Ivanhoe Mines Welcomes Assurances in Mongolian Prime Minister's Letter
January 08 2008 - 8:48AM
Marketwired
NEW YORK, NEW YORK (NYSE: IVN)(NASDAQ: IVN) senior management
team addressed institutional investors and analysts at a forum
organized by a major U.S. investment bank, John Macken, President
and CEO of Ivanhoe Mines Ltd., said that Ivanhoe Mines welcomes
assurances contained in a recent letter from Mongolian Prime
Minister Sanjaa Bayar. In the letter, Prime Minister Bayar
expressed support for foreign investment and his intention to see
construction of the Oyu Tolgoi Project start prior to the Mongolian
general election in June this year.
The Prime Minister's letter to Ivanhoe Mines and Rio Tinto on
December 26, 2007, followed his inaugural address to the National
Parliament on December 13 in which he identified the utilization of
natural resources, including clearing the way for the development
of Oyu Tolgoi, as one of his priorities to be completed before the
election.
"I would like to reiterate that my Government will continue to
support private investment, including foreign investment, and
intends to see the projects such as Oyu Tolgoi, that not only have
a significant impact on the development of the country but also
largely shape the perception of its investment environment,
commence during its term in office," Prime Minister Bayar
wrote.
"The presence of strategic investors, which are well known in
global industry, in the Oyu Tolgoi project is considered by the
Government as an important factor for its long-term success and
their intention to be committed to the project...is
encouraging."
Mr. Macken welcomed the Prime Minister's expressed intentions.
He said Ivanhoe is looking forward to a meeting proposed by the
Prime Minister this month and to receiving the necessary details of
the Prime Minister's proposed action plans to conduct a review of
the existing draft Investment Agreement and expedite the
finalization of a mutually acceptable draft agreement for the
development of the Oyu Tolgoi Project.
"Ivanhoe supports the Prime Minister's suggestion of assistance
from independent, internationally recognized financial experts in
concluding an acceptable agreement - a step previously advocated by
Ivanhoe Mines and Rio Tinto," Mr. Macken said. "Oyu Tolgoi, more
than any other single project, can help to realize his vision of
building social wealth, in the form of workforce skills, knowledge
and technology, as a legacy for future generations through the
development of Mongolia's mineral resources."
Mr. Macken said that certain recent news reports have
misleadingly speculated about the status of a draft investment
agreement for Oyu Tolgoi negotiated with the Mongolian Government
in April 2007 and a Bloomberg report dated January 8 initially
incorrectly stated that construction was not due to start until
next year.
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 amounts drawn down by Ivanhoe from the
non-revolving convertible credit facility and the development of
the Oyu Tolgoi Project. 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. Bill Trenaman Investors (604)
688-5755 Ivanhoe Mines Ltd. Bob Williamson Media (604) 688-5755
Website: www.ivanhoe-mines.com
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