Turquoise Hill Resources Ltd (TRQ) Announces Q3 Production

Turquoise Hill Resources (NYSE: TRQ) today announced third quarter 2017 production for Oyu Tolgoi.

Jeff Tygesen, Chief Executive Officer of Turquoise Hill, said, "During the third quarter, Oyu Tolgoi set three operational records for total material mined, ore treated and average daily concentrator throughput. We are extremely proud of what the nearly all-Mongolian operations team achieved for the quarter. Copper production for the quarter was in-line with second quarter while gold production increased almost 30%."

In Q3'17, material mined increased 9.0% over Q2'17 and ore treated increased 10.1% over Q2'17. During Q2'17, the concentrator underwent a scheduled maintenance shutdown. Average daily concentrator throughput for Q3'17 of 115,400 tonnes increased 8.9% over Q2'17. Copper production in Q3'17 was essentially flat compared to Q2'17 while Q3'17 gold production increased 29.2% over Q2'17 due to higher head grades from the medium-grade stockpile and Phase 4A. Higher gold grades during Q3'17 resulted in a 26.1% increase in gold sales compared to Q2'17.

Oyu Tolgoi is expected to produce 130,000 to 160,000 tonnes of copper and 100,000 to 140,000 ounces of gold in concentrates for 2017. Open-pit operations are expected to mine in Phases 4 and 6 during the year. In addition, stockpiled ore will continue to be processed during 2017.

                                                                            

Oyu Tolgoi Production Data                                                  

All data represents full production and sales on a 100% basis               

                                                                            

                                                             9      9   Full

                         3Q     4Q     1Q     2Q     3Q months months   Year

                       2016   2016   2017   2017   2017   2016   2017   2016

----------------------------------------------------------------------------

                                                                            

Open pit material                                                           

 mined ('000 tonnes) 25,739 25,615 24,333 25,193 27,466 71,322 76,992 96,938

Ore treated ('000                                                           

 tonnes)              9,146  9,819 10,087  9,637 10,615 28,333 30,339 38,152

Average mill head                                                           

 grades:                                                                    

  Copper (%)           0.66   0.61   0.51   0.51   0.48   0.67   0.50   0.65

  Gold (g/t)           0.21   0.25   0.15   0.16   0.18   0.39   0.16   0.36

  Silver (g/t)         1.99   1.50   1.30   1.38   1.34   1.95   1.34   1.83

Concentrates                                                                

 produced ('000                                                             

 tonnes)              203.2  206.7  176.0  171.0  170.0  639.8  517.0  846.6

  Average                                                                   

   concentrate grade                                                        

   (% Cu)              22.9   22.0   21.6   21.8   21.7   24.4   21.7   23.8

Production of metals                                                        

 in concentrates:                                                           

  Copper ('000                                                              

   tonnes)             46.6   45.5   38.1   37.2   36.9  155.9  112.1  201.3

  Gold ('000 ounces)     37     49     25     24     31    251     80    300

  Silver ('000                                                              

   ounces)              361    273    215    236    239  1,147    689  1,420

Concentrate sold                                                            

 ('000 tonnes)        206.2  182.0  190.2  182.0  176.6  646.6  548.8  828.6

Sales of metals in                                                          

 concentrates:                                                              

  Copper ('000                                                              

   tonnes)             45.7   37.6   39.5   37.3   36.9  151.3  113.6  188.9

  Gold ('000 ounces)     38     39     32     23     29    307     84    347

  Silver ('000                                                              

   ounces)              341    239    205    222    229  1,041    656  1,280

Metal recovery (%)                                                          

  Copper               78.0   76.6   74.9   74.6   73.5   82.4   74.3   81.0

  Gold                 62.0   63.4   48.8   47.7   51.2   69.7   49.4   68.5

  Silver               61.7   57.2   51.8   53.9   52.8   64.7   51.8   63.1

                                                                            

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