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Gold/Mining/Energy : Precious and Base Metal Investing -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (8110)	2/26/2003 9:23:24 AM
From: I_C_Deadpeople	Read Replies (1) \| Respond to of 39344

I wondered about the financing issue as well. $450M is no small chunk of change for any company let alone a junior. This looked to me like a set-up for a JV (or buyout I guess) - lay your cards out, show the lower costs in the first few years for the quick payback, etc. This also clearly shows why projects of this magnitude take so long to get off the ground. Not just the relocation but there was over $100M in tailings/environmental type costs included in the $450M tag. Still cheap at $4 in my mind that is for sure.

To: russwinter who wrote (8110)	2/26/2003 10:16:48 AM
From: 4figureau	Read Replies (1) \| Respond to of 39344

IVN: Independent resource estimate confirms a world-class gold and copper porphyry discovery at Turquoise Hill, Mongolia Wednesday February 26, 7:00 am ET >>In addition, the project contains 509 million tonnes of indicated resources grading 0.40% copper and 0.59 g/t gold, containing approximately 9.7 million ounces of gold and 4.5 billion pounds of copper making the Turquoise Hill Project one of the largest in the world in terms of contained metal.<< ULAANBAATAR, MONGOLIA, Feb. 26 /CNW/ - Ivanhoe Mines' Chairman Robert Friedland and Executive Vice-President, Exploration, Douglas Kirwin announced today that a new, independent resource estimate for the company's 100%-owned Turquoise Hill (Oyu Tolgoi) Project in Mongolia, prepared by AMEC E&C Services Limited, of San Mateo, California, establishes Turquoise Hill as one of the world's largest copper and gold porphyry deposits. Drilling to date has delineated four co-genetic copper and gold deposits along a 4.5-kilometre long zone. The four zones have estimated inferred resources totalling 1.60 billion tonnes grading 0.63% copper and 0.17 g/t gold, containing approximately 9.0 million ounces of gold and 22.3 billion pounds of copper, at a 0.30% copper equivalent cut-off grade. In addition, the project contains 509 million tonnes of indicated resources grading 0.40% copper and 0.59 g/t gold, containing approximately 9.7 million ounces of gold and 4.5 billion pounds of copper making the Turquoise Hill Project one of the largest in the world in terms of contained metal. The resource base remains open for very significant expansion as Ivanhoe's fifteen-rig drilling program continues to intersect wide intervals of primary gold and copper mineralization, expanding the size of the overall deposit well beyond the boundaries defined by the current resource estimate. The specific breakdown of estimated resources within the various zones, and employing both higher and lower cut-off grades, are listed below. biz.yahoo.com