Ivanhoe Mines and Rio Tinto reaffirm readiness to engage in Investment Agreement negotiations with Mongolia for development of Oyu Tolgoi Project

VANCOUVER, CANADA -- John Macken, President and CEO of Ivanhoe Mines, and Bret Clayton, Rio Tinto's Chief Executive, Copper & Diamonds, said today that they were looking forward to engaging in negotiations with the Mongolian Government to conclude an Investment Agreement for the development of the Oyu Tolgoi copper-gold project in Mongolia's South Gobi Region.

The Mongolian Parliament has established a new, all-party working group of members of parliament that is to report on proposed changes to the country's Minerals Law by November 15. The government wants an updated Minerals Law in effect as a necessary step before a resumption of discussions on an Investment Agreement for Oyu Tolgoi.

"We are encouraged by the initial steps that have been taken by the new Mongolian government and by the communications that we have had with government representatives," said Mr. Clayton, who also is a Director of Ivanhoe Mines. "We are looking forward to engaging with the government as soon as possible to complete a competitive Investment Agreement that recognizes the realities of the current international investment environment."

Please Click on the Link Below to Read the News Release:
http://www.ivanhoe-mines.com/i/pdf/2...

Please click on the link below to read the news release:
http://www.ivanhoe-mines.com/i/pdf/2...