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Entrée Gold Inc. (TSX:ETG, NYSE:EGI) announced their operational and financial results for 2012, including progress with their U.S. and Mongolian properties
Entrée Gold Inc. (TSX:ETG, NYSE:EGI) announced their operational and financial results for 2012, including progress with their U.S. and Mongolian properties.
As quoted in the press release:
Entrée also significantly advanced the Ann Mason Project in 2012. This resulted in the completion of a positive Preliminary Economic Assessment on the Ann Mason deposit and the first resource estimate for the Blue Hill copper oxide and sulphide deposit. The Ann Mason deposit, located in the mining friendly and politically stable jurisdiction of Nevada, returned a base case net present value of $1.1 billion and a mine life of over 24 years at an average annual production rate of 100,000 tonnes per day. Both Ann Mason and Blue Hill have scope for optimization and expansion.
Entrée Gold’s President and CEO, Greg Crowe, said:
The year 2012 was dominated by global economic contractions. In spite of the fact that copper and gold prices remained relatively strong, the junior resource industry was hit particularly hard. One of the major impacts of this contraction was that traditional financing sources for junior resource companies evaporated. Entrée was successful in securing a financing package of approximately $55 million from Sandstorm Gold Ltd. tied to two of Entrée’s main assets in Nevada and Mongolia. The equity private placement component of this financing resulted in Sandstorm becoming one of our largest shareholders.