Turquoise Hill Completes Divestment of Inova Resources

Turquoise Hill Completes Divestment of Inova Resources 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/01/13 -- Turquoise
Hill Resources (NYSE:TRQ)(NASDAQ:TRQ)(TSX:TRQ) today announced that
it has completed the divestment of the entirety of its interest in
Inova Resources Limited ("Inova") to Shanxi Donghui Coal Coking &
Chemicals Group Co., Ltd ("Shanxi") for approximately AUD$90 million
(approximately US$85 million). 
On August 21, 2013, Turquoise Hill announced that it had entered into
a pre-bid acceptance deed with Shanxi in respect of 108,502,084
ordinary shares representing approximately 14.9% of the issued and
outstanding ordinary shares in Inova and noted Shanxi's intention to
make a takeover bid for all of the issued shares in Inova at AUD$0.22
cash per share (the "Takeover Offer"). The Takeover Offer was subject
to a number of conditions, including regulatory approvals and a 51%
minimum acceptance condition. 
On October 29, 2013, Shanxi announced that all outstanding regulatory
approvals in respect of the Takeover Offer had been obtained and that
it had waived all remaining conditions other than the 51% minimum
acceptance condition. In accordance with the pre-bid acceptance deed
and given that a superior proposal to the Takeover Offer has not
emerged, Turquoise Hill has accepted the Takeover Offer in respect of
all 409,488,666 ordinary shares representing approximately 56.1% of
the issued and outstanding ordinary shares in Inova. As the 51%
minimum acceptance condition has now been satisfied, the Takeover
Offer is no longer conditional. 
The Takeover Offer will remain open until 7:00 pm, Australian Eastern
Standard Time, on November 14, 2013, unless further extended by
Rio Tinto plc indirectly owns approximately a 51% interest in
Turquoise Hill. 
About Turquoise Hill Resources  
Turquoise Hill Resources (NYSE:TRQ)(NASDAQ:TRQ)(TSX:TRQ) 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. Other assets include a 58% interest in Mongolian coal miner
SouthGobi Resources (TSX:SGQ)(HKSE:1878) and a 50% interest in
Altynalmas Gold, a private company developing the Kyzyl Gold Project
in Kazakhstan, which is in the process of being sold. 
Follow us on Twitter @TurquoiseHillRe 
Forward-looking statements  
Certain statements made herein, including statements relating to
matters that are not historical facts and statements of Turquoise
Hill's 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 harbor" provisions of the United
States Private Securities Litigation Reform Act of 1995.
Forward-looking information and statements relate to future events or
future performance, reflect current expectations or beliefs regarding
future events and are typically identified by words such as
"anticipate", "could", "should", "expect", "seek", "may", "intend",
"likely", "plan", "estimate", "will", "believe" and similar
expressions suggesting future outcomes or statements regarding an
Forward-looking statements and information are made based upon
certain assumptions and other important factors that, if untrue,
could cause the actual results, performances or achievements of
Turquoise Hill to be materially different from future results,
performances or achievements expressed or implied by such statements
or information. Such statements and information are based on numerous
assumptions regarding present and future business strategies and
goals and the environment in which Turquoise Hill will operate in the
future, including the price of copper and gold, anticipated capital
and operating costs, the ability to complete the disposition of
certain of its non-core assets, such as Turquoise Hill's 50% interest
in Altynalmas Gold Ltd., the ability and timing to complete project
financing, and the evolution of discussions between Turquoise Hill
and Rio Tinto with the Government of Mongolia on a range of issues
relating to the implementation of the Investment Agreement, project
development costs, operating budgets, management fees and governance.
Certain important factors that could cause actual results,
performances or achievements to differ materially from those in the
forward-looking statements and information include, among others,
copper and gold price volatility, discrepancies between actual and
estimated production, mineral reserves and resources and
metallurgical recoveries, mining operational and development risks,
legal and political risks in Mongolia, regulatory restrictions
(including environmental regulatory restrictions and liability),
actions by governmental authorities, litigation risks, currency
fluctuations, the speculative nature of gold exploration, the global
economic climate, dilution, share price volatility, competition, loss
of key employees, additional funding requirements, capital and
operating costs for the construction and operation of the Oyu Tolgoi
mine and defective title to mineral claims or property. Although
Turquoise Hill has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in forward-looking statements and information, there
may be other factors that cause actions, events or results not to be
as anticipated, estimated or intended.  
With respect to specific forward-looking information and statements
concerning the construction, development and prospects of the Oyu
Tolgoi mine, Turquoise Hill has based its assumptions and analyses on
certain factors which are inherently uncertain. Uncertainties and
assumptions include, among others: the timing and cost of the
construction of mining and processing facilities; the impact of
changes in interpretation of, or changes in enforcement of, laws,
regulations and government practices in Mongolia; the availability
and cost of skilled labour and transportation; the availability and
cost of appropriate smelting and refining arrangements; the obtaining
of necessary environmental and other government permits, and the
timing of those permits; the availability of funding on reasonable
terms; the timing and availability of a coal-fired power plant for
Oyu Tolgoi mine; projected copper and gold prices and demand;
anticipated yearly production of copper and gold at the Oyu Tolgoi
mine; and the development and concentrator nameplate capacity of the
project's second phase of development expansion and associated costs. 
All such forward-looking information and statements are based on
certain assumptions and analyses made by Turquoise Hill'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 "Risks and
Uncertainties" Turquoise Hill's Annual Information Form and MD&A
filed on SEDAR and EDGAR. The reader is cautioned not to place undue
reliance on forward-looking information or statements. 
The MD&A also contains references to estimates of mineral reserves
and mineral resources. The estimation of reserves and resources is
inherently uncertain and involves subjective judgments about many
relevant factors. The accuracy of any such estimates is a function of
the quantity and quality of available data, and of the assumptions
made and judgments used in engineering and geological interpretation,
which may prove to be unreliable. There can be no assurance that
these estimates will be accurate or that such mineral reserves and
mineral resources can be mined or processed profitably. Mineral
resources that are not mineral reserves do not have demonstrated
economic viability. See the discussion under the headings "Language
Regarding Reserves and Resources" and "Note to United States
Investors Concerning Estimates of Measured, Indicated and Inferred
Resources" in the Company's MD&A filed on SEDAR and EDGAR. Except as
required by law, Turquoise Hill does not assume the obligation to
revise or update these forward-looking statements and forward-looking
information after the date of this document or to revise them to
reflect the occurrence of future unanticipated events.
Turquoise Hill Resources Ltd. - Investors
Jessica Largent
Office: +1 604 648 3957
Turquoise Hill Resources Ltd. - Media
Tony Shaffer
Office: +1 604 648 3934
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