Name and Location
Kipushi mine rehabilitation and redevelopment project, Katanya, Democratic Republic of Congo.

Client
Kipushi Corporation, in which Ivanplats acquired a 68% share in 2011.

Project Description
In the Kipushi mine’s 70 years of operation, 60-million tonnes of materials were extracted at a grade of 6.78% copper and 11.03% zinc. In addition, 400 000 t of lead, 45 000 t of cadmium and 120 t of germanium were extracted through the existing processing plant.

Ivanplats is dewatering the Kipushi mine to access the original workings, known as the Fault Ore. An additional deposit has been identified at a level below the original workings.

Value
The value of the project is still to be determined.

Duration
The timeframe for the project is still to be determined.

Latest Developments
Ivanhoe's planned 2014 drilling programme is scheduled to complete about 100 holes totalling more than 20 000 m.

Among the programme's objectives is to conduct confirmatory drilling to validate the historical resources within Kipushi's Big Zinc and Fault zones and qualify them as current resources in conformance with standards established by the Canadian Institute of Mining, Metallurgy and Petroleum (CIM).

The Big Zinc, an extremely high-grade zinc deposit, adjacent to the Fault zone, was discovered shortly before the mine ceased production in 1993 and has never been mined. From its top at about the 1 200 m level, the Big Zinc deposit extends downward to at least the 1 640 m level.

Ivanhoe's planned 2014 drilling programme is also designed to:
• Conduct extension drilling to test and upgrade the deeper portions of the Big Zinc and Fault zones, below the 1 500 m level, that previously were classified as inferred resources.
• Conduct exploration drilling to test areas that have not been previously evaluated, such as the deeper portions of the Fault zone and extensions to the high-grade copper mineralisation of the mine's northern deposit.
• Obtain large-diameter drill core from the Big Zinc for confirmatory metallurgy testwork.

New, underground drill holes may also provide a platform for geophysical exploration of Kipushi's deep mineral potential, leveraging the Ivanhoe group's proprietary in-house expertise. Kipushi has never been evaluated using modern geophysical techniques.

Most of the underground infrastructure is already in place to support the drilling programme. The majority of the drilling will be conducted from sites on the hanging-wall development drift at the 1 270 m level and from the footwall ramp below the 1 150 m level. Initial drilling will start on the 1 215 m level until access is available on the 1 270 m level. A 280 m step-back extension of the drift will also be driven to allow the drill crews to test the down-dip extensions of the Big Zinc and Fault zones.

Independent consultant South Africa’s MSA Group has been appointed to prepare a current estimate of the Big Zinc resources to CIM standards, following completion of the confirmation drilling programme.

Key Contracts and Suppliers
MDM (scoping study).

On Budget and on Time?
Not stated.

Contact Details for Project Information
Ivanplats investor relations, Bill Trenaman, tel +1 604 688 6630 or email billtr@ivancorp.net.
MDM, tel +27 11 993 4300.
MSA Group, tel +27 11 880 4209, fax +27 11 880 2184 or email info@msagroupservices.com.