Globe says Entree, Erdene looking good in Mongolia
2005-06-07 06:31 ET - In the News
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The Globe and Mail reports in its Tuesday edition that two Canadian mining firms announced developments in their Mongolian exploration programs Monday. The Globe's Wendy Stueck writes that Entree Gold released encouraging assay results from a drill hole just north of the Ivanhoe Mines' Oyu Tolgoi deposit. And Erdene Gold announced it has struck an alliance with Erdenet Mining, a Mongolian-Russian joint venture that runs a huge copper mine in northern Mongolia. Entree staked its first Mongolian properties in 2002. Last November, Entree struck a deal with Ivanhoe that gives Ivanhoe the right to earn up to an 80-per-cent interest in part of Entree's Lookout Hill property by spending $35-million (U.S.) on the project and financing Entree's share of any subsequent project costs. Entree said Monday that assay results from a hole known as Copper Flats contained significant amounts of copper and gold, with one 322-metre interval containing 4.59 per cent copper and 1.07 grams a tonne of gold. Erdene, meanwhile, was trumpeting its deal with Erdenet, which will see the company pay for exploration and could see the parties co-operate on developing future discoveries.
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