ENTRÉE RESOURCES ANNOUNCES SECOND QUARTER 2017 FINANCIAL RESULTS

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Overig advies 15/08/2017 06:51
Vancouver, B.C., August 14, 2017 – Entrée Resources Ltd. (TSX:ETG; NYSE MKT:EGI – the "Company" or "Entrée") is pleased to report its financial results for the three and six months ended June 30, 2017. Details of the Company’s second quarter 2017 financial results are contained in the unaudited consolidated financial statements and Management’s Discussion and Analysis, which are available on the Company’s website at www.EntreeResourcesLtd.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. All figures are in US dollars unless otherwise noted.

SECOND QUARTER 2017 HIGHLIGHTS
Entrée/Oyu Tolgoi JV Property

Entrée has engaged Amec Foster Wheeler to complete an initial data review to be followed up by an updated Technical Report which will include a Preliminary Economic Assessment of the Entrée/Oyu Tolgoi joint venture’s Hugo North Extension Lift 2 and Heruga deposits. Completion of this Technical Report will be an important milestone and help investors understand the underlying value of Entrée’s flagship asset.
As reported by Turquoise Hill Resources Ltd. ("Turquoise Hill") on July 31, 2017, production from the underground mine remains on track for first draw bell in mid-2020 and sustainable first production in 2021. Activities reported in Q2 2017 include:
Underground lateral development, sinking of Shafts 2 and 5 and the convey-to-surface decline system all continued to progress;
Underground lateral development made good progress during Q2 with approximately 1.4 equivalent kilometres completed; and
Shaft 5 sinking progressed approximately 190 metres during Q2 with sinking rates increasing significantly beyond those seen in Q1 2017.
Corporate

Q2 2017 net loss from continuing operations, was $0.6 million as compared to Q2 2016 ($0.7 million), a reduction of 11% from the comparative period of 2016.
As at June 30, 2017, cash on hand was $7.8 million and a working capital balance of $7.8 million.
On June 1, 2017, the Company re-located its head office in Vancouver as part of the Company’s ongoing effort to reduce expenses.
On May 9, 2017, the Company completed its strategic reorganization of Entrée’s business (the "Arrangement"). Entrée’s U.S. based assets, the Ann Mason Project and Lordsburg property, were transferred to a newly incorporated company, Mason Resources Corp. (TSX:MNR – "Mason Resources") and Entrée shareholders exchanged their old Entrée shares for shares of two separate and focused, well-capitalized, debt-free TSX-listed companies, each with a high quality advanced project. The reorganization provides new and existing shareholders with optionality as to investment strategy and risk profile.
On May 9, 2017, the Company changed its name from Entrée Gold Inc. to Entrée Resources Ltd.
On May 9, 2017, the Company entered into an Administrative Services Agreement with Mason Resources, pursuant to which Entrée will provide office space, furnishings and equipment, communications facilities and personnel necessary for Mason Resources to fulfill its basic day-to-day head office and executive responsibilities on a pro-rata cost-recovery basis.

OUTLOOK AND STRATEGY
Entrée/Oyu Tolgoi JV Property

In Q2 2017, Entrée engaged Amec Foster Wheeler to complete an initial data review to be followed by an updated Technical Report which will include a Preliminary Economic Assessment of the Entrée/Oyu Tolgoi joint venture’s Hugo North Extension Lift 2 and Heruga deposits. The Company estimates the cost to be approximately $0.5 million to complete and publish the report.

Development of the Oyu Tolgoi project continues to advance with the focus on lateral development, sinking of Shafts 2 and 5, support infrastructure and the convey-to-surface system. Sinking of Shaft 4, which Entrée expects to commence in 2018 based on the anticipated completion date, will be the first physical development on the Entrée/Oyu Tolgoi joint venture property. Turquoise Hill has previously announced that Shaft 4 should be complete in 2021. Turquoise Hill and the Company expect first development production from the Entrée/Oyu Tolgoi joint venture property in approximately 2021.

Management will continue through 2017 to improve the investment community’s understanding of the potential value of Entrée’s interest in the Entrée/Oyu Tolgoi joint venture property.

Corporate
The Company has focused, and will continue to focus its efforts on conserving cash reserves. Corporate objectives for 2017 include maximizing the market value of the Company’s assets through restructuring, increasing investor awareness and cash conservation. Total corporate costs, which include marketing and compliance costs, remain estimated to be between $1.6 million and $1.8 million for the 2017 year.

QUALIFIED PERSON
Robert Cinits, P.Geo., Entrée's Vice President, Corporate Development, a Qualified Person as defined by National Instrument 43-101, has approved the technical information in this release.

ABOUT ENTRÉE RESOURCES LTD.
Entrée Resources Ltd. is a well-funded 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. The Entrée/Oyu Tolgoi joint venture property includes the Hugo North Extension and Heruga copper-gold deposits, as well as a large underexplored, highly prospective land package. Rio Tinto is managing the construction of Lift 1 of the Hugo North underground block cave on both the Oyu Tolgoi mining license and the Entrée/Oyu Tolgoi joint venture property. Lift 1 underground development is fully financed. Entrée has a 20% carried participating interest in the Entrée/Oyu Tolgoi joint venture, with a 30% interest in all mineralization identified above 560 metres elevation from the Entrée/Oyu Tolgoi joint venture property. Sandstorm Gold Ltd., Rio Tinto and Turquoise Hill Resources Ltd. are major shareholders of Entrée, holding approximately 14%, 10% and 8% of the shares of the Company, respectively. More information about Entrée can be found at www.EntreeResourcesLtd.com



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