Taseko Mines Soars 15% On Drilling Results (TGB)

Shares of Taseko Mines, Ltd. TGB are trading up 15% at $5.83 per share during the Tuesday afternoon trading session. The company announced on Monday after the market closed that its 2010 core drilling program completed at its Aley Niobium Project located near Mackenzie, British Columbia have been very successful and that the assay results indicate a strong potential for development of a major niobium deposit and mine operation. The day's range for shares of Taseko Mines, Ltd has been between $5.38 and $5.89 per share. The average price target of analysts who cover Taseko Mines, Ltd. (TGB) is $9.69 per share. Volume of 9.1 million shares is already more than double the daily average volume of 4.4 million shares. President and CEO Russell Hallbauer said, "We are very excited by the results of the 2010 drill program. Intersections of over 200 metres of niobium mineralization, many with high grades and beginning near surface, indicate that our Aley deposit has the potential to become a significant low cost, open pit niobium mine." Read more from Benzinga's Company news.