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Entrée Resources Announces Pause in Oyu Tolgoi Lift 1 Panel 1 Underground Development Work
VANCOUVER, British Columbia, June 06, 2025 (GLOBE NEWSWIRE) -- Entrée Resources Ltd. (TSX:ET...
About this update from Entree Resources Ltd
[{"type":"text","content":"Entrée Resources Announces Pause in Oyu Tolgoi Lift 1 Panel 1 Underground Development Work\n\n\n\n VANCOUVER, British Columbia, June 06, 2025 (GLOBE NEWSWIRE) -- Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the “\n \n Company\n \n ” or “\n \n Entrée\n \n ”) announces the Entrée/Oyu Tolgoi joint venture (the “\n \n Entrée/Oyu Tolgoi JV\n \n ” or “\n \n JV\n \n ”) has paused Oyu Tolgoi Lift 1 Panel 1 underground lateral development work on the Shivee Tolgoi mining licence in Mongolia. The work commenced in October 2024 in rock classified as waste. As at May 30, 2025, ~230 equivalent metres of lateral development primarily on the return air level had been completed by the Company’s joint venture partner Oyu Tolgoi LLC (“\n \n OTLLC\n \n ”).\n \n\n Stephen Scott, the Company’s President and CEO, commented, “We are obviously very disappointed that we have been unable to achieve a timely transfer of title to the JV mining licences, necessitating this pause. The parties have always intended for OTLLC, the 80% owner and Manager of the Entrée/Oyu Tolgoi JV, to hold title to the Shivee Tolgoi and Javkhlant mining licences (the “\n \n Licences\n \n ”) on behalf of the JV participants. It is a requirement of the 2008 Joint Venture Agreement and contemplated in the 2009 Oyu Tolgoi Investment Agreement. Entrée and OTLLC commenced the transfer process in February 2025 and will continue to work with representatives of the Government of Mongolia to complete the transfers as soon as possible in accordance with applicable laws of Mongolia. Our top priority is to try to reduce the adverse economic impact on all Oyu Tolgoi project stakeholders, including the people of Mongolia, that will result from a Panel 1 underground development delay.”\n \n\n Under the 2025 Oyu Tolgoi Mine Plan approved by the Mineral Resources and Petroleum Authority of Mongolia (“\n \n MRPAM\n \n ”), work in the Hugo North Extension (“\n \n HNE\n \n ”) deposit footprint was conditionally scheduled to commence in June 2025. As previously disclosed, work in the HNE deposit cannot proceed until the Licences have been transferred from Entrée LLC to OTLLC as Manager on behalf of the Entrée/O...