Independent resource estimate for Nariin Sukhait coal project also
expected before end of September
ULAANBAATAR, Mongolia, Sept. 8 /PRNewswire-FirstCall/ - Ivanhoe Mines
Chairman Robert Friedland and President John Macken announced today that the
new, independent Integrated Development Plan (IDP) for the Oyu Tolgoi copper
and gold project in Mongolia is nearing completion. The company expects to be
in a position to release the study's findings by the last week of this month,
following a review by the Canadian Securities regulatory authorities, as
required by Canada's National Instrument 43-101, and in-depth briefings with
relevant ministries of the Government of Mongolia.
Ivanhoe Mines plans to hold a webcast conference call for investors and
to meet with analysts to discuss the details of the independent study,
following the public dissemination of the IDP news release. Details of the
conference call and meeting will be released as they become available.
The IDP is being prepared by a joint venture between AMEC Americas
Limited, of Vancouver, Canada, and Ausenco Limited, of Perth, Australia.
Twelve other leading international engineering and environmental consultants
have provided input into the study. The other consultants include; McIntosh
Engineering Inc. (Tempe, USA), GRD Minproc Limited (Perth, Australia), Steffen
Robertson Kirsten Pty. Ltd. (Perth, Australia), SRK Consulting Inc.
(Vancouver, Canada), SGS Lakefield Research Limited (Lakefield, Canada),
MinnovEX Technologies Inc. (Toronto, Canada), Knight Piesold Pty. Limited
(Perth, Australia), Aquaterra Consulting Pty. Ltd. (Perth, Australia),
Eco-Trade Co Ltd. (Ulaanbaatar, Mongolia), Sustainability Pty. Ltd. (Perth,
Australia), Teshmont L.P. Consultants (Winnipeg, Canada), and Fluor
Corporation (Shanghai, China).
Mr. Macken also announced that Ivanhoe Mines expects to be in a position
to provide an initial, independent coal resource estimate for the Nariin
Sukhait Project before the end of this month. The estimate is being prepared
by Norwest Corporation, of Salt Lake City, USA. These estimates will be based
on drilling completed prior to August 9, 2005. Drilling is continuing. Norwest
has extensive coal experience in Mongolia, including completion of a
feasibility study of the Tavan Tolgoi coal deposit for the Mongolian Ministry
of Infrastructure and Development, provision of advisory services to the
operating coal mines at Shivee Ovoo and Bagaa Nuur, and overseeing coal
exploration programs in Mongolia for other international mining and
exploration companies.
Ivanhoe has a 100% interest in the Oyu Tolgoi Project in Mongolia and
owns or controls exploration rights covering approximately 134,000 square
kilometres in central and southern Mongolia, where additional copper, gold and
coal discoveries have been made. Ivanhoe produces LME grade A copper from its
Monywa joint venture in Myanmar.
Ivanhoe shares are listed on the Toronto and New York stock exchanges
under the symbol IVN.
Information contacts:
---------------------
Investors: Bill Trenaman: +1.604.688.5755 /
Media: Bob Williamson: +1.604.688.5755
Forward-Looking Statements: Statements in this release that are forward-
looking statements are subject to various risks and uncertainties concerning
the specific factors disclosed under the heading "Risk Factors" and elsewhere
in the corporation's periodic filings with Canadian and US securities
regulators. When used in this document, the words such as "could," "plan,"
"estimate," "expect," "intend," "may," "potential," "should," and similar
expressions, are forward-looking statements. The risk factors that could cause
actual results to differ from these forward-looking statements include, but
are not restricted to, geological or mechanical difficulties affecting the
company's planned drilling, operational risk, environmental risk, financial
risk, geo-political risk, commodity risk, currency risk and other statements
that are not historical facts as disclosed under the heading "Risk Factors"
and elsewhere in the corporation's periodic filings with securities regulators
in Canada and the United States.
SOURCE Ivanhoe Mines Ltd.
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