Business
Entrée Gold Announces Option Agreement in Yerington District with Bronco Creek Exploration
Entrée Gold Announces Option Agreement in Yerington District with Bronco Creek Exploration
About this update from Entree Resources Ltd
[{"type":"text","content":"\n\n\n\nSep. 25, 2009 (Canada NewsWire Group) -- VANCOUVER, Sept. 25 /CNW/ -- Entrée Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - \"Entrée\" or the \"Company\") announces that the Company has entered into an agreement with Bronco Creek Exploration Inc. (\"Bronco Creek\"), a private exploration company based in Arizona, to explore for and develop porphyry copper targets in the Yerington district of western Nevada. Bronco Creek has assembled a land package of 214 claims covering over 1,760 hectares (4,350 acres) known as the Roulette Property. The Roulette Property adjoins and is directly south of the Blackjack Property currently under option with HoneyBadger Exploration Inc. (TSX.V:TUF - \"HoneyBadger\").Greg Crowe, Entrée's President and CEO commented, \"Our agreement with Bronco Creek on the Roulette Property represents a strategic addition to Entrée's existing holdings in the area. Targets to be tested on the Blackjack Property could extend southward onto Roulette. The Yerington area has received limited attention since the 1980's, when Anaconda last mined the Yerington copper deposit. However, recent work has demonstrated the potential of this camp to host additional sizeable copper-gold resources. Entrée is looking forward to working with Bronco Creek and HoneyBadger on exploration efforts in the coming months.\"Under the terms of the agreement with Bronco Creek, Entrée may acquire an 80% interest in the Roulette Property by incurring expenditures of $1,000,000, making cash payments of US$140,000 and issuing 85,000 shares within three years. The minimum expenditure required in Year 1 is US$300,000, along with cash payments totaling US$90,000 and issuance of 72,500 shares. The agreement is subject to completion of due diligence and regulatory approval.Entrée and Bronco Creek are planning an aggressive exploration program commencing in the fourth quarter 2009. This program will test numerous geological and geochemical targets along with anomalies defined by a recently completed high-definition airborne AirMt magnetotelluric survey.Foray in British ColumbiaEntrée has reached an agreement with Taiga Consultants Ltd. to acquire the Crystal Property, located approximately 120 kilometres west-southwest of Prince George, BC. The Crystal Property comprises ten contiguous claims covering a...