SMEDG – Notice of Meeting

DATE: Thursday 27th November 2003 – 5.30pm for 6pm

VENUE: The Rugby Club – Rugby Place – Sydney

SPEAKER: Doug Kirwan

TOPIC: “The Turquoise Hill (Oyu Tolgoi) Project, south Gobi Desert, Mongolia”

The Turquoise Hill (Oyu Tolgoi) project is located in the south Gobi desert of Mongolia, approximately 650 km south of the capital city of Ulaan Baatar.

In 1996 a team of BHP geologists inspected known copper occurrences in the area and identified porphyry-related quartz stockwork veining in leached outcrops at central Oyu. Subsequently BHP conducted a three year exploration program including 23 widely spaced diamond holes. Ivanhoe Mines acquired an option to purchase the property in 1999 and since that time has carried out extensive reverse circulation and diamond drilling which has resulted in the discovery of a major gold-rich porphyry copper deposit at southwest Oyu.

The most recent resource estimates are 356 mt @ 0.95% CuEq (0.48% Cu & 0.73g/t Au), Indicated and 1317 mt @ 0.98% CuEq (0.86% Cu & 0.19 g/t Au), Inferred. Another 860 mt of 1.08% CuEq (1.01% Cu & 0.1 g/t Au), Inferred has been estimated for Far North Oyu (Source Data). CuEq is calculated on the basis of US$0.80/lb Cu and US$350/oz Au.

Turquoise Hill on the Ivanhoe Mines web site

Future Friday December 19th Harbour Cruise meetings:

Web page: Check the SMEDG web page for more details http://smedg.org.au

Organising Committee:

Steve Collins 9489 6836

Vicki Diemar 9488 7573

Lindsay Gilligan 9901 8301

Phil Hellman 9858 3863

Kim Stanton-Cook 0411 504512

Chris Torrey 9482 8833