Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX:
IVN)(NYSE: IVN)(NASDAQ: IVN), speaking today at the sixth annual
Asia Mining Congress, announced Ivanhoe Mines' commitment to bring
the world-class Kyzyl Gold Project in Kazakhstan into commercial
production as soon as possible.
Mr. Friedland said that Ivanhoe Mines has increased its interest
from 49% to 50% in Altynalmas Gold Ltd., the company that holds
100% ownership of the Kyzyl Gold Project. Ivanhoe and its strategic
partner will proceed to advance the project under the Altynalmas
Gold umbrella.
"The commitment to develop a public, pure gold company advances
our stated objective of realizing full value for our shareholders
from the principal assets in our portfolio of development-ready
projects," Mr. Friedland said.
"With this consolidated ownership in Altynalmas Gold, we now are
positioned to rapidly complete a pre-feasibility study and move
ahead with the full feasibility study to ensure that the Kyzyl
Project stays on a direct track to become one of Central Asia's
leading gold producers."
Ivanhoe Mines and its strategic Kazakh partner have combined
their interests in two significant Kazakhstan gold deposits into
the newly named Kyzyl Gold Project. An experienced management team
has been assembled under David Woodall, the President of Ivanhoe
Mines' Gold Operations, who also has been appointed Chief Executive
Officer of Altynalmas Gold Ltd. Mr. Woodall, with more than 20
years of industry experience, including management positions with
Placer Dome, was formerly Mine General Manager at the CSA copper
mine in New South Wales, Australia, the Musselwhite gold mine in
Ontario, Canada, and the Kanowna Belle gold mine in Western
Australia.
Mr. Friedland said Ivanhoe Mines has gained a great deal of
experience during the past two years in its successes with two
other listed subsidiaries: the Cloncurry Project's mining assets in
Australia and the high-quality coal deposits in southern Mongolia.
Both subsidiaries received overwhelming investor support through
initial public offerings and now are strong, well-financed,
self-sustaining mining and exploration companies.
"SouthGobi Energy Resources and Ivanhoe Australia are models for
what we are preparing to accomplish in positioning Altynalmas Gold
as a major, long-term, pure gold producer," Mr. Friedland
added.
"We have retained senior investment-banking advisers and are in
detailed discussions with potential strategic investors, including
established gold-industry players and sovereign-wealth funds that
have expressed keen interest in the development of the Kyzyl Gold
Project. We also intend to pursue an independent stock-exchange
listing for Altynalmas to facilitate participation by a broad base
of investors."
The Kyzyl Project contains the Bakyrchik Deposit - one of the
world's highest-grade and largest undeveloped gold systems - and
the nearby Bolshevik gold deposit. An important drilling program
now is underway to support an updated, independent resource
estimate and feasibility studies to secure project financing.
Located approximately 100 kilometres southwest of
Ust-Kamenogorsk, the industrial centre of East Kazakhstan, the
Kyzyl Project is served by an established railway and an
electricity grid, and also has significant, existing underground
workings, shafts and minesite infrastructure.
The Kyzyl gold system consists of a series of mineralized
lenses, or lodes, lying within a large, 15-kilometre-long shear
zone. The world-class geological potential remains untested along
13 kilometres of strike and at depth.
Ivanhoe Mines will announce additional information on its
current drilling and metallurgical program in the near future.
About Ivanhoe Mines
Ivanhoe Mines is an international mining company with operations
focused in the Asia Pacific region. Ivanhoe's core assets include
its world-scale, Oyu Tolgoi copper-gold mine development project in
southern Mongolia.
The company's other core assets are its 65% interest in
Mongolian coal miner SouthGobi Energy Resources (TSX: SGQ)(SEHK:
1878) and an 81% interest in Ivanhoe Australia (ASX: IVA), a
copper-gold-uranium-molybdenum-rhenium exploration and development
company.
Ivanhoe Mines' shares are listed on the New York, NASDAQ and
Toronto stock exchanges under the symbol IVN.
Forward-Looking Statements:
Certain statements made herein, including statements relating to
matters that are not historical facts and statements of our
beliefs, intentions and expectations about developments, results
and events which will or may occur in the future, constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation and "forward-looking statements"
within the meaning of the "safe harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking information and statements are typically identified
by words such as "anticipate", "could", "should", "expect", "seek",
"may", "intend", "likely", "plan", "estimate", "will", "believe"
and similar expressions suggesting future outcomes or statements
regarding an outlook. These include, but are not limited to,
statements respecting the commitment to bring the Kyzyl Gold
Project in Kazakhstan into commercial production, the plan to
complete a pre-feasibility study and a full feasibility study, the
plan to pursue a stock-exchange listing for Altynalmas Gold, the
plan to prepare an updated, independent resource estimate and
feasibility studies to secure project financing, and the plan to
pursue financing arrangements and regulatory approvals necessary to
initiate project development.
All such forward-looking information and statements are based on
certain assumptions and analyses made by Ivanhoe Mines' management
in light of their experience and perception of historical trends,
current conditions and expected future developments, as well as
other factors management believes are appropriate in the
circumstances. These statements, however, are subject to a variety
of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in the forward-looking information or statements. Important factors
that could cause actual results to differ from these
forward-looking statements include those described under the
heading "Risks and Uncertainties" elsewhere in the Company's
MD&A. The reader is cautioned not to place undue reliance on
forward-looking information or statements.
Contacts: Ivanhoe Mines Ltd. Bill Trenaman Investors
+1.604.688.5755 Ivanhoe Mines Ltd. Bob Williamson Media
+1.604.331.9830 www.ivanhoemines.com
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