Robert Friedland, founder and Chief Executive Officer of Ivanhoe
Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN) and Chairman of Altynalmas
Gold, and David Woodall, President and Chief Executive Officer of
Altynalmas Gold, announced today a NI 43-101-compliant Mineral
Resource estimate for the new Bakyrchik East Deposit at Altynalmas
Gold's Kyzyl Gold Project in northeastern Kazakhstan. Ivanhoe Mines
owns 50% of Altynalmas Gold.
Roscoe Postle Associates Inc. (RPA), an internationally
recognized consulting firm, estimates the Bakyrchik East Deposit at
6.8 million tonnes of Inferred Mineral Resources grading 6.0 grams
of gold per tonne (g/t), containing 1.3 million ounces of gold.
The Bakyrchik East Gold Deposit, consisting of the Globoki Log
and Promezhutochny zones, is located 800 metres east along strike
from the eastern edge of the main Bakyrchik Gold Deposit within the
Kyzyl Shear Zone. The RPA estimate is based on drilling results
that were available to July 11, 2011.
"The continued success of our ongoing systematic and aggressive
gold exploration program further confirms the scale and geological
potential of the Kyzyl Gold System," Mr. Woodall said.
"These encouraging results increasing our Indicated and Inferred
Mineral Resources to 6.217 and 3.611 million ounces of gold
respectively, enhance our confidence that Altynalmas Gold can
successfully implement our development plans and establish the
Kyzyl Gold Project as a world-class operation."
Table 1 presents a summary of the Kyzyl Gold Project's total NI
43-101-compliant Mineral Resource.
Table 1. Mineral Resource summary for the Kyzyl Gold Project as of July 11,
2011 (inclusive of Mineral Reserves)
Mineral Resource Deposit Tonnes Gold Grade Contained Gold
Classification (millions) (g/t) (ounces x1000)
----------------------------------------------------------------------------
Indicated Bakyrchik 22.16 8.72 6,217
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Bakyrchik 9.67 7.43 2,311
Inferred Bakyrchik East 6.80 6.00 1,300
----------------------------------------------------------
Total Inferred 16.47 6.82 3,611
----------------------------------------------------------------------------
See Table 2 for footnotes.
Table 2. Inferred Mineral Resource estimate for the Bakyrchik East Deposit
as of July 11, 2011
Lens Tonnes Gold Grade Contained Gold
(millions) (g/t) (ounces x 1000)
----------------------------------------------------------------------------
Promezhutochny 4.1 6.0 790
Globoki Log 2.8 6.1 540
----------------------------------------------------------------------------
Total 6.8 6.0 1,300
Notes:
1. CIM definitions were followed for Mineral Resources.
2. The Qualified Person for this Mineral Resource estimate is David Ross,
M.Sc., P.Geo.
3. Mineral Resources are estimated at a cut-off grade of 3.0 grams per tonne
gold.
4. Mineral Resources were estimated using an average long-term gold price of
US$1,100 per ounce and an assumed recovery of 89%.
5. Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.
6. Totals may not add correctly due to rounding.
Exploration continuing with 60,000 metres of drilling
planned
Altynalmas Gold is continuing its aggressive drilling program
designed to expand and upgrade the NI 43-101-compliant Mineral
Resources and Reserves at the Kyzyl Gold Project. During the first
six months of 2011, a total of 42,667 metres were drilled on the
Mining Lease. Recent drilling activities have been focused on
exploring the down-dip extensions of known gold resources, as well
as on the flanks of known gold lenses.
Altynalmas plans to drill an additional 10,000 metres focused on
the depth extensions on Lenses 1, 9 and 12, as well as 50,000
metres targeting the numerous satellite gold deposits on the
surrounding exploration licence.
The assayed and significant drill intercepts of high-grade gold
mineralization from all of the recently assayed drilling
include:
-- 6 m @ 18.67 g/t gold - Hole BAK-119-2010;
-- 12 m @ 10.87 g/t gold - Hole BAK-121-2010;
-- 8 m @ 18.46 g/t gold - Hole BAK-124-2010;
-- 13 m @ 17.04 g/t gold - Hole BAK-134-2010;
-- 8 m @ 11.75 g/t gold - Hole BAK-136-2010;
-- 24 m @ 10.77 g/t gold - Hole BAK-148-2010;
-- 6 m @ 15.65 g/t gold - Hole BAK-151-2010;
-- 15 m @ 15.53 g/t gold - Hole BAK-152-2010;
-- 13 m @ 13.72 g/t gold - Hole BAK-153-2010;
-- 10 m @ 10.75 g/t gold - Hole BAK-163-2010;
-- 7 m @ 12.14 g/t gold - Hole BAK-180-2010;
-- 12 m @ 13.12 g/t gold - Hole BAK-182-2010;
-- 13 m @ 12.04 g/t gold - Hole BAK-183-2010;
-- 23 m @ 12.04 g/t gold - Hole BAK-184-2010;
-- 15 m @ 14.03 g/t gold - Hole BAK-187-2010;
-- 22 m @ 13.20 g/t gold - Hole BAK-201-2010;
-- 6 m @ 21.14 g/t gold - Hole BAK-206-2010;
-- 7 m @ 19.53 g/t gold - Hole BAK-209-2010;
-- 32 m @ 13.09 g/t gold - Hole BAK-212-2010; and,
-- 14 m @ 13.46 g/t gold - Hole BAK-230-2010.
