MELBOURNE, AUSTRALIA--(Marketwire - June 14, 2012) - Ivanhoe Australia Limited (TSX:IVA)(News - Market indicators), is pleased to announce the first shipment of copper-gold concentrate from the Osborne Copper-Gold Project in north-western Queensland. The 10,600 wet metric tonne shipment of concentrate has been loaded and is expected to leave Townsville on 15 June 2012.
The shipment of concentrate to an Asian smelter contains copper valued at approximately A$15 million and gold valued at approximately A$5 million.
The first shipment follows the pouring of the first bar of gold doré at Osborne (see Figure 1). This gold doré bar weighs approximately 9 kilograms.
Ivanhoe Australia CEO Inés Scotland said the commencement of cashflow from Osborne is an important development for the company.
"The sale of our first copper, gold and silver concentrate from Osborne is great news. It's a clean concentrate with no penalty elements and we are achieving better than a 95% copper recovery through the mill." We are planning another three similar shipments this year followed by full production next year.
Ivanhoe Mines (TSX:IVN)(NYSE:IVN)(NASDAQ:IVN) is Ivanhoe Australia's largest shareholder.
To view accompanying Figure 1, visit the following link: http://media3.marketwire.com/docs/IVA614figure1.jpg
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", "potential", "likely" and similar expressions suggesting future outcomes or statements regarding an outlook. These include but are not limited to the company's expectations about the future production and cashflow from the Osborne facility, 2012 and 2013 Osborne mill throughput.
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.