Turquoise Hill Resources Ltd.: Oyu Tolgoi Expected to Complete
Commissioning of Ore-Processing Equipment and Begin Processing First
Ore Through the Concentrator by Year End
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/20/12 -- Turquoise
Hill Resources (TSX:TRQ)(NYSE:TRQ)(NASDAQ:TRQ) today announced that
Oyu Tolgoi is expected to complete a seven-week commissioning of the
mine's ore-processing equipment the week of December 23. 2012. With
the conclusion of the power purchase agreement on November 5, 2012,
Oyu Tolgoi began the operations commissioning process. An event
marking the milestone will be held at the mine next week, with the
Mongolian Prime Minister expected to be in attendance.
Kay Priestly, Chief Executive Officer of Turquoise Hill, said, "The
team at Oyu Tolgoi has been making impressive progress with mine
commissioning and preparing the concentrator for initial start-up. We
remain on track for the beginning of commercial production in the
first half of 2013."
Oyu Tolgoi also is expected to begin processing first ore through the
concentrator by year end, with first concentrate production to follow
within one month. The commencement of commercial production is
expected three to five months thereafter.
About Turquoise Hill Resources
Turquoise Hill Resources (TSX:TRQ)(NYSE:TRQ)(NASDAQ:TRQ), formerly
Ivanhoe Mines, is an international mining company focused on copper,
gold and coal mines in the Asia Pacific region. The company's primary
operation is its 66% interest in the Oyu Tolgoi copper-gold-silver
mine in southern Mongolia, which is expected to begin commercial
production in the first half of 2013. Other assets include a 58%
interest in Mongolian coal miner SouthGobi Resources
(TSX:SGQ)(HKSE:1878); a 57% interest in copper-gold miner Ivanhoe
Australia (ASX:IVA)(TSX:IVA); and a 50% interest in Altynalmas Gold,
a private company developing the Kyzyl Gold Project in Kazakhstan.
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Certain statements made herein, including statements relating to the
completion of commissioning of the ore-processing equipment, the
processing of first ore through the concentrator, the first
concentrate production and the anticipated achievement of commercial
production commencement milestones, other matters that are not
historical facts and statements of our beliefs, intentions and
expectations about developments, results and events which will or may
occur in the future, constitute "forward-looking information" within
the meaning of applicable Canadian securities legislation and
"forward-looking statements" within the meaning of the "safe harbour"
provisions of the United States Private Securities Litigation Reform
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regarding an outlook.
All such forward-looking information and statements are based on
certain assumptions and analyses made by issuer's management in light
of their experience and perception of historical trends, current
conditions and expected future developments, as well as other factors
management believes are appropriate in the circumstances. These
statements, however, are subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking information or statements. Important factors that
could cause actual results to differ from these forward-looking
statements include those described under the heading "Risk Factors"
included in the issuer's Annual Information Form, both filed on SEDAR
and EDGAR. These risk factors may be generally stated as the risk
that the assumptions and estimates expressed above do not occur,
including the assumption in many forward-looking information or
statements that other such information or statements will be correct.
The reader is cautioned not to place undue reliance on
forward-looking information or statements.
Turquoise Hill Resources
+1 604 648 3920
Turquoise Hill Resources
+1 604 648 3934
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