Ivanhoe Expands Turquoise Hill

Vancouver — Ivanhoe Mines (IVN-T) reports that new drill results have significantly expanded the discovery of extensive copper-rich mineralization at the Far North Zone of the Turquoise Hill (Oyu Tolgoi) gold and copper project in southern Mongolia.

“The new drilling results from the Far North Zone contain the most impressive mineral intercepts that we have encountered at Oyu Tolgoi,” said Mr. Kirwin, Executive Vice-President, of Exploration for Ivanhoe. “The underlying significance of this expanding discovery at the Far North Zone is that it opens the door to a number of development options that could see the Far North being developed concurrently with the gold-rich Southwest Zone. Another exciting aspect of the Far North Zone is that we have yet to locate the mineralizing intrusive responsible for the very high concentration of copper mineralization.”

So far, results from six Far North drill holes, spaced 100 metres to 120 metres apart, have cut long intercepts that averaged in excess of 2% copper and up to 0.30 grams gold per tonne. Ivanhoe states that the results extend the high-grade mineralized core about 600 metres to the northeast and 200-to-300 metres in width. The core extends down to a depth of 500 metres and hosts mineralization in excess of 1% copper. It remains open in all directions.

Ivanhoe now believes that it has identified enough mineralized material to allow its engineering group to begin preliminary economic and operational simulations. Drilling at Far North has now defined a mushroom-shaped body with mineralization spreading to the north and south. Mineralization is hosted in porous, volcaniclastic rock. Ivanhoe states that drilling has not yet encountered quartz monzodiorite intrusive rocks that host higher-grade gold and copper mineralization at the nearby Southwest and Central zones.

Highlights from recently drilled holes at the Far North Zone include:

• Hole OTD273 intersected 444 metres that averaged 1.37% copper and 0.04 gram gold per tonne, beginning at a vertical depth of 170 metres.
• Hole OTD282 intersected 304 metres that averaged 1.28% copper and 0.05 gram gold, beginning at a vertical depth of 140 metres.
• Hole OTD286 intersected 532 metres that averaged 1.63% copper and 0.05 gram gold, beginning at a vertical depth of 260 metres. This included a 208 metre-section that averaged 2.41% copper and 0.07 gram gold.
• Hole OTD289 intersected 368 metres that averaged 1.91% copper and 0.09 gram gold, beginning at a vertical depth of 298 metres. This included a 170-metre-section that averaged 2.41% copper and 0.15 gram gold.
• Hole OTD270 intersected 638 metres averaging 1.61% copper and 0.07 gram gold, beginning at a vertical depth of 190 metres. This included a 114-metre intercept that averaged 3.58% copper and 0.23 gram gold.

Five other holes are currently being drilled or have recently been completed including; Holes OTD298, OTD303, OTD304, OTD305 and OTD310. Ivanhoe states that all of these hoes have intersected thick intervals of similar chalcopyrite and bornite copper mineralization. Assays are pending.

Four rigs are currently drilling the Far North target to better define the zone. Concurrently, infill and resource- definition drilling is continuing on the Southwest, South and Central zones as part of the company’s plan to update the project’s resource estimate before the end of the year. To date, Ivanhoe has drilled more than 50,000 metres at Turquoise Hill this year. Twelve drill rigs are operating at the project and two more high-capacity rigs are scheduled to arrive in November.