Mongolian Resource Play

[Tackler]

Globe/Reuters say Oyu boy! Ivanhoe excites investors

2004-11-19 07:37 ET - In the News

The Globe and Mail reports in its Friday, Nov. 19, edition that Ivanhoe Mines climbed to an intraday high of $9.05 before settling back to finish ahead 21 cents at $8.66 in Toronto Thursday as the market lapped up a batch of strong new drilling results from the miner's Mongolian copper and gold project that included the highest grade intersection found on the property. A Reuters dispatch to The Globe reports that the data also showed a high-grade mineralized area in the north of its Oyu Tolgoi discovery extended for 300 metres beyond its previous northern limit. "It looks very encouraging," said an anonymous analyst. It "should improve the overall economics of the project," said the unnamed analyst. Ivanhoe calls Oyu Tolgoi one of the world's biggest undeveloped copper and gold deposits. The results reflect early stage drilling and more work is required before a mineral resource can be defined. First Associates analyst Tom Meyer said the potential additional tonnage as a result of the new drilling did not change his company's valuation because of the already long life of the project. Mr. Meyer targets the stock at $8 in one year and has a "hold" recommendation.