Wednesday, September 7, 2016

Ivanhoe Mines Ltd. - IVN.t

Ivanhoe Mines Ltd. - IVN.t formerly Ivanplats Limited, is a mineral exploration and development company with properties located in Africa.

The principal projects are; the Kamoa copper discovery in the DRC, the Platreef discovery on the Bushveld Complex in South Africa, and the Kipushi zinc, copper and germanium project, also in the DRC.

On July 14, 2016 the company released News

Robert Friedland, Executive Chairman of Ivanhoe Mines (TSX: IVN), and Lars-Eric Johansson, Chief Executive Officer, announced today that permanent sinking work has begun on Shaft 1 at the Platreef platinum-group metals, nickel, copper and gold mine in South Africa. Shaft 1, which will have an internal diameter of 7.25 metres, will provide initial access for early underground development at the Flatreef Deposit and will be utilized to fast-track production during the first phase of the project.

Following the successful commissioning and licensing of the required equipment, the permanent sinking phase started at a planned, initial rate of 1.8 metres per day. This is planned to double the current depth of Shaft 1 from 54 metres to 107 metres below surface – the point at which the main sinking phase will begin. Ivanhoe expects that the subsequent main sinking phase will advance at an average rate of 2.7 metres a day until it reaches the planned, final depth at 1,025 metres below surface in 2018.

“This is an important milestone in the building of a major, new underground mine at Platreef and we are extremely proud of our employees and contractors for the safe and efficient job they have done in transitioning Shaft 1 from the pre-sinking phase to the permanent-sinking phase,” said Mr. Friedland. Platreef’s Shaft 1 officially licensed for permanent sinking operations.