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Msg  14610 of 14706  at  7/21/2021 6:34:59 PM  by

Gillripper


Entree files NI 43-101 report on Entree/Oyu Tolgoi JV

Entree Resources Ltd
SymbolETG
Shares Issued187,811,770
Close 2021-07-21C$ 0.85
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Entree files NI 43-101 report on Entree/Oyu Tolgoi JV

2021-07-21 17:00 ET - News Release

An anonymous director reports

ENTREE RESOURCES FILES NI 43-101 TECHNICAL REPORT FOR ITS INTEREST IN THE ENTREE/OYU TOLGOI JOINT VENTURE PROPERTY

Entree Resources Ltd. has filed a National Instrument 43-101 -- Standards of Disclosure for Mineral Projects, technical report titled "Entree/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report," on its interest in the Entree/Oyu Tolgoi joint venture property in Mongolia. The report has an effective date of May 17, 2021, and is available on SEDAR and on the company's website. The report relates to the press release announced by the company on June 15, 2021.

The report discusses an updated feasibility study based on mineral reserves attributable to the Entree/Oyu Tolgoi joint venture from the first lift of the Hugo North Extension copper-gold deposit. Lift 1 of Hugo North (including Hugo North Extension) is currently in development by project operator Rio Tinto as an underground block cave, with first development production from Hugo North Extension expected in 2022. Entree has a 20-per-cent or 30-per-cent participating interest (depending on the depth of mineralization) in the Entree/Oyu Tolgoi JV with Oyu Tolgoi LLC (OTLLC), which holds the remaining 80-per-cent or 70-per-cent interest. The 2021 reserve case after-tax net present value (8 per cent) for Hugo North Extension lift 1 attributable to Entree is $114-million (U.S.).

The report also includes a preliminary economic assessment on a conceptual second lift of the Hugo North Extension deposit. The 2021 PEA after-tax NPV (8 per cent) for Hugo North Extension lift 2 attributable to Entree is $306-million (U.S.). The 2021 PEA is based on indicated and inferred mineral resources from lift 2 as the second potential phase of development and mining on the Hugo North Extension deposit. Production and cash flows from the 2021 reserve case and the 2021 PEA are from separate parts of the Hugo North Extension deposit, and there is no overlap in the mineral reserves from the 2021 reserve case and the mineral resources from the 2021 PEA.

The Entree/Oyu Tolgoi JV property comprises a significant portion of the long-life, high-grade Oyu Tolgoi copper-gold mining project as well as hosts several strong exploration prospects with the potential for near-surface porphyry and epithermal-style copper and/or gold mineralization. By 2030, Oyu Tolgoi is expected to be the fourth-largest copper mine in the world.

The economic analysis in the 2021 PEA is based on a conceptual mine plan and does not have as high a level of certainty as the 2021 reserve case. The 2021 PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the 2021 PEA will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

Both the 2021 reserve case and the 2021 PEA are based on information supplied by OTLLC or reported within OTLLC's 2020 Oyu Tolgoi feasibility study (OTFS20). Neither OTFS20 nor the results of the 2021 reserve case and 2021 PEA reflect the impacts of the COVID-19 pandemic, which continue to be assessed by OTLLC. Reference should be made to the full body of the report for the assumptions, qualifications and procedures underlying the reported results, which are not fully described herein.

The report was completed independently by Wood Canada Ltd.

Qualified person

Robert Cinits, PGeo, formerly Entree's vice-president, corporate development, and now a consultant to the company, is a qualified person, as defined by NI 43-101, and has approved the technical information in this release.

About Entree Resources Ltd.

Entree Resources is a well-financed Canadian mining company with a unique carried joint venture interest on a significant portion of one of the world's largest copper-gold projects: the Oyu Tolgoi project in Mongolia. Entree has a 20-per-cent or 30-per-cent carried participating interest in the Entree/Oyu Tolgoi joint venture, depending on the depth of mineralization. Sandstorm Gold Ltd., Rio Tinto and Turquoise Hill Resources Ltd. are major shareholders of Entree, holding approximately 24 per cent, 9 per cent and 8 per cent of the shares of the company, respectively.

We seek Safe Harbor.

© 2021 Canjex Publishing Ltd. All rights reserved.



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Replies
Msg # Subject Author Recs Date Posted
14611 Re: Entree files NI 43-101 report on Entree/Oyu Tolgoi JV mrpancake 0 7/21/2021 6:54:38 PM
14612 Re: Entree files NI 43-101 report on Entree/Oyu Tolgoi JV Jackboots 1 7/21/2021 7:59:01 PM


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