ENTR�E GOLD ANNOUNCES $7 MILLION
BUDGET FOR
JOINT VENTURE WORK
PROGRAMS, LOOKOUT HILL, MONGOLIA
Vancouver, B.C., March 17, 2011 � Entr�e Gold Inc. (TSX:ETG; NYSE
AMEX:EGI; Frankfurt:EKA - "Entr�e" or the
"Company") announces that the Entree and Oyu
Tolgoi LLC joint venture (�Entree-OTLLC Joint
Venture�) has budgeted US$7 million for exploration and development work on
the joint venture ground (�Entree-OTLLC JV Ground�) within the Lookout Hill
Property, Mongolia.
The work program for 2011
includes a combination of exploration and geotechnical drilling on the
Entree-OTLLC JV Ground. The exploration team is focusing on high priority
targets that could further extend the known mineralized system with a budget
of $5.5 million. The $2.1 million geotechnical drilling program is related to
future development of underground operations on the Hugo North Extension orebody.
Proposed exploration work
includes approximately 16,000 metres of drilling
and is planned to focus on testing extensions to the Hugo North Extension and
the Heruga deposits. The Hugo North Extension
deposit is open for 7 kilometres to the north along
the OT Trend (to Ulaan Khud),
and the Heruga deposit is open at depth, to the
west, and to the south. Additional drilling will test other geophysical
targets to the south of Heruga on the Javhlant licence.
Geotechnical drilling on
the Entree-OTLLC JV Ground is planned from surface collars, to assist OTLLC
in finalizing underground development plans on Hugo North. The work program
is designed to investigate a potential location for a fourth shaft (�Shaft
4�), including an area just north of the Entree-OTLLC Joint Venture property
boundary and adjacent to the Hugo North Extension.
Entr�e's President &
CEO, Greg Crowe, commented, "Advancement of the Oyu
Tolgoi mining complex is proceeding at a fast pace,
and the Entree-OTLLC JV Ground is an integral part of future planning. This
is evidenced by the focus on Shaft 4, currently planned to be sunk on the
joint venture ground to access the rich Hugo North Extension as well as
exploration programs designed to test the extension of the Heruga deposit ten kilometres
to the south.�
QUALIFIED PERSON
Robert Cann, P.Geo., Entr�e�s Vice-President Exploration, a Qualified Person
as defined by National Instrument 43-101 (�NI 43-101�), has reviewed the
technical information contained in this 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 Oyu Tolgoi project of Ivanhoe Mines and the Government of
Mongolia. A portion of the Lookout Hill property is subject to a joint
venture with Oyu Tolgoi
LLC, a subsidiary of Ivanhoe Mines and the Government of Mongolia. 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.
In North America, the
Company is exploring for porphyry-related copper systems in Nevada, Arizona
and New Mexico. The primary asset is the Ann Mason property in Nevada, which
hosts an inferred mineral resource estimate and considerable potential for
additional targets.
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 CAD$21
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 and forward-looking information (together, �forward-looking
statements�) within the meaning of applicable securities laws and the United
States Private Securities Litigation Reform Act of 1995, with respect to the interpretation
of exploration results, the potential for extending known mineralized zones
and discovering new mineralized zones, the potential for expanding and
upgrading existing resource estimates, and planned exploration programs and
budgets. These forward-looking statements are made as of the date of this
news release. Users of forward-looking statements are cautioned that actual
results may vary from the forward-looking statements contained herein. While
the Company has based these forward-looking statements on its expectations
about future events as at the date that such statements were prepared, the
statements are not a guarantee of the Company�s future performance and are
subject to risks, uncertainties, assumptions and other factors which could
cause actual results to differ materially from future results expressed or
implied by such forward-looking statements. Such factors and assumptions
include, among others, the effects of general economic conditions, the prices
of gold and copper, changing foreign exchange rates and actions by government
authorities, uncertainties associated with legal proceedings and negotiations
and misjudgements in the course of preparing
forward-looking statements. In addition, there are known and unknown risk
factors which could cause the Company�s actual results, performance or
achievements to differ materially from any future results, performance or
achievements expressed or implied by the forward-looking statements. Known
risk factors are described in the Company�s Amended and Restated Annual
Information Form for the financial year ended December 31, 2009, dated
November 2, 2010 filed with the Canadian Securities Administrators and
available at www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or results to
differ materially from those described in forward-looking statements, there
may be other factors that cause actions, events or results not to be as anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements.
Accordingly, readers should not place undue reliance on forward-looking
statements. The Company is under no obligation to update or alter any
forward-looking statements except as required under applicable securities
laws.
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