Entrée Gold to Trade on the Toronto Stock Exchange
April 21, 2006
Vancouver, B.C., Friday, April 21, 2006 - Entrée Gold Inc. (TSX.V:ETG; AMEX:EGI – “Entrée”) is pleased to announce that its common shares will be listed for trading on the Toronto Stock Exchange (“TSX”), the senior equity trading market in Canada, effective at the opening of trading, Monday, April 24, 2006.
The Company will trade on the TSX under the same symbol “ETG”, and continue to trade on the American Stock Exchange (“AMEX”) under the symbol “EGI”.
“Graduating to the Toronto Stock Exchange marks another milestone in the development of Entrée,” said President and CEO, Greg Crowe. “The TSX offers a more liquid market, and greater national and international exposure, which should benefit our existing shareholders and help to attract new retail and institutional investors. We look forward to the benefits of this listing as we continue to develop our mineral projects in Mongolia.”
Entrée is debt-free, with 70,653,926 shares outstanding, and approximately CAD$24 million in cash.
ABOUT ENTRÉE GOLD INC.
Entrée Gold Inc. (www.entreegold.com) is a Canadian exploration company focused on the exploration for gold and copper. The Company is a large landholder in Mongolia’s south Gobi Desert, near the Chinese border, and recently has acquired copper assets in western Mongolia.
Entrée maintains 100% interest in the 179,590 hectare Lookout Hill (Shivee Tolgoi) property which completely surrounds the 8,500 hectare, Turquoise Hill (Oyu Tolgoi) holdings of Ivanhoe Mines Ltd.(“Ivanhoe”).
Under an “Earn-In Agreement” announced in October 2004, Ivanhoe has the right to earn an interest in approximately 22% (40,000 hectares) of Entrée’s Lookout Hill property. By the terms of the agreement, Ivanhoe must spend a minimum of US$20 million in order to earn any interest in the mineral rights to the project property and may acquire up to a 70% interest in mineralization above a depth of 560 metres and an 80% interest in mineralization below a depth of 560 metres by spending US$35 million. Thereafter, Entrée has the right to require Ivanhoe to fund its share of subsequent joint venture costs through to production, to be recovered from production cash flow.
A drilling program by Ivanhoe in 2005 and early 2006 resulted in the definition of an inferred resource on the Copper Flats area of Entrée’s Lookout Hill property. The initial inferred resource (calculated using a 0.6% copper equivalent cut-off) is estimated at 190,160,000 tonnes, averaging 1.91% copper equivalent, containing over 6.5 billion pounds of copper and 3.2 million ounces of gold (see Entrée’s news release of February 1, 2006).
The initial resource estimate is based upon the results of drilling on a corridor extending 625 metres along strike north of the joint Entrée – Ivanhoe property boundary. Drilling to 1,300 metres north of the border has intersected significant copper-gold mineralization that is interpreted to be the northern continuation of this rich copper-gold system. Exploration to trace this system further north, and drilling to upgrade the inferred resource, continue.
The Company is well funded, with approximately CDN$24 million in its treasury, to explore its wholly-owned projects in Mongolia. In addition, it continues to review new project opportunities globally.
Entrée is listed for trading on the TSX Venture Exchange under the symbol “ETG” and on the AMEX under the symbol “EGI”.
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.
The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this news release.