Ivanhoe Energy Inc.

Ivanhoe Energy Inc. is listed on NASDAQ (IVAN). We are an international energy company engaged in the exploration for and production of oil and gas, enhanced oil recovery and natural gas projects and the application of heavy-to-light (HTL) oil upgrading and gas-to-liquids (GTL) technologies. Our core operations are in the United States and China, with business development opportunities worldwide. We were incorporated pursuant to the laws of the Yukon, Canada, on February 21, 1995 under the name 888 China Holdings Limited. On June 3, 1996, we changed our name to Black Sea Energy Ltd., and on June 24, 1999, we changed our name to Ivanhoe Energy Inc. Our authorized capital consists of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. Our principal executive office is located at Suite 654 - 999 Canada Place, Vancouver, British Columbia, V6C 3E1, and our registered and records office is located at 300-204 Black Street, Whitehorse, Yukon, Y1A 2M9.

Ivanhoe Mines Ltd

Ivanhoe Mines Ltd is listed on NYSE (IVN). GENERAL DEVELOPMENT OF THE BUSINESS Overview IVN is an international mineral exploration and development company. The IVN Group's principal mineral resource properties are the Oyu Tolgoi gold and copper project and the Nariin Sukhait coal project, both located in Mongolia. The IVN Group also holds interests in several other mineral resource projects, mostly in Asia, and holds significant equity interests in several junior, publicly-listed mineral exploration and development companies. Three Year History 2003 In February 2003, AMEC completed an updated independent resource estimate for the Oyu Tolgoi Project based on extensive additional drilling carried out after March 2002. The updated estimate covered the four principal exploration zones of the Oyu Tolgoi Project, known as Southwest Oyu, Central Oyu, South Oyu and Far North Oyu (later renamed Hugo Dummett). AMEC estimated inferred mineral resources of approximately 1.60 billion tonnes, grading 0.63% copper and 0.

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