Business
Oyu Tolgoi Investment Agreement Finalized
Oyu Tolgoi Investment Agreement Finalized
About this update from Entree Resources Ltd
[{"type":"text","content":"\n\n\n\nVANCOUVER, Mar. 31, 2010 (Canada NewsWire Group) -- /CNW/ -- Entrée Gold Inc. (TSX:ETG; NYSE AMEX:EGI; Frankfurt:EKA - \"Entrée\" or the \"Company\") welcomes the finalization of the landmark Investment Agreement between the Mongolian Government, Rio Tinto (NYSE: RTP; LSE: RIO.L; ASX: RIO.AX - \"Rio\"); and Oyu Tolgoi LLC, the Mongolian subsidiary of Ivanhoe Mines Ltd. (TSX:IVN; NYSE:IVN; NASDAQ:IVN - collectively \"Ivanhoe Mines\") that will be owned 66% by Ivanhoe Mines and 34% by the Mongolian government.Greg Crowe, President and CEO of Entrée stated: \"This historic agreement marks the beginning of a new era in Mongolia. The construction and operations for the Oyu Tolgoi mining complex, which includes the Entrée-Ivanhoe Joint Venture Property, are important to the future economic development of the country. A project of this magnitude will create thousands of jobs, both directly and indirectly, for the Mongolian people and provide stability for years to come. Settling this agreement is the next step necessary to access the riches of this exceptional copper-gold deposit for the benefit of Mongolia and the stakeholders that have been long term supporters of this project.\"Entrée is expected to benefit from the stability provided by this agreement, which has a term of 30 years with a possible 20 year extension, throughout the construction and development of this world class project in conjunction with its partners, Rio Tinto and Ivanhoe Mines.For more information on this historic agreement please see the news releases issued by Rio Tinto and Ivanhoe Mines on March 31, 2010.ABOUT ENTRÉE GOLD INC.Entrée Gold Inc. is a Canadian mineral exploration company focused on the worldwide exploration and development of gold and copper prospects. The Company flagship property is in Mongolia, where it holds two mining licences (Shivee Tolgoi and Javhlant) and one exploration licence (Togoot) comprising the 179,590 hectare Lookout Hill property. The application to convert the Togoot licence to a mining licence is currently under review. Lookout Hill completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe Mines, and hosts the Hugo North Extension copper-gold deposit and the Heruga copper-gold-molybdenum deposit.Under the terms of the joint venture, Entrée is carried through to produc...