High-Grade Molybdenum and Rhenium Intercepts Drilled on Ivanhoe Australia's Merlin Project

Peter Reeve, Chief Executive Officer, and Robert Friedland, Chairman, Ivanhoe Australia Limited (IAL), are pleased to announce that drilling results on the Merlin Project, on Ivanhoe's Cloncurry tenements in north-western Queensland, have returned a series of significant high-grade molybdenum and rhenium assay results.

The Merlin discovery now has been tested by approximately 90 drill holes and the assay results of 75 drill holes have been returned.

The Merlin mineralised zone is a clearly defined, high-grade body of molybdenum (Mo) and rhenium (Re) sulphide mineralisation starting at a depth of about 100 metres and extending down dip for over 400 metres, with an indicated strike length of up to 900 metres. Figure 1 shows a plan of the Merlin mineralised zone and figures 2-5 show the sections of the mineralised zones.

The results from this recent drilling define the highest grade zone of Merlin encountered so far and exceed the tenor of the initial Merlin results released in December. The most significant are as follows:

MDQ0115 - 38 m @ 1.20% Mo, 17.29 g/t Re and 0.17% Cu, from 246 metres.

MDQ0119 - 58 m @ 2.25% Mo, 28.99 g/t Re and 0.09% Cu, from 408 metres.

including - 20 m @ 6.26% Mo, 81.83 g/t Re and 0.14% Cu, from 408 metres.

MDQ0128 - 24 m @ 1.07% Mo, 16.96 g/t Re and 0.11% Cu, from 190 metres.

MDQ0132 - 50 m @ 1.60% Mo, 24.34 g/t Re and 0.12% Cu, from 350 metres.

MDQ0135 - 70m @1.05%Mo, * g/t Re, and 0.05% Cu, from 360 metres.

Including - 20m @2.29%Mo, * g/t Re, and 0.14% Cu, from 367 metres.

and 10 m @1.55% Mo, 33.3 g/t Re, and 0.05% Cu, from 418 metres.

MDQ0154 - 34 m @ 1.82% Mo, 22.04 g/t Re and 0.12% Cu, from 240.9 metres.

Including - 6.1 m @ 8.77% Mo, 101.95 g/t Re and 0.16% Cu, from 240.9 metres.

MDQ0154w1 - 30 m @ 1.66 % Mo, 21.14 g/t Re and 0.30% Cu, from 220 metres.

including - 10 m @ 4.97% Mo, 63.13 g/t Re and 0.13% Cu, from 240 metres.

MDQ0189 - 18 m @ 1.68% Mo, 39.54 g/t Re and 0.17% Cu, from 246 metres.

MDQ0199 - 10 m @ 1.50% Mo, 32.96 g/t Re and 0.29% Cu, from 214 metres.

* Rhenium results not yet complete

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