Ivanhoe Mines Ltd.
TSX : IVN
NYSE : IVN
NASDAQ : IVN

Ivanhoe Mines Ltd.

November 30, 2006 23:00 ET

CORRECTION FROM SOURCE: Ivanhoe Mines Shareholders Overwhelmingly Approve Strategic Partnership Terms with Rio Tinto to Develop Oyu Tolgoi Mining Complex in Mongolia

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 30, 2006) -

The following release issued at 3:08 PM ET on November 30, 2006, contains a spelling error in the title and additional information has been added to the first paragraph. The complete and corrected release follows.

Robert Friedland, founder and Chairman of Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN), and John Macken, Ivanhoe's President and CEO, announced that a majority of the shareholders of Ivanhoe Mines, excluding the 9.95% interest held by Rio Tinto, today voted overwhelmingly in favour of approval of provisions of the formation of a strategic partnership with Rio Tinto to develop the Oyu Tolgoi copper-gold project in Mongolia's South Gobi region.

Shareholders participating in the vote at a special meeting held in Vancouver today voted 99.9% in favour of the right of Rio Tinto to exercise the warrants granted to it under terms of the agreement between Ivanhoe (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) and Rio Tinto (NYSE:RTP)(LSX:RIO)(ASX:RIO) that were announced on October 18, 2006.

"The vote is a gratifying affirmation of support by our shareholders for this significant step in the development of Oyu Tolgoi into a world-scale mine that will produce long-lasting benefits for Mongolians and Ivanhoe's shareholders," Mr. Macken said.

Rio Tinto has made an initial investment in the equity of Ivanhoe Mines of approximately US$303 million, an amount that can increase, under defined conditions, to up to approximately US$1.5 billion. Terms of the strategic partnership agreement can be found in Ivanhoe's October 18, 2006, news release.

Rio Tinto is joining Ivanhoe in current talks with the Mongolian Government and its appointed Working Group for a long-term Investment Agreement that will confirm, among other things, a tax, legal and fiscal framework for the development of the Oyu Tolgoi project.

Rio Tinto and Ivanhoe have established a Technical Committee to manage all aspects of the engineering, construction, development and operation of the Oyu Tolgoi complex. The Technical Committee is chaired by Mr. Macken.

More information about Ivanhoe Mines, its mining interests and exploration projects is available at www.ivanhoemines.com.

FORWARD-LOOKING STATEMENTS: This document includes forward-looking statements regarding Ivanhoe Mines' plans. Forward-looking statements include, but are not limited to, statements concerning Rio Tinto's additional investments in Ivanhoe, receipt of a long-term investment agreement and the development of the Oyu Tolgoi Project. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may," "potential," "should," and similar expressions are forward-looking statements. Although Ivanhoe Mines believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" and elsewhere in the corporation's periodic filings with Canadian and US securities regulators.

Contact Information

  • Ivanhoe Mines Limited
    Bill Trenaman
    Investors
    (604) 688-5755
    or
    Ivanhoe Mines Limited
    Bob Williamson
    Media
    (604) 688-5755
    Website: www.ivanhoemines.com