Kipushi Mines

The Kipushi Project, is situated in the southeast of the company's Kamoa discovery, adjacent to the town of Kipushi and approximately *0 kilometres southwest of the provincial capital of Lubumbashi. Ivanhoe Mines acquired its *8% interest in the Kipushi Project in November ***1; the balance of *2% is held by the DR Congo's state-owned mining company, Gacamines. The Kipushi copper mine is based on the high-grade, underground zinc-copper mine in the Central African Copper belt, which produced approximately *0 million tonnes of ore grading *1% zinc and 7% copper between ***4 and ***3. It also produced *2, **3 tonnes of lead and approximately **8 tonnes of germanium between ***6 and ***8. The mine has been managed on a care and maintenance basis since ***3. Historical estimates of the Big Zinc's resources between the mine's 1, ***- and 1, ***- metre levels total 4.7 million tonnes averaging *9% zinc and 0.*6% copper. Several exploration holes confirmed the continuation of the Big Zinc Deposit below the 1, ***-metre level. Kipushi's historical resource estimates above the 1, **0 - metre level total approximately *7 million tonnes averaging *6.7% zinc and 2.3% copper, including the Big Zinc historical resources.