Mongolian Resource Play

[Ed Monton]

VANCOUVER, July 9 /CNW/ - Peter Meredith, Chief Financial Officer,
Ivanhoe Mines, confirmed comments by Barrick Gold Corp. that discussions were
terminated today for a potential joint development of the Oyu Tolgoi project
in Mongolia.

In a communication earlier today between senior Barrick and Ivanhoe
management, Barrick indicated its principal concern, as a gold company, was
the copper weighting of the project as opposed to a view of the technical
merits of the project.

Ivanhoe remains in ongoing discussions with numerous major international
mining companies as well as Japan-, Korea-, and China-based mining and
smelting organizations for the development of Oyu Tolgoi.

Forward-Looking Statements: Statements in this release that are
forward-looking statements are subject to various risks and uncertainties
concerning the specific factors disclosed under the heading "Risk Factors" and
elsewhere in the corporation's periodic filings with Canadian and Australian
securities regulators. Such information contained herein represents
management's best judgment as of the date hereof based on information
currently available. The company does not assume the obligation to update any
forward-looking statement.

/For further information: Investors: Bill Trenaman: [phone];
Media: Bob Williamson: [phone];
To request a free copy of this organization's annual report, please go to
http://www.newswire.ca and click on reports(at)cnw./

Copyright 2002 The Globe and Mail