Ivanhoe Mines Board of Directors Appoints New Chief Executive Officer and Chief Financial Officer
May 01 2012 - 6:57PM
Marketwired
Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) announced today that
the company's Board of Directors has appointed Kay Priestly as
Chief Executive Officer and Chris Bateman as Chief Financial
Officer.
The management changes were contemplated by the memorandum of
agreement signed with majority shareholder Rio Tinto on April 18,
2012. The agreement included a comprehensive financing package,
which is intended to cover Ivanhoe's total funding needs to
complete the development of the Oyu Tolgoi project.
Interim Chairman Michael Gordon said, "On behalf of the Board, I
would like to congratulate Kay and Chris on their appointments as
CEO and CFO, respectively. This is an important point in Ivanhoe's
history as Oyu Tolgoi prepares for its planned start-up later this
year, transitioning from an exploration project to a world-class,
tier one, copper-gold mine and one of Mongolia's largest mining
operations."
Ms. Priestly previously was a senior executive at Rio Tinto and
has served as a Director of Ivanhoe Mines since February 2011. Most
recently, she served as Chief Financial Officer of Rio Tinto's
global Copper product group. Ms. Priestly joined Rio Tinto in 2006
as Chief Financial Officer at Rio Tinto's Kennecott Utah Copper
operations. Ms. Priestly also spent more than 24 years with global
professional services firm Arthur Andersen, where she provided tax
and consulting services to global companies in the energy and
mining sectors and was a member of Andersen's global executive
team. She also is a Non-Executive Director of Stone Energy
Corporation.
Mr. Bateman previously was a senior executive of Rio Tinto and
served as Chief Financial & Business Development Officer of the
company's Diamonds and Minerals product group since 2010. In 2006,
Mr. Bateman was appointed Chief Financial Officer at ASX-listed
Energy Resources of Australia. Prior to that, he held both
commercial and operational roles at Rio Tinto's Kennecott Utah
Copper operations. Mr. Bateman also spent eight years at Arthur
Andersen's business consulting practice and worked as Financial
Planning and Analysis Director at Kaiser Aluminum.
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; a 58% interest in Mongolian coal miner SouthGobi
Resources (TSX:SGQ)(HK:1878); a 59% interest in copper-gold miner
Ivanhoe Australia (TSX:IVA)(ASX:IVA), which also is developing a
molybdenum-rhenium discovery; and a 50% interest in Altynalmas
Gold, 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. These include, but are not limited to
statements made with respect to the memorandum of agreement that
establishes Rio Tinto's support for a series of funding measures
expected to cover all projected capital requirements for Ivanhoe's
flagship Oyu Tolgoi Project in southern Mongolia.
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
headings "Risk Factors" and "Risks and Uncertainties" elsewhere in
the Company's periodic filings with Canadian and U.S. securities
regulators. Readers are cautioned not to place undue reliance on
forward-looking information or statements.
Contacts: Ivanhoe Mines Ltd. Jason Combes Investor Relations
Office: +1.604.688.5755jasonco@ivancorp.net Ivanhoe Mines Ltd. -
Media Tony Shaffer Office: +1.604.331.9830tonysh@ivancorp.net
www.ivanhoemines.com
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