news! VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 1, 2013) - Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) ( "Entrée" or the "Company") today confirmed that the Company has been advised that the temporary transfer restriction on joint venture mining licences MV-15225A and MV-15226A will be lifted. The Company has also been notified that the reserves for the joint venture deposits as approved through Order No. 167 in July 2009 will now stand as originally presented.
Entrée has been in discussions with stakeholders of the Oyu Tolgoi project, including the Government of Mongolia, Oyu Tolgoi LLC ("OT LLC"), Erdenes Oyu Tolgoi LLC, and Rio Tinto, since the Government of Mongolia temporarily restricted the joint venture licences from transfer in February 2013. The discussions to date have focussed on issues arising from Entrée's exclusion from the 2009 Oyu Tolgoi Investment Agreement. Meetings to discuss possible ways of addressing all parties' concerns in a mutually satisfactory manner have been positive and constructive.
While Entrée has acknowledged that the transfer of the joint venture mining licences to OTLLC, as currently contemplated by the Entrée-OT LLC joint venture, is important as these licences form an integral part of the future underground operations at Oyu Tolgoi, no final agreements have been reached and further discussions with all stakeholders are required. The final outcome must be acceptable to Entrée, provide Entrée with appropriate consideration and be in the best interest of Entrée's shareholders.