical accounting assumptions
and estimates;




environmental issues and liabilities associated with mining including
processing and stock piling ore; and




labour strikes, work stoppages, or other interruptions to, or
difficulties in, the employment of labour in markets in which we
operate mines, or environmental hazards, industrial accidents or other
events or occurrences, including third party interference that
interrupt the production of minerals in our mines.






For further information on Taseko, investors should review the Company's
annual Form 40-F filing with the United States Securities and Exchange
Commission www.sec.com and home jurisdiction filings that are available at www.sedar.com.




SOURCE Taseko Mines Limited



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