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« Bema Gold Corp. (BGO) | Main | Silverado Gold Mines Ltd: 12 August 2006 »

Taseko Mines Ltd. (TGB): News Flash

This is great news; Taseko Mines Ltd. (TGB) has announced that its subsidiary Gibraltar Mines Ltd. has won a binding-arbitration dispute worth about $8.5 million.

The funds that had been withheld will now be paid plus interest and booked in the quarter that it is received.

The interesting point here is that as the funds were a subject of a dispute, the management took a very conservative approach and booked it as an expense. In our humble opinion this demonstrates just what good managers they are. A more unscrupulous company might have been tempted to count the chickens before they had hatched.

Effectively this means that the last set of figures, which showed a profit of around $4 million should have been around £12 million. If that had been the case then we doubt that the share price would have dropped as it did.

Never mind this presents us with a good buying opportunity. Take it.

As we write TGB is up 2.74% at $2.25.

Well-done Taseko.

15 August 2006

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