Notes:
1. Intersection assays are a composite of one-metre assays calculated from
interval-weighted assays over a minimum three metre intersection length
using a 2.0 g/t gold cut-off. A maximum of three metres of waste or lower
grade material also may be included in the composite.
2. No high assay values have been cut.
3. Interval widths generally are equivalent to true widths.
A complete summary of recent drill results is available on
Ivanhoe Mines' website at www.IvanhoeMines.com.
Bakyrchik East Mineral Resource estimate
The Mineral Gold Resources at Bakyrchik East are hosted in two
lenses comprised of more than 20 sub-zones that collectively
measure 2,000 metres along strike by 1,500 metres down dip,
extending from surface to a depth of 800 metres as shown in the
accompanying figures. The reported Mineral Resources by lens at
varying cut-off grades are shown in Table 3. There are no Mineral
Reserves currently estimated at Bakyrchik East.
Table 3. Detailed Inferred Mineral Resource Estimate for the Bakyrchik East
Gold Deposit as of July 11, 2011
Lens Cut-off grade Tonnes Gold Grade Contained Gold
(g/t gold) (millions) (g/t) (ounces x 1000)
----------------------------------------------------------------------------
Promezhutochny 6.0 1.5 8.4 410
5.0 2.5 7.2 580
4.0 3.4 6.5 720
3.0 4.1 6.0 790
2.0 4.3 5.9 810
----------------------------------------------------------------------------
Globoki Log 6.0 1.2 8.1 300
5.0 1.7 7.3 400
4.0 2.2 6.6 480
3.0 2.8 6.1 540
2.0 2.9 5.8 550
----------------------------------------------------------------------------
Total 6.0 2.7 8.3 710
5.0 4.2 7.2 980
4.0 5.7 6.5 1,200
3.0 6.8 6.0 1,300
2.0 7.2 5.9 1,400
Notes:
1. CIM definitions were followed for Mineral Resources.
2. The Qualified Person for this Mineral Resource estimate is David Ross,
M.Sc., P.Geo.
3. Mineral Resources are estimated at a cut-off grade of 3.0 g/t gold.
4. Mineral Resources were estimated using an average long-term gold price of
US$1,100 per ounce and an assumed recovery of 89%.
5. Mineral Resources are not Mineral Reserves and do not have demonstrated
economic viability.
6. Totals may not add correctly due to rounding.
The Bakyrchik East drill-hole database includes 957 historic
drill holes totalling 292,087 metres of core, plus 30 recent drill
holes by Altynalmas totalling 9,710 metres of core. Both data sets
were verified and validated by RPA and are acceptable to estimate
Mineral Resources.
A set of cross-sections and plan views were interpreted to
construct three-dimensional wireframe models of the mineralized
lenses using the descriptive logs, a minimum grade of 3.0 g/t gold
and a minimum thickness of 1.5 metres. Prior to compositing to
two-metre lengths, high grades were cut to 35 g/t gold. Gold grade
was estimated using ordinary kriging. Block size is five metres by
five metres by five metres. Bulk density is 2.7 t/m3. RPA
classified the resources as Inferred, based on drill-hole spacing,
grade continuity and reliability of data.
Quality Assurance and Quality Control
Exploration core was drilled HQ size (63.5-mm-diameter core)
using western drill strings. Triple tube HQ3 (61.1-mm-diameter
core) was used within, and on the shoulders, of the mineralized
zone. Assaying of the samples was completed at ALS Minerals, an
independent ISO-credited laboratory in Vancouver, Canada, using
fire assay fusion, followed by a gravimetric analysis
procedure.
Quality assurance and quality control is independently monitored
and audited by RPA with a quality-control program, which includes
the use of matrix matched assay standard reference samples, blanks,
duplicates, repeats and internal ALS Minerals quality-assurance
procedures.
Qualified Person
Disclosures of a scientific or technical nature in this release
have been reviewed by Ian Blakley, P. Geo., Vice President -
Exploration of Altynalmas Gold Ltd. and a "Qualified Person" for
the purpose of National Instrument 43-101.
The Mineral Resources for the Kyzyl Gold Project disclosed in
this news release have been estimated by David Ross, P.Geo., an
employee of RPA and independent of Ivanhoe Mines. Mr. Ross is a
"Qualified Person" for the purpose of National Instrument 43-101.
The Mineral Resources have been classified in accordance with CIM
Definition Standards for Mineral Resources and Mineral Reserves,
(November 2010). Mr. Ross has read and approved the contents of
this news release as it pertains to the disclosed mineral resource
estimate.
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
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 Altynalmas Gold's planned exploration and
development work; the planned drilling; and the timing for
completion of the planned prefeasibility study.
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 most
recent MD&A. The reader is cautioned not to place undue
reliance on forward-looking information or statements.
This release also contains references to estimates of mineral
reserves and resources. The estimation of reserves and resources is
inherently uncertain and involves subjective judgments about many
relevant factors. The accuracy of any such estimates is a function
of the quantity and quality of available data, and of the
assumptions made and judgments used in engineering and geological
interpretation, which may prove to be unreliable. There can be no
assurance that these estimates will be accurate or that such
mineral reserves and mineral resources can be mined or processed
profitably. Mineral resources that are not mineral reserves do not
have demonstrated economic viability.
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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