Ivanhoe Australia Limited

Ivanhoe Australia Limited

June 28, 2011 18:28 ET

Ivanhoe Australia Appoints Jim Askew as an Independent Non-Executive Director

MELBOURNE, AUSTRALIA--(Marketwire - June 28, 2011) - Robert Friedland, Chairman, and Peter Reeve, Chief Executive Officer of Ivanhoe Australia Limited (TSX:IVA)(ASX:IVA), are pleased to announce the appointment to the Ivanhoe Australia Board of Directors of Jim Askew, a global mining executive.

Mr. Askew will serve as a non-executive, independent member of the Ivanhoe Australia board. His appointment is effective immediately.

"Mr. Askew's extensive experience across the full spectrum of the international resource sector with various companies will provide the board with important insights and skills during Ivanhoe Australia's current project development phase. In particular, his experience in exploration, project studies, development programs and the international resource equity markets will be invaluable to the board," said Mr. Friedland.

Mr. Askew has over 35 years of international mining and business experience leading numerous mining service and mining companies. He has served as the Chief Executive Officer for a wide range of Australian and international publically listed mining, mining finance and other mining related companies. Mr. Askew founded Golden Shamrock Mines, James Askew & Associates (now known as Australian Mining Consultants - AMC) and co-founded Ausdrill. Mr. Askew is currently Chairman of OceanaGold and on the Board of Conquest Mining and Golden Star Resources.

Mr. Askew holds a Bachelor of Mining Engineering (Honours) and Masters Degree, Engineering Science.

Ivanhoe Australia is in a strong project-development phase, with four projects potentially developed over the next five years. The project development roll-out that could see two initial projects commissioned on its Cloncurry tenements in northwestern Queensland: the resumption of production at the Osborne copper-gold mine in 2012 and start-up of the Merlin molybdenum-rhenium mine in 2013. Two additional copper-gold projects are under study: Mount Dore could be in production in 2014 and Mount Elliott in 2016. Successful launches of these projects would transform Ivanhoe Australia into a significant base-metal producer.

Ivanhoe Mines (TSX:IVA)(NASDAQ:IVN)(ASX:IVA) is Ivanhoe Australia's largest shareholder and currently owns, directly and indirectly, approximately 62% of Ivanhoe Australia's issued and outstanding shares.

Forward-looking statements

Certain statements made herein, including statements relating to matters that are not historical facts and statements of our beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking information and statements are typically identified by words such as "anticipate", "could", "should", "expect", "seek", "may", "intend", "likely", "plan", "estimate", "will", "believe" and similar expressions suggesting future outcomes or statements regarding an outlook. These include but are not limited to statements about project schedules and production commencements.

All such forward-looking information and statements are based on certain assumptions and analyses made by Ivanhoe Australia's management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are appropriate in the circumstances. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information or statements. The reader is cautioned not to place undue reliance on forward-looking information or statements.

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