Ivanhoe Mines Delivers Response and Initiates Counter-Claim in Arbitration Proceeding With Rio Tinto
October 26 2010 - 5:20PM
Marketwired
Robert Friedland, Executive Chairman and Chief Executive Officer of
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN), announced today
that Ivanhoe Mines has delivered a statement of defence and
initiated a counter-claim as part of an ongoing arbitration
proceeding launched by Rio Tinto on July 9, 2010.
The statement of defence rejects Rio Tinto's claim that the
shareholders' rights plan approved by Ivanhoe Mines' shareholders
on May 7, 2010, breached Rio Tinto's contractual rights under its
agreements with Ivanhoe Mines.
The counter-claim contends that Rio Tinto has breached its
covenants in its private placement agreement, signed with Ivanhoe
Mines in October 2006, not to engage in activities that could
affect control of Ivanhoe Mines without Ivanhoe's permission.
An independent arbitrator has scheduled hearings of the claim
and counter-claim between January 18 and February 5, 2011.
Mr. Friedland said that the arbitration proceeding should not
have any negative impact on the rapid pace of full-scale
construction now underway at Oyu Tolgoi to bring the mining complex
into production ahead of schedule in 2012.
About Ivanhoe Mines (www.ivanhoemines.com)
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) is an
international mining company with operations focused in the Asia
Pacific region. Assets include the company's 66% interest in the
world-scale, Oyu Tolgoi copper-gold mine development project in
southern Mongolia; its 57% interest in Mongolian coal miner
SouthGobi Resources (TSX: SGQ; HK: 1878); a 62% interest in Ivanhoe
Australia (ASX: IVA), a copper-gold-uranium-molybdenum-rhenium
exploration and development company; and a 50% interest in
Altynalmas Gold Ltd., a private company developing the Kyzyl Gold
Project in Kazakhstan.
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 the
possible additional future investments in Ivanhoe by Rio Tinto and
other statements that are not historical facts.
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" in the Company's MD&A filed
on Sedar. 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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