Business
Entree Gold Announces First Quarter 2016 Results
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2016) - Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) ("Entrée" or the "Company") has today filed i
About this update from Entree Resources Ltd
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 9, 2016) - Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) (\"Entrée\" or the \"Company\") has today filed its interim operational and financial results for the quarter ended March 31, 2016. All numbers are in U.S. dollars unless otherwise noted. COMPANY DEVELOPMENTS Notice to Proceed Approval for Underground Development at Oyu Tolgoi On May 5/6, 2016, formal 'notice to proceed' approval was given for the next stage of development of the world-class Oyu Tolgoi mine in Mongolia by the boards of Turquoise Hill Resources Ltd. (\"Turquoise Hill\"), Rio Tinto and Entrée's joint venture partner, Oyu Tolgoi LLC (\"OTLLC\"). Turquoise Hill announced that this was the final requirement for the re-start of underground development of the first lift of the Hugo North block cave (\"Lift 1\"), including Lift 1 of the Entrée/Oyu Tolgoi joint venture's Hugo North Extension deposit. OTLLC is targeting underground construction to begin in mid-2016. Expenditures Reduced Q1 2016 exploration and general and administration expenditures of approximately $498,000 and $605,000, respectively were reduced by 74% and 36% compared to the same quarter in 2015 as a result of the Company's objective to reduce expenditures which commenced in the second half of 2015. Sandstorm Equity Participation and Funding Agreement Amendment The Company entered into an agreement with Sandstorm Gold Ltd. to amend the Equity Participation and Funding Agreement dated February 14, 2013 (the \"2013 Agreement\"). The agreement to amend resulted in a 17% reduction in the metal credits that Entrée is required to sell and deliver to Sandstorm under the 2013 Agreement. In return, Entrée refunded a portion of the original $40 million deposit by paying $5.5 million in cash and issuing $1.3 million of common shares of the Company. OUTLOOK AND STRATEGY Entrée is primarily focused on advancing its principal properties in Mongolia and Nevada. In addition, Entrée is engaged in evaluating acquisition opportunities which are complementary to its existing projects in mining friendly jurisdictions. The commodities Entrée is most likely to pursue include copper, gold and molybdenum and other base metals. Entrée will consider both small and large projects if they demonstrate potential to add shareholder value in the short to medium term. The ...