Ivanhoe Australia has first shipment of concentrate from the Osborne Project

Ivanhoe Austmaquinaria de trituracion de hierroralia, is pleased to announce the first shipment of copper-gold concentrate from the Osborne Copper-Gold Project in north-western Queensland. The 10,600 wet metric tonne shipment of concentrate has been loaded and is expected to leave Townsville on 15 June 2012.

The shipment of concentrate to an Asian smelter contains copper valued at approximately A$15 million and gold valued at approximately A$5 million.

The first shipment follows the pouring of the first bar of gold dore at Osborne. This gold dore bar weighs approximately 9 kilograms.

Ivanhoe Australia CEO Ines Scotland said the commencement of cashflow from Osborne is an important development for the company.

"The sale of our first copper, gold and silver concentrate from Osborne is great news. It's a clean concentrate with no penalty elements and we are achieving better than a 95% copper recovery through the mill." We are planning another three similar shipments this year followed by full production next year.