Taseko announces third quarter sales and production results

VANCOUVER, Oct. 12, 2011 /CNW/ - Taseko Mines Limited

For the third quarter of 2011, Gibraltar produced 21.3 million pounds of copper and 324 thousand pounds of molybdenum. The Company's 75% share of Gibraltar's copper sales were 21.8 million pounds on a payable basis. The Company's share of molybdenum sales for the third quarter was 239.5 thousand pounds.

A quarter over quarter production comparison is below:

     _________________________________________________________
    |                                 |Q1 2011|Q2 2011|Q3 2011|
    |_________________________________|_______|_______|_______|
    |Mill Throughput (millions, tons) |   3.2 |   3.7 |   4.0 |
    |_________________________________|_______|_______|_______|
    |Copper Recoveries (%)            |  89.8 |  88.0 |  87.2 |
    |_________________________________|_______|_______|_______|
    |Copper Production (millions, lbs)|  19.2 |  20.0 |  21.3 |
    |_________________________________|_______|_______|_______|

Russell Hallbauer, President and CEO of Taseko, stated; 'Daily mill production has continued to increase with throughput currently over 50,000 tons per day. We expect to achieve mill throughput of 55,000 tons per day by year end.'

Mr. Hallbauer continued, 'The Company is well positioned for the remainder of 2011 with a minimum revenue stream secured through our hedging program, and a fully financed Gibraltar Development Plan 3 (GDP3). We are on schedule and on budget for the December 2012 project completion and have placed orders for 50% of the $235 million construction component of GDP3.'

Mr. Hallbauer added, 'We are very excited about the Aley Niobium Project. Our extensive 2011 drilling program is now complete, assay work is underway along with preliminary metallurgical studies, and baseline environmental analysis all in support of our objective to complete a feasibility study later in 2012.'

Russell Hallbauer

President and CEO

Note: Gibraltar is a Joint Venture owned by Taseko Mines Limited (75%) and Cariboo Copper Corp. (25%). All production figures are reported on a 100% basis.

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 include 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.gov and home jurisdiction filings that are available at www.sedar.com.

Taseko Mines Limited

CONTACT: For further information on Taseko, please see the Company's

website

at www.tasekomines.com or contact: Investor Relations - 778-373-4533,

toll free1-877-441-4533.