Entr e Gold Announces Option Agreement in Yerington District with Bronco Creek Exploration
September 25 2009 - 5:15PM
PR Newswire (US)
VANCOUVER, Sept. 25 /PRNewswire-FirstCall/ -- Entr e Gold Inc.
(TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - "Entr e" or the "Company")
announces that the Company has entered into an agreement with
Bronco Creek Exploration Inc. ("Bronco Creek"), a private
exploration company based in Arizona, to explore for and develop
porphyry copper targets in the Yerington district of western
Nevada. Bronco Creek has assembled a land package of 214 claims
covering over 1,760 hectares (4,350 acres) known as the Roulette
Property. The Roulette Property adjoins and is directly south of
the Blackjack Property currently under option with HoneyBadger
Exploration Inc. (TSX.V:TUF - "HoneyBadger"). Greg Crowe, Entr e's
President and CEO commented, "Our agreement with Bronco Creek on
the Roulette Property represents a strategic addition to Entr e's
existing holdings in the area. Targets to be tested on the
Blackjack Property could extend southward onto Roulette. The
Yerington area has received limited attention since the 1980's,
when Anaconda last mined the Yerington copper deposit. However,
recent work has demonstrated the potential of this camp to host
additional sizeable copper-gold resources. Entr e is looking
forward to working with Bronco Creek and HoneyBadger on exploration
efforts in the coming months." Under the terms of the agreement
with Bronco Creek, Entr e may acquire an 80% interest in the
Roulette Property by incurring expenditures of $1,000,000, making
cash payments of US$140,000 and issuing 85,000 shares within three
years. The minimum expenditure required in Year 1 is US$300,000,
along with cash payments totaling US$90,000 and issuance of 72,500
shares. The agreement is subject to completion of due diligence and
regulatory approval. Entr e and Bronco Creek are planning an
aggressive exploration program commencing in the fourth quarter
2009. This program will test numerous geological and geochemical
targets along with anomalies defined by a recently completed
high-definition airborne AirMt magnetotelluric survey. Foray in
British Columbia Entr e has reached an agreement with Taiga
Consultants Ltd. to acquire the Crystal Property, located
approximately 120 kilometres west-southwest of Prince George, BC.
The Crystal Property comprises ten contiguous claims covering
almost 4,800 hectares. Entr e may acquire 100% interest, subject to
a 1% NSR royalty, in the Crystal Property after completing $500,000
in exploration expenditures. The agreement is subject to completion
of due diligence and regulatory approval. Greg Crowe noted, "The
Crystal Property is an early stage molybdenum-copper prospect, but
it covers a sizeable, strong geochemical anomaly that has never
been tested. As this anomaly lies in an area of known molybdenum
deposits, such as Thompson Creek's Endako Mine, Entr e feels this
potential acquisition represents a low cost entry into a
molybdenum-copper camp that has generated significant interest."
The Company plans to spend $50,000 in Q4 2009 to conduct
prospecting, mapping, geochemical sampling and geophysical survey
work to identify preliminary targets. These agreements further
complement the Company's growing portfolio of copper-gold porphyry
prospects in North America. Entr e's strategy is to explore for
large porphyry copper deposits, using the knowledge and experience
gained by the technical team from working on projects in Mongolia
and the Americas. 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. 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 the agreement with Taiga Consultants Ltd. The
Company is a large landholder in Mongolia, where it holds three
exploration licenses 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 # 11 Geological Brigade. 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. 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/.
DATASOURCE: Entrée Gold Inc. CONTACT: Monica Hamm - Manager,
Investor Relations, Entr e Gold Inc., Tel: (604) 687-4777, Toll
Free: (866) 368-7330, E-mail: ; Peter Oates - Investor Relations,
Entr e Gold Inc., Tel: (604) 687-4777, Toll Free: (866) 368-7330,
E-mail:
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