October 26,
2009
News Release
Entr�e
Gold Receives Mongolian
Mining Licences
Vancouver,
B.C., October 26, 2009 - Entr�e Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA � �Entr�e� or
the �Company�) announces that its application for conversion of the Shivee
Tolgoi and Javhlant exploration concessions to mining licences has been
approved by the Mineral Resources Authority of Mongolia and the licences have
been received. The eastern portion of the Shivee Tolgoi licence and the
entire Javhlant licence are subject to a joint venture with Ivanhoe Mines
Ltd., through its subsidiary, Ivanhoe Mines Mongolia Inc. LLC (TSX: IVN;
NYSE: IVN; NASDAQ: IVN � collectively �Ivanhoe Mines�). Mining licences
have a 30 year term with two renewals of 20 years each possible.
Greg Crowe, President and
CEO of Entr�e stated: �The granting of the mining licences provides the
long term security necessary for Entr�e and its joint venture partner,
Ivanhoe Mines, to advance the known deposits at Oyu Tolgoi through
development to production. It also provides sufficient time for testing
the potential along strike extensions to Entr�e�s Hugo North Extension and
Heruga deposits and for the diligent and systematic exploration of other
copper, gold and molybdenum prospects. The granting of these mining
licenses represents a pivotal moment in the advancement of our Mongolian
assets.�
Shivee Tolgoi (54,760
hectares) and Javhlant (20,346 hectares) completely surround Ivanhoe Mines�
Oyu Tolgoi mining licence. Conversion of these licences has now
consolidated a sizeable land position upon which the Oyu Tolgoi mining
complex will be established.
Title to
the portion of the Shivee Tolgoi licence outside of the joint venture
(�Shivee Tolgoi West�) is 100% owned by Entr�e LLC, the Company�s Mongolian
subsidiary. The Company believes that further exploration is warranted
on Shivee Tolgoi West, which covers over 35,000 hectares, to identify
additional mineralization which could be processed through the Oyu Tolgoi
facilities.
Successful conversion of
these exploration licences to mining licences was a condition precedent to
the Investment Agreement signed between Ivanhoe Mines, our largest
shareholder Rio Tinto (NYSE: RTP; LSE: RIO.L; ASX: RIO.AX) and the Mongolian
government on October 06, 2009. These mining licences are contained within
the Contract Area covered by the Investment Agreement. Under the terms of the
Entr�e-Ivanhoe Mines joint venture, Entr�e retains either a 20% or 30%
carried interest on these licences, dependent on the depth of mineralization.
ABOUT
ENTR�E GOLD INC.
Entr�e Gold Inc. is a
Canadian mineral exploration company focused on the worldwide exploration and
development of gold and copper prospects. The Company flagship property is in
Mongolia, where it holds two mining licences and one exploration licence
comprising the 179,590 hectare Lookout Hill property. Lookout Hill
completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe Mines,
and hosts the Hugo North Extension of the Hugo Dummett copper-gold deposit
and the Heruga copper-gold-molybdenum deposit.
The Company continues to
explore its large landholdings in Mongolia, including the coal discovery
Nomkhon Bohr. Entr�e is also evaluating new opportunities throughout
the region and elsewhere in Asia. Entr�e is exploring the Huaixi copper
project in Zhejiang Province in China, under the terms of an agreement with
the No. 11 Geological Brigade.
In North America, the
Company is exploring for porphyry-related copper systems in Arizona and New Mexico
under agreements with Empirical Discovery LLC, in Nevada through option
agreements with HoneyBadger Exploration Inc. and Bronco Creek Exploration
Inc. and in British Columbia through an agreement with Taiga Consultants Ltd.
The Company is also
seeking additional opportunities to utilize its expertise in exploring for
deep and/or concealed ore deposits. With a treasury in excess of C$40
million, the Company is well funded for future activities.
Ivanhoe Mines and Rio
Tinto are major shareholders of Entr�e, holding approximately 15% and 16% of
issued and outstanding shares respectively.
FURTHER INFORMATION
Monica Hamm,
Manager, Investor Relations
Entr�e Gold Inc.
Tel: 604-687-4777
Toll Free: 866-368-7330
E-mail: mhamm@entreegold.com
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Peter Oates,
Corporate Communications
Entr�e Gold Inc.
Tel: 604-687-4777
Toll Free: 866-368-7330
E-mail: poates@entreegold.com
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This News Release contains forward-looking statements. Forward-looking
statements are statements which relate to future events. In some
cases, you can identify forward-looking statements by terminology such as
�may�, �should�, �expects�, �plans�, �anticipates�, �believes�, �estimates�,
�predicts�, �potential� or �continue� or the negative of these terms or other
comparable terminology. Such statements include those relating to the
development of the Oyu Tolgoi project and the conversion of the Shivee Tolgoi
and Javlant exploration licence to mining licences. These statements
are only predictions and involve known and unknown risks, uncertainties and
other factors that may cause our or our industry�s actual results, levels of
activity, performance or achievements to be materially different from any
future results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which
they are based, are made in good faith and reflect our current judgment
regarding the direction of our business, actual results will almost always
vary, sometimes materially, from any estimates, predictions, projections,
assumptions or other future performance suggested herein. Except as required
by applicable law, including the securities laws of the United States, the
Company does not intend to update any of the forward-looking statements to
conform these statements to actual results. Readers are referred to the
sections entitled �Risk Factors� in the Company�s periodic filings with the
British Columbia Securities Commission, which can be viewed at www.SEDAR.com,
and with the United States Securities and Exchange Commission, which can be
viewed at www.SEC.gov.
Investor Relations Contact:
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Entr�e Gold Inc.
1201 - 1166 Alberni Street
Vancouver, BC
Canada V6E 3Z3
Telephone: (604) 687-4777
Facsimile: (604) 687-4770
Toll-free: 866-368-7330
info@entreegold.com
mobile.entreegold.com
(TSX: ETG)
(NYSE Amex: EGI)
(Frankfurt: EKA)
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