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Entrée Resources Provides Update on Oyu Tolgoi JV and Spinout of Exploration Assets Into Mason Resources
VANCOUVER, British Columbia, June 19, 2017 (GLOBE NEWSWIRE) -- Entrée Resources Ltd. (TSX: ETG) (NYSE MKT:EGI) (the "Company" or "Entrée") is pleased to provide
About this update from Entree Resources Ltd
[{"type":"text","content":"VANCOUVER, British Columbia, June 19, 2017 (GLOBE NEWSWIRE) -- Entrée Resources Ltd. (TSX: ETG) (NYSE MKT:EGI) (the \"Company\" or \"Entrée\") is pleased to provide the following corporate update after completion of its restructuring plan which involved the re-branding of \"Entrée Gold Inc.\" to \"Entrée Resources Ltd.\" and the spin-out of its U.S. development and exploration assets into a new TSX listed vehicle called \"Mason Resources Corp.\" (TSX:MNR). Entrée has retained ownership of its joint venture interest in the construction stage Oyu Tolgoi underground mining project in Mongolia as its flagship asset, with other royalty assets in Peru and Australia. Stephen Scott, Entrée’s President and CEO, stated, “We are very happy to report that the restructuring was completed on schedule and effective May 12, 2017 Entrée and Mason Resources began trading independently. Entrée’s immediate focus will be on protecting and enhancing the value of its Oyu Tolgoi joint venture interest. The Oyu Tolgoi underground project is one of the world’s most important new copper-gold mines, and under the stewardship of our partners, Oyu Tolgoi LLC and developer/operator Rio Tinto, construction remains substantially on schedule. I am very excited about the fast approaching commencement of first development work on the joint venture licenses followed by first joint venture development production in approximately 2021. Entrée Resources launched with more than US$9 million in cash which, given our focus on rigorous fiscal management, is sufficient to meet all funding requirements for the foreseeable future.” OYU TOLGOI UNDERGROUND DEVELOPMENT PROJECT UPDATE Turquoise Hill Resources reported on May 15, 2017 that the focus of underground development activities in Q1 2017 continued to be lateral development, sinking of Shafts 2 and 5, support infrastructure and the convey-to-surface system. Approximately the equivalent of one kilometre of lateral development was completed during Q1 2017 and since the re-start of development in 2016 a total of 2.6 equivalent kilometres of lateral development have been completed. Sinking of Shaft 2 is expected to reach its final depth of 1,284 metres later in 2017. Shaft 5 sinking has progressed more slowly than expected due to an extended construction re-start period and lower productivity with com...