Message #7 From:
NewsBot Date: March 22, 2008 11:21:22 AM
Entree Secures Large Land Holding Near Historic Bisbee Mine, Arizona
Entree Gold Inc. (TSX: ETG)(AMEX: EGI)(FRANKFURT: EKA) ("Entree" or the
"Company") has entered into a second agreement with Empirical Discovery
LLC to explore for porphyry copper-gold targets in a specified area
near Bisbee, Arizona. The Bisbee Mine was one of Phelps Dodge's (now
Freeport McMoRan) earliest acquisitions in Arizona and is reported to
have produced copper, gold and silver mineralization from 1877 to 1975.
Production is estimated to have been over 8 billion pounds of copper
and 3 million ounces of gold, with historic reserves (non 43-101
compliant) and value of production estimated at 152 million tonnes
averaging 2.35% copper, 20.9 g/t silver, and 0.58 g/t gold.
Mineralization was hosted within both porphyry and skarn environments.
Entree's ground position covers the area to the north and northeast
of the former Bisbee Mine. North-northeast trending structures are
reported to be an important control to mineralization in this area.
These structures extend from Bisbee to the north under Cretaceous,
post-mineral cover.
The Company intends to use the proprietary geophysical
interpretation techniques developed by the principals of Empirical to
locate buried porphyry targets. Preliminary exploration includes
geophysics (deep penetrating induced polarization, CSAMT, AMT),
geochemistry and geology. The current program as budgeted is $726,000.
This budget does not include an allocation for drilling, as drill
targets have yet to be identified.
Under the terms of the Bisbee agreement, Entree has the option to
acquire an 80% interest in any target within this 10,800 acre (4,370
ha) parcel of land, by incurring exploration expenditures totaling a
minimum of $1.9 million and issuing 150,000 shares within 5 years of
the anniversary of the effective date. If Entree exercises its option,
Empirical may elect within 90 days to retain 20% participating interest
or convert to a 2% NSR royalty, half of which may be purchased for $2
million.
Quality Assurance and Quality Control
Robert Cann, P.Geo., Entree's Vice-President, Exploration, a
qualified person as defined by National Instrument 43-101 ("NI
43-101"), supervised the preparation of the information in this
release.
ABOUT ENTREE GOLD INC.
Entree Gold Inc. is a Canadian mineral exploration company focused
on the worldwide exploration and development of gold and copper
prospects. Most notably, the Company is a large landholder in Mongolia,
where it holds three exploration licences that comprise the
179,590-hectare Lookout Hill (Shivee Tolgoi) property. Lookout Hill
completely surrounds the 8,500-hectare Turquoise Hill (Oyu Tolgoi)
project of Ivanhoe Mines, and hosts the Hugo North Extension of the
Hugo Dummett deposit and the newly discovered Heruga deposit.
Ivanhoe Mines and Rio Tinto are major shareholders of Entree,
holding approximately 15% and 16% of issued and outstanding shares
respectively.
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 predictions and involve known and unknown risks,
uncertainties and other factors that may cause our or our industry's
actual results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity,
performance or achievements expressed or implied by these
forward-looking statements.
While these forward-looking statements, and any assumptions upon
which they are based, are made in good faith and reflect our current
judgment regarding the direction of our business, actual results will
almost always vary, sometimes materially, from any estimates,
predictions, projections, assumptions or other future performance
suggested herein. Except as required by applicable law, including the
securities laws of the United States, the Company does not intend to
update any of the forward-looking statements to conform these
statements to actual results. Readers are referred to the sections
entitled "Risk Factors" in the Company's periodic filings with the
British Columbia Securities Commission, which can be viewed at www.SEDAR.com, and with the United States Securities and Exchange Commission, which can be viewed at www.SEC.gov.
