Entrée Gold Welcomes Signing of US$4.4 Billion Project Finance Facility for Underground Development at Oyu Tolgoi

Entrée Gold Inc. (TSX:ETG,NYSEMKT:EGI) welcomes today’s announcement by its joint venture partner, Oyu Tolgoi LLC, that it has signed a US$4.4 billion finance facility for underground mine development at the Oyu Tolgoi project. The facility is being provided by a syndicate of international financial institutions and export credit agencies representing the governments of Canada, the United States and Australia, along with 15 commercial banks.
Entrée Gold CEO, Stephen Scott, stated:

This financing package is the next critical step towards the restart of underground development, which could happen as early as mid-2016. By committing to fund an aggregate US$4.4 billion, with provision for up to US$6 billion, the international financial community has signaled its ongoing confidence in the tremendous potential of the Oyu Tolgoi project and Mongolia. A project of this magnitude has the ability to positively impact the Mongolian economy and bring substantial benefits to its people, as well as other Oyu Tolgoi stakeholders, for decades to come. From Entrée’s perspective, it is very exciting to be on the cusp of development of the Oyu Tolgoi block cave mining operation, which includes the Entrée-OTLLC joint venture’s Hugo North Extension deposit.

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