Signing Date Set for Investment Agreement - The Next Stage for Development of Oyu Tolgoi and Entrée's Lookout Hill
October 05 2009 - 1:59PM
PR Newswire (US)
VANCOUVER, October 5 /PRNewswire-FirstCall/ -- Entrée Gold Inc.
(TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - "Entrée" or the
"Company") welcomes the announcement that the Investment Agreement
between our joint venture partner, Ivanhoe Mines (TSX: IVN; NYSE:
IVN; NASDAQ: IVN - "Ivanhoe Mines"), our largest shareholder Rio
Tinto (NYSE:RTP)(LSE:RIO.L)(ASX:RIO.AX) and the Mongolian
government will be signed on October 6, 2009 in a state ceremony.
Entrée has followed recent political events in Mongolia, which
gained momentum in the final week of August when the State Great
Khural (Mongolia's parliament) amended four laws, including
rescinding the Windfall Profits Tax effective January, 2011.
Today's announcement that a date has been set for the signing of a
definitive Investment Agreement is the culmination of years of
diligent negotiations on the part of the Mongolian government, Rio
Tinto and Ivanhoe Mines. Greg Crowe, President and CEO of Entrée,
stated: "Today's announcement of a signing date for the Investment
Agreement is the clearest positive signal yet that the development
of Oyu Tolgoi will proceed." The Investment Agreement is a
comprehensive document that establishes the legal framework for
development and operation of the massive Oyu Tolgoi mining complex.
Oyu Tolgoi is the world's largest and richest, undeveloped porphyry
copper-gold-molybdenum deposit. Some of the richest copper-gold
mineralization lies within Entrée's Hugo North Extension deposit.
The highest molybdenum grades occur within Entrée's Heruga
deposit. Development of Entrée's Hugo North Extension and Heruga
deposits is directly affected by the Investment Agreement. The Hugo
North Extension, in particular, as it contains some of the highest
copper and gold grades in the Hugo Dummett orebody, will be an
important consideration in plans for development and mining. 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. 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
http://www.sedar.com/, and with the United States Securities and
Exchange Commission, which can be viewed at http://www.sec.gov/.
For further information: Monica Hamm, Manager, Investor Relations,
Entrée Gold Inc., Tel: +1(604)687-4777, Toll Free:
+1-866-368-7330, E-mail: ; Peter Oates, Corporate Communications,
Entrée Gold Inc., Tel: +1(604)687-4777, Toll Free: +1866-368-7330,
E-mail: DATASOURCE: Entree Gold Inc. CONTACT: For further
information: Monica Hamm, Manager, Investor Relations, Entrée Gold
Inc., Tel: +1(604)687-4777, Toll Free: +1-866-368-7330, E-mail: ;
Peter Oates, Corporate Communications, Entrée Gold Inc., Tel:
+1(604)687-4777, Toll Free: +1866-368-7330, E-mail:
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