Entree Resources Ltd T.ETG

Entree posts positive results

[RGS1]

Symbol: ETG U/ETEEF 29Jan03 Market News Publishing Inc. 2003/01/29 No:0003 ENTREE GOLD INC ("ETG-V") - Trenching and IP Outline Extensive Gold Mineralization - and IP Geophysics Confirms Continuity of Structures Hosting - Porphyry Gold-Copper System at Oyu Tolgoi NOT FOR DISSEMINATION IN THE UNITED STATES Entree Gold Inc. - President Greg Crowe is pleased to report on trenching and IP geophysical results over Entree's Zone III epithermal gold system to the northwest of Oyu Tolgoi (Turquoise Hill) and on the IP and magnetometer geophysical surveys completed on Shivee Tolgoi along the northern extension of the porphyry gold-copper system being explored by Ivanhoe Mines on their Oyu Tolgoi property, Mongolia. Entree's 179,590 hectare Shivee Tolgoi (Lookout Hill) Property is located immediately adjacent to and completely surrounds Ivanhoe Mines' approximately 8,500 hectare Oyu Tolgoi Property. Zone III hosts an epithermal gold system lying peripheral to the porphyry related gold-copper mineralization centered around Oyu Tolgoi. Entree previously reported select grab samples from this zone with values to 29.2 g/t gold. An exploration program in November and December, 2002 consisted of three lines of IP geophysics (conducted by S.J. Geophysics of Vancouver) designed to better define the northerly trending 1.6+ km long IP conductor associated with this zone of mineralization. A strong 200m wide chargeability anomaly was detected coincident with the mineralized zone on all three lines covering a strike length of 300m. All three trenches completed across the northerly trending Zone III, each 25 metres apart, outlined two separate zones of anomalous gold mineralization. The western zone is 60m in width and hosts quartz veins and breccias within silicified and clay - sericite altered felsic volcanics. Results included 5.18 g/t over 2.0m within a 7m interval averaging 1.64 g/t gold. Grab samples collected 40m north along the trend of this zone yielded 18.4 g/t gold, attesting to the presence of high grade values within the veined system. Of greater importance is the mineralized interval outlined at the eastern end of the trenches. This zone occurs within a rhyolite breccia that disappears beneath a welded tuff unit to the east. This 35+m wide mineralized interval, which is completely open to the east beneath the welded tuff, yielded 1.38 g/t gold over 18m with individual zones returning 8.3 g/t over 2m. The strong 200m wide IP chargeability anomaly in Zone III coincides with the western mineralized zone and may reflect an area of disseminated pyrite mineralization with auriferous quartz veins and breccias. More importantly, this IP anomaly coincides with the boundary of the near surface eastern zone of mineralization that is open along strike and to the east. Additional exploration will be required to outline these extensive areas of gold mineralization. Two lines of IP geophysics covering a strike extent of 800m were also completed near the Entree - Ivanhoe property boundary, along the projected northern continuation of the Ivanhoe porphyry gold-copper system. Both lines identified two structures that bound the northerly trending valley and may be important with respect to localizing porphyry gold-copper mineralization within a kilometre of Ivanhoe's Far North Zone. Additional geophysical lines will need to be completed to outline potential mineralized zones. The system will also have to be examined to depth. Several reconnaissance exploration targets were also identified in the recently completed exploration program. A large area of alteration occurs within a circular, possibly caldera-related, basin identified by satellite imagery to the east of Oyu Tolgoi. Numerous quartz veins ranging from 0.25m to over 5.0m in width are hosted by altered volcanics and north to northeasterly trending shears. Sampling of these veins returned values to 1.6 g/t gold, 157 ppm copper, 1035 ppm lead and 496 ppm zinc. Previously reported sampling in this area returned values to 2.6 g/t gold. Malachite was noted in an area of andesitic volcanics to the west of Oyu Tolgoi. Sampling returned values to 691 ppm copper. The fact that copper mineralization was found in the limited time spent in this area is very encouraging. Management is extremely encouraged by the results of the recent exploration programs. Results from soil sampling along the northern and southern projected continuation of the Ivanhoe porphyry gold-copper mineralized system are pending and will be reported on upon receipt and interpretation. Continued updates to Entree's exploration program and additional information can be viewed by visiting the company's website at www.entreegold.com. TEL: [phone] Entree Gold Inc. Gregory G. Crowe, President Internet: www.entreegold.com ______________________________________ ___________________________________________________________________ (c) Market News Publishing Inc. Tel:[phone] All rights reserved. Fax:[phone] MarketbyFax(tm) - To get the NEWS as it happens, call [phone]. MNP:SD030129102932-000275 End of News "Canaccord Capital Corporation " made the following annotations on 01/29/2003 07:31:23 AM ------------------------------------------------------------------------------ This message is intended only for the use of the individual or entity to which it is addressed and may contain information which is privileged, confidential or subject to copyright. Internet communications cannot be guaranteed to be secure or error-free as information could be intercepted, corrupted, lost, arrive late or contain viruses. 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