On July
17, Ivanhoe Mines observed the 10th anniversary of the company”s first major
mineral discovery at Oyutolgoi with a tribute to the 14,000 workers who now are
building the mining complex. Chief Executive Officer and founder, Robert
Friedland, said, “Oyutolgoi already is one of the mining world”s great
stories, thanks to the legions of people who have figured in its discoveries
and development. It began with the perseverance of an international fraternity
of geologists who believed that Oyutolgoi”s green-stained surface rocks were
clues to deeper secrets. Ivanhoe”s geological team started working with the
drillers in 2000 and successively lifted the lids on this extraordinary chain
of mineral deposits that now extends over 23 kilometers. We listened and found
common ground with aspirations of the people of Mongolia. And now the skills of
a construction workforce, which surpassed 14,000 on July 15, are bringing the
Oyutolgoi dream closer to reality with every passing day.”

Senior
Vice President of Exploration, Douglas Kirwin, said Oyutolgoi remains on track
to begin producing ore around next year”s anniversary of the initial discovery
and ultimately to become one of the world”s top three copper-gold mines.
Commercial production is scheduled for 2013. During the first 10 years of
production, Oyu Tolgoi is projected to produce an average of 1.2 billion pounds
(544,000 tons) of copper, 650,000 ounces of gold and three million ounces of
silver every year.