MONGOLIA - The most recent report from IVANHOE MINES of Singapore and Vancouver says proven and probable open pit reserves at its Oyu Tolgoi project contain 8.88 billion lb of copper and 7.60 million oz of gold. The recoverable metals are contained within 930 million tonnes of the Southern Oyu deposit grading 0.50% Cu and 0.36 g/t Au.
In addition to the reserves outlined in the Southern Oyu pit, the Hugo Dummett underground deposits contain an additional indicated resource of 581.33 million tonnes grading 1.91% Cu and 0.41 g/t Au (more than 24 billion lb of copper and 7.6 million oz of gold). These deposits also contain inferred resources of 1.16 billion tonnes grading 1.08% Cu and 0.23 g/t Au (over 25.2 billion lb of copper and 7.3 million oz of gold).
Ivanhoe (www.Ivanhoe-Mines.com) continues to drill the Hugo Dummett deposits to convert resources to the measured and indicated categories and to expand mineralization at Oyu, which is still open in several directions. Hugo Dummett mineralization is being chased onto the adjacent joint venture property owned by ENTRE GOLD.
If the investigation of Oyu Tolgoi continues in the same successful vein it has so far, this will be a huge mine, producing over 1.0 billion lb of copper and 900,000 oz of gold annually for at least 35 years.