OYU TOLGOI RELEASES 2014 SECOND QUARTER RESULTS

Ulaanbaatar /MONTSAME/ Oyu Tolgoi LLC, through its parent company Turquoise Hill Resources, Wednesday announced financial results for the second quarter ending 30 June 2014. OT LLC Chief Financial Officer Steve Duggan said:“This quarter’s results demonstrate that our workforce continues to make encouraging progress towards establishing our open-pit mine as a safe, sustainable, profitable, and internationally competitive business." According to the report, highlights include: - An All Injury Frequency Rate of 0.51 per 200,000 hours worked and no fatalities for the first half of 2014 - Net revenue of US$436.0 million on sales of approximately 202,500 tonnes of copper-gold concentrate. By metals in concentrates: approximately 51,600 tonnes of copper for US$285.4 million, approximately 126,000 ounces of gold for US$145.2 million, and approximately 309,000 ounces of silver for US$5.4 million - Recognized cost of sales of US$379.1 million - Royalties of US$23.5 million to the Government of Mongolia on concentrate sales - Concentrate sales increased approximately 320 percent over Q1’14 and exceeded production resulting in an inventory drawdown for the quarter - Q2’14 saw the strongest quarterly performance since production began in 2013, with 140,000 tonnes of copper-gold concentrate produced containing 36,200 tonnes of copper - Concentrate sales, which are expected to be strong throughout the second half of 2014, are scheduled to exceed production through the end of 2014 - Sales contracts have been signed for 100 per cent of expected 2014 concentrate production and 92 per cent of 2015 planned production; 84 per cent of concentrate production has been contracted for up to eight years - Ore grades are expected to increase as the open pit deepens into a high-grade zone during the second half of 2014 - Oyu Tolgoi continues to be expected to produce 135,000–160,000 tonnes of copper and 600,000– 700,000 ounces of gold in concentrates for 2014.