|
Ivanhoe Mines’ Chief Executive Officer and founder, Robert Friedland, and Senior Vice President of Exploration, Douglas Kirwin, observed today’s 10th anniversary of the company’s first major mineral discovery at Oyu Tolgoi with a tribute to the 14,000 workers who now are building the Oyu Tolgoi mining complex in southern Mongolia.
"Oyu Tolgoi already is one of the mining world’s great stories, thanks to the legions of people who have figured in its discoveries and development," Mr. Friedland said. "It began with the perseverance of an international fraternity of geologists who believed that Oyu Tolgoi’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 kilometres. Designs of the open-pit and underground mines evolved with experts who have incorporated some of the industry’s most advanced techniques and technologies. 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 Oyu Tolgoi dream closer to reality with every passing day." Mr. Friedland said that the news release issued by Ivanhoe Mines on July 17, 2001, announcing the discovery of "potentially significant gold, copper and molybdenum mineralization" at Oyu Tolgoi (Turquoise Hill), in fact proved to be a highly significant understatement. The 2001 news release reported that Hole 150, Ivanhoe’s first deep diamond hole that tested the hypogene potential of the Southwest Oyu Zone at Oyu Tolgoi, "was drilled to a depth of 590 metres and averaged in excess of one gram of gold per tonne and 0.81% copper over a distance of 508 metres, from 70 metres to 578 metres. It included a zone of 278 metres from188 to 466 metres, grading in excess of 1.0% copper and approximately 1.50 grams of gold." Mr. Kirwin said that following Ivanhoe’s initial discovery hole in 2001, the company marshalled a fleet of 21 drill rigs. "We were producing more than one kilometre of drill core every day. At the time, this was the single largest drilling campaign being conducted anywhere in the world." A total of approximately 940 kilometres of core has been drilled since the start of Ivanhoe’s exploration program at Oyu Tolgoi in 2000. Three active rigs are continuing to expand the known resources. The current Measured and Indicated resource contains an estimated 40.6 billion pounds of copper and 20.9 million ounces of gold, with an additional Inferred resource of 40.6 billion pounds of copper and 25.3 million ounces of gold. "Oyu Tolgoi 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," Mr. Friedland said. 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 tonnes) of copper, 650,000 ounces of gold and three million ounces of silver every year. A photo gallery, updated weekly and recording the progress being made on the construction of the Oyu Tolgoi mining complex, may be viewed on the Ivanhoe Mines website, www.ivanhoemines.com. |
