Business
Signing Date Set for Investment Agreement - The Next Stage for Development of Oyu Tolgoi and Entrée's Lookout Hill
Signing Date Set for Investment Agreement - The Next Stage for Development of Oyu Tolgoi and Entr...
About this update from Entree Resources Ltd
[{"type":"text","content":"\n\n\n\nOct. 5, 2009 (Canada NewsWire Group) -- VANCOUVER, Oct. 5 /CNW/ -- Entrée Gold Inc. (TSX:ETG; NYSE Amex:EGI; Frankfurt:EKA - \"Entrée\" or the \"Company\") welcomes the announcement that the Investment Agreement between our joint venture partner, Ivanhoe Mines (TSX: IVN; NYSE: IVN; NASDAQ: IVN - \"Ivanhoe Mines\"), our largest shareholder Rio Tinto (NYSE: RTP; LSE: RIO.L; ASX: RIO.AX) and the Mongolian government will be signed on October 6, 2009 in a state ceremony.Entrée has followed recent political events in Mongolia, which gained momentum in the final week of August when the State Great Khural (Mongolia's parliament) amended four laws, including rescinding the Windfall Profits Tax effective January, 2011. Today's announcement that a date has been set for the signing of a definitive Investment Agreement is the culmination of years of diligent negotiations on the part of the Mongolian government, Rio Tinto and Ivanhoe Mines.Greg Crowe, President and CEO of Entrée, stated: \"Today's announcement of a signing date for the Investment Agreement is the clearest positive signal yet that the development of Oyu Tolgoi will proceed.\"The Investment Agreement is a comprehensive document that establishes the legal framework for development and operation of the massive Oyu Tolgoi mining complex. Oyu Tolgoi is the world's largest and richest, undeveloped porphyry copper-gold-molybdenum deposit. Some of the richest copper-gold mineralization lies within Entrée's Hugo North Extension deposit. The highest molybdenum grades occur within Entrée's Heruga deposit.Development of Entrée's Hugo North Extension and Heruga deposits is directly affected by the Investment Agreement. The Hugo North Extension, in particular, as it contains some of the highest copper and gold grades in the Hugo Dummett orebody, will be an important consideration in plans for development and mining.This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as \"may\", \"should\", \"expects\", \"plans\", \"anticipates\", \"believes\", \"estimates\", \"predicts\", \"potential\" or \"continue\" or the negative of these terms or other comparable terminology. These statements are only predi...