Ivanhoe Mines Shareholders Appoint Two New Directors and Approve New Company Name
June 28 2012 - 9:11PM
Marketwired
Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) announced that
shareholders at the company's Annual and Special Meeting, held
today, appointed two new directors and approved a new company
name.
At the meeting, Warren Goodman and Russel Robertson were
appointed directors of the company. The Ivanhoe Board of Directors
is now comprised of eleven directors. Two additional directors are
expected to be appointed in the near future to bring the total
number of directors to 13.
Ivanhoe shareholders also approved changing the company's name
to Turquoise Hill Resources Ltd. The new name is anticipated to
become effective on or about August 1, 2012. The company's new
trading symbol on the Toronto Stock Exchange, the New York Stock
Exchange and the NASDAQ Stock Market will be TRQ and is anticipated
to take effect on or about August 6, 2012.
All other resolutions voted on at the meeting were approved,
including the termination of the Shareholder Rights Plan. The
company subsequently terminated the Plan following the passing of
the resolution.
Ivanhoe Mines Chief Executive Officer Kay Priestly provided
shareholders with an update on the company's business and
highlighted the development of the Oyu Tolgoi Project.
Ms. Priestly said, "Progress at Oyu Tolgoi continues at an
impressive pace, with phase one construction reaching 90%
completion in late June 2012. We are counting down to start up at
Oyu Tolgoi. First production is expected in the second half of 2012
and commercial production should begin in the first half of 2013.
Discussions between the Governments of Mongolia and China on the
power purchase agreement are ongoing and the infrastructure
necessary to import power from China should be completed by July
2012.
"We are executing the various elements of the comprehensive
financing plan agreed to with Rio Tinto in April 2012. The overall
package is expected to cover Ivanhoe's total funding needs to
complete the development of phases one and two of Oyu Tolgoi.
Additionally, the strategic review of Ivanhoe's other assets is
ongoing."
Biographies of newly appointed directors
Mr. Warren Goodman has served as General Counsel, Business
Development at Rio Tinto since June 2008. In April 2010,
responsibility for leading Rio Tinto's Europe, Middle East and
Africa legal team was added to Mr. Goodman's role and he has served
as General Counsel, Corporate-Europe and Business Development since
that time. Between May 2007 and June 2008, Mr. Goodman held the
position of General Counsel, Strategic Projects at Rio Tinto Alcan
Inc. Prior to joining Rio Tinto, he was a partner at a leading
Canadian law firm practicing in the areas of mergers and
acquisitions, project finance and corporate and commercial law.
Mr. Russel Robertson has served as Executive Vice President,
Business Integration at BMO Financial Group, and as Vice Chair at
BMO Financial Corp. (formerly Harris Financial Corp.) since March
2011. In this capacity, he has been responsible for overseeing the
integration of BMO's recently purchased Marshall & Iisley Bank
with BMO's long-time subsidiary, Harris Bank. Prior to his current
role at BMO, Mr. Robertson was the Chief Financial Officer at BMO
Financial Group between March 2008 and March 2011. Before joining
BMO, he spent over 35 years as a Chartered Accountant. In this
capacity, Mr. Robertson held various senior positions with a number
of major accounting firms, including holding the positions of Vice
Chair, Deloitte & Touche LLP (Canada), and Managing Partner,
Arthur Andersen LLP (Canada).
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)(HKSE: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 harbour" 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 with respect to the appointment of two additional
directors, the anticipated timing of the effectiveness of the
company's name change and new trading symbol and the expected
progress of and financing for the Oyu Tolgoi project, and other
statements that are not historical facts.
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 Factors" included in the company's final prospectus
dated June 7, 2012, Annual Information Form and MD&A,
respectively, each filed on SEDAR and EDGAR. The reader is
cautioned not to place undue reliance on forward-looking
information or statements.
The issuer has filed a registration statement (including a
prospectus) with the SEC for the offering to which this
communication relates. Before investing, individuals should read
the prospectus in that registration statement and other documents
the issuer has filed with the SEC for more complete information
about the issuer and this offering. The documents are available
free of charge by visiting EDGAR on the SEC website at www.sec.gov.
Alternatively, the issuer will arrange to send you the prospectus
if you request it by calling 1-604-688-5755.
Contacts: Ivanhoe Mines Ltd. - Investors Jason Combes +1
604.648.3920jasonco@ivancorp.net Ivanhoe Mines Ltd. - Media Tony
Shaffer +1 604.648.3934tonysh@ivancorp.net www.ivanhoemines.com
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