Ivanhoe Australia Limited: Sale of Exco Limited Shares
Published : August 31, 2012
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Keywords :   Australia | Market | Report | Rhenium |

MELBOURNE, AUSTRALIA--(Marketwire - Aug. 31, 2012) -

NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Ivanhoe Australia Limited (TSX:IVA)(News - Market indicators) (Ivanhoe) announced to the ASX on 23 August 2012 the sale of some of its shares in Exco Resources Ltd (Exco) to Washington H. Soul Pattinson & Company Limited (Soul Pattinson) for a consideration of $4.61m ($0.19 per share).

In a release to the ASX on 28 August 2012, Exco made two statements regarding this sale that Ivanhoe would like to correct. Ivanhoe did engage with Exco management regarding our decision to exit our investment in Exco. We talked with a number of parties introduced by Exco management that expressed an interest in purchasing our Exco investment. The highest price offered for our investment from these parties was substantially lower than the Soul Pattinson offer. The offer from Soul Pattinson of $0.19c per share was accepted to optimise the value of the investment for our shareholders as our Exco shareholding is not considered to be core business.

Ivanhoe is not experiencing any financial difficulties and we did not complete the sale in order to secure funding for the Merlin Molybdenium & Rhenium project. Ivanhoe announced on 16 August 2012 that we are completing further metallurgical testwork on the Merlin project which we are expecting will reduce the estimated capital cost. As a result we are not currently seeking funding for this project.

We have rationalised our costs and we are preparing to ship our second concentrate parcel of approximately 10,500wmt which has already been sold and we currently have 8,000t of concentrate ready to move to port for our third shipment of between 10,000 - 11,000wmt. Our production is ahead of schedule and we will be updating the market in our next quarterly report.

This information is available on our website: www.ivanhoeaustralia.com



Ivanhoe Australia Limited
Stephen Nossal
Senior VP Corporate & Markets
+61 3 9090 8800
or
Ivanhoe Australia Limited
Karen McRae
Manager Investor Relations
+61 3 9090 8800
www.ivanhoeaustralia.com
Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Ivanhoe Australia Limited

EXPLORATION STAGE
CODE : IVA.AX
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Ivanhoe Australia is a copper and gold exploration company based in Australia.

Ivanhoe Australia develops copper, gold, molybdenum and rhenium in Australia.

Its main asset in development is MERLIN in Australia and its main exploration property is CLONCURRY/ SWAN - MT ELLIOT in Australia.

Ivanhoe Australia is listed in Australia. Its market capitalisation is AU$ 90.0 millions as of today (US$ 82.1 millions, € 60.5 millions).

Its stock quote reached its highest recent level on December 04, 2009 at AU$ 4.24, and its lowest recent point on June 07, 2013 at AU$ 0.10.

Ivanhoe Australia has 418 410 103 shares outstanding.

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Nominations of Ivanhoe Australia Limited
5/27/2013Chief Executive Officer's Address
1/15/2013Announces Company Secretary Appointment
6/28/2011Appoints Jim Askew as an Independent Non-Executive Director
Financials of Ivanhoe Australia Limited
7/29/2011Quarterly and Cash Flow Report for the Three Months Ending 3...
5/2/2011Quarterly and Cash Flow Report for the Three Months Ending 3...
5/2/2011's Quarterly and Cash Flow Report for the Three Months Endin...
Project news of Ivanhoe Australia Limited
2/24/2011(Cloncurry/ Swan - Mt Elliot)Drilling Continues to Intersect High-Grade Copper and Gold M...
12/8/2008High-Grade Molybdenum and Rhenium Discovery Confirmed by Iva...
Corporate news of Ivanhoe Australia Limited
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10/17/2013Inova Resources Limited: Shanxi Donghui Receives Chinese NDR...
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9/27/2013Inova Releases Target's Statement
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7/9/2013Market Update on Inova Resources' Exploration and Drilling P...
6/17/2013Name Changed to Inova Resources Limited
5/22/2013Proposed Company Name Change to Inova Resources Limited
4/23/2013Appoints Highly Experienced Geologist, Mark McGeough, as Gen...
4/11/2013Response to Media Article
3/19/2013Production Successfully Commenced at Starra 276 Underground ...
2/11/2013Revised Share Trading Policy
1/29/2013Pro-Rata Entitlement Issue Shortfall Placement
1/7/2013CORRECTION FROM SOURCE: Ivanhoe Australia Announces New Mana...
10/31/2012Quarterly Report for the Three Months Ending 30 September 20...
9/19/2012Upgrade to Mineral Resource; Over 60% Increase in Contained ...
8/31/2012Sale of Exco Limited Shares
8/23/2012Sale of Exco Resources Limited Shares
8/16/2012Strategic & Business Review Complete
7/30/2012Secures US$50 Million Working Capital Facility
6/26/2012First Phase of Strategic and Business Review
6/15/2012First Shipment of Concentrate From the Osborne Copper-Gold P...
6/8/2012Change of CEO
4/30/2012Significant Drilling Results at Ivanhoe Australia's Kulthor ...
4/12/2012Announces Board Changes
3/8/2012Achieves Producer Status
1/31/2012Accesses Very High Grade Little Wizard Molybdenum & Rhenium ...
1/19/2012Significant High-Grade Copper-Gold Intercepts in Resource De...
1/12/2012Receives $30.1 Million Distribution From Exco Resources' Ass...
10/28/2011Osborne Copper Gold Project on Track to Advance Ivanhoe Aust...
10/13/2011Completes Acquisition of 80% Interest in Exco Joint Venture ...
10/5/2011Foreign Investment Review Board Approval for Ivanhoe Mines t...
9/16/2011to Raise Up to A$150 Million Net Proceeds
4/20/2011Clarifies its Position on Exco Resources Limited's Market Re...
10/30/2009Quarterly Report to 30 September 2009
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