Entrée Gold Announces Agreement to Explore for Copper in China
November 7, 2007
Vancouver, B.C., November 07, 2007 - Entrée Gold Inc. (TSX:ETG; AMEX:EGI; Frankfurt:EKA – "Entrée" or the "Company") has entered into an agreement with the Zhejiang No. 11 Geological Brigade to explore for copper within three prospective contiguous exploration licences, totaling approximately 61 square kilometres in Pingyang County, Zhejiang Province, People’s Republic of China.
Entrée has agreed to spend US$3,000,000 to fund exploration activities on the licences (collectively known as "Huaixi" - see maps on www.entreegold.com) over a four year period. After Entrée has expended US$3 million, the Company will hold a 78% interest and Zhejiang No. 11 Geological Brigade will hold a 22% interest in the project.
The licences cover a large area (2 kilometres by 10 kilometres) of advanced argillic alteration with peripheral, small scale, past-producing copper-gold and pyrite mines. As the area has not been extensively drill-tested to depth or explored using deep-penetrating geophysical techniques, it is believed to offer excellent potential for buried copper deposits. In addition, the geology of the Huaixi area is similar to that of high-level systems associated with a number of porphyry copper deposits elsewhere in the world.
"This agreement marks Entrée’s entry into China and broadens our exploration efforts in Asia. Our focus in Mongolia and North America is to explore for porphyry copper-gold deposits. Similar opportunities exist in China and the Huaixi project was chosen after an extensive technical review of a number of prospective Chinese properties," commented Greg Crowe, President and CEO of Entrée.
The project is located in southeast China, two hours by paved road from the large industrial port city of Wenzhou and has excellent local access and infrastructure.
Robert Cann, P.Geo., Entrée’s Vice-President, Exploration and a Qualified Person as defined by National Instrument 43-101, is responsible for the preparation of technical information in this news release.
ABOUT ENTRÉE GOLD INC.
Entrée Gold Inc. (www.entreegold.com) is a Canadian mineral exploration company focused on the exploration and acquisition of base and precious metal deposits. Entrée shares a portion of the Oyu Tolgoi copper-gold-molybdenum porphyry deposit in southern Mongolia with its strategic partners, Ivanhoe Mines and Rio Tinto. Lookout Hill, Entrée’s flagship project in Mongolia, completely surrounds Oyu Tolgoi and is host to the Hugo North Extension, to the north, and the newly discovered Heruga Deposit, to the south.
The Company continues to explore its large landholdings in Mongolia and to evaluate new opportunities in the country and elsewhere in Asia. In North America, the Company is exploring for copper-molybdenum porphyries in the southwest United States and seeking additional opportunities to utilize its expertise in the exploration for deep and/or concealed ore deposits.
|Monica Hamm, Investor Relations
Entrée Gold Inc.
|Primoris Group |
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. Such statements include statements as to the Company’s belief in the exploration potential of the Huaixi project. 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.