Tenth Anniversary of First Major Gold and Copper Discovery at Oyu Tolgoi by Ivanhoe Mines Coincides With Period of Peak Construc
July 17 2011 - 3:00PM
Marketwired
Ivanhoe Mines' (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) Chief Executive
Officer and founder, Robert Friedland, and Senior Vice President of
Exploration, Douglas Kirwin, observed today's 10th anniversary of
the company's first major mineral discovery at Oyu Tolgoi with a
tribute to the 14,000 workers who now are building the Oyu Tolgoi
mining complex in southern Mongolia.
"Oyu Tolgoi already is one of the mining world's great stories,
thanks to the legions of people who have figured in its discoveries
and development," Mr. Friedland said.
"It began with the perseverance of an international fraternity
of geologists who believed that Oyu Tolgoi's green-stained surface
rocks were clues to deeper secrets. Ivanhoe's geological team
started working with the drillers in 2000 and successively lifted
the lids on this extraordinary chain of mineral deposits that now
extends over 23 kilometres. Designs of the open-pit and underground
mines evolved with experts who have incorporated some of the
industry's most advanced techniques and technologies. We listened
and found common ground with aspirations of the people of Mongolia.
And now the skills of a construction workforce, which surpassed
14,000 on July 15, are bringing the Oyu Tolgoi dream closer to
reality with every passing day."
Mr. Friedland said that the news release issued by Ivanhoe Mines
on July 17, 2001, announcing the discovery of "potentially
significant gold, copper and molybdenum mineralization" at Oyu
Tolgoi (Turquoise Hill), in fact proved to be a highly significant
understatement.
The 2001 news release reported that Hole 150, Ivanhoe's first
deep diamond hole that tested the hypogene potential of the
Southwest Oyu Zone at Oyu Tolgoi, "was drilled to a depth of 590
metres and averaged in excess of one gram of gold per tonne and
0.81% copper over a distance of 508 metres, from 70 metres to 578
metres. It included a zone of 278 metres from188 to 466 metres,
grading in excess of 1.0% copper and approximately 1.50 grams of
gold."
(A reproduction of the 2001 news release, a photograph of Oyu
Tolgoi from the site of the discovery drill hole, taken before the
start of full-scale construction, and a recent construction
photograph accompany this release.)
Mr. Kirwin said that following Ivanhoe's initial discovery hole
in 2001, the company marshalled a fleet of 21 drill rigs. "We were
producing more than one kilometre of drill core every day. At the
time, this was the single largest drilling campaign being conducted
anywhere in the world."
A total of approximately 940 kilometres of core has been drilled
since the start of Ivanhoe's exploration program at Oyu Tolgoi in
2000. Three active rigs are continuing to expand the known
resources. The current Measured and Indicated resource contains an
estimated 40.6 billion pounds of copper and 20.9 million ounces of
gold, with an additional Inferred resource of 40.6 billion pounds
of copper and 25.3 million ounces of gold.
"Oyu Tolgoi remains on track to begin producing ore around next
year's anniversary of the initial discovery and ultimately to
become one of the world's top three copper-gold mines," Mr.
Friedland said.
Commercial production is scheduled for 2013. During the first 10
years of production, Oyu Tolgoi is projected to produce an average
of 1.2 billion pounds (544,000 tonnes) of copper, 650,000 ounces of
gold and three million ounces of silver every year.
A photo gallery, updated weekly and recording the progress being
made on the construction of the Oyu Tolgoi mining complex, may be
viewed on the Ivanhoe Mines website, www.ivanhoemines.com.
Qualified Person - Disclosure
Disclosures of a scientific or technical nature in this release
have been reviewed by Stephen Torr, P.Geo, an employee of Ivanhoe
Mines and a Qualified Person as defined by National Instrument
43-101.
Quality Assurance and Quality Control
SGS Mongolia LLC prepares the split core at the project site and
assays all samples at its facility in Ulaanbaatar, Mongolia.
Ivanhoe's QA/QC program is monitored by Dale A. Sketchley, M.Sc.,
P.Geo. In-house, matrix-matched copper-gold-molybdenum standards
and blanks are inserted at the sample preparation lab on the
project site to monitor the quality control of the assay data.
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-silver 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
(TSX: IVA)(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
This document includes forward-looking statements regarding
Ivanhoe Mines' plans. Forward-looking statements include, but are
not limited to, statements concerning the development and expected
start of commissioning and commercial production of the Oyu Tolgoi
Project. When used in this document, the words such as "expected",
"intend", "plan", "scheduled", "on track" and similar expressions
are forward-looking statements. Although Ivanhoe Mines believes
that its expectations reflected in these forward-looking statements
are reasonable, such statements involve risks and uncertainties and
no assurance can be given that actual results will be consistent
with these forward-looking statements. Important factors that could
cause actual results to differ from these forward-looking
statements are disclosed under the heading "Risk Factors" and
elsewhere in the corporation's periodic filings with Canadian and
US securities regulators.
Contacts: Ivanhoe Mines Ltd. - Investors Bill Trenaman
+1.604.688.5755 Ivanhoe Mines Ltd. - Media Bob Williamson
+1.604.331.9830 www.ivanhoemines.com
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