News Releases

ROBERT FRIEDLAND APPOINTED PRESIDENT OF IVANHOE MINES

February 28, 2003

SINGAPORE — Ivanhoe Mines’ Deputy Chairman Edward Flood announced today that Robert Friedland has been appointed President of Ivanhoe Mines effective March 1st. He succeeds Daniel Kunz who has been appointed President and a director of Pacific Minerals Inc. Mr. Friedland, who founded Ivanhoe Mines in 1994, will continue to serve as Chairman of the Board of Directors.

Pacific Minerals is developing and exploring precious and base-metal (platinum, palladium, gold, nickel, and copper) properties in China. Ivanhoe owns 37.3% of the issued and outstanding shares of Pacific Minerals, and 42.1% on a fully-diluted basis. Ivanhoe also has the option to acquire up to 80% of Pacific’s interests in all of Pacific’s current and future mineral projects in China, including the 217 Gold Project in Inner Mongolia and the JBS platinum-palladium-nickel project in Yunnan. In December, 2002, Ivanhoe and Pacific entered into three joint ventures to explore and develop high-grade copper and silver prospects in Yunnan and Guizhou, and to explore and develop gold prospects (the Dandong Gold Project) in Liaoning.

“Dan has made a valuable contribution to Ivanhoe during the past five years as we expanded our activities in Asia and assembled an experienced management team to advance our high-profile gold and copper discovery in Mongolia,” Mr. Flood said. “Given Ivanhoe’s partnership with Pacific Minerals on promising projects in China, Ivanhoe’s shareholders will continue to benefit from his expertise”.

With a view to devoting his full energy and attention to his new duties as the President of Pacific Minerals, Mr. Kunz will step down as President and director of Ivanhoe effective March 1st.

Ivanhoe holds a 100% interest in the Turquoise Hill gold and copper project in Mongolia and has exploration rights covering approximately 90,000 square kilometres in central and southern Mongolia. The company produces LME Grade A copper from its Monywa joint venture in Myanmar and iron ore products from ABM Mining’s Savage River mine in Australia.
Ivanhoe shares are listed on the Toronto and Australian stock exchanges under the symbol IVN.

Information contacts in North America:
Investors: Michael Hitch, P. Geo.: +1.416.888.9089 / Bill Trenaman: +1.604.688.5755
Media: Bob Williamson: +1.604.688.5755

Forward-Looking Statements: Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading “Risk Factors” and elsewhere in the corporation’s periodic filings with Canadian and Australian securities regulators. Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The company does not assume 

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