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Ivanhoe Mines to commence drilling on the Tiger Hills gold and
silver project, Inner Mongolia, China
BEIJING, China, May 4 /PRNewswire-FirstCall/ -- Ivanhoe Mines' Executive Vice
President, Exploration, Douglas Kirwin announced today that the company has
completed detailed geological mapping, rock-chip sampling and an Induced
Polarization (IP) survey at the Tiger Hills epithermal gold and silver project
in the Inner Mongolia Autonomous Region, China. A 2,500-metre diamond drilling
program is scheduled to commence by mid-May.
The Tiger Hills Project is in the Hulunbeier District in northern Inner
Mongolia, approximately 150 kilometres south of the city of Hailar. The area is
easily accessed by vehicle and comprises sparsely populated low-relief
undulating steppe terrain. Gold and silver mineralization was discovered by
Ivanhoe geologists as part of an extensive prospecting campaign for epithermal
deposits within the northeast-trending extensional Mesozoic volcanic belt which
hosts the 8-million-ounce Baley gold deposit in southern Siberia. The region
had previously been explored by the Chinese Geology Brigade 115. A soil survey
showed the area to be anomalous in arsenic, antimony and mercury. There is no
record of any previous gold mining in the district.
Low-sulphidation epithermal gold mineralization occurs in hydrothermal eruption
breccias which are exposed along silicified ridges which extend for two
kilometres in a northwest direction. Mineralized host rocks are silicified
rhyodacitic to andesitic lavas, tuffs and minor volcaniclastic debris flows
which are associated with acid volcanic domes. The breccias are multi-clastic
and have a cryptocrystalline to opaline silica matrix. Colloform banding,
carbonate replacement textures and delicate crustiform layers of moss adularia
are commonly observed. Rock-chip samples from the breccias returned assays up
to 5.89 g/t gold and 11.4 g/t silver. A recently-completed geophysical survey
shows that the mineralization is directly associated with a four-kilometre
northwest-trending resistivity high.
"The very high level silica and breccia textures observed at Tiger Hills
clearly demonstrate that the uppermost zone of a sizeable epithermal system has
been recently exposed. The highly anomalous gold and silver values present in
these types of rocks are highly encouraging," said Mr. Kirwin. "The mineralized
breccias are similar to those mined at Borealis in Nevada and Wirralee in
Queensland."
Ivanhoe's initial drilling program will focus around three prominent silicified
zones with hydrothermal eruption breccias outcropping over a distance of two
kilometres.
Tiger Hills is within two exploration licenses owned by Yahao, an 80/20 joint
venture between Ivanhoe Mines (80%) and the Inner Mongolian Bureau of Geology
(20%), which have a total area of 88 square kilometres. Yahao has a 30-year
permanent business license and is the first fully-approved Sino-Foreign joint
venture in China's Inner Mongolia Autonomous Region to receive both Beijing's
Ministry of Land and Resources (MOLAR) authorization to transfer in exploration
licenses and the Provincial Government's grant of a 30-year business license
for those mineral projects developed from exploration and mining licenses held
by the Yahao joint venture in China.
Ivanhoe also is commencing an exploration drilling program in mid-May at its
Bronze Fox gold and copper project in southern Mongolia.
Douglas Kirwin, a qualified person as defined by NI 43-101, supervised the
preparation of the information in this release. The rock-chip samples were
assayed by McPhar Geoservices at its facility in Manila, Philippines.
Ivanhoe shares are listed on the New York and Toronto stock exchanges under the
symbol IVN.
Information contacts in North America:
--------------------------------------
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, the planned exploration program at the Tiger Hills Project,
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.
DATASOURCE: Ivanhoe Mines Ltd.
CONTACT: in North America: Investors: Bill Trenaman, (604) 688-5755;
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.