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High-Grade Copper and Gold Mineralized Zone Discovered at Ivanhoe’s Cloncurry Project in Australia

Thursday, October 4th, 2007

Robert Friedland, Executive Chairman of Ivanhoe Mines, and Douglas Kirwin, Ivanhoe Mines Executive Vice-President, Exploration, announced today that continued exploration drilling at the company’s Cloncurry Project in the Mt. Isa District of northwestern Queensland, has resulted in the discovery of a significant high-grade zone of copper and gold mineralization on the western margin of the large, open-ended SWAN Iron Oxide Copper Gold (IOCG) Project.
In January, 2007, Ivanhoe announced the discovery of a series of IOCG systems with associated uranium, one of which is the SWAN Project, at the company’s 2,400-square-kilometre Cloncurry Project. Further exploration of the SWAN system has resulted in a substantial expansion of the deposit’s mineralized zone.
Drill hole MEHQ071130 on the western margin of the SWAN system intersected 90 metres grading 2.02% copper and 1.3 g/t gold from 582 metres to 672 metres, including 54 metres grading approximately 3.04% copper and 1.89 g/t gold. The intersection is missing a 3.5-metre section of high-grade core resulting from loss during drilling of the very friable composition of the intense chalcopyrite-rich mineralization. As such, this zone is currently being re-drilled and recovery improved by using a triple-tube core-barrel to preserve the entire high-grade intercept. Additional drilling will define the attitude and dip of the high-grade zone and also the true thicknesses of the drill intersections.
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