December 03, 2008

Ivanhoe Mines announces 2007 result

Ivanhoe Mines Ltd announced its results for the year ended December 31st 2007.

Highlights:

1. A new NI 43 101 initial resource estimate at the Heruga Discovery in Mongolia has added 13.4 million ounces of gold and 8 billion pounds of copper to the Oyu Tolgoi Project's total inferred resources and drilling is continuing to expand the discovery.
2. Oyu Tolgoi's Shaft #1 has reached its total depth of 1,385 meters, allowing commencement of underground mine development of the copper and gold rich Hugo Dummett North Deposit.

3. The Oyu Tolgoi Project is awaiting an approved Investment Agreement with Mongolia to begin full scale construction.

4. Ivanhoe's 81% owned subsidiary, SouthGobi Energy Resources, has raised USD 117.9 million and is preparing to open its first coal mine in Mongolia.

5. Ivanhoe Australia has significantly expanded its exploration program, targetting major copper, gold and uranium discoveries in northwest Queensland.

6. Ivanhoe is advancing development plans to bring the Bakyrchik Gold Mine in Kazakhstan into commercial production.

7. Ivanhoe's 42% owned subsidiary, Jinshan Gold Mines, has started production from its first gold mine in China with an initial target of 120,000 ounces per year.

8. Ivanhoe incurred USD 304 million in exploration and mine development expenses in 2007.