Ivanhoe Australia Limited
TSX : IVA
ASX : IVA

Ivanhoe Australia Limited

May 22, 2013 19:38 ET

Ivanhoe Australia Limited: Proposed Company Name Change to Inova Resources Limited

MELBOURNE, AUSTRALIA--(Marketwired - May 22, 2013) -

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Ivanhoe Australia Limited (TSX:IVA)(ASX:IVA) will propose a special resolution at its Annual General Meeting on 28 May 2013 to change the company's name to Inova Resources Limited.

The re-naming of the company underlines the significant changes that have occurred over the past year, including Board renewal, the appointment of a new CEO and the emergence of a clearer direction for the company.

Under the direction of the new Board and CEO, the company has adopted a more disciplined focus on operations, project development and exploration underpinned by strong technical expertise, to deliver commercial outcomes.

Accordingly, the company has renewed its focus on the development of the Merlin Molybdenum and Rhenium Project, with the continuation of the value engineering work aimed at improving project value. In addition, it intends to progress the Mount Elliott / SWAN copper-gold project and continues to progress the value-generating potential from its extensive exploration portfolio in the highly prospective and productive Cloncurry mineral region.

"Inova Resources will bring renewed rigour and technical capability to develop innovative options for our high quality projects such as Merlin," CEO Bob Vassie said.

"Our comprehensive footprint in the Cloncurry region combined with our operating capability and substantial existing infrastructure, support the continued realisation of potential for the company."

The opportunity to re-name the company follows the finalisation of an agreement between the company's former Chairman, Robert Friedland, and its majority shareholder, Turquoise Hill Resources Limited. That agreement required Canadian-based Turquoise Hill (formerly Ivanhoe Mines Limited) to change its name and subsequently applies to Ivanhoe Australia Limited by way of a special resolution to be put the shareholders at the AGM.

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