Entree cheers first Cu concentrate shipment from Oyu
Entree cheers first Cu concentrate shipment from Oyu
2013-07-09 12:05 PT - News Release
Ms. Monica Hamm reports
ENTREE GOLD WELCOMES NEWS OF FIRST COPPER CONCENTRATE SHIPMENT FROM OYU TOLGOI, MONGOLIA
Entree Gold Inc. is offering words of congratulations to its joint venture partner, Oyu Tolgoi LLC, and to the government of Mongolia, Turquoise Hill Resources Ltd. and Rio Tinto on the first shipment of copper concentrate from the Oyu Tolgoi open-pit copper-gold mine in Mongolia.
Greg Crowe, president and chief executive officer of Entree, stated: "A significant milestone such as this can only be reached through the hard work, dedication and perseverance of all parties involved. Projects of the magnitude and quality of Oyu Tolgoi are extremely rare, and the successful development of this world-class asset can bring substantial benefits to the Mongolian people for decades to come. Entree is a joint venture partner on a portion of the Oyu Tolgoi project, and we look forward to the eventual development of the underground operations."
Entree has been active in Mongolia for over 10 years, having acquired the ground position that now forms the joint venture property in 2002. The joint venture property, in which Entree has a 20-per-cent interest, hosts the Hugo North Extension and Heruga deposits, which are distributed along the Oyu Tolgoi trend of copper-gold-molybdenum mineralization. The Hugo North Extension deposit hosts both indicated and inferred resources, while the Heruga deposit is host to an inferred resource. The indicated resource at the Hugo North Extension deposit contains a probable reserve, which is included in the first lift (lift 1) of the Oyu Tolgoi underground block-cave mining operation. Lift 1 is expected to generate first development production in 2019. A second lift for the Oyu Tolgoi underground block-cave operation, including additional resources from Hugo North Extension, has been proposed but not yet modelled within the existing mine plan.