South Korean company acquires copper deposit in Mongolia

Freegood Acquires $24 Million Copper Mine from Mongolia
Seoul (Korea Newswire) September 22, 2009 11:33 AM -- A South Korean venture company has acquired a cooper mine worth 30 trillion won (roughly $24.82 million) with an estimated reserve of 5 million tons in Mongolia. Freegood Inc. which specializes in development of natural resources announced on September 2 that, the company has acquired a copper mine located in Undur Naran from Ivanhoe Mines Mongolia Inc., a Canadian mine developer Ivanhoe Mines Ltd.(TSX:IVN, NYSE:IVN)'s subsidiary company in Mongolia. Undur Naran is located about 450 kilometers from Southeast of Mongolia’s capital city Ulaan Bator. Freegood will be developing a mine that spans 332㎢ which is equivalent to about half the size of Seoul City in Korea. Ivanhoe Mines acquired the mine in 2004 after confirming reserves of copper, gold and molybdenum through a variety of methods including satellite search, aero magnetic and ground magnetic.
Professor Lee In-seong of the School of Earth and Environmental Studies at the Seoul National University who analyzed the Ivanhoe Mines’ report on the mine with the request from Freegood said, “Given a copper grade of the 0.3-0.5 percent range in stone samples excavated from the region, the total cooper reserve is estimated to be some 58 million tons.” “The company has taken over the mine independently without forming a consortium. The company cannot disclose the actual acquisition price.” said CEO Oh Suk-min of Freegood. “Since the company calculate the size of the reserve for development purpose at 10 percent of the estimated reserve, the company’s conservative estimation of the reserve is some 5 million ton. Given the current copper price is around $6,000, the value of the mine nears a minimum of 30 trillion won,” said Oh. “The region is blessed with a good environment to develop resources, and also has plenty in social overhead capital. Extra research and actual excavation in 2010 are to be determined within this year,” Oh added. About Freegood Inc. Freegood Inc. is ore development company in south korea. Freegood Inc. beginning with management consulting in 2007 to overseas ore development business in 2009. The company has acquired a copper mine located in Undur Naran from Ivanhoe Mines Ltd.(IMMI : Ivanhoe Mines Mongolia Inc.). and now developing copper and gold mines in the Undur Naran area, Mongolia, and will expand the areas in the future into various overseas resources development businesses to become a leader in the area of overseas resources development. For more information, please visit www.freegoods.co.kr or email us at pr@freegoods.co.kr About Ivanhoe Mines Ltd. Ivanhoe Mines is an international mining company with operations focused in the Asia Pacific region. Ivanhoe‘s core assets are its world-scale Oyu Tolgoi copper and gold mine development project in southern Mongolia, its large shareholdings in Mongolian coal miner SouthGobi Energy Resources (SGQ:TSXv) and in Ivanhoe Australia (IVA:ASX), an Australian copper-gold-uranium exploration and development company. Ivanhoe Mines’ shares are listed on the Toronto, New York and NASDAQ stock exchanges under the symbol IVN. For more information on Ivanhoe Mines, please call Ivanhoe's Investor Relations at +1.604.688.5755 or email us at info@ivanhoemines.com. News Source: Freegood Inc.
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