AI
Monday, November 05, 2012 4:13:33 PM
EGI - good news! 11.5.12
GOLD & COPPER Chart below retest 50MA time, IMO
Entree Gold Provides Update on Oyu Tolgoi Power Purchase Agreement
Press Release: Entree Gold Inc. – 13 minutes ago.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 5, 2012) - Entrée Gold Inc. (ETG.TO)(NYSE MKT:EGI)(EKA.F) ("Entrée" or the "Company") is pleased to announce that the power supply deal for the Oyu Tolgoi mine in Mongolia has been finalized. Turquoise Hill Resources announced today that Oyu Tolgoi LLC has signed a binding power purchase agreement with the Inner Mongolia Power Corporation. This agreement is a critical milestone in the development of the Oyu Tolgoi mining complex.
Turquoise Hill stated that finalization of the power purchase agreement will enable Oyu Tolgoi to complete commissioning leading to the first production of copper-gold concentrate. Oyu Tolgoi is expected to begin a seven-week commissioning of the ore-processing equipment within the next few weeks. First concentrate production will follow within one month and the commencement of commercial production is expected three to five months later.
Greg Crowe, Entrée''s President and CEO commented, "On October 9, 2012, Turquoise Hill announced that construction of the power transmission infrastructure has been completed and the power lines are ready for use. Conclusion of the power purchase agreement is the final step to securing the initial supply of electricity to the nearly-completed mine. Rio Tinto, Turquoise Hill and Oyu Tolgoi LLC are reportedly on track to bring the first phase of the world-class Oyu Tolgoi mine into production in the first half of 2013. The commencement of commercial production from the open pits will be vital to the further development of Mongolia''s economy."
Lift 1 of the Entrée-Oyu Tolgoi LLC joint venture''s Hugo North Extension deposit is included in the second phase of development. Entrée has a carried interest in the Hugo North Extension deposit and the much larger Heruga deposit, both of which form part of the Oyu Tolgoi mining complex. First development production on the joint venture property is expected as early as 2015.
ABOUT ENTRÉE GOLD INC.
Entrée Gold Inc. is a Canadian mineral exploration company balancing opportunity and risk with key assets in Mongolia and Nevada. As a joint venture partner with a carried interest on a portion of the Oyu Tolgoi mining complex in Mongolia, Entrée Gold has a unique opportunity to participate in one of the world''s largest copper-gold projects managed by one of the premier mining companies - Rio Tinto. Oyu Tolgoi, with its series of deposits containing copper, gold and molybdenum, has been under exploration and development since the late 1990s. Phase 1 is on the verge of production, and Entrée Gold could see first development production from the joint venture ground as early as 2015.
In addition to being on the path to production in Mongolia, Entrée Gold has been advancing its Ann Mason Project in one of the world''s most favourable mining jurisdictions, Nevada. The Ann Mason Project hosts the sizeable Ann Mason copper and molybdenum porphyry deposit as well as the Blue Hill copper deposit within the rejuvenated Yerington copper camp. Based on the PEA announced in October, 2012, the Ann Mason deposit is expected to yield a base case pre-tax, 7.5% net present value of $1.11 billion and an internal rate of return of 14.8%, using assumed copper, molybdenum, gold and silver prices of $3.00/lb, $13.50/lb, $1,200/oz and $22/oz, respectively*.
Rio Tinto and Turquoise Hill Resources (formerly Ivanhoe Mines) are major shareholders of Entrée, holding approximately 13% and 11% of issued and outstanding shares, respectively. Rio Tinto, through its majority ownership of Turquoise Hill Resources, beneficially owns 23.6% of Entrée''s issued and outstanding shares.
*Readers are cautioned that the PEA on the Ann Mason deposit is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
GOLD & COPPER Chart below retest 50MA time, IMO
Entree Gold Provides Update on Oyu Tolgoi Power Purchase Agreement
Press Release: Entree Gold Inc. – 13 minutes ago.
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov 5, 2012) - Entrée Gold Inc. (ETG.TO)(NYSE MKT:EGI)(EKA.F) ("Entrée" or the "Company") is pleased to announce that the power supply deal for the Oyu Tolgoi mine in Mongolia has been finalized. Turquoise Hill Resources announced today that Oyu Tolgoi LLC has signed a binding power purchase agreement with the Inner Mongolia Power Corporation. This agreement is a critical milestone in the development of the Oyu Tolgoi mining complex.
Turquoise Hill stated that finalization of the power purchase agreement will enable Oyu Tolgoi to complete commissioning leading to the first production of copper-gold concentrate. Oyu Tolgoi is expected to begin a seven-week commissioning of the ore-processing equipment within the next few weeks. First concentrate production will follow within one month and the commencement of commercial production is expected three to five months later.
Greg Crowe, Entrée''s President and CEO commented, "On October 9, 2012, Turquoise Hill announced that construction of the power transmission infrastructure has been completed and the power lines are ready for use. Conclusion of the power purchase agreement is the final step to securing the initial supply of electricity to the nearly-completed mine. Rio Tinto, Turquoise Hill and Oyu Tolgoi LLC are reportedly on track to bring the first phase of the world-class Oyu Tolgoi mine into production in the first half of 2013. The commencement of commercial production from the open pits will be vital to the further development of Mongolia''s economy."
Lift 1 of the Entrée-Oyu Tolgoi LLC joint venture''s Hugo North Extension deposit is included in the second phase of development. Entrée has a carried interest in the Hugo North Extension deposit and the much larger Heruga deposit, both of which form part of the Oyu Tolgoi mining complex. First development production on the joint venture property is expected as early as 2015.
ABOUT ENTRÉE GOLD INC.
Entrée Gold Inc. is a Canadian mineral exploration company balancing opportunity and risk with key assets in Mongolia and Nevada. As a joint venture partner with a carried interest on a portion of the Oyu Tolgoi mining complex in Mongolia, Entrée Gold has a unique opportunity to participate in one of the world''s largest copper-gold projects managed by one of the premier mining companies - Rio Tinto. Oyu Tolgoi, with its series of deposits containing copper, gold and molybdenum, has been under exploration and development since the late 1990s. Phase 1 is on the verge of production, and Entrée Gold could see first development production from the joint venture ground as early as 2015.
In addition to being on the path to production in Mongolia, Entrée Gold has been advancing its Ann Mason Project in one of the world''s most favourable mining jurisdictions, Nevada. The Ann Mason Project hosts the sizeable Ann Mason copper and molybdenum porphyry deposit as well as the Blue Hill copper deposit within the rejuvenated Yerington copper camp. Based on the PEA announced in October, 2012, the Ann Mason deposit is expected to yield a base case pre-tax, 7.5% net present value of $1.11 billion and an internal rate of return of 14.8%, using assumed copper, molybdenum, gold and silver prices of $3.00/lb, $13.50/lb, $1,200/oz and $22/oz, respectively*.
Rio Tinto and Turquoise Hill Resources (formerly Ivanhoe Mines) are major shareholders of Entrée, holding approximately 13% and 11% of issued and outstanding shares, respectively. Rio Tinto, through its majority ownership of Turquoise Hill Resources, beneficially owns 23.6% of Entrée''s issued and outstanding shares.
*Readers are cautioned that the PEA on the Ann Mason deposit is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized.
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