major copper gold project acquired in mongolia, page-55

according to the link, Tolgoi Copper Gold Deposit is average 0.93% copper grade and estimated 45 cents/lb cash costs

very low operating costs

http://finance.yahoo.com/news/Ivanhoe-Mines-Releases-New-iw-1964119279.html?x=0&.v=1

* Cash costs include all project general and administrative costs (G&A), all mine-site costs (including
expensing of the pre-stripping costs of Hugo South Deposit), all treatment and refining charges and
penalties, all concentrate transportation costs and all royalty, lease and property imposts.

http://www.ivanhoemines.com/i/pdf/IVN-Feb022004.pdf