OYU TOLGOI ANNOUNCES THIRD QUARTER RESULTS

Ulaanbaatar /MONTSAME/ Oyu Tolgoi LLC, through its parent company Turquoise Hill Resources, announced November 11 financial results for the third quarter, ending 30 September of 2014. Oyu Tolgoi LLC Chief Financial Officer Steve Duggan said, “The third quarter’s results show once again the steady progress we are making in safely optimizing production and ramping up sales from the open-pit mine.” The Third Quarter results highlight that an All Injury Frequency Rate of 0.50 per 200,000 hours worked and no fatalities for the nine months ended September 30 of 2014. It reports amounts of Net revenue of USD 466.1 million on sales of approximately 220,300 tonnes of copper-gold concentrate, by metals in concentrates: approximately 53,600 tonnes of copper for US$302.6 million, approximately 144,000 ounces of gold for US$158.5 million and approximately 323,000 ounces of silver for US$5.0 million. Also Recognised cost of sales of US$380.0 million and Royalties of US$25.4 million went to the Government of Mongolia on concentrate sales. Another highlight is that Concentrate sales increased approximately nine per cent over Second Quarter with sales exceeding production resulting in a planned inventory drawdown for the quarter. Production of 134,100 tonnes of copper-gold concentrate, containing 36,600 tonnes of copper; as Oyu Tolgoi’s open pit deepens into the high-grade zone in Fourth Quarter of 2014 and First Quarter of 2015, copper and gold head grades are expected to increase. Oyu Tolgoi is expected to produce between 135,000 – 150,000 tonnes of copper and 550,000 – 600,000 ounces of gold in concentrates for 2014, reports Oyu Tolgoi LLC.