special dividend 28c + cap return 10c, page-29

Shaw Stockbroking have put out a report in the last couple of hours valuing the business @ 83 cents pre dividend.

Interesting points noted:

- they see that the reappointment of Peter Reeve (ivanhoe) as a director as a "long term positive" as it indicates Ivanhoe's wish for continual involvement.

- expect another $10 - $15m from White Dam (current resource)

- "our meetings with polymetals suggest continued exploration success at White Dam but with more copper as an associated mineral. This may inhibit recoveries and profitability"

- valuation of cloncurry resource post upgrade @ $35m. They comment that this conservative.