Monday, 16th May 2005 (2476 views)

The mining corporation Ivanhoe Mines has announced a record operating profit of US $9.5 million in the first quarter of 2005.

This figure reveals an increase of 70 per cent on figures for the same period in 2004.

The corporation's report also reveals that its Oyu Tolgoi copper-gold project in Mongolia now has measured and indicated resources totalling 1.15 billion tonnes, grading 0.47 grams per tonne of gold.

The new estimate represents an increase of 125 per cent in measured and indicated tonnes of both copper and gold, an 85 per cent increase in contained gold since the last estimate in August 2004.

Ivanhoe has also revealed that recent drilling has extended the strike length of the Hugo North copper-gold discovery at Oyu Tolgoi to greater than 2.2 kilometres.

Hugo North forms part of the 6.5 kilometre-long chain of copper and gold deposits discovered to date at Oyu Tolgoi by Ivanhoe.

Last month, the company announced that it would start a diamond drilling programme at the Bronze Fox district gold-copper discovery in southern Mongolia in mid-May.

Drilling will test high-grade gold-copper-molybdenum mineralization associated with sheeted quartz veins, where a recent survey delineated a continuous chargeability
anomaly approximately 1,500 metres long.

 

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