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On the Path to Production




                         Copper Oxide
Ann Mason              Ann Mason Project                Entrée Gold at
 Drilling                                            Oyu Tolgoi Headframe


                      January 2013

            TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                          1
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, molybdenum and silver; the estimation of mineral reserves and resources; the realization of
mineral reserve and resource estimates; future mineral production; costs of production and capital expenditures; the availability of project financing; future cash flows; the potential development of future phases of
the Oyu Tolgoi mining complex, including Lift 2 of the Hugo North Extension deposit and the Heruga deposit; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new
mineralized zones; the timing and results of future resource and reserve estimates; potential types of mining operations; amount and timing of proposed production figures; government regulation of exploration
and mining operations; potential metallurgical recoveries and grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; corporate
strategies; uses of funds; 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 results of preliminary test work are indicative of what the
results of future test work will be; that the prices of copper, gold, molybdenum and silver will remain relatively stable; the effects of general economic conditions, changing foreign exchange rates and actions by
Rio Tinto, Turquoise Hill Resources, Oyu Tolgoi LLC and by government authorities including the Government of Mongolia; the availability of capital; that applicable legislation, including legislation with respect to
royalties and taxation, will not materially change; 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. Such risk factors include, among others, risks related to international operations, including legal and political risk in Mongolia; recent global financial
conditions; actual results of current exploration activities; changes in project parameters as plans continue to be refined; inability to upgrade inferred mineral resources to indicated or measured mineral resources;
inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; future prices of copper, gold, silver and molybdenum; possible variations in ore reserves, grade recovery and rates;
failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining government approvals, permits or licences or financing or in
the completion of development or construction activities; environmental risks; title disputes; limitations on insurance coverage; as well as those risk factors 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 in the Company’s most recently filed Management’s Discussion and Analysis, both available at
www.sedar.com. 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 update or revise 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 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. In this presentation, all dollar amounts are expressed in United States dollars.

For additional information regarding Lookout Hill, 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. For additional information regarding the Ann Mason Project, see the technical report titled “Preliminary Economic Assessment on the Ann Mason Project,
Nevada, U.S.A.” with an effective date of October 24, 2012, prepared by AGP Mining Consultants Inc., Quantitative Group Pty Ltd and Porcupine Engineering Services Inc., a copy of which is available on SEDAR
at www.sedar.com.



                                                            TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                                                                          2
On the Path to Production
Ann Mason, Nevada




                                  City of Yerington




                                  Pit outline



                    Indicated                      Inferred
                    8.2 billion lbs Cu             5.6    billion lbs Cu
                                                                                Looking southeast
                  1,137 Mt @ 0.33% Cu              873 Mt @ 0.29% Cu
               TSX:ETGCu NYSE MKT:EGI
                  0.2% | cut-off                | FRANKFURT:EKA
                                                   0.2% Cu cut-off         Deposit is approx. 2.3 X 1.3 km   3
On the Path to Production
Hugo North Extension and Heruga, Mongolia



  Power purchase agreement concluded November 2012
   Oyu Tolgoi open pit commercial production H1/2013
      HNE development production as early as 2015




                   TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   4
Resources

                                                                                                                                           Indicated Resource
                                                                                                                                             1.1B lbs CuEq*
                                                                                                                                               (with 0.5M oz Au)
                                                                                                                                             23.4 Mt @ 2.19% CuEq
                                                                                                                                                  0.6% Cut-off
                                                                                                                                                     HNE


                                                                                                                                           Inferred Resource
                                                                                                                                             4.1B lbs CuEq*
                                                                                                                                                (with 3M oz Au)
Indicated Resource                                                                                                                            19 Mt @ 1.35% CuEq
                                                                                                                                                  0.6% Cut-off
    8.2B lbs Cu                                                                                                                               HNE and Heruga
  1,137 Mt @ 0.33% Cu
      0.2% Cut-off




Inferred Resource
    5.6B lbs Cu
   873 Mt @ 0.29% Cu
      0.2% Cut-off                                                                                                               HNE = Hugo North Extension


                        Note: 5.4B lbs Cu 0.3% Cut-off Indicated Resource and 2.6B lbs Cu Inferred Resource at 0.3% Cut-off at Ann Mason
                               *CuEq estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. Figures are NI 43-101 compliant.

                                              TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                                5
Shareholder Base Fully Diluted


      12.0%
                                                                                                   59%
                   10.0%                                                                      Held by top 12
                                9.1%
                                                                                              Shareholders
                                             7.7%




                                                         4.8%
                                                                      4.5%
                                                                                4.1%


                                                                                       2.2%   2.0%
                                                                                                      1.4%
                                                                                                             1.1%
                                                                                                                    0.2%




                                               TSX:ETG | NYSE
* Rio Tinto holds beneficial ownership over shares held by Turquoise Hill   MKT:EGI | FRANKFURT:EKA                        6
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
Gorden Glenn              Director


                 TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA       7
Financial Information



Treasury (As of September 30, 2012)                     ~Cdn$6.6 million

Issued and Outstanding                                  128,877,243
Options - 9,223,000 (Average price ~Cdn$1.98)



Fully Diluted                                           138,100,243

52 week High / Low                                      Cdn$1.41 / $0.39

Analyst Coverage                                        TD Newcrest
                                                        Hallgarten & Co. LLC
                                                        CIBC
                               TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA          8
Growth Through Exploration & Acquisitions



USA
Nevada                                                               Mongolia
Ann Mason Deposit
                                                             Hugo North Extension
Blue Hill Deposit
                                                                          Heruga
                                                                       Shivee West

New Mexico
Lordsburg
Oak Grove

                                                                        Australia
Peru                                                                     Blue Rose
Lukkacha                                                                  Mystique




                    TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                           9
USA




TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   10
The Nevada Advantage


   Top global mining jurisdiction
   Low political risk
   Long history of mining
      Yerington, MacArthur and Minnesota Mines
      Local community support
   Clear permitting guidelines
   Excellent infrastructure
      Power, road, water and rail near project
      Year round accessibility



               TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   11
Yerington, Nevada



USA
                                    Underdeveloped camp
                                       Significant copper discoveries
                                       Camp contains >25 billion pounds Cu

                                    No major company investment
                                    Nearby deposits include:
                                        · Yerington Mine - Quaterra
                                          Produced 1.9 Billion lbs Cu (1918-1982)

                                        · MacArthur Cu Ox - Quaterra
                                          0.68 Billion lbs Cu @ 0.21%

                                        · Pumpkin Hollow - Nevada Copper
                                          5.8 Billion lbs Cu @ 0.48% (M&I; OP & U/G)




          TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                       12
Ann Mason Project
PEA Highlights



 Proposed 100,000 tpd
   Open pit mine
   Sulphide flotation mill
 24 year initial mine life

 NPV 7.5 Base Case
  $1.11 billion, IRR 14.8%, 5.6 years
    payback
         Cu $3.00 / Mo $13.50 / Au $1200 / Ag $22

 NPV 7.5 Spot Case
 (Oct 15, 2012 prices)
   $2.54 billion, IRR 22.9%, 3.8 years
    payback
         Cu $3.71 / Mo $10.43 / Au $1736 / Ag $33.22



                                                        Note: The PEA is preliminary in nature, it 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 PEA will be realized. Mineralized resources that are not
                                                        mineral reserves do not have demonstrated economic viability.

                                   TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                                              13
Ann Mason Project
PEA Highlights



                                         Unit         Base Case*               Alternative 1 Alternative 2   Spot Case**

Copper                                   $/lb              $3.00                  $3.25          $3.50          $3.71
NPV (5%)                               $ Million          $1,918                 $2,568         $3,217         $3,846
NPV (7.5%)                             $ Million          $1,106                 $1,589         $2,073         $2,538
NPV (10%)                              $ Million           $576                   $946          $1,315         $1,669
IRR                                       %               14.8%                   17.7%         20.4%          22.9%
Payback Period                          Years               5.6                    4.7            4.2            3.8
Net Metal Revenue
(after smelting, refining, roasting,   $ Million         $15,600                 $16,916        $18,202       $19,500
payable)



*Cu $3.00 / Mo $13.50 / Au $1200 / Ag $22
**Cu $3.71/lb / Mo $10.43/lb / Au $1736/oz / Ag $33.22/oz (October 15, 2012)




                                         TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                            14
PEA Highlights



                           Item                                          Amount
Development capital costs (pre-production + Year 1)                     $1.28 billion

Average cash costs (net of by-product sales)                       $1.46/lb copper

LOM – Net annual undiscounted cash flow                                 $227 million

LOM – Strip ratio                                                          2.16:1

LOM – Average copper recovery                                              93.5%

Copper concentrate grade                                                    30%

LOM – Copper production                                          5.14 billion pounds



                               TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                   15
Ann Mason Deposit



Cu-Mo porphyry
    2.3 x 1.3 x 1 km
    Open
    Copper recovery >93%
    High quality copper
     concentrate




                        TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   16
Ann Mason
Section 304,300 E




     Not 43-101 compliant                     See Appendix A for grade of each mineral used to establish the copper equivalent grades.



                            TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                       17
Ann Mason
Section 4,317,700 N




   Not 43-101 compliant                       See Appendix A for grade of each mineral used to establish the copper equivalent grades.


                          TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                         18
Ann Mason Deposit




        8.2 Billion lbs Cu Indicated
        5.6 Billion lbs Cu Inferred
                  (0.2% Cu cut-off)




                                       1,137 Mt @ 0.33% Cu
                                            Indicated

                                        873 Mt @ 0.29% Cu
                                             Inferred


        TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA               19
Ann Mason - Blue Hill
Schematic Long Section




                                 OPEN                    OPEN




                TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA          20
Blue Hill Deposit
     Near surface oxide Cu and underlying Cu-Mo porphyry




      Inferred Mineral Resources
               Cut-off    Tonnes     Cu          Cu
   Zone
               (Cu%)     (Million)   (%)     (Million lb)

Oxide/Mixed     0.10      72.13      0.17      277.49

Sulphide        0.15      49.86      0.23      253.46


  Shallow oxide mineralization
  Sulphide mineralization
     Below oxides & continuing SE

  Column leaching testwork
     Average 85% Cu recovery
       (91 day column leach test)
     Fast extraction (60% recovery in 10 days)


                                                            Mineral resources that are not mineral reserves do not have demonstrated economic viability.
                                                            Deposit outline projected to surface.




                                           TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                          21
Cornerstones

Jurisdiction
    Politically stable
    Certainty of process
    History of mining
Infrastructure
    Power, water, road, rail
Size
                                  Caution
    Potential major company
       target
Metallurgy
    High liberation
    Clean concentrate
    Low acid generation

                   TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   22
Game Changers


Ann Mason Expansion
    Potential to lower strip ratio
    Potential to increase tonnage
       and mine life
      Investigate higher grade core
       at depth

Blue Hill Expansion
    Sulphide – early mill feed
    Oxide – potential SX-EW
Exploration potential
    Additional copper oxide
    Majority of project untested
       IP targets

                    TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   23
Porphyry Related Copper Deposits
  Western North America




                                                                                                                                                                               1.5
                                                                       Red Chris*
                 0.5
                                                                                                       Pumpkin Hollow                                                          1.0
                                                                                    Schaft Creek

                                                                                              Rosemont             Copper Creek            Chino                               0.5
                 0.4
      % Copper




                                                                                                                   Ajax                                                  Billion Tonnes
                                                                                        Mt Milligan*
                             Bagdad                                                                                       Excelsior
                                                                                                                                      Mineral Park *
                 0.3                                                       Ann Mason                                                                        Tyrone
                                                                                                         Copper
                                                                             1.1 Bt                     Mountain                                 Poplar
                                                           Gibraltar                                                                                               Yerington
                                                Highland
                                                 Valley
                                                                                                                                                       MacArthur
                 0.2
                                           Sierrita




*CuEq
Inferred resources not included. Additional Ann Mason inferred resources: 873 million tonnes averaging 0.29% Cu at 0.2% Cu cut-off.
Sourced from publically available documents.

                                                      TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                                              24
Other Properties



                                                                                   Lordsburg
                                                                                     Porphyry discovery
                                                                                     District known for
                                                                                      vein style deposits
                                                                                     Intercepts to 0.44%
                                                                                      CuEq* over 60 m
                                                                                     Further exploration
                                                                                      planned

                                                                                   Oak Grove
                                                                                     New target
                                                                                     Magnetic anomaly
                                                                                      similar to Chino Mine
                                                                                     Near producing
                                                                                      Tyrone Mine


          TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                                  25
                   * Copper equivalent estimated using $1.35/lb Cu and $650/oz Au. Intercept contains 0.31% Cu and 0.21 g/t Au.
Mongolia




TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   26
Strategic Partners


                                                       Rio Tinto (13%)*
              Entrée
                                                       51% of Turquoise Hill
                  20/30%                               Commitment to funding development
                                              ~13%     at Oyu Tolgoi

         Joint Venture
        Entrée – OTLLC
                                                       Turquoise Hill (11%)*
        Hugo North Extension
                                               Rio     66% of Oyu Tolgoi
             & Heruga
                                              Tinto
                  80/70%
                                                       Entrée-OTLLC JV
                                       ~11%            US$35,000,000 JV earn-in
        Oyu Tolgoi LLC                                 >US$54 million to date
                                              51%
  34%                          66%
                                                       Carried Interest
                                                       20% or 30%
  Mongolian
                      Turquoise Hill
                                                       Debt financed at prime +2%
 Government
                                                       *Issued & Outstanding
                                                       Rio Tinto beneficial ownership is now 23.6% due to majority
                                                       ownership of Turquoise Hill


                           TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                    27
Shivee Tolgoi - Oyu Tolgoi Trends




           TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   28
Oyu Tolgoi Trend




*Indicated resource grade; HNE inferred resource grade = 1.4% CuEq **Inferred resource grade
Modified from LHTR12
Mineral reserves are not additive to the mineral resources
Copper equivalent estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. A 0.6% CuEq cut-off was used
Phase 2 does not include mine plan for Lift 2 extraction

                                                  TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA             29
Hugo North Extension Development




                                                                                            650 m




Modified from LHTR12
Entrée has a 20% interest in the mineralization of the Hugo North Extension deposit

                                                   TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA           30
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*** - 1.80% 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
   *The mineral reserves are not additive to the mineral resources.                                                         NORTH
  ** Copper equivalent estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo.                                                  EXTENSION
  *** 0.6% CuEq cutoff.
  Mineral resources that are not mineral reserves do not have demonstrated economic viability.
                                                                                                     HERUGA

                                                  TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                31
Hugo North Extension & Heruga
On the Path to Production




Current
   Premier asset
   High grade – long life
   OT open pit commercial production H1/2013
   Entrée carried by debt financing at prime +2%

Timeline for Entrée’s Assets
   Development Production from HNE as early
    as 2015

     50+ year potential mine life
         LOM Case: HNE1 + HNE2 + Heruga
   HNE & Heruga Deposits remain open




                        TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA   32
Building Value
Resources inventory and relative NPV

               Lookout Hill                                                                           Ann Mason
                 Mongolia                                                                                       Nevada
                                                NPV8 = $129 Million
                                                        Underground reserve


                            Hugo North
                             Extension




               Heruga
                                                                                               NPV7.5 = $1.1 Billion
                                                                                                       Open pit mine resources
                                                                                                                 PEA



   Inferred
   Indicated

                        Mineral resources that are not mineral reserves do not have demonstrated economic viability.

                              TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                             33
Advancing Ann Mason

       2012                   2013               2014            2015      2016+

Blue Hill resource
estimate             PEA
Ann Mason updated
resource estimate


Exploration

                           Baseline studies and EIS


                              Drilling

                               Geotechnical

                               Permitting


                               Metallurgy

                                            Pre-feasibility?

                               TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA
                                                            Feasibility?           34
                                                                                   34
Advancing Joint Venture
Hugo North Extension and Heruga



2012        2013           2014          2015                                                  2070+


Drilling Shivee Tolgoi


Drilling Javhlant

                           Updated mine plan expected H1-13


Lift 1 development

                         Hugo North Extension development and production

                                                       HNE Lift 1 production to 2030


                                                               HNE Lift 2 production to 2044



                                      50+ year potential production in LOM case
                              TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                   35
                                                                                                       35
Current Copper Assets
              12



              10



              8
                                                                                                                               Ann Mason
Billion lbs




                                                                                                                                0.2 % Cu cut-off
                                                                                                            5.6B lbs Cu
              6

                                       8.2B lbs Cu
              4

                                                                                                                              HNE & Heruga
              2                                                                                         4.1B lbs CuEq*         0.6% CuEq cut-off
                                                                                                            (with 3M oz Au)

                                     1.1B lbs CuEq*
                                      (with 0.5M oz Au)
              0
                                           Indicated                                                         Inferred
               *CuEq estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. Figures are NI 43-101 Compliant.

                                                        TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                     36
Copper Resources vs. Share Price


                 $4.00
                                             Share price
                                                                                                                                                                              20
                 $3.50




                                                                                                                                                                                   Billion Pounds Copper
                                                                                    Heruga        Investment
                                                                                    Discovery     Agreement
                 $3.00                                         Rio-IVN
                                                              Exercise                                                                                                        16
   Share Price




                                                                                      BMO
                                                                  2005                Financing
                                 Mongolian Windfall Tax
                                                              Warrants
                                    Falling Metal Prices
                 $2.50
                                 Rio
                          Investment
                                                                                                                                     PacMag                                   12
                                                                                                                                     Acquisition                Ann
                 $2.00                                                                             Withdrawal of                                             Mason
                                                                                                    Windfall Tax                                            Updated
                              HNE                                                                                                                            Mineral
                         Discovery                                                                                                                        Resources
                 $1.50                                            IVN-Rio                                                                                                     8
                                                                  Deal


                 $1.00

                                IVN Deal                                                                                                              Ann Mason               4
                                                                                                                                                           PEA
                 $0.50



                 $0.00                                                                                                                                                        0

                         2004              2005            2006           2007                  2008               2009               2010         2011                2012
                                                                   Indicated (Billion lbs)                     Inferred (Billion lbs)




                                                            TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA                                                                                               37
*0.2% Cu Cut-off
Monica Hamm – Manager Investor Relations
        mhamm@entreegold.com
             604-687-4777
          www.entreegold.com
TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA     38
Appendix A


        Ann Mason Deposit:
     Significant Drill Intercepts
       Reported as of July 30, 2012




* Copper Equivalent is calculated using assumed metal prices of : copper
US$2.50/lb, molybdenum US$15.00/lb, gold US$1000/oz, and silver
US$15.00/oz and assumed recoveries relative to copper of: molybdenum
70%, gold 85% and silver 85%.                TSX:ETG | NYSE MKT:EGI        | FRANKFURT:EKA   39

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Entree goldjan2013presentation

  • 1. On the Path to Production Copper Oxide Ann Mason Ann Mason Project Entrée Gold at Drilling Oyu Tolgoi Headframe January 2013 TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 1
  • 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, molybdenum and silver; the estimation of mineral reserves and resources; the realization of mineral reserve and resource estimates; future mineral production; costs of production and capital expenditures; the availability of project financing; future cash flows; the potential development of future phases of the Oyu Tolgoi mining complex, including Lift 2 of the Hugo North Extension deposit and the Heruga deposit; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new mineralized zones; the timing and results of future resource and reserve estimates; potential types of mining operations; amount and timing of proposed production figures; government regulation of exploration and mining operations; potential metallurgical recoveries and grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; corporate strategies; uses of funds; 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 results of preliminary test work are indicative of what the results of future test work will be; that the prices of copper, gold, molybdenum and silver will remain relatively stable; the effects of general economic conditions, changing foreign exchange rates and actions by Rio Tinto, Turquoise Hill Resources, Oyu Tolgoi LLC and by government authorities including the Government of Mongolia; the availability of capital; that applicable legislation, including legislation with respect to royalties and taxation, will not materially change; 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. Such risk factors include, among others, risks related to international operations, including legal and political risk in Mongolia; recent global financial conditions; actual results of current exploration activities; changes in project parameters as plans continue to be refined; inability to upgrade inferred mineral resources to indicated or measured mineral resources; inability to convert mineral resources to mineral reserves; conclusions of economic evaluations; future prices of copper, gold, silver and molybdenum; possible variations in ore reserves, grade recovery and rates; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining government approvals, permits or licences or financing or in the completion of development or construction activities; environmental risks; title disputes; limitations on insurance coverage; as well as those risk factors 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 in the Company’s most recently filed Management’s Discussion and Analysis, both available at www.sedar.com. 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 update or revise 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 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. In this presentation, all dollar amounts are expressed in United States dollars. For additional information regarding Lookout Hill, 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. For additional information regarding the Ann Mason Project, see the technical report titled “Preliminary Economic Assessment on the Ann Mason Project, Nevada, U.S.A.” with an effective date of October 24, 2012, prepared by AGP Mining Consultants Inc., Quantitative Group Pty Ltd and Porcupine Engineering Services Inc., a copy of which is available on SEDAR at www.sedar.com. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 2
  • 3. On the Path to Production Ann Mason, Nevada City of Yerington Pit outline Indicated Inferred 8.2 billion lbs Cu 5.6 billion lbs Cu Looking southeast 1,137 Mt @ 0.33% Cu 873 Mt @ 0.29% Cu TSX:ETGCu NYSE MKT:EGI 0.2% | cut-off | FRANKFURT:EKA 0.2% Cu cut-off Deposit is approx. 2.3 X 1.3 km 3
  • 4. On the Path to Production Hugo North Extension and Heruga, Mongolia Power purchase agreement concluded November 2012 Oyu Tolgoi open pit commercial production H1/2013 HNE development production as early as 2015 TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 4
  • 5. Resources Indicated Resource 1.1B lbs CuEq* (with 0.5M oz Au) 23.4 Mt @ 2.19% CuEq 0.6% Cut-off HNE Inferred Resource 4.1B lbs CuEq* (with 3M oz Au) Indicated Resource 19 Mt @ 1.35% CuEq 0.6% Cut-off 8.2B lbs Cu HNE and Heruga 1,137 Mt @ 0.33% Cu 0.2% Cut-off Inferred Resource 5.6B lbs Cu 873 Mt @ 0.29% Cu 0.2% Cut-off HNE = Hugo North Extension Note: 5.4B lbs Cu 0.3% Cut-off Indicated Resource and 2.6B lbs Cu Inferred Resource at 0.3% Cut-off at Ann Mason *CuEq estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. Figures are NI 43-101 compliant. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 5
  • 6. Shareholder Base Fully Diluted 12.0% 59% 10.0% Held by top 12 9.1% Shareholders 7.7% 4.8% 4.5% 4.1% 2.2% 2.0% 1.4% 1.1% 0.2% TSX:ETG | NYSE * Rio Tinto holds beneficial ownership over shares held by Turquoise Hill MKT:EGI | FRANKFURT:EKA 6
  • 7. 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 Gorden Glenn Director TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 7
  • 8. Financial Information Treasury (As of September 30, 2012) ~Cdn$6.6 million Issued and Outstanding 128,877,243 Options - 9,223,000 (Average price ~Cdn$1.98) Fully Diluted 138,100,243 52 week High / Low Cdn$1.41 / $0.39 Analyst Coverage TD Newcrest Hallgarten & Co. LLC CIBC TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 8
  • 9. Growth Through Exploration & Acquisitions USA Nevada Mongolia Ann Mason Deposit Hugo North Extension Blue Hill Deposit Heruga Shivee West New Mexico Lordsburg Oak Grove Australia Peru Blue Rose Lukkacha Mystique TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 9
  • 10. USA TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 10
  • 11. The Nevada Advantage  Top global mining jurisdiction  Low political risk  Long history of mining  Yerington, MacArthur and Minnesota Mines  Local community support  Clear permitting guidelines  Excellent infrastructure  Power, road, water and rail near project  Year round accessibility TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 11
  • 12. Yerington, Nevada USA Underdeveloped camp  Significant copper discoveries  Camp contains >25 billion pounds Cu No major company investment Nearby deposits include: · Yerington Mine - Quaterra Produced 1.9 Billion lbs Cu (1918-1982) · MacArthur Cu Ox - Quaterra 0.68 Billion lbs Cu @ 0.21% · Pumpkin Hollow - Nevada Copper 5.8 Billion lbs Cu @ 0.48% (M&I; OP & U/G) TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 12
  • 13. Ann Mason Project PEA Highlights  Proposed 100,000 tpd  Open pit mine  Sulphide flotation mill  24 year initial mine life  NPV 7.5 Base Case  $1.11 billion, IRR 14.8%, 5.6 years payback  Cu $3.00 / Mo $13.50 / Au $1200 / Ag $22  NPV 7.5 Spot Case (Oct 15, 2012 prices)  $2.54 billion, IRR 22.9%, 3.8 years payback  Cu $3.71 / Mo $10.43 / Au $1736 / Ag $33.22 Note: The PEA is preliminary in nature, it 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 PEA will be realized. Mineralized resources that are not mineral reserves do not have demonstrated economic viability. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 13
  • 14. Ann Mason Project PEA Highlights Unit Base Case* Alternative 1 Alternative 2 Spot Case** Copper $/lb $3.00 $3.25 $3.50 $3.71 NPV (5%) $ Million $1,918 $2,568 $3,217 $3,846 NPV (7.5%) $ Million $1,106 $1,589 $2,073 $2,538 NPV (10%) $ Million $576 $946 $1,315 $1,669 IRR % 14.8% 17.7% 20.4% 22.9% Payback Period Years 5.6 4.7 4.2 3.8 Net Metal Revenue (after smelting, refining, roasting, $ Million $15,600 $16,916 $18,202 $19,500 payable) *Cu $3.00 / Mo $13.50 / Au $1200 / Ag $22 **Cu $3.71/lb / Mo $10.43/lb / Au $1736/oz / Ag $33.22/oz (October 15, 2012) TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 14
  • 15. PEA Highlights Item Amount Development capital costs (pre-production + Year 1) $1.28 billion Average cash costs (net of by-product sales) $1.46/lb copper LOM – Net annual undiscounted cash flow $227 million LOM – Strip ratio 2.16:1 LOM – Average copper recovery 93.5% Copper concentrate grade 30% LOM – Copper production 5.14 billion pounds TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 15
  • 16. Ann Mason Deposit Cu-Mo porphyry  2.3 x 1.3 x 1 km  Open  Copper recovery >93%  High quality copper concentrate TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 16
  • 17. Ann Mason Section 304,300 E Not 43-101 compliant See Appendix A for grade of each mineral used to establish the copper equivalent grades. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 17
  • 18. Ann Mason Section 4,317,700 N Not 43-101 compliant See Appendix A for grade of each mineral used to establish the copper equivalent grades. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 18
  • 19. Ann Mason Deposit 8.2 Billion lbs Cu Indicated 5.6 Billion lbs Cu Inferred (0.2% Cu cut-off) 1,137 Mt @ 0.33% Cu Indicated 873 Mt @ 0.29% Cu Inferred TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 19
  • 20. Ann Mason - Blue Hill Schematic Long Section OPEN OPEN TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 20
  • 21. Blue Hill Deposit Near surface oxide Cu and underlying Cu-Mo porphyry Inferred Mineral Resources Cut-off Tonnes Cu Cu Zone (Cu%) (Million) (%) (Million lb) Oxide/Mixed 0.10 72.13 0.17 277.49 Sulphide 0.15 49.86 0.23 253.46  Shallow oxide mineralization  Sulphide mineralization  Below oxides & continuing SE  Column leaching testwork  Average 85% Cu recovery (91 day column leach test)  Fast extraction (60% recovery in 10 days) Mineral resources that are not mineral reserves do not have demonstrated economic viability. Deposit outline projected to surface. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 21
  • 22. Cornerstones Jurisdiction  Politically stable  Certainty of process  History of mining Infrastructure  Power, water, road, rail Size Caution  Potential major company target Metallurgy  High liberation  Clean concentrate  Low acid generation TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 22
  • 23. Game Changers Ann Mason Expansion  Potential to lower strip ratio  Potential to increase tonnage and mine life  Investigate higher grade core at depth Blue Hill Expansion  Sulphide – early mill feed  Oxide – potential SX-EW Exploration potential  Additional copper oxide  Majority of project untested  IP targets TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 23
  • 24. Porphyry Related Copper Deposits Western North America 1.5 Red Chris* 0.5 Pumpkin Hollow 1.0 Schaft Creek Rosemont Copper Creek Chino 0.5 0.4 % Copper Ajax Billion Tonnes Mt Milligan* Bagdad Excelsior Mineral Park * 0.3 Ann Mason Tyrone Copper 1.1 Bt Mountain Poplar Gibraltar Yerington Highland Valley MacArthur 0.2 Sierrita *CuEq Inferred resources not included. Additional Ann Mason inferred resources: 873 million tonnes averaging 0.29% Cu at 0.2% Cu cut-off. Sourced from publically available documents. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 24
  • 25. Other Properties Lordsburg  Porphyry discovery  District known for vein style deposits  Intercepts to 0.44% CuEq* over 60 m  Further exploration planned Oak Grove  New target  Magnetic anomaly similar to Chino Mine  Near producing Tyrone Mine TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 25 * Copper equivalent estimated using $1.35/lb Cu and $650/oz Au. Intercept contains 0.31% Cu and 0.21 g/t Au.
  • 26. Mongolia TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 26
  • 27. Strategic Partners Rio Tinto (13%)* Entrée 51% of Turquoise Hill 20/30% Commitment to funding development ~13% at Oyu Tolgoi Joint Venture Entrée – OTLLC Turquoise Hill (11%)* Hugo North Extension Rio 66% of Oyu Tolgoi & Heruga Tinto 80/70% Entrée-OTLLC JV ~11% US$35,000,000 JV earn-in Oyu Tolgoi LLC >US$54 million to date 51% 34% 66% Carried Interest 20% or 30% Mongolian Turquoise Hill Debt financed at prime +2% Government *Issued & Outstanding Rio Tinto beneficial ownership is now 23.6% due to majority ownership of Turquoise Hill TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 27
  • 28. Shivee Tolgoi - Oyu Tolgoi Trends TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 28
  • 29. Oyu Tolgoi Trend *Indicated resource grade; HNE inferred resource grade = 1.4% CuEq **Inferred resource grade Modified from LHTR12 Mineral reserves are not additive to the mineral resources Copper equivalent estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. A 0.6% CuEq cut-off was used Phase 2 does not include mine plan for Lift 2 extraction TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 29
  • 30. Hugo North Extension Development 650 m Modified from LHTR12 Entrée has a 20% interest in the mineralization of the Hugo North Extension deposit TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 30
  • 31. 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*** - 1.80% 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 *The mineral reserves are not additive to the mineral resources. NORTH ** Copper equivalent estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. EXTENSION *** 0.6% CuEq cutoff. Mineral resources that are not mineral reserves do not have demonstrated economic viability. HERUGA TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 31
  • 32. Hugo North Extension & Heruga On the Path to Production Current  Premier asset  High grade – long life  OT open pit commercial production H1/2013  Entrée carried by debt financing at prime +2% Timeline for Entrée’s Assets  Development Production from HNE as early as 2015  50+ year potential mine life  LOM Case: HNE1 + HNE2 + Heruga  HNE & Heruga Deposits remain open TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 32
  • 33. Building Value Resources inventory and relative NPV Lookout Hill Ann Mason Mongolia Nevada NPV8 = $129 Million Underground reserve Hugo North Extension Heruga NPV7.5 = $1.1 Billion Open pit mine resources PEA Inferred Indicated Mineral resources that are not mineral reserves do not have demonstrated economic viability. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 33
  • 34. Advancing Ann Mason 2012 2013 2014 2015 2016+ Blue Hill resource estimate PEA Ann Mason updated resource estimate Exploration Baseline studies and EIS Drilling Geotechnical Permitting Metallurgy Pre-feasibility? TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA Feasibility? 34 34
  • 35. Advancing Joint Venture Hugo North Extension and Heruga 2012 2013 2014 2015 2070+ Drilling Shivee Tolgoi Drilling Javhlant Updated mine plan expected H1-13 Lift 1 development Hugo North Extension development and production HNE Lift 1 production to 2030 HNE Lift 2 production to 2044 50+ year potential production in LOM case TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 35 35
  • 36. Current Copper Assets 12 10 8 Ann Mason Billion lbs 0.2 % Cu cut-off 5.6B lbs Cu 6 8.2B lbs Cu 4 HNE & Heruga 2 4.1B lbs CuEq* 0.6% CuEq cut-off (with 3M oz Au) 1.1B lbs CuEq* (with 0.5M oz Au) 0 Indicated Inferred *CuEq estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. Figures are NI 43-101 Compliant. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 36
  • 37. Copper Resources vs. Share Price $4.00 Share price 20 $3.50 Billion Pounds Copper Heruga Investment Discovery Agreement $3.00 Rio-IVN Exercise 16 Share Price BMO 2005 Financing Mongolian Windfall Tax Warrants Falling Metal Prices $2.50 Rio Investment PacMag 12 Acquisition Ann $2.00 Withdrawal of Mason Windfall Tax Updated HNE Mineral Discovery Resources $1.50 IVN-Rio 8 Deal $1.00 IVN Deal Ann Mason 4 PEA $0.50 $0.00 0 2004 2005 2006 2007 2008 2009 2010 2011 2012 Indicated (Billion lbs) Inferred (Billion lbs) TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 37 *0.2% Cu Cut-off
  • 38. Monica Hamm – Manager Investor Relations mhamm@entreegold.com 604-687-4777 www.entreegold.com TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 38
  • 39. Appendix A Ann Mason Deposit: Significant Drill Intercepts Reported as of July 30, 2012 * Copper Equivalent is calculated using assumed metal prices of : copper US$2.50/lb, molybdenum US$15.00/lb, gold US$1000/oz, and silver US$15.00/oz and assumed recoveries relative to copper of: molybdenum 70%, gold 85% and silver 85%. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 39