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Ivanhoe Mines Receives Chinese Central Government Approval for
Inner Mongolia Gold, Copper and Silver Projects
30-YEAR BUSINESS LICENCE GRANTED
BEIJING, China, Jan. 18 /PRNewswire-FirstCall/ -- Ivanhoe Mines Chairman
Robert Friedland and Executive Vice President, Exploration, Douglas Kirwin
today announced that the Chinese Ministry of Land & Resources (MOLAR) has
approved the transfer of six exploration licences held in the name of the Inner
Mongolia Bureau of Geology (Bureau) into Ivanhoe's Yahao joint venture, an
80/20 joint venture between Ivanhoe Mines (80%) and the Bureau (20%). In
addition, the joint venture has received a 30-year Permanent Business Licence
from the Inner Mongolia Provincial Government.
Yahao is the first fully-approved Sino-Foreign joint venture in China's Inner
Mongolia Autonomous Region to receive both Beijing's MOLAR authorization to
transfer in exploration licences and the Provincial Government's grant of a
30-year business licence. Ivanhoe has the right to earn an 80% interest, and
may earn a 90% interest under certain circumstances, in all mineral projects
developed from the exploration and mining licences held by the Yahao joint
venture in China.
Beijing's MOLAR approval is important in that it provides central government
authorization of the exploration licence rights of the joint venture. The
Permanent Business Licence allows the Yahao joint venture to conduct business
and apply for exploration licences in its own name, without the necessity of
having the Bureau acquire the exploration licences and subsequently
transferring them into the joint venture.
The six exploration licences that received MOLAR approval consist of two each
for the three mineral projects in the Yahao joint venture - Siwumuchang
(gold-silver-copper), Whu Zhu Er Ga Shun (copper-gold) and Ba Ri Tu Nan
(gold-silver). In addition, the joint venture has received approval from both
Beijing's and Inner Mongolia's MOLAR to transfer the existing Siwumuchang
mining permit into the joint venture.
The Siwumuchang gold-silver-copper project is located in northeastern Inner
Mongolia. The Yahao joint venture holds two exploration licences and one mining
licence, covering an area of 90 square kilometres, encompassing the Siwumuchang
deposit and its projected strike extensions. Siwumuchang is a hybrid low- to
high-sulfidation epithermal gold-silver-copper system, hosted within two
closely-spaced, northwest-trending mineralized structures. High-grade
gold-silver-copper mineralization is hosted in diatreme breccias and
epithermal-banded quartz-sulfide veins.
Whu Zhu Er Ga Shun is a porphyry copper-gold discovery, located in western
Inner Mongolia. The Yahao joint venture holds two exploration licences covering
103 square kilometres encompassing the porphyry deposit. It also holds an
option to transfer three additional exploration licences held in the name of
the Bureau, that surround the porphyry deposit and are subject to further
exploration activities prior to being submitted to MOLAR for approval.
Monzodiorite-hosted porphyry copper-gold stockwork quartz veins and
disseminated mineralization outcrop within an area of six square kilometres and
are hosted in a late-Paleozoic sequence of intensely altered, hornfelsed
rhyodacitic to andesitic lavas and volcaniclastic sediments.
The Ba Ri Tu Nan gold-silver project is located in northeastern Inner Mongolia.
The Yahao joint venture holds two exploration licences, covering an area of 89
square kilometres, encompassing the main project area and its strike
extensions. Low-sulfidation, epithermal gold-silver mineralization is exposed
along an elongate ridge, consisting of intensely silicified rhyodacitic to
andesitic lavas, tuffs and minor volcaniclastic debris flows. Abundant
colloform to crustiform quartz-adularia banded veins and vein-breccia subcrop
are present, representing the upper section of this mineralized epithermal
system.
With respect to the Oblaga joint venture (an 80/20 joint venture between
Ivanhoe Mines (80%) and Inner Mongolia Huayu Geology and Minerals Exploration
Co. Ltd (Huayu) (20%)), Huayu is working with the local government to obtain
approval for the transfer of the exploration licences, covering 400 square
kilometres in Inner Mongolia, including the Oblaga gold-copper discovery, into
the joint venture.
A map showing the company's exploration projects in Inner Mongolia is available
at http://www.ivanhoemines.com/. Inner Mongolia, one of China's largest and
least explored provinces, covers 1.18 million square kilometres and forms part
of China's northern border with Mongolia and Russia. The region has large
deposits of base and precious metals, rare-earth minerals and coal. Ivanhoe
Mines has been aggressively pursuing its exploration activities in Inner
Mongolia since 2003. Douglas Kirwin, Ivanhoe Mines Executive Vice President,
Exploration, is the Qualified Person overseeing Ivanhoe's exploration
activities in Inner Mongolia, China, and he has reviewed the technical
information in this release.
Ivanhoe has a 100% interest in the Oyu Tolgoi gold and copper project in
Mongolia and owns or controls exploration rights covering approximately 118,000
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 and iron ore products from ABM
Mining's Savage River mine in Australia.
Ivanhoe's shares are listed on the New York, Toronto and Australian stock
exchanges under the symbol IVN.
Information contacts:
Investors: Bill Trenaman / Media: Bob Williamson +1.604.688.5755
Forward-Looking Statements: This document includes forward-looking statements
that include, but are not limited to, statements concerning Ivanhoe's
exploration in Inner Mongolia and the other statements that are not historical
facts. When used in this document, the words such as "could," "plan,"
"estimate," "expect," "intend," "may," "potential," "should," and similar
expressions are forward-looking statements. 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, US and
Australian securities regulators.
DATASOURCE: Ivanhoe Mines Ltd.
CONTACT: Information contacts: Investors: Bill Trenaman;
Media: Bob Williamson, (604) 688-5755;
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw.