Entree Gold Finalizes Oyu Tolgoi Feasibility Study

Entrée Gold Inc. (TSX:ETG,NYSEMKT:EGI,FWB:EKA) reported that the 2014 Oyu Tolgoi Feasibility Study has been finalized and presented to the board of directors of Oyu Tolgoi LLC. The 2014FS updates the Reserve Case from the March 25, 2013 Oyu Tolgoi Technical Report.

As quoted in the press release:

Of significance to Entrée, the 2014 FS also includes a Life of Mine (“LOM”) Case, which reflects the flexibility that exists with respect to later phases of underground development, including Lift 2 of the Entrée-OTLLC joint venture’s Hugo North Extension deposit, and the much larger Heruga deposit. This represents the first public disclosure of an LOM production case since the Oyu Tolgoi Integrated Development Plan was released in June, 2010. The later phases will require separate development decisions in the future, based on then prevailing conditions and the development experience obtained from developing and operating the initial phases of the Oyu Tolgoi project.

The release of the 2014FS is an important step to restarting underground development at Oyu Tolgoi, which has been halted since August 2013 pending resolution of several issues with the Government of Mongolia. The 2014FS requires approval of OTLLC shareholders and the Mongolian Minerals Council. In addition, resolution of OTLLC shareholder issues, agreement of a comprehensive funding plan including project finance and receipt of all necessary permits is required before advancement of the underground development can begin.

Entrée Gold President and CEO Greg Crowe, said:

The completion and release of the Oyu Tolgoi feasibility study is a significant step towards restarting underground development and to realizing the full potential of this world class project. All stakeholders in the Oyu Tolgoi project, including Entrée, are continuing to work collaboratively to address their respective concerns. We remain confident in the ability of the parties to resolve outstanding issues so that underground development can proceed.

Click here to read the Entrée Gold Inc. (TSX:ETG) press release