Ivanhoe Mines Announces the Appointment of Texas Business Executive as Additional Independent Director
November 05 2010 - 5:53PM
Marketwired
Robert Friedland, Executive Chairman and Chief Executive Officer of
Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN), today announced
the appointment to the Ivanhoe Mines Board of Directors of Robert
B. Holland III, a Dallas, Texas, oil executive and former United
States Executive Director of the World Bank.
Mr. Holland will serve as a non-executive, independent member of
the Ivanhoe board, effective immediately, filling a vacancy created
by the retirement of Robert Hanson after more than a decade as a
member of the Ivanhoe Mines Board of Directors.
Mr. Holland's nomination to the 14-member Ivanhoe Mines board by
Rio Tinto increases the present number of Rio Tinto appointees to
four. Rio Tinto is entitled to nominate a proportionate share of
members to the Ivanhoe board, based on Rio Tinto's shareholding in
Ivanhoe, under terms of the October 2006 private placement
agreement between Rio Tinto and Ivanhoe Mines. Rio Tinto currently
owns a 34.9% interest in Ivanhoe Mines.
Mr. Holland is Executive Co-Chairman of Max Petroleum Plc, which
is conducting oil exploration in Kazakhstan and is listed on the
London Stock Exchange. Other current directorships are with Massey
Energy Company and Financial Guaranty Insurance Corporation. A
former Dallas attorney, he held the US presidential appointment as
US Executive Director of the World Bank between 2002 and 2006, and
previously was Managing Partner of Texas Limited, a Dallas
consultancy, and CEO, COO and General Counsel with international
explorer Triton Energy Ltd.
Mr. Friedland thanked Mr. Hanson, Chairman of London-based
Hanson Capital Investments, for his role in providing governance
guidance to Ivanhoe Mines. "Robert has been a valued member of the
board through Ivanhoe's prime development years, a period that has
seen our Mongolia investments evolve from geologists' dreams to
transformative mining projects. His experience and insights will
continue to be provided to the boards of Asia-focused SouthGobi
Resources and Sunwing Energy, which are associated with the Ivanhoe
group of companies."
About Ivanhoe Mines
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
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.
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.
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 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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