Turquoise Hill Provides Oyu Tolgoi Update and Releases 2015 Guidance

VANCOUVER, BC--(Marketwired - December 18, 2014) - Turquoise Hill Resources (NYSE: TRQ) (NASDAQ: TRQ) (TSX: TRQ) today provided an update on the status of production at Oyu Tolgoi following the recent concentrator fire and production and financial guidance for 2015.

Operations at the concentrator recommenced after three days on December 6, 2014 with both SAG mills and three of four ball mills now operating. Repairs to the concentrator's damaged cyclone pack are progressing well and are expected to be complete in three to four weeks. Turquoise Hill expects to meet its 2014 production guidance.

2015 production and financial guidance

Production from Oyu Tolgoi for 2015 is expected to be 175,000 to 195,000 tonnes of copper and 600,000 to 700,000 ounces of gold in concentrates. The variance in volume, when compared to the 2014 Oyu Tolgoi Technical Report, is driven by minor differences in the mine schedule and design as a result of timing.

Operating cash costs are expected to be approximately US$900 million and capital expenditure is expected to be US$230 million, of which approximately US$185 million relates to sustaining capital. Oyu Tolgoi continues to focus on operating efficiently with cost reduction and productivity initiatives designed to generate increased cash flow and improve financial performance. Both operating cash costs and capital expenditure are presented in accordance with International Financial Reporting Standards, which Turquoise Hill will consolidate its financial statements under effective January 1, 2015.

About Turquoise Hill Resources

Turquoise Hill Resources (NYSE: TRQ) (NASDAQ: TRQ) (TSX: TRQ) is an international mining company focused on copper-gold and coal mines in Mongolia. The Company's primary operation is its 66% interest in the Oyu Tolgoi copper-gold-silver mine in southern Mongolia. Turquoise Hill also holds a 47.9% interest in Mongolian coal miner SouthGobi Resources (TSX: SGQ) (HK: 1878).

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