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Entree Gold commits budget to exploration in Mongolia |
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Tuesday, 06 May 2008 |
 Entree Gold Inc. (TSX: ETG)
has announced it will spend some $7 million on exploration activities
in Mongolia as well as elsewhere.
Company officials have set
aside $2.5 million for work at Entree's Lookout Hill property that lies
outside of the Entree-Ivanhoe Mines Ltd. Pending favorable results,
an additional $1.3 million may be made available for drilling.
"Many public junior resource
companies have faced considerable market pressure in the last several
months. In contrast, the prices of commodities such as gold and copper
have been sustained at near market highs. Entree is committed to advancing
our exploration projects as we believe that the long term fundamentals
supporting these commodity prices remain intact," said Greg Crowe,
Entree's President and CEO.
It was noted that drilling
is currently underway at Entree’s Heruga deposit, located within its
Javhlant concession that forms part of the Entree-Ivanhoe Mines agreement
area. Ivanhoe Mines is Entree's partner and project operator for this
work.
Entree Gold, in a statement,
said it is waiting for the Mongolian Parliament to debate potential
changes to the Minerals Law, which could effect further investment in
Mongolia.
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