Business
Entrée-PacMag Schemes of Arrangement Overwhelmingly Supported
Entrée-PacMag Schemes of Arrangement Overwhelmingly Supported
About this update from Entree Resources Ltd
[{"type":"text","content":"\n\n\n\n Jun. 4, 2010 (Canada NewsWire Group) -- Entrée Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA - "Entrée" or the "Company") is pleased to announce that the Shareholders and Optionholders of PacMag Metals Limited (ASX:PMH - "PacMag") have overwhelmingly voted in favour of implementing the Australian Schemes of Arrangement ("Schemes") as announced in November 2009. One hundred percent of Optionholders and over ninety-nine percent of voting Shareholders supported the acquisition of all outstanding PacMag shares and options by Entrée.\nThe Second Court Hearing in respect of the Schemes is scheduled for June 15, 2010. If approved by the Court, the transaction is expected to be final on or about June 30, 2010, subject to certain administrative issues and regulatory approvals.\nEntrée's merger with PacMag will bring into its portfolio several new properties in the United States and Australia. These include:\n\n\n >\n\n\nThe Ann Mason property is the most advanced project, with the Ann Mason deposit containing a NI 43-101 compliant resource of 7.1 billion pounds of copper at the inferred level (810 million tonnes @ 0.40% Cu). The property also hosts the Blue Hills copper oxide target, which potentially extends westward onto the ground held under an agreement between Entrée and HoneyBadger Exploration Inc. (TSX.V:TUF - "HoneyBadger") (see news release of July 23, 2009). Entrée has also entered into an agreement with Bronco Creek Exploration Inc. (a wholly-owned subsidiary of Eurasia Minerals Inc. TSX.V:EMX - collectively "Bronco Creek") (see news release of September 25, 2009).\nThe Ann Mason deposit forms part of the Yerington copper camp, where Anaconda Copper produced over 1.8 billion pounds of copper to the early 1980s. Activity in the area has increased significantly in the past several years. Nevada Copper Corporation is currently developing the Pumpkin Hollow deposit located approximately 15 kilometres southeast of the Ann Mason property, where they have outlined NI 43-101 compliant measured and indicated resources of 5.6 billion pounds of copper. To the north of Ann Mason property, Quaterra Resources Inc. has been drilling the MacArthur deposit and also owns the Bear Deposit and the former producing Yerington Mine.\nGreg Crowe, Pre...