Taseko to Receive $180 Million to Joint Venture 25% of Gibraltar Mine

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VANCOUVER, Nov. 30 /PRNewswire-FirstCall/ - Taseko Mines Limited (TSX: TKO; NYSE AMEX: TGB) ("Taseko" or the "Company") announces that it has signed a letter of intent with Sojitz Corporation ("Sojitz") to establish by early 2010 a joint venture over Taseko's Gibraltar copper/molybdenum mine in which Taseko will hold 75% and Sojitz 25%. Sojitz will pay approximately $180 million to Taseko for its 25% interest. Taseko will continue to be the operator of Gibraltar.

Russell Hallbauer, President and Chief Executive Officer of Taseko commented, "The formation of this joint venture with a prominent Japanese company is an important step for Taseko, advancing our business plan that includes establishing strategic alliances. As well, it confirms the value that Taseko management has created over the past few years at Gibraltar and underscores the importance of having this long life asset.

This transaction also represents a major advancement of plans to develop our 100% owned Prosperity gold/copper project. With the closing of this transaction, we will have a significant portion of the equity requirement for the construction of a new mine at the Prosperity property.

We are very pleased to have attracted a world class partner in Sojitz. Their historical investments in the British Columbia mining industry and their global trade capabilities position them as an ideal partner for Taseko."

Sojitz Corporation is a Japanese-based diversified trading company with interests in the machinery, energy and metals, chemicals and consumer products sectors. Sojitz has also made a number of equity investments in the British Columbia mining industry.

The completion of this transaction is subject to ongoing Sojitz due diligence activities, the negotiation and execution of mutually acceptable definitive binding agreements and customary closing deliveries. The letter of intent provides for exclusivity of negotiations and a break fee payable by Taseko.

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