Entree Gold Posts Third Quarter Results

Entrée Gold Inc. (TSX:ETG,NYSEMKT: EGI,FWB:EKA) filed its interim operational and financial results for the third quarter ended September 30, 2014. The Company maintains approximately US$39 million in cash.

As quoted in the press release:

Greg Crowe commented further, “At the end of this third quarter, the Company maintains approximately US$39 million in cash during these challenging market conditions. We continue to look for ways to balance prudent cash management with the advancement of our main assets while considering possible strategic opportunities.”

… The initial stage of the PFS entails infill drilling at Ann Mason and consists of approximately 18,500 metres of pre-collar reverse circulation (“RC”) and diamond drilling in 40 holes. The program has an estimated budget of approximately US$5 million and is expected to be completed by the end of 2014. An updated resource estimate is planned for the first quarter of 2015.

… For the three months ended September 30, 2014, the Company incurred a net loss of US$1,399,598 (US$0.01 per share) compared to US$2,930,602 (US$0.02 per share) for the three months ended September 30, 2013. For the nine months ended September 30, 2014, the Company incurred a net loss of US$5,605,374 (US$0.04 per share) compared to US$10,298,063 (US$0.07 per share) for the nine months ended September 30, 2013.

As at September 30, 2014, the Company had working capital of US$38,206,137, including cash of US$38,738,298.

During the three months ended September 30, 2014, Entrée incurred lower operating expenditures due to a combination of higher foreign exchange gains and deferred income tax recovery.

Entrée Gold Inc. President and CEO, Greg Crowe, said:

In the third quarter, we continued our pre-feasibility infill drill program at our Ann Mason project in Nevada, one of the most advantageous mining districts in the world. This drill program is designed to move Ann Mason along the path to pre-feasibility and to establish the potential for Ann Mason to become a long-life open pit copper mine.

Click here to read the Entrée Gold Inc. (TSX:ETG,NYSEMKT:,EGI,FWB:EKA) press release