Name of the Project
Florence Copper in situ copper recovery (ISCR) facility.
 
Location
Arizona, in the US.

Project Owner/s
Florence Copper Incorporated, a wholly owned subsidiary of Taseko Mines.

Project Description
The Florence deposit contains 2.5-billion pounds of copper in 345-million tons of probable reserves.

The project proposes to build and operate an ISCR facility and produce an average of 55-million pounds of copper a year for the first six years and 85-million pounds a year for the life-of-mine.

The full commercial life of the project is expected to be 20 years.

ISCR is an extraction method used for selected mineral deposit conditions as an alternative to openpit or underground mining methods.

The ISCR process uses a mild solution of 99.5% water and 0.5% acid that slowly dissolves copper in the bedrock. The diluted solution is pumped under low pressure through injection wells to dissolve the copper within the copper oxide zone.

Copper-rich solution is pumped to the surface through recovery wells for processing into pure copper cathode sheets.

The in situ process will occur from 122 m to 366 m below ground in a bedrock layer beneath the lower aquifer unit from where local drinking water supplies are withdrawn.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has a pretax net present value, at a 7.5% discount rate, of $920-million and an internal rate of return of 44%, with a payback of 2.3 years.

Capital Expenditure
The project has an initial capital expenditure of $227-million.

Planned Start /End Date
The company is targeting to have all necessary final permits for the project in early 2021.

Latest Developments
Taseko Mines has announced a bought-deal of $23-million and a private placement of up to $2-million to fund ongoing operating, engineering and project costs for the Florence copper project.

The company has entered into an agreement with Cantor Fitzgerald Canada – as lead underwriter and sole book-runner on behalf of itself and a syndicate of underwriters – to buy, on a bought-deal basis, 27.75-million common shares at $0.83 a share.

In addition, Taseko has agreed to grant to the underwriters an over-allotment option to buy up to an additional 4 162 500 common shares at the issue price for up to 30 days after the closing of the offering.

The offering was expected to close on or about November 17.

Key Contracts, Suppliers and Consultants
None stated.

Contact Details for Project Information
Florence Copper Incorporated manager of communications and public affairs Stacy Gramazio, tel +1 520 374 3984 or email stacygramazio@florencecopper.com.