( MENAFN - GlobeNewsWire - Nasