Entrée Secures Large Land Holding Near Historic Bisbee Mine, Arizona
March 19, 2008
Vancouver, B.C., March 19, 2008 - Entrée Gold Inc. (TSX:ETG; AMEX:EGI; Frankfurt:EKA – “Entrée” or the “Company”) has entered into a second agreement with Empirical Discovery LLC to explore for porphyry copper-gold targets in a specified area near Bisbee, Arizona. The Bisbee Mine was one of Phelps Dodge’s (now Freeport McMoRan) earliest acquisitions in Arizona and is reported to have produced copper, gold and silver mineralization from 1877 to 1975. Production is estimated to have been over 8 billion pounds of copper and 3 million ounces of gold, with historic reserves (non 43-101 compliant) and value of production estimated at 152 million tonnes averaging 2.35% copper, 20.9 g/t silver, and 0.58 g/t gold. Mineralization was hosted within both porphyry and skarn environments.
Entrée’s ground position covers the area to the north and northeast of the former Bisbee Mine. North-northeast trending structures are reported to be an important control to mineralization in this area. These structures extend from Bisbee to the north under Cretaceous, post-mineral cover.
The Company intends to use the proprietary geophysical interpretation techniques developed by the principals of Empirical to locate buried porphyry targets. Preliminary exploration includes geophysics (deep penetrating induced polarization, CSAMT, AMT), geochemistry and geology. The current program as budgeted is $726,000. This budget does not include an allocation for drilling, as drill targets have yet to be identified.
Under the terms of the Bisbee agreement, Entrée has the option to acquire an 80% interest in any target within this 10,800 acre (4,370 ha) parcel of land, by incurring exploration expenditures totaling a minimum of $1.9 million and issuing 150,000 shares within 5 years of the anniversary of the effective date. If Entrée exercises its option, Empirical may elect within 90 days to retain 20% participating interest or convert to a 2% NSR royalty, half of which may be purchased for $2 million.
Quality Assurance and Quality Control
Robert Cann, P.Geo., Entrée’s Vice-President, Exploration, a qualified person as defined by National Instrument 43-101 (“NI 43-101”), supervised the preparation of the information in this release.
ABOUT ENTRÉE GOLD INC.
Entrée Gold Inc. is a Canadian mineral exploration company focused on the worldwide exploration and development of gold and copper prospects. Most notably, the Company is a large landholder in Mongolia, where it holds three exploration licences that comprise the 179,590-hectare Lookout Hill (Shivee Tolgoi) property. Lookout Hill completely surrounds the 8,500-hectare Turquoise Hill (Oyu Tolgoi) project of Ivanhoe Mines, and hosts the Hugo North Extension of the Hugo Dummett deposit and the newly discovered Heruga deposit.
Ivanhoe Mines and Rio Tinto are major shareholders of Entrée, holding approximately 15% and 16% of issued and outstanding shares respectively.
|Mona Forster, VP & Corporate Secretary
Entrée Gold Inc.
E-mail: [email protected]
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