COPPER-GOLD DEVELOPMENT NEWS Turquoise Hill Mining Licences Granted

ULAN BATOR, Mongolia The Mineral Resources Authority of Mongolia has issued four long-term mining licences to Singapore-based IVANHOE MINES covering the company's Turquoise Hill copper-gold discovery. The mining licences, covering a total of 238 km, are valid for 60 years and renewable for an additional 40 years. The mining licences replace Ivanhoe's four exploration licences.

Ivanhoe is sole owner of the Turquoise Hill project where copper was first recovered during the Bronze Age. In November the company estimated that at a cut-off grade of 0.30% Cu equivalent, the deposit has indicated resources of 508.9 million tonnes grading 0.40% Cu, 0.59 g/t Au and 61 ppm Mo. An additional inferred resource is thought to be as much as 2.6 billion tonnes at 0.73% Cu, 0.17 g/t Au and 52 ppm Mo.

The various development options for Turquoise Hill are outlined in the press release of July 21, 2003, available at www.ivanhoemines.com. More about how Ivanhoe plans to unlock a treasure chest in the timeless Gobi Desert is available at the same site.