Signing Date Set for Investment Agreement – The Next Stage for Development of Oyu Tolgoi and Entrée’s Lookout Hill
NYSE Amex:EGI; Frankfurt:EKA – “Entrée” or the “Company”) welcomes the
announcement that the Investment Agreement between our joint venture partner,
largest shareholder Rio Tinto (NYSE: RTP; LSE: RIO.L; ASX: RIO.AX) and the
Mongolian government will be signed on
Entrée has followed recent political events in
momentum in the final week of August when the State Great Khural (
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
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
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:
Gold Inc., Tel: +1(604)687-4777, Toll Free: +1-866-368-7330, E-mail:
mhamm@entreegold.com;
Inc., Tel: +1(604)687-4777, Toll Free: +1866-368-7330, E-mail:
poates@entreegold.com
SOURCE Entree Gold Inc.