Defines NI 43-101 Inferred Resource of
7.1 Billion Pounds Copper at
Ann Mason, Nevada
Vancouver, B.C. - Entr�e Gold Inc.
(TSX:ETG; AMEX:EGI; Frankfurt:EKA � �Entr�e� or the �Company�) has received the first National
Instrument 43-101 (�NI 43-101�) compliant resource estimate prepared for the
Ann Mason copper- molybdenum deposit located near Yerington, Nevada. Ann
Mason is estimated to contain an inferred resource of 810.4 million metric
tonnes grading 0.40% copper, using a 0.30% copper cut-off (see Table 1
below). Accompanying molybdenum is estimated at 165.9 million metric tonnes
at a grade of 0.01% molybdenum. Based on these figures, the Ann Mason deposit
contains approximately 7.1 billion pounds of copper.
Wardrop Engineering Inc. (�Wardrop�) to prepare the NI 43-101 compliant
Technical Report and Resource Estimate of the Ann Mason Copper Molybdenum
Project (�2010 NI 43-101 Resource Estimate�), which is filed on
SEDAR. This independent report was completed in order to fulfill
Canadian regulatory requirements.
The Wardrop 2010 Inferred
resource is confined by an optimized Whittle pit shell #25. Using the
same pit shell, the 2010 Inferred resource estimate represents a 10.6%
increase in tonnes from the 2006 model (724.7 million tonnes at 0.40% copper)
with a negligible increase in grade at a 0.30% copper cut-off. The
increase in tonnage is largely due to the inclusion of additional information
generated by drilling after the 2006 calculation was made.
1. Ann Mason Inferred Resource - January 2010
Entr�e announced on November 29, 2009 that it had signed a definitive
agreement with PacMag Metals Limited (ASX:PMH � �PacMag�) to implement
Australian Schemes of Arrangement to acquire all of the issued shares and
options of PacMag. PacMag has a 100% interest in the Ann Mason Project,
which hosts the Ann Mason deposit. PacMag commissioned Golder
Associates (�Golder�) to prepare a Joint Ore Reserves Committee (�JORC�)
compliant resource estimate in 2006 that outlined an in-situ Inferred Mineral
Resource of 810 million tonnes grading 0.40% copper and 0.004% molybdenum at
a 0.30% copper cut-off grade, estimated to contain more than 7.1 billion
pounds copper. The 2010 NI 43-101 Resource Estimate confirms the 2006
Greg Crowe, President and CEO of Entr�e commented, �The recent NI 43-101
inferred resource calculation validates the earlier work done by PacMag, and
suggests there is significant scope to expand the deposit by further
drilling. Once the merger with PacMag is complete, we intend to
commence a substantial exploration program, including additional drilling to
potentially expand the resource and to further test the southern and western
portions of the Ann Mason deposit.�
The grades at Ann Mason compare favourably with a number of current
producers and development projects in western North America where large open
pit porphyry deposits currently in production generally mine copper grades
between 0.28 % to 0.56% copper.
In addition to the defined resource, significant copper oxide and deeper
sulphide mineralization has been intersected at Blue Hills, approximately 5
km to the west of Ann Mason. The oxide copper target covers an area of 1.5 km
by 350 m, and includes near-surface intercepts of 21.3 m of 0.46% copper,
36.3 m of 0.46% copper and 39.6 m of 0.26 % copper. The surface copper
anomaly in soils appears to extend to the west onto adjoining ground held by
HoneyBadger Exploration Inc. (TSX.V: TUF � �HoneyBadger�), which is under
option to Entr�e.
At the Shamrock prospect, located 5 km to the southeast of Ann Mason,
drilling by PacMag has confirmed the presence of high grade near surface
copper mineralization (e.g. 33.6 m of 1.72 % copper) in altered limestone.
Work is also being planned for the contiguous Blackjack and Roulette
properties under option agreements with HoneyBadger and Bronco Creek
Exploration, Inc. (a wholly owned subsidiary of Eurasian Minerals,
TSX.V:EMX). The properties adjoin the Ann Mason property to the west
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. Entr�e�s
expertise is in exploring for deep and/or concealed ore deposits and with a
treasury currently in excess of C$40 million, is well funded for future
activities. Ivanhoe Mines and Rio Tinto are major shareholders of Entr�e,
holding approximately 14% and 15% of issued and outstanding shares,
Entr�e�s flagship property is in Mongolia, where it holds two mining
licences and one exploration licence comprising the 179,590 hectare Lookout
Hill property that 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 Lookout Hill property is subject to a joint venture with Oyu Tolgoi
LLC (OTLLC) whereby following expenditure of US$35 million by OTLLC, Entr�e
now retains a 20% to 30% carried interest through to production, with
Entr�e�s share of development costs to be repaid from future production cash
The Hugo North Extension deposit hosts a NI 43-101 compliant Indicated
resource of 117 million tonnes grading 1.8% copper and 0.61 g/t gold,
estimated to contain 4.6 billion pounds of copper and 2.3 million ounces of
gold and an Inferred resource of 95.5 million tonnes grading 1.15% copper and
0.31 g/t gold, estimated to contain 2.4 billion pounds copper and 950,000 ounces
of gold. Entr�e retains a 20% carried interest in these resources.
The Heruga deposit contains an Inferred resource of 760 million tonnes
grading 0.48% copper, 0.55 g/t gold and 142 ppm molybdenum, estimated to
contain 8 billion pounds of copper and 13.4 million ounces of gold.
Entr�e also retains a 20% carried interest in this resource.
Both resources were calculated using a 0.6 % copper equivalent
cut-off. The copper equivalent grades were estimated using metal prices
of US$1.35 per pound copper, US$650 per ounce gold and US$10 per pound
molybdenum. All resources at Hugo North Extension and Heruga were
calculated using a 0.6% copper-equivalent cut-off.
Entr�e continues to explore its large landholdings in Mongolia, including
the coal discovery Nomkhon Bohr, and is also evaluating the Huaixi copper
project in Zhejiang Province in China.
In North America, Entr�e is exploring for porphyry-related copper systems
in Arizona, New Mexico, Nevada and British Columbia. Entr�e�s Nevada
property is contiguous with the western boundary of PacMag�s Ann Mason copper
project and increases substantially the area of prospective tenure within
Dr. Robert Morrison, Ph.D., MAusIMM (CP), and Lead Senior Resource
Geologist with Wardrop is a Qualified Person as defined by NI 43-101.
Dr. Morrison supervised the preparation of the technical information in
Competent Person Statement
The information in this Release that relates to PacMag Exploration
Results, Mineral Resources or Ore Reserves, as those terms are defined in the
2004 Edition of the �Australasian Code for Reporting of exploration Results,
Resources and Ore Reserves�, is based on information compiled by Mr Michael
Clifford, who is a full time employee of PacMag and a Member of the
Australian Institute of Geoscientists. Mr Clifford has sufficient
experience which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity which they are undertaking to
qualify as a Competent Person as defined in the 2004 Edition of the
�Australasian Code for Reporting of Exploration Results, Resources and Ore
Reserves�. Mr Clifford consents to the inclusion in this Release of the
matters based on his information in the form and context in which it appears.
Monica Hamm, Manager, Investor
Entr�e Gold Inc.
Toll Free: 866-368-7330
Peter Oates, Corporate
Entr�e Gold Inc.
Toll Free: 866-368-7330
This News Release contains
forward-looking statements. Forward-looking statements are statements which
relate to future events. In some cases, you can identify
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terminology. Such statements include those relating to the successful
completion of the transaction and implementation of the Schemes of
Arrangement. 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
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 www.SEDAR.com, and with the
United States Securities and Exchange Commission, which can be viewed at www.SEC.gov.
Entr�e Gold Inc.
1201 - 1166 Alberni Street
Canada V6E 3Z3
Telephone: (604) 687-4777
Facsimile: (604) 687-4770
(NYSE Amex: EGI)