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CORRECTED - Ivanhoe Nickel Makes Major DRC, S.Africa Copper Discoveries

Zambia 2011 Copper Output Seen at 850,000 Tonnes

Feb 9 (Reuters) - Ivanhoe Nickel &amp; Platinum has made major &quot;Tier 1&quot; copper discoveries in the Democratic Republic of Congo and South Africa, Chief Executive Robert Friedland said on Wednesday.
The Congo discovery was the first such copper find in the central African country since 1906, Friedland told a mining conference in Cape Town. &quot;Tier 1&quot; indicates a very large deposit of high-grade copper ore.
&quot;We found it from our grassroots effort. It's quite an unusual beast. It has no cobalt, for example,&quot; he said. &quot;It's only copper, contaminated with a little bit of silver.&quot;
Friedland said further details of both discoveries would be announced soon.
Privately held Ivanhoe Nickel &amp; Platinum is in part owned by Ivanhoe Mines (IVN.TO), which is developing the massive Oyu Tolgoi copper-gold project in Mongolia. Friedland, a well known mining financier, is chairman of both companies; he also has an ownership interest in both companies. 
 
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