Ivanhoe, BHP have new discovery in Mongolia

Ivanhoe Mines (IVN.TO) said on Monday it discovered a new shallow copper, molybdenum and gold zone located about 10 kilometers north of its huge Oyu Tolgoi copper-gold project in Mongolia.

The new discovery known as Ulaan Khud North is within an exploration area that is a part of Ivanhoe's joint-venture with giant Anglo-Australian mining company BHP Billiton(BHP.AX)(BLT.L).

Ivanhoe, which is run by well known mining financier Robert Friedland, said it believes the near-surface discovery at Ulaan Khud North may be part of a much larger deposit.