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Mongolian Government Establishes a Working Group to Address Investment Agreement for Ivanhoe Oyu Tolgoi Copper and Gold Project

Mongolian Government Establishes a Working Group to Address Investment Agreement for Ivanhoe Oyu Tolgoi Copper and Gold Project

ULAANBAATAR, MONGOLIA -- (MARKET WIRE) -- 09/06/06 -- John Macken, President and CEO of Ivanhoe Mines (TSX: IVN)(NYSE: IVN)(NASDAQ: IVN), announced today that the Mongolian Government has established a working group to work with Ivanhoe on a formal, 30-year Investment Agreement that will confirm a tax, fiscal and legal framework for the development of the Oyu Tolgoi copper-gold mine in Mongolia's South Gobi region.

Discussions between Ivanhoe and the working group are anticipated to commence shortly. Once a draft Investment Agreement has been prepared by the working group, it will be submitted to those Ministers who are authorized to approve such an agreement under the recently revised Minerals Law.

The State Secretary of the Ministry of Finance will chair the 10-member working group. The members of the group consist of representatives from designated Mongolian Government ministries, including the Ministry of Finance, the Ministry of Industry and Trade, the Ministry of Nature and Environment and Ministry of Justice and Home Affairs.

"The recent changes to the Taxation and Minerals laws have paved the way for resuming discussions on the Investment Agreement. The establishment of the working group is a key step forward in the process of achieving a comprehensive Investment Agreement for Oyu Tolgoi that will demonstrate the long-term benefits to be achieved for all Mongolians from the socially and environmentally responsible development of the country's mineral resources," said Mr. Macken.

Ivanhoe's shares are listed on the New York, NASDAQ and Toronto stock exchanges under the symbol IVN.

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning the Investment Agreement for Oyu Tolgoi and other statements that are not historical facts. When used in this document, the words such as "could", "plan", "estimate", "expect", "intend", "may", "potential", "should", and similar expressions are forward-looking statements. Although Ivanhoe Mines believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed under the heading "Risk Factors" and elsewhere in the corporation's periodic filings with Canadian and US securities regulators.

Ivanhoe Mines Ltd.
Bill Trenaman
(604) 688-5755

Ivanhoe Mines Ltd.
Bob Williamson
(604) 688-5755

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