Newly released mineral estimates at Oyu Tolgoi indicate gold estimates have risen by 44 percent and copper deposits are at least ten percent higher than previously thought. 

In a statement released Wednesday, Ivanhoe Mines Ltd. said updated exploring at the site has resulted in estimates of gold reaching 45.2 million ounces while copper reserves have been increased to 79 billion pounds. 

Working in partnership with Rio Tinto Group, Ivanhoe Mines is expected to receive approval of an agreement to begin mining at Oyu Tolgoi this spring. Ivanhoe has spent over five years negotiating agreements which have previously been approved by the cabinet only to be left in limbo by the Parliament. 

The last agreement, finalized in 2007, gave Mongolia a 34 percent stake in the mine with after-tax revenues equaling 55 percent of the profits, according to Rio Chief Executive Officer Tom Albanese. 

The Oyu Tolgoi site is about 80 kilometers north of Mongolia's border with China.

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