ENTRÉE RESOURCES WELCOMES START OF OYU TOLGOI UNDERGROUND MINE AND ANNOUNCEMENT OF RENEWED PARTNERSHIP WITH GOVERNMENT OF MONGOLIA

About this update from Entree Resources Ltd

[{"type":"text","content":"\n \n \n \n ENTRÉE RESOURCES WELCOMES START OF OYU TOLGOI UNDERGROUND MINE AND ANNOUNCEMENT OF RENEWED PARTNERSHIP WITH GOVERNMENT OF MONGOLIA\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Jan. 25, 2022\n \n /CNW/ - Entrée Resources Ltd. (TSX: ETG) (OTCQB: ERLFF) (– the \"\n \n Company\n \n \" or \"\n \n Entrée\n \n \") reports that on\n \n January 24, 2022\n \n , Turquoise Hill Resources Ltd. (\"\n \n Turquoise Hill\n \n \"), announced the resolution of key outstanding issues related to the Oyu Tolgoi underground mine:\n \n \n \n Turquoise Hill and the Government of\n \n Mongolia\n \n reached a mutual understanding for a renewed partnership.\n \n \n Turquoise Hill and Rio Tinto entered into a binding agreement that delineates a comprehensive funding arrangement to address Turquoise Hill's estimated incremental funding requirements to complete the project.\n \n \n The Oyu Tolgoi LLC (\"\n \n OTLLC\n \n \") board approved the signing of an Electricity Supply Agreement to provide Oyu Tolgoi with a long-term source of power from the Mongolian grid on terms fully agreed with the Government of\n \n Mongolia\n \n .\n \n \n \n As a result, the OTLLC board unanimously approved commencement of the undercut to start Hugo North Lift 1 Panel 0 underground mine production on the Oyu Tolgoi mining licence.\n \n \n Oyu Tolgoi includes two separate land holdings: the Oyu Tolgoi mining licence, which is held by Entrée's joint venture partner, OTLLC, and the Entrée/Oyu Tolgoi JV Property, a partnership between Entrée and OTLLC.  The Hugo North Extension deposit on the Entrée/Oyu Tolgoi JV Property is located at the northern portion of Panel 1 and is an integral part of the Lift 1 mine plan.\n \n \n \n Stephen Scott\n \n , Entrée's President & CEO commented, \"This is great news for Entrée and all Oyu Tolgoi project stakeholders. Establishing a strong relationship between all parties going forward is an essential element of ensuring optim...

More updates from Entree Resources Ltd