Ivanhoe Mines shares rise after new Mongolian find

SAN FRANCISCO (MarketWatch) -- Ivanhoe Mines /quotes/comstock/11t!e:ivn (CA:IVN 25.22, +1.37, +5.74%) /quotes/comstock/13*!ivn/quotes/nls/ivn (IVN 24.75, +0.30, +1.23%) shares rose 5.3% in Toronto trading Tuesday after the Canadian exploration company said it found a new mineralized zone at its $5-billion Oyu Tolgoi copper-gold project in Mongolia.

The new find, called the Heruga North deposit, suggests that the zone contains substantially more gold and copper than previously outlined, the company reported. "To intercept almost one kilometre of copper and gold mineralization in a new drill hole is a remarkable development," Executive Chairman Robert Friedland said in a statement. The project is co-developed with mining giant Rio Tinto /quotes/comstock/23s!a:rio (UK:RIO 3,753, +49.00, +1.32%) /quotes/comstock/13*!rtp/quotes/nls/rtp (RTP 59.40, -0.20, -0.34%) . Ivanhoe shares are listed at $24.60 on the Toronto Stock Exchange.



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