April 13, 2010
News
Release
Entr�e Gold Provides Exploration
Update for 2010
Vancouver, B.C., April 13, 2010 - Entr�e Gold Inc. (TSX:ETG; NYSE
AMEX:EGI; Frankfurt:EKA � �Entr�e� or the �Company�) is initiating
exploration programs on several of its globally diversified projects.
Mongolia
A field crew has been mobilized to commence the 2010 Lookout Hill
exploration program on Entr�e�s 100%-owned western portion of the Shivee
Tolgoi mining licence (�Shivee West�), adjacent to the Oyu Tolgoi mine
development project. Previous deep penetrating geophysical work has been
re-evaluated over the 2009-2010 winter period. The surveys cover a belt of
prospective Devonian rocks identified in earlier programs which are
geologically similar to the Devonian-aged setting of the Entree-Ivanhoe Mines
joint venture deposits, Hugo North Extension and Heruga, and Ivanhoe Mines�
nearby Oyu Tolgoi deposits. The geophysical re-evaluation will be combined
with further geochemical and geological surface work to generate new drill
targets. Approximately 5,000 metres of follow-up drill testing is planned for
later in 2010.
The Company is also working through the mining licence application process
in order to convert all or a portion of its Togoot exploration licence to a
mining licence. A decision regarding the conversion application is expected
shortly.
USA
Empirical Projects
At Bisbee, Arizona, recently completed induced polarization surveys have
outlined an area of high chargeability coincident with the 2 kilometre x 3
kilometre magnetic low that defines the Dixie exploration target. Dixie is
located approximately 6 kilometres north-northeast of the historic Bisbee
mining camp and along a prominent structural trend that extends from Bisbee
northeastward through the Entr�e property. Permitting for initial drill
testing and follow-up geophysical surveys is in progress, with a 2,400 metre
drill program planned to commence in late May or June, 2010. Additional
induced polarization surveys are planned to test the 2 kilometre x 3.5
kilometre magnetic low that defines the Abbot target located 10 kilometres
north of Bisbee. The Bisbee camp was the foundation of the Phelps Dodge
mining company (now Freeport McMoRan), and produced over 7 billion pounds of
copper from the late 1800s until 1975.
No work is currently planned at Lordsburg or Oak Grove in New Mexico for
the first half of 2010. Entr�e has applied for additional drill permits
at Lordsburg which could allow for a drill program later in the year.
During the 2008 and 2009 field seasons, Entree personnel were
successful in discovering a new copper-gold porphyry system near Lordsburg.
This area was previously known only for vein-style gold-silver-copper
mineralization. Additional drilling would be directed towards expanding
the current drill defined copper-gold porphyry zone.
Yerington Projects
Field work has commenced on the Blackjack property located in the historic
Yerington copper camp of Nevada. The property is held under option from Honey
Badger Exploration and covers approximately 10,500 acres. The permitting of
seven exploration drill holes totaling 2,800 metres is in the final stages of
being approved with drilling scheduled to begin in May, 2010. Work is
currently underway and consists of nine lines of induced polarization
geophysical surveys totaling approximately 43 line kilometres designed to
identify potential drill targets in portions of the property that have not
been fully explored. The Yerington district, with historical copper
production of approximately 1.8 billion pounds of copper, is presently one of
the most active base metal exploration areas in the USA, with programs
underway by Nevada Copper Corp. and Quaterra Resources Inc.
Permitting of exploration drilling on the adjoining Roulette property held
under option from Bronco Creek Exploration is also in progress. Four drill
holes, totaling 2,800 metres, are planned to test coincident geological,
geochemical and geophysical targets. Drilling of the Roulette property is
expected to start after the completion of drilling at Blackjack.
Canada
On the Crystal copper-molybdenum project in central British Columbia, a contract
has been signed with Aeroquest Limited for a 550 line kilometre airborne
magnetic and electromagnetic geophysical survey covering the Crystal claims.
The survey will be flown using the advanced helicopter-borne AeroTEM III
system. Following receipt and interpretation of the airborne results,
follow-up ground prospecting and geological mapping will be undertaken. Based
on the results of this work, initial drill testing may be undertaken in the
latter half of the year.
PacMag Transaction
Preparation of the Scheme booklet outlining the proposed transaction is
near completion. Once the booklet is accepted by the Australian courts, it
will be mailed out to PacMag shareholders for their consideration and to
provide information for the shareholder vote necessary to approve the
transaction. Assuming positive approvals by the courts and PacMag
shareholders, completion of the transaction is expected in late May or early
June.
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. The
Company flagship property is in Mongolia, where it holds two mining licences
(Shivee Tolgoi and Javhlant) and one exploration licence (Togoot). Lookout
Hill completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe
Mines, and hosts the Hugo North Extension copper-gold deposit and the Heruga
copper-gold-molybdenum deposit.
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.
The Company continues to explore its landholdings in Mongolia while also
evaluating new opportunities throughout eastern Asia. Entr�e is exploring the
Huaixi copper project in Zhejiang Province in China, under the terms of an
agreement with the No. 11 Geological Brigade.
In North America, the Company is exploring for porphyry-related copper
systems in Arizona and New Mexico under an agreement with Empirical Discovery
LLC. In 2009, Entr�e optioned two large contiguous properties, Blackjack and
Roulette, in the Yerington porphyry copper district of Nevada through option
agreements with HoneyBadger Exploration Ltd. and Bronco Creek Exploration
Inc.
In November 2009, Entr�e
announced an agreement with PacMag Metals Limited to implement Australian
Schemes of Arrangement to acquire all of the issued shares and options of
PacMag. PacMag holds the rights to land contiguous with the Blackjack and
Roulette properties and hosts the Ann Mason deposit. In British Columbia, Entr�e
has the right to earn 100% interest in the early stage copper-molybdenum
Crystal property through an agreement with Taiga Consultants Ltd.
The Company is also seeking additional opportunities to utilize its
expertise in exploring for deep and/or concealed ore deposits. With a
treasury in excess of C$40 million, the Company is well funded for future
activities.
Rio Tinto and Ivanhoe Mines are major shareholders of Entr�e, holding
approximately 15% and 14% of issued and outstanding shares, respectively.
FURTHER INFORMATION
Monica Hamm, Manager, Investor Relations
Entr�e Gold Inc.
Tel: 604-687-4777
Toll Free: 866-368-7330
E-mail: mhamm@entreegold.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 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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