News Details

News Flash: Taseko Mines to Offer C$1.05 Per Share for bcMetals Corp.

2006/11/03 13:11:22

Nov 03, 2006 (M2 PRESSWIRE via COMTEX) -- Taseko Mines Limited operates as a mining and mineral exploration company in Canada. It has interests in Gibraltar copper-molybdenum mine and Prosperity copper-gold property located in south central British Columbia; and Harmony Gold Property located in Graham Island, British Columbia.  Shares are up $.11 reaching a high of $2.57 on Friday. Today's momentum comes as Taseko Mines Limited (AMEX:TGB) announced that it will shortly make a C$1.05 per share take-over bid offer for all of the outstanding shares of bcMetals Corporation (TSX VENTURE:C.V). The offer will represent an 11% premium over the current bid price for bcMetals being made by Imperial Metals Corporation (TSX: III.TO). The Taseko bid will be formally initiated within the next few days and will be subject to a number of conditions, principally that 90% of bcMetals shares are tendered to the bid, the concurrent acquisition by Taseko of the minority shares of bcMetal's subsidiary, American Bullion Minerals Ltd., and rejection by bcMetals shareholders at their November 30th, 2006 special meeting of bcMetals' recently announced Limited Purpose Shareholder Rights Plan and its proposed joint venture of the Red Chris Property with Global International Jiangxi Copper Mining Company Limited.  Market Gainer is quickly emerging as the one stop shop for international small-cap investors looking to stay a step ahead of the markets.  Taseko President and CEO, Russ Hallbauer, stated, "We believe this offer represents a solid premium over the Imperial Metals bid and fairly values bcMetals shares. It means immediate cash in the hands of bcMetals' shareholders rather than a minority position in a mine development joint venture. We will finance this acquisition from existing cash reserves."  The details of the offer will be included in a formal take-over bid circular to be mailed to bcMetals shareholders and publicly filed in accordance with applicable securities laws. The Taseko bid will also offer C$0.02 for each out-of-the-money bcMetals share purchase warrant. Taseko intends to promptly make the necessary regulatory filings in the respect of the offer. The offer will be subject to other customary conditions, including receipt of any necessary regulatory approvals and absence of material adverse changes all of which conditions will be described in detail in the formal bid circular.  Taseko is positioned to provide immediate returns and longer term growth through its large scale, long life Gibraltar copper-molybdenum mine, its advanced stage Prosperity gold-copper project on which feasibility-level studies are underway; and its Harmony property that hosts a large gold deposit with longer term development potential. All the projects are located in British Columbia, Canada. Russell Hallbauer, President and CEO  To view other Market Gainer reports in this and other sectors, please visit www.marketgainer.com for a complimentary subscription to the most exciting online financial newsletter on the market. This article is available for viewing in the featured articles section on our website. 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Further information on M2 PressWIRE can be obtained at http://www.presswire.net on the world wide web. Inquiries to info@m2.com.  (C)1994-2006 M2 COMMUNICATIONS LTD  **********************************************************************  As of Monday, 10-30-2006 23:59, the latest Comtex SmarTrend(SM) Alert, an automated pattern recognition system, indicated an UPTREND on 10-17-2006 for TGB @ $2.44.  For more information on Comtex SmarTrend? Alert, contact your market data provider or go to CSTADirect.com  SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright ? 2004-2006 Comtex News Network, Inc. All rights reserved.  -0-  03-Nov-2006 13:11