Canadian Government Moving Forward With Prosperity Review Process

VANCOUVER , Feb. 3 /CNW/ - Taseko Mines Limited (TSX: TKO; NYSE Amex: TGB) ("Taseko" or the "Company") welcomes the decision by the Federal Review Panel to move forward with public hearings on the proposed $800 million Prosperity Gold-Copper mine near Williams Lake , BC.

"The decision represents the achievement of another important milestone in the development of Prosperity," said Taseko President and CEO Russell Hallbauer.

Over these past many months the Company has provided the Federal Panel with additional information and clarification on matters of specific interest to them. The Panel has determined this information, along with the many volumes of material already submitted in our Environmental Impact Statement, is sufficient to now move to the public hearing phase of the review process.

Mr. Hallbauer added, "Last month the Provincial Government, which has authority and responsibility for mine development in British Columbia, approved the project and we fully expect the Government of Canada to also approve the project once the review process concludes."

Public hearings, the primary purpose of which is to obtain information from interested parties, are set to begin March 22 in Williams Lake , BC. Once the hearing process concludes, the Panel will have 60 days to write and submit their findings to the Federal Minister of Environment.

    
    Russell Hallbauer
    President and CEO

         No regulatory authority has approved or disapproved of the
                      information 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, completion of the mill upgrade on time estimated and at scheduled cost, 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 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.

For further information: Brian Bergot, Investor Relations - [phone], toll free 1-800-667-2114