News Releases

Ivanhoe Mines Acquires 2.5 million units of Pacific Minerals Inc.

December 17, 2003

VANCOUVER, B.C. – This press release is issued pursuant to Section 111 of the Securities Act (British Columbia), Section 141 of the Securities Act (Alberta), Section 101 of the Securities Act (Ontario) and Section 147.11 of the Securities Act (Quebec) with respect to common shares of Pacific Minerals Inc. (the “Issuer”). 

Ivanhoe Mines Ltd. (“Ivanhoe”) has acquired 2.5 million units of Pacific Minerals Inc. at a price of $1.75 per unit, for net proceeds to Pacific Minerals of $4.375 million. Each unit consists of one common share and one common share purchase warrant. Each warrant is exercisable for one common share at a price of $2.20 per common share for a period of two years. The securities are subject to a four-month hold period until April 13, 2004.

Ivanhoe acquired the securities pursuant to a private placement in connection with a letter agreement between Ivanhoe and Pacific Minerals dated October 23, 2003 with respect to the proposed reorganization of certain project participation agreements between the two parties. With the purchase, Ivanhoe Mines owns approximately 39% of Pacific Minerals’ issued and outstanding shares, and approximately 45% on a fully-diluted basis.

Ivanhoe acquired these securities for investment purposes. Depending on economic or market conditions or matters relating to the Issuer, Ivanhoe may choose to either acquire additional securities or dispose of securities of the Issuer.

DATED December 17, 2003.


Per: Beverly A. Bartlett

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