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Entree Gold Announces Fiscal Year 2016 Results and Reviews Corporate Highlights
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 10, 2017) - Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) ("Entrée" or the "Company") has today file
About this update from Entree Resources Ltd
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 10, 2017) - Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) (\"Entrée\" or the \"Company\") has today filed its annual operational and financial results for the year ended December 31, 2016. All numbers are in U.S. dollars unless otherwise noted. 2016 HIGHLIGHTS Entrée/Oyu Tolgoi Joint Venture Property, Mongolia On May 5th and 6th, 2016, formal 'notice to proceed' approval was given for the next stage of development of the world-class Oyu Tolgoi copper-gold mine in Mongolia (\"OT\") by the boards of Turquoise Hill Resources Ltd. (\"Turquoise Hill\"), Rio Tinto and Entrée's joint venture partner, Oyu Tolgoi LLC (\"OTLLC\"). According to Turquoise Hill, this was the final requirement for the re-start of underground development at the Hugo North Lift 1 block cave (\"Lift 1\"), including Lift 1 of the Entrée/Oyu Tolgoi joint venture's Hugo North Extension deposit. In June and July 2016, OTLLC signed a contract with Jacobs Engineering Group to provide engineering, procurement and construction management services for the underground development and signed a contract with mining services provider Thiess and Mongolian contractor Khishig Arvin for development of twin declines, incorporating both a service and conveyor tunnel. In August 2016, Turquoise Hill advised that OTLLC drew down approximately $4.3 billion of the $4.4 billion project finance facility that was signed in December 2015. As part of the project finance facility, a debt cap of $6.0 billion for OT was agreed, which provides the possibility for an additional $1.6 billion of supplemental debt in the future. On October 21, 2016, Turquoise Hill filed an updated technical report (\"2016 OTTR\") under National Instrument 43-101 - Standards of Disclosure for Mineral Projects (\"NI 43-101\") relating to the OT project. The 2016 OTTR includes Preliminary Economic Assessments (\"PEAs\") of potential later phases of the OT deposits which include Entrée/Oyu Tolgoi joint venture resources. During the fourth quarter of 2016, the underground workforce ramped up to over 2,000 people and progress was made in key areas including shafts 2 and 5 related activities and construction of critical on-site facilities while the bulk excavation component for the convey-to-surface work stream was completed. Lateral development rates were progre...