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Entrée Resources Announces Fiscal Year 2019 Results and Reviews Corporate Highlights
Entrée Resources Announces Fiscal Year 2019 Results and Reviews Corporate Highlights ...
About this update from Entree Resources Ltd
[{"type":"text","content":"\n\n\n\nEntrée Resources Announces Fiscal Year 2019 Results and Reviews Corporate Highlights\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\nCanada NewsWire\nVANCOUVER, March 16, 2020\n\n\n\nVANCOUVER, March 16, 2020 /CNW/ - Entrée Resources Ltd. (TSX: ETG; OTCQB :ERLFF – the \"Company\" or \"Entrée\") has today filed its annual operational and financial results for the year ended December 31, 2019. All numbers are in U.S. dollars unless otherwise noted.\n2019 HIGHLIGHTSOyu Tolgoi Underground DevelopmentThe Oyu Tolgoi project in Mongolia includes two separate land holdings: the Oyu Tolgoi mining licence, which is held by Entrée's joint venture partner Oyu Tolgoi LLC (\"OTLLC\") and the Entrée/Oyu Tolgoi joint venture property (the \"Entrée/Oyu Tolgoi JV Property\"), which is a partnership between Entrée and OTLLC. On November 12, 2019 and January 16, 2020, OTLLC's 66% shareholder Turquoise Hill Resources Ltd. (\"Turquoise Hill\") provided an update on underground development on the Oyu Tolgoi mining licence:\nConstruction of Shaft 2 was completed in October 2019 allowing for the movement of 300 people per cage cycle versus a maximum of 60 people per cage cycle through Shaft 1. Underground development material is also being lifted to surface via the Shaft 2 production hoist.Productivity improvements resulted in increased underground lateral development rates during the fourth quarter of 2019, with an average rate of 1,607 equivalent meters (\"eqm\") compared to 1,214 eqm in the third quarter of 2019, with December seeing a record 1,809 eqm.Construction is progressing on Shafts 3 and 4 with both collars now installed. Final preparations are now underway to enable commencement of main sinking operations for both shafts during the second quarter of 2020.As previously announced by Turquoise Hill on July 15, 2019, improved information with respect to rock mass and geotechnical data modelling has confirmed that there are stability risks associated with components of the mine design in the 2016 Oyu Tolgoi Feasibility Stu...