Tuesday, June 15, 2021
2:33 PM EST – Entrée Resources Ltd. : Announced the results of an updated Feasibility Study that was completed on its interest in the Entrée/Oyu Tolgoi joint venture property. Entrée has a 20% or 30% participating interest (depending on the depth of mineralization) in the joint venture with Oyu Tolgoi LLC holding the remaining 80% or 70% interest. The Entrée/Oyu Tolgoi JV Property comprises a significant portion of the long-life, high-grade Oyu Tolgoi copper-gold mining project in Mongolia. Mr. Stephen Scott , Entrée’s President and CEO comments, “We are pleased to report updated information that aligns Entrée’s disclosure with that of other Oyu Tolgoi project stakeholders on development of the first lift of the underground mine. Even more exciting is that, based on OTLLC’s 2020 Oyu Tolgoi Feasibility Study, first Lift 1 development production on the Entrée/Oyu Tolgoi JV Property is expected to commence in 2022. What has historically seemed like a long way out is very fast becoming a reality. Coincident with receiving first development production, Entrée will retain 10% of the available cash flow from the sale of its share of production until its share of joint venture costs is repaid in accordance with the terms of the Joint Venture Agreement**. We are also looking forward to completion of Panel 1 optimization studies currently underway that have potential to further improve Lift 1 economics for the Entrée/Oyu Tolgoi JV.” Entrée Resources Ltd. (T.ETG) shares were up 6 cents at 0.98.
Stocks in Play: Entrée Resources Ltd., Tue, 15 Jun 2021 02:42:07 EST