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Overig advies 09/05/2018 07:17
, B.C., May 8, 2018 – Entrée Resources Ltd. (TSX:ETG; NYSE American:EGI – the “Company” or “Entrée”) has today filed its interim financial results for the first quarter ended March 31, 2018. All numbers are in U.S. dollars unless otherwise noted.


Entrée/Oyu Tolgoi JV Property

On January 15, 2018, the Company reported the results of an updated Technical Report titled "Entrée/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report" (the "2018 Technical Report") that was completed by Amec Foster Wheeler Americas Limited on the Company’s carried 20% interest in the Entrée/Oyu Tolgoi joint venture property in Mongolia (the "Entrée/Oyu Tolgoi JV Property"). Oyu Tolgoi LLC (“OTLLC”) holds the remaining 80% 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. The 2018 Technical Report discusses two development scenarios, an updated reserve case for Lift 1 of the joint venture’s Hugo North Extension deposit and a Life-of-Mine Preliminary Economic Assessment ("2018 PEA") that includes mineralization from Lift 2 and Heruga.
On February 28, 2018, the Company filed the 2018 Technical Report on SEDAR and on the Company’s website.
Lift 1 underground development highlights (as reported by Turquoise Hill Resources Ltd. ("Turquoise Hill")) include:
The main focus of underground development programs at the Oyu Tolgoi project during 2017 was underground lateral development, sinking of Shafts 2 and 5, support infrastructure and the convey-to-surface system.
Sinking of Shaft 5 was completed in March 2018 at a final depth of 1,178 metres. During the fourth quarter of 2017, installation of the shaft exhaust fan commenced and is on target to be finished in early second quarter 2018. Shaft 5 is 6.7 metres in diameter and will be dedicated to ventilation thereby increasing the capacity for underground activities.
The sinking of Shaft 2 was completed in January 2018 with fit out expected to occur over 2018. Shaft 2 will be used for access, production and ventilation.
During the fourth quarter of 2017 project operator Rio Tinto undertook a schedule and cost review and reported there were no material changes in project scope, cost or schedule.
OTLLC continues to plan for first draw bell on its 100% owned Oyu Tolgoi mining licence in mid-2020 and sustainable first production from the Oyu Tolgoi mining licence in 2021.

On February 5, 2018, Mark Bailey was appointed to the role of Non-Executive Chair of the Board. Mr. Bailey succeeded The Rt. Honourable Lord Howard of Lympne, who retired from his position as a director and Non-Executive Chair of the Board. Dr. Michael Price was also appointed to the Board of Directors to fill the vacancy created by Lord Howard’s retirement.
Q1 2018 net loss was $0.7 million as compared to Q1 2017 ($1.3 million) which was a reduction of 46% from the comparative period of 2017.
Q1 2018 operating cash outflow after working capital was $0.2 million (Q1 2017 - $1.2 million) and as at March 31, 2018, cash on hand was $6.6 million.

Entrée/Oyu Tolgoi JV Property

With the completion and filing of the 2018 Technical Report, the Company is now focused on:

Assessing opportunities to crystallize value ahead of production from the Entrée/Oyu Tolgoi JV Property.
Streamlining Entrée’s joint venture interest.
Educating the market about the risk profile associated with Entrée’s interest in the Entrée/Oyu Tolgoi JV Property.
Working with Entrée’s joint venture partner to advance any exploration opportunities on the Entrée/Oyu Tolgoi JV Property that may exist, including several near surface targets that have been identified.

Throughout 2018, the Company’s focus will be to maximize investor awareness of the results of the 2018 Technical Report and what this report means to the Company and all stakeholders, both current and potential.

Corporate costs, which include Mongolian site management, marketing and compliance costs, continue to be estimated between $1.2 million and $1.5 million for the full 2018 year.


For the three-months ended March 31, 2018, the Company’s net loss from continuing operations was $0.7 million compared to $1.1 million and $1.3 million for the comparative periods of 2017 and 2016, respectively. The reduction from 2016 to 2018 was due to both a reduction in exploration related expenditures and foreign exchange fluctuations primarily related to the USD:CAD exchange rate.

Exploration costs were lower in both 2018 and 2017 compared to 2016 due to a reduction in staffing and general administrative costs in Mongolia.

General and administration expenditures in 2018 were lower than the same period in 2017 due to one-time strategic reorganization costs in 2017. The expenditures in 2018 were similar to the same period in 2016.

The total assets as at March 31, 2018 are substantially lower than the comparative periods due to the completion of the restructuring and resulting roll out of the Company’s U.S. assets and $8,843,232 in cash and cash equivalents into Mason Resources Corp. in Q2 2017. The non-current liabilities as at March 31, 2018 is comparable to the balance at March 31, 2017 and at March 31, 2016.

The Company’s Interim Financial Statements and Management’s Discussion and Analysis (“MD&A”) are available on the Company website at www.EntreeResourcesLtd.com, on SEDAR at www.sedar.com and on EDGAR at www.sec.gov.


Robert Cinits, P.Geo., Entrée’s Vice President, Corporate Development, a Qualified Person as defined by National Instrument 43-101 – Standards of Disclosure for Mineral Projects, has approved the technical information in this release. For further information on the Entrée/Oyu Tolgoi JV Property, see the Company’s Technical Report, titled “Entrée/Oyu Tolgoi Joint Venture Project, Mongolia, NI 43-101 Technical Report”, with an effective date of January 15, 2018, available on SEDAR at www.sedar.com.


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. 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 on the Entrée/Oyu Tolgoi JV Property. Sandstorm Gold Ltd., Rio Tinto and Turquoise Hill 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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