Entr�e Gold Announces
First Quarter 2011
Results
Entr�e Gold Inc. (TSX:ETG;
NYSE-Amex:EGI; Frankfurt:EKA
- "Entr�e" or the "Company") has today filed its interim
operational and financial results for the first quarter ended March 31,
2011. Interim Financial Statements and the accompanying Management�s
Discussion and Analysis (�MD&A�) are available on the Company website at www.entreegold.com.
Highlights for the period
ended March 31, 2011 include:
- Announcement
of 987.8 metres averaging 0.31% copper or
0.38% copper equivalent (�CuEq�), including a
higher grade section of 340 metres averaging
0.40% copper or 0.51% CuEq, from the Ann Mason
deposit, Nevada;
- Appointment
of Bruce Colwill as the Chief Financial
Officer;
- Appointment
of Alan Edwards to the board as an independent director;
- Extension
of Oyu Tolgoi-type
mineralization three kilometres to the north
of Ulaan Khud,
Mongolia;
- Announcement
of joint venture budget of US$7 million for the Entr�e-OTLLC joint
venture work programs, including US$2 million for development related
work on the Shivee Tolgoi
licence;
- Continuation
of exploration and infill drilling at Ann Mason with 7,518 metres drilled to date (both diamond drilling and
reverse circulation);
- Drilling
at the Blue Hill copper target with 2,364 metres
drilled to date; and
- Net
loss of $5,342,265 for the period.
During the first quarter
of 2011, the Company incurred a net loss of US$5,342,265 ($0.05 per share)
compared to a net loss of US$2,165,164 ($0.02 per share) in the first quarter
of 2010. The increase in net loss is primarily due to increased mineral
exploration activities as the Company advances its Yerington copper porphyry
projects. As at March 31, 2011, the Company had working capital of
US$17,021,575, including cash of US$17,262,422. Subsequent to March 31,
2011, the Company sold all of the Australian listed equity securities that it
had acquired as part of the purchase of PacMag
Metals Limited, for gross cash proceeds of US$3,174,208.
Greg Crowe, President and
CEO, commenting on the first quarter noted, "We are advancing our
Yerington projects to development through systematic drilling and upgrading
of known deposits and by exploration of additional targets. We have
been building our team and operations in Yerington and are strongly
encouraged by the initial drilling results we have received. In
addition, substantial exploration and development work is underway on our
properties in Mongolia. "
SELECTED FINANCIAL INFORMATION
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As At March 31, 2011
(US$)
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As At December 31, 2010
(US$)
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|
Working capital
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17,021,575
|
21,268,201
|
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Total assets
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79,223,409
|
81,359,098
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Total long term
liabilities
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16,341,389
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16,158,190
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(1) Working Capital is defined as Current Assets
less Current Liabilities
The Interim Financial
Statements and MD&A are also available on SEDAR at www.sedar.com and on EDGAR at www.edgar.com.
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 Oyu Tolgoi LLC (�OTLLC�), a subsidiary of Ivanhoe Mines and
the Government of Mongolia. A portion of the Lookout Hill property is subject
to a joint venture with OTLLC. 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 of 810 million tonnes
grading 0.40% copper (at a 0.30% cut-off) for more than 7 billion pounds of
contained copper. The property has 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 US$17
million as at March 31, 2011, 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
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