Jul 10 2013
Entrée Gold Inc. - "Entrée" or the "Company") offers congratulations to its joint venture partner, Oyu Tolgoi LLC, and to the Government of Mongolia, Turquoise Hill Resources Ltd. and Rio Tinto, on the first shipment of copper concentrate from the Oyu Tolgoi open pit copper and gold mine in Mongolia.
Greg Crowe, President and CEO of Entrée, stated: “A significant milestone such as this can only be reached through the hard work, dedication and perseverance of all parties involved. Projects of the magnitude and quality of Oyu Tolgoi are extremely rare and the successful development of this world class asset can bring substantial benefits to the Mongolian people for decades to come. Entrée is a joint venture partner on a portion of the Oyu Tolgoi project and we look forward to the eventual development of the underground operations.”
Entrée has been active in Mongolia for over 10 years, having acquired the ground position that now forms the joint venture property in 2002. The joint venture property, in which Entrée has a 20% interest, hosts the Hugo North Extension and Heruga deposits, which are distributed along the Oyu Tolgoi trend of copper-gold-molybdenum mineralization. The Hugo North Extension deposit hosts both indicated and inferred resources while the Heruga deposit is host to an inferred resource. The indicated resource at the Hugo North Extension deposit contains a probable reserve, which is included in the first lift (“Lift 1”) of the Oyu Tolgoi underground block cave mining operation. Lift 1 is expected to generate first development production in 2019. A second lift for the Oyu Tolgoi underground block cave operation, including additional resources from Hugo North Extension, has been proposed but not yet modeled within the existing mine plan.
Source: http://www.entreegold.com