Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF) Executive Chairman Robert Friedland, Chief Executive Officer Lars-Eric Johansson and Ivanplats’ Managing Director Dr. Patricia Makhesha announced today that Shaft 1 has reached a depth of 500 metres below surface, more than half way to the planned final depth of 980 metres, at the company’s Platreef platinum, palladium, rhodium, gold, nickel and copper mine.
The 7.25-metre-diameter Shaft 1, which is expected to reach the Flatreef mineralization at a depth of approximately 783 metres in the third quarter of next year, will be used for initial access to the Flatreef Deposit and early underground development. The first shaft station, completed in September at a depth of 450 metres, will be used as an intermediate location for water pumping and shaft-cable termination.
Company Executive Chairman Robert Friedland said:
“As shaft sinking advances, an additional three shaft stations will be developed at mine working depths of 750 metres, 850 metres and 950 metres. “Our focus is to keep advancing the Platreef Project along its critical path.
Our continued development of shafts 1 and 2 will provide access to the Flatreef Deposit and help to ensure that the project is able to meet the scheduled, first phase start-up of the underground mine and concentrator by 2022.”