Signing Date Set for Investment Agreement - The Next Stage for Development of Oyu Tolgoi and Entree's Lookout Hill
October 05 2009 - 1:25PM
PR Newswire (US)
VANCOUVER, Oct. 5 /PRNewswire-FirstCall/ -- Entree Gold Inc.
(TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - "Entree" 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. Entree 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 Entree, 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
Entree's Hugo North Extension deposit. The highest molybdenum
grades occur within Entree's Heruga deposit. Development of
Entree'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/.
DATASOURCE: Entrée Gold Inc. CONTACT: Monica Hamm, Manager,
Investor Relations, Entree Gold Inc., Tel: (604) 687-4777, Toll
Free: 866-368-7330, E-mail: ; Peter Oates, Corporate
Communications, Entree Gold Inc., Tel: (604) 687-4777, Toll Free:
866-368-7330, E-mail:
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