News
Release
Entr�e Gold Discovers New Mineralized Porphyry
Copper System At Yerington, Nevada
Vancouver, B.C., September 23,
2010 - Entr�e Gold Inc. (TSX:ETG; NYSE AMEX:EGI;
Frankfurt:EKA � �Entr�e� or the �Company�) provides an update on its on-going
exploration programs in the Yerington district of Nevada. The company is
exploring a large tract of land in the western portion of the developing
Yerington copper camp. The highlight of Entr�e�s program to date is the
discovery of a new mineralized porphyry copper occurrence. This
previously unknown mineralized system lies within the Roulette property,
which is subject to an option agreement with Bronco Creek Exploration Inc. (a
wholly-owned subsidiary of Eurasian Minerals Inc. - TSX.V:EMX � collectively
�Bronco Creek�)
Entr�e�s President & CEO, Greg Crowe, commented, �We are very pleased
with developments on all of our Yerington area projects. The intersection of
visible copper mineralization associated with strong porphyry-style
alteration on the Roulette property confirms our belief that Yerington has
the potential for additional undiscovered copper deposits.
Additionally, early exploration results show that significant exploration
potential remains on the properties acquired through the PacMag
transaction. These properties are located in Nevada, one of the best
jurisdictions for exploration and mining in the world.�
On the Roulette property, four wide-spaced holes were planned to test a
broad target under approximately 350 metres of barren cover rocks. The holes
were sited based on an updated geological and structural interpretation of
the Yerington district, presence of a strong aeromagnetic high and anomalous
results from a deep penetrating geochemical survey. Drilling is continuing,
but hole EG-R-10-003 intersected strongly altered granodiorite cut by quartz
and quartz-calcite veins containing visible chalcopyrite-pyrite
mineralization. This intersection validates the conceptual basis of the
exploration program and provides strong encouragement for further work to
define and extend this discovery. Assays are pending.
The Ann Mason property was acquired through the Company�s recent merger
with PacMag Metals. The property hosts a major inferred sulphide copper
resource of 810 million tonnes grading 0.40% Cu (7+ billion pounds of
contained copper) in the Ann Mason deposit. Compilation of
previous drilling done over Ann Mason suggests there is room to expand the
current resource to the west and northwest. Further information
about the Ann Mason deposit can be found in the technical report on
www.sedar.com.
In addition, potential exists for shallow oxide copper resources and
additional sulphide mineralization in separate zones at Blue
Hill. Reverse circulation drilling is currently underway at Blue Hill,
with 14 of the planned 20 holes totaling 2,364 metres completed to date.
Initial assay results confirm the presence of a near surface zone of oxide
copper mineralization, which will be better defined by the current drill
program. Visual identification of copper sulphide mineralization at the
bottom of several drill holes indicates the Blue Hill sulphide zone, first
discovered in PacMag holes BH08001 and BH08003 can, with additional core
drilling, be extended 600 metres or more southwest of the two discovery
holes. The Blue Hill sulphide mineralization remains open to the
northeast, southeast and at depth.
The Blackjack property, subject to an option agreement with HoneyBadger
Exploration Inc. � (TSX.V � TUF � �HoneyBadger�), is contiguous with and lies
to the north of Roulette and west of Ann Mason. Drilling commenced in
June to test several discrete anomalies first outlined by an AirMT
geophysical survey completed in 2009, as well as recent IP results and
anomalous copper geochemistry interpreted to represent the continuation of
the Blue Hill oxide copper zone across the property boundary from Ann
Mason. Seven holes totaling 2,820 metres have been completed. One of
the holes (EG-B-10-001), sited to test an AirMt target and coincident IP
anomaly in the northeastern corner of the property intersected stringers of
chalcopyrite in rocks below a shallow-dipping fault. The presence of copper mineralization
associated with this IP anomaly is an important development. Although
offset by faulting, the IP anomaly extends 5 kilometres west and southwest
from EG-B-10-001. Five of the Blackjack holes were sited on the
possible westward extension of the Blue Hill zone of mineralization; the
upper portions of all five holes are strongly oxidized and iron-rich, with
occasional oxide copper minerals noted. Full assay results are pending.
Lindsay Bottomer P.Geo., Entr�e�s Vice President Business Development, who
is a Qualified Person as defined by NI 43-101, has reviewed the technical
information in this news release.
ABOUT ENTR�E GOLD INC.
Entr�e Gold Inc. is a Canadian mineral exploration company focused on the
worldwide exploration and development of copper and gold prospects. The
Company�s flagship Lookout Hill property in Mongolia completely surrounds the
8,500-hectare Oyu Tolgoi project of Ivanhoe Mines. A portion of the Lookout
Hill property is subject to a joint venture with Ivanhoe Mines, through its
subsidiary Oyu Tolgoi LLC. The joint venture property hosts the Hugo
North Extension copper-gold deposit and the Heruga copper-gold-molybdenum
deposit. Excellent exploration potential remains on the joint venture
property for the discovery of additional mineralized zones.
Under the terms of the joint venture, Entr�e is carried through to
production, at its election, by debt financing from Ivanhoe Mines with
interest accruing at Ivanhoe Mines� actual cost of capital or prime +2%,
whichever is less, at the date of the advance. Debt repayment may be
made in whole or in part from (and only from) 90% of monthly available cash
flow arising from its sale of product. Such amounts will be applied
first to payment of accrued interest and then to repayment of
principal. Available cash flow means all net proceeds of sale of
Entr�e�s share of products in a month less Entr�e�s share of costs of
operations for the month.
In North America, the Company is exploring for porphyry-related copper
systems in Nevada, Arizona and New Mexico. The primary asset in Nevada
is the Ann Mason property, which contains an inferred mineral resource and
considerable potential for additional targets. Entr�e optioned
two contiguous properties to Ann Mason, Blackjack and Roulette, through
option agreements with HoneyBadger Exploration Ltd. and Bronco Creek
Exploration Inc.
The Company is also seeking additional opportunities to utilize its
expertise in exploring for deep and/or concealed ore deposits. With a
treasury of approximately C$30 million, the Company is well-funded for future
activities.
Rio Tinto and Ivanhoe Mines are major shareholders of Entr�e, holding
approximately 13% and 12% of issued and outstanding shares, respectively.
FURTHER INFORMATION
Monica Hamm - Manager, Investor Relations
Entr�e Gold Inc.
Tel: 604-687-4777
Fax: 604-687-4770
Toll Free: 866-368-7330
E-mail: mhamm@entr�egold.com
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 include, but are not limited to: the ability of the company to make
economic discoveries and advance its projects to development or production,
the impact of amendments to the laws of countries in which Entr�e carries on
business; and other statements that are not historical facts. 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 www.SEDAR.com, and with the United States Securities and
Exchange Commission, which can be viewed at www.SEC.gov.
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Entr�e Gold
Inc.
1201 - 1166 Alberni Street
Vancouver, BC
Canada V6E 3Z3
Telephone: (604) 687-4777
Facsimile: (604) 687-4770
Toll-free: 866-368-7330
info@entreegold.com
(TSX: ETG)
(NYSE Amex: EGI)
(Frankfurt: EKA)
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