Entree Increases Exploration at Lordsburg, New Mexico
September 17, 2008
Vancouver, B.C., September 17, 2008 - Entrée Gold Inc. (TSX:ETG; AMEX:EGI; Frankfurt:EKA – “Entrée” or the “Company”) has increased its U.S. exploration budget by US$1.2 million. These funds will be used to advance exploration at the Company’s Lordsburg project in southwestern New Mexico. Lordsburg is located within a SE-trending belt which hosts several large current and past copper producers, including Freeport McMoran’s Morenci, Tyrone and Safford operations.
The Lordsburg claims cover 3,885 ha (9,600 acres) adjacent to the historic Lordsburg copper-gold-silver district. From 1880 through to 1975, the district produced approximately 3.96 million tonnes averaging 2.25% Cu, 52 g/t Ag (1.51 oz/ton), and 1.90 g/t Au (0.055 oz/ton) with minor lead and zinc. Production was from high grade easterly and northeasterly trending veins. Entrée is evaluating the potential for larger tonnage porphyry targets.
Entrée has signed a contract for a minimum 2,500 metre diamond drill program. Drilling is anticipated to commence early in the fourth quarter, subject to permit approval from the Bureau of Land Management and the State of New Mexico.
Geophysical, geological and geochemical work to date, including detailed induced polarization (“IP”), has outlined several chargeability anomalies under younger cover rocks. An additional 45 line-kilometres of IP/Resistivity and Natural Source AMT surveys have recently been completed to further delineate the two of the three strongest chargeability anomalies. All three of the targets occur at depths of 200 to 400 metres below the surface and lie within an east-west corridor that extends for 8.5 kilometres (5 miles).
Geological mapping and geochemical sampling were conducted in conjunction with the geophysical surveys. A total of 163 rock samples and 1,361 soil and soil pH samples were collected as part of the target evaluation.
The western target, which represents the largest of the chargeability anomalies, coincides in part with an area of tourmaline and secondary biotite alteration, moderate to strong epidote alteration and peripheral quartz-calcite veining. Anomalous copper values in grab samples collected in this area range in value from 0.12 – 2.78% Cu (average 0.72% Cu in 41 samples).
Lordsburg geophysical targets are shown on a map posted on www.entreegold.com.
Robert Cann, P.Geo., Entrée’s Vice-President, Exploration, a qualified person as defined by NI 43-101, supervised the preparation of the technical information in this news 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 licenses that comprise the 179,590-hectare Lookout Hill property. Lookout Hill completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe Mines, and hosts the Hugo North Extension of the Hugo Dummett deposit and the newly discovered Heruga deposit.
The Company continues to explore its large landholdings in Mongolia as well, including the coal discovery Nomkhon Bohr. Entrée is also evaluating new opportunities throughout the region and elsewhere in Asia. Entrée plans to explore the Huaixi copper project in Zhejiang Province in China, under the terms of an agreement with the No. 11 Geological Brigade. In North America, the Company is exploring for copper-molybdenum porphyry systems in the southwest USA.
The Company is also seeking additional opportunities to utilize its expertise in exploring for deep and/or concealed ore deposits. With a treasury in excess of $60 million, the Company is well funded for future activities.
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]
This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as “may”, “should”, “expects”, “plans”, “anticipates”, “believes”, “estimates”, “predicts”, “potential” or “continue” or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggested herein. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results. Readers are referred to the sections entitled “Risk Factors” in the Company’s periodic filings with the British Columbia Securities Commission, which can be viewed at www.SEDAR.com, and with the United States Securities and Exchange Commission, which can be viewed at www.SEC.gov.