1. On the Path to Production
Rio Tinto
Entrée Gold at Bingham Canyon
Oyu Tolgoi Headframe Entrée JV Discovery Hole
April 2012
2. Cautionary Statement
This corporate update contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning
of applicable Canadian securities laws.
Forward-looking statements include, but are not limited to, statements with respect to the future prices of copper, gold and molybdenum, the estimation of mineral reserves and resources, the
realization of mineral reserve and resource estimates, the timing and amount of estimated future production, costs of production and capital expenditures, the costs and timing of the development of
new deposits, the potential for the discovery of additional mineralized zones on properties in which Entrée has an interest, the potential for the expansion of existing deposits in which Entrée has an
interest, plans to prepare and the timing for release of a Preliminary Economic Assessment on the Ann Mason Project, the timing of and potential for future resource estimates on properties in which
Entrée has an interest, plans for future exploration and/or development programs and budgets, permitting time lines, anticipated business activities, corporate strategies, proposed acquisitions and
dispositions of assets and future financial performance. While Entrée Gold Inc. (“Entrée” or the “Company”) has based these forward-looking statements on its expectations about future events as at
the date that such statements were prepared, the statements are not a guarantee of the Company’s future performance and are subject to risks, uncertainties, assumptions and other factors which
could cause actual results to differ materially from future results expressed or implied by such forward-looking statements. Such factors and assumptions include, amongst others, that the size, grade
and continuity of deposits and resource and reserve estimates have been interpreted correctly from exploration results, that the prices of copper, gold and molybdenum will remain relatively stable,
the effects of general economic conditions, changing foreign exchange rates and actions by joint venture partners and by government authorities including the Government of Mongolia, uncertainties
associated with legal proceedings and negotiations and misjudgements in the course of preparing forward-looking statements. In addition, there are also known and unknown risk factors which may
cause the actual results, performances or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking
statements. Known risk factors are described in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 29, 2012 filed with the Canadian Securities Administrators
and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in
forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Except as required under applicable securities legislation,
the Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events, or otherwise. Accordingly, readers should not
place undue reliance on forward-looking statements.
The Company's exploration activities are under the supervision of Robert Cann, P.Geo., Vice President, Exploration of Entrée. Mr. Cann is a “qualified person” as defined in National Instrument 43-
101- Standards of Disclosure for Mineral Projects (“NI 43-101”). Mr. Cann has approved the technical information contained in this corporate update.
All minerals reserves and mineral resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101. Cautionary Note to
United States Investors: United States investors are advised that while the terms “measured mineral resources”, “indicated mineral resources” “inferred mineral resources” and “probable mineral
reserves” are recognized and required by Canadian regulations, the United States Securities and Exchange Commission (SEC) does not recognize them. United States investors are cautioned not to
assume that any part or all of the mineral deposits in these categories will ever be upgraded to a higher category, or converted into mineral reserves. Inferred mineral resources have a great amount
of uncertainty as to their existence, and as to their economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other
economic studies. United States investors are cautioned not to assume that all or any part of an inferred mineral resource exists, or is economically or legally minable. Disclosure of “contained
ounces” is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute reserves as in place tonnage and grade
without reference to unit measures. Accordingly, information contained in this corporate update containing descriptions of the Company’s mineral properties may not be comparable to similar
information made public by U.S. companies subject to the reporting and disclosure requirements under the United States federal securities laws and the rules and regulations thereunder.The
information in this corporate update is for informational purposes only. Readers should not rely on the information for any purpose other than to gain general knowledge of Entrée. This information is
not intended to be, and should not be construed as, part of an offering or solicitation of securities.
Note 1: See the technical report titled "Technical Report 2012 on the Lookout Hill Property" dated March 29, 2012 ("LHTR12") prepared by AMC Consultants Pty Ltd, a copy of which is available on SEDAR at
www.sedar.com.
Note 2: See the technical report titled "Technical Report and Updated Mineral Resource Estimate on the Ann Mason Project Nevada, USA" dated March 26, 2012, prepared by Robert Cinits, P. Geo., the Company’s
Director, Technical Services, Scott Jackson, F.AusIMM, a principal of Quantitative Group Pty Ltd and Lyn Jones, P. Eng., a senior associate metallurgist for AGP Mining Consultants Inc., a copy of which is available on
SEDAR at www.sedar.com.
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3. On the Path to Production
Hugo North Extension and Heruga, Mongolia
Oyu Tolgoi Development
Phase I Construction 75% Complete
HNE Development Production in 2015
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4. On the Path to Production
Ann Mason, Nevada
8.0 Billion lbs Copper Indicated*
7.3 Billion lbs Copper Inferred*
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*0.2% Cu cut-off
5. Corporate Strategy
Striking the balance between opportunity and risk
United States Mongolia
100% Entrée Entrée-OTLLC JV
(Owned or Controlled) Hugo North Extension
Ann Mason Deposit Heruga
Blue Hill
100% Entrée
Shivee West
Cu-Mo Cu-Au-Mo
Grass Roots Exploration
United States ● Australia ● Peru
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6. Resources
Indicated Resource
1.1B CuEq* lbs
(with 0.5M oz Au)
0.6% Cut-off
Indicated Resource Hugo North Extension
8.0 B Cu lbs
Mongolia
0.2% Cut-off
or
5.4 B Cu lbs
0.3% Cut-off
Hugo North Ext'n Inferred Resource
Heruga 4.1B CuEq* lbs
Nevada
(with 3M oz Au)
0.6% Cut-off
HNE and Heruga
Ann Mason
Inferred Resource
7.3 B Cu lbs
0.2% Cut-off
or
3.5 B Cu lbs
0.3% Cut-off
*CuEq estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. Figures are NI 43-101 compliant.
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7. Strategic Partners
Rio Tinto (13%)*
51% of Ivanhoe
Standstill expired January 2012
Commitment >US$3.7 billion
Ivanhoe Mines (11%)*
66% of Oyu Tolgoi
Entrée-OT LLC JV
US$35,000,000 JV earn-in
>US$54 million to date
Entrée 20% - Ivanhoe 80% (deep)
Entrée 30% - Ivanhoe 70% (shallow)
Carried to production
*Issued & Outstanding
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8. Shareholder Base Fully Diluted
11.9%
59%
9.9%
Held by top 15
8.8%
8.1% Shareholders
4.4% 4.4%
3.5%
2.0% 2.0%
1.2% 1.1%
0.6% 0.6% 0.4% 0.4%
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9. Board of Directors
Greg Crowe President & CEO, Director
James Harris Chairman, Director
Michael Howard Deputy Chairman, Director
Lindsay Bottomer VP Business Development, Director
Peter Meredith Director
Mark Bailey Director
Alan Edwards Director
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10. Financial Information
Treasury (As of Dec. 31, 2012) ~Cdn$19 million
Issued and Outstanding 128,400,000
Options - 10,800,000 (Average price ~Cdn$1.98)
Fully Diluted 139,200,000
52 week High / Low Cdn$2.88 / $0.93
Analyst Coverage TD Newcrest
Hallgarten & Co. LLC
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11. Growth Through Exploration & Acquisitions
• Mongolia New gold zone discovered at Shivee West in 2011
Drilling on JV property
• USA Drilling at Ann Mason, NV
Drill permits pending at Oak Grove and Lordsburg, NM
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12. Entree Gold - USA
USA
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13. Properties
Yerington,
Nevada
USA
• Rated No. 1 mining jurisdiction in USA
• Underdeveloped camp with significant Cu
• Positioned for major company investment
• Yerington Mine
Produced 1.9 billion lbs Cu (1918-1982)
• Pumpkin Hollow - Nevada Copper
5.9 billion lbs Cu @ 0.55% (M&I)
(0.2% Cu cut-off)
• Entrée Targets
Blue Hill Minnesota
Blackjack Shamrock
Roulette
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14. Ann Mason Project, Nevada
8.0 billion lbs Cu Indicated
1,115 Mt @ 0.33% Cu
0.2% Cu cut-off
(5.4 billion lbs Cu Indicated
640 Mt @ 0.38% Cu
0.3% Cu cut-off)
7.3 billion lbs Cu Inferred
1,131 Mt @ 0.29% Cu
0.2% Cu cut-off
(3.5 billion lbs Cu Inferred
444 Mt @ 0.36% Cu
0.3% Cu cut-off)
Drill Highlights
• 650 m of 0.39% CuEq (AM-11-010)
• 988 m of 0.38% CuEq (AM-10-001)
• 759 m of 0.49% CuEq (AM-10-020)
• 783 m of 0.41% CuEq (AM-10-024)
* Copper equivalent estimated using US$2.50/lb Cu, US$15/lb Mo, Au US$1000/oz and Ag US$ 15/oz. *See news releases dated Sept 6, 2011, Feb 7, 2011 and Mar. 1, 2012.
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15. Ann Mason Deposit
Yerington, Nevada
100% Entrée
1.3 km
No Royalties
Major Deposit
2.3 X 1.3 km
>1000 m depth
Premier Location
PEA Planned
H2 - 2012
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16. Ann Mason
On the Path to Production
8.0 Million lbs Cu
Indicated
7.3 Million lbs Cu
Inferred
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17. Porphyry Copper Deposits
Western North America
Red Chris
0.6 619 Mt
0.5
Ann Mason* 0.3% Rosemont Safford Carlota
% Copper
640 Mt 543 Mt 243 Mt 64 Mt
0.4 Mt Milligan* Copper Mtn
707 Mt 233 Mt
Ann Mason* 0.2% Highland Valley Tyrone
0.3 Morenci 180 Mt
1115 Mt 440 Mt
Gibraltar
3200 Mt
460 Mt
0.2
0.1
Chart based on indicated resources.
Ann Mason inferred resources: 0.3% Cu cut-off – 444 million tonnes averaging 0.38% CuEq (0.36% Cu, 0.004% Mo)
0.2% Cu cut-off – 1,131 million tonnes averaging 0.31% Cu Eq. (0.29% Cu, 0.004% Mo)
*Copper equivalent indicated resource
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18. Properties
Arizona
New Mexico
USA
Partners: Empirical Discovery
Explore for buried porphyry Cu-Mo targets
• Proprietary geophysical techniques
• Four properties drilled
Entrée discovery at Lordsburg
• Intercepts to 0.44% CuEq* over 60 m
• Further exploration planned
Other targets
• Oak Grove
* Copper equivalent estimated using US$1.35/lb Cu and US$650/oz Au. Intercept contains 0.31% Cu and 0.21 g/t Au. See news release dated Oct. 8, 2009.
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21. Oyu Tolgoi Trend
2.2%
CuEq
0.9% CuEq
See Note 1 of Cautionary Statement. Modified from LHTR12.
The mineral reserves are not additive to the mineral resources.
Copper equivalent estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. A 0.6% CuEq cutoff was used.
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22. Entrée-OTLLC JV Deposit Resources
Entrée ownership - 20% Carried Interest
Hugo North Extension Heruga
Cu-Au Cu-Au-Mo
Probable
Mineral
27Mt ore
Reserves* 1.85% Cu and 0.72 g/t Au
1B lbs Cu / 0.53M oz Au
Indicated
Resources**
5.6B lbs CuEq
117 million tonnes*** - 1.8% Cu, 0.61 g/t Au
4.6B lbs Cu / 2.3M oz Au
Inferred 2.8B lbs CuEq 17.4B lbs CuEq
Resources** 95.5 million tonnes***- 1.15% Cu, 0.31 g/t Au 910 million tonnes***
2.4B lbs Cu / 0.95M oz Au 0.48% Cu, 0.49 g/t Au, 0.014 % Mo
9.6B lbs Cu / 14M oz Au
HUGO
See Note 1 of Cautionary Statement and LHTR12. NORTH
* The mineral reserves are not additive to the mineral resources. EXTENSION
** Copper equivalent estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo.
*** 0.6% CuEq cutoff.
HERUGA
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23. Hugo North Extension Cu-Au Deposit &
Heruga - Moving Forward
Current
• Premier Asset
• High Grade – Long life
• OT Phase I Construction 75% Complete
• Entrée Carried to Production
Timeline for Entrée’s Assets
• First Ore from HNE 2015
• 50+ Year Mine Life
• HNE & Heruga Deposits Remain Open
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25. Argo and Zone III Gold Targets
Shivee West (100% Entrée)
• 2.5 km Magnetic Low Parallel to
OT Trend
• Low Sulphidation Epithermal
Signature
• Limited Drilling
• High Grade Surface Samples
• 42.4 g/t Au over 4 m
• 19.3 g/t Au over 3 m
• 2011 Drill Results
• 1.82 g/t Au over 14 m (hole 112)
including 9.32 g/t Au over 2 m
• 2.21 g/t over 3 m (hole 111)
• 2.08 g/t Au over 8 m (hole 123)
including 5.60 g/t over 2 m
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26. Current Copper Assets
12
10
7.3 B lbs Cu
0.2% Cu cut-off
8
8.0 B lbs Cu
0.2% Cu cut-off
Billions (lbs)
6
3.5 B lbs Cu Nevada
Nevada_0.2% Cut-off
0.3% Cu cut-off Ann Mason Mongolia
5.4 B lbs Cu
4 0.3% Cu cut-off
2 Mongolia
Includes HNE
4.1 B lbs CuEq* Mineral Reserves
1.1 B lbs CuEq* (with 3M oz Au)
(with 0.5M oz Au)
0
Indicated Indicated Inferred Inferred
*CuEq estimated using US$1.35/lb Cu,
US$650/oz Au, US$10/lb Mo.
Figures are NI 43-101 Compliant.
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27. Advancing our Assets
100% Entrée Joint Venture
(Owned or Controlled)
Hugo North Extension &
Ann Mason, Nevada Heruga, Mongolia
Drilling 2012
On-going Development to 2015
PEA in late 2012
First Dev. Production in 2015
Shivee West, Mongolia
Production to post 2070
Exploration Argo Zone 2012
Exploration Drilling in 2012
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