| The curiously similar claims by both publications that Ivanhoe Mines alone has delayed the selection of an arbitrator to evaluate a complaint by Rio Tinto are false. Ivanhoe has negotiated in good faith throughout the process in an effort to reach agreement on an arbitrator who is entirely independent of the parties and the issues to be considered in the arbitration. The truth is that Ivanhoe Mines and Rio Tinto previously reached agreement on an arbitrator, but were unable to proceed because of a conflict later identified by the proposed arbitrator involving a company associated with Rio Tinto. Rio Tinto and Ivanhoe Mines subsequently have reached a tentative agreement on a new, independent arbitrator, subject to his clearance of conflicts, and Ivanhoe expects that the selection process will be concluded shortly. | ||
| The claim that Ivanhoe Mines has stated that the cost to build and initiate operations at the first phase of the Oyu Tolgoi copper-gold project will be US$4 billion is false. As Ivanhoe Mines announced on May 11, 2010, prominent, independent consultants estimated that the required investment during the next three years would be approximately US$4.6 billion - which includes a $1 billion investment on a portion of the phase-two development of the planned underground mine. | ||
| The allegation by The Australian that Ivanhoe Mines is substantially underestimating the capital cost is glib editorializing, masqueraded as news, unsupported by any offered evidence and has no foundation in fact. The project is ahead of schedule and major contracts are within budget. | ||
| The claim by the Business Spectator, that Ivanhoe Mines purported to introduce a shareholders rights plan earlier this year, is just plain bizarre. It is a matter of unquestionable public record that the introduction of a rights plan was endorsed by 95% of the votes cast by minority shareholders at Ivanhoes annual general meeting on May 7, 2010, in part to prevent a creeping takeover of the company. | ||
| Rio Tinto is not limited to a 44% stake in Ivanhoe Mines under its current agreement; presently, it is eligible to acquire up to 46.65% of Ivanhoes common shares. |
Information contact:
|
Bob Williamson | |
Ivanhoe/Vancouver | ||
1 604 331 9880 |
IVANHOE MINES LTD. | ||||
Date: September 15, 2010
|
By: | /s Beverly A. Bartlett | ||
BEVERLY A. BARTLETT | ||||
Vice President & | ||||
Corporate Secretary |