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ENTRÉE GOLD'S BLUE ROSE JOINT VENTURE SELLS IRON ORE RIGHTS TO BONYTHON FOR EQUITY VALUED UP TO AUD$25 MILLION
ENTRÉE GOLD'S BLUE ROSE JOINT VENTURE SELLS IRON ORE RIGHTS TO BONYTHON FOR EQUITY VALUED UP TO A...
About this update from Entree Resources Ltd
[{"type":"text","content":"\n\n\n\n Sep. 16, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\nVANCOUVER, Sept. 16 /CNW/ - Entrée Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA - "Entrée" or the "Company"), through a joint venture between the Company's wholly owned subsidiary PacMag Metals (51% - "PacMag") and Giralia Resources NL (ASX:GIR - 49% - "Giralia"), has entered into an agreement with Bonython Metals Group Pty. Ltd. ("BMG"), a private Australian resource company. BMG has agreed to purchase 100% of the iron ore rights on the joint venture's Blue Rose exploration property EL3848 in exchange for 6% of BMG's future issued capital. Should BMG convert to a public company by September 25, 2012, BMG will exchange the joint venture's shares in the private company for 6% of the initial public offering on the day of listing. Should BMG fail to publicly list its shares by that date, it shall, by way of a selective share buy-back, acquire the joint venture's private shares for AUD$25 million.\nBMG has secured an agreement with an Asian based investment group to provide funding to facilitate its iron ore strategy. BMG's stated goal is to "consolidate existing tenements that cover a very large area of known and out-cropping Braemar Iron Formation horizons as well as areas of near surface strong magnetic anomalies where interpreted Braemar Iron Formation may be covered by shallow soils and sand. BMG intends to develop these new iron ore deposits int...