Ivanhoe Mines today announced that
the company”s name change to Turquoise Hill Resources Ltd. now has gone into
effect. The new name was approved by shareholders at the company”s annual
meeting on June 28, 2012.

The company”s new trading symbol
will be “TRQ” and will become effective at the opening of trading on
the Toronto Stock Exchange, the New York Stock Exchange and the NASDAQ Stock
Market on August 8, 2012.

Kay Priestly, Chief Executive
Officer of Turquoise Hill Resources, said, “Changing our name to Turquoise
Hill Resources marks another milestone in our corporate history. Our new name
more closely aligns the company with our world-class Oyu Tolgoi Project and
will have added significance as we rapidly approach the start of
production.”

A corporate name change was an
element of the memorandum of agreement with Rio Tinto announced on April 18,
2012.

The change to Turquoise Hill
Resources will not affect existing Ivanhoe Mines stock certificates.
Shareholders are not required to submit their current certificate for new
Turquoise Hill Resources stock certificates.

Turquoise Hill Resources, formerly
Ivanhoe Mines, is an international mining company focused on copper, gold and
coal mines in the Asia Pacific region. The company”s primary operation is its
66% interest in the Oyu Tolgoi copper-gold-silver mine development in southern
Mongolia, which is expected to begin commercial production in the first half of
2013. Other assets include a 58% interest in Mongolian coal miner SouthGobi
Resources (hk:1878); a 59% interest in copper-gold miner Ivanhoe Australia (asx:IVA),
which is also developing a molybdenum-rhenium mine; and a 50% interest in
Altynalmas Gold, a private company developing the Kyzyl Gold Project in
Kazakhstan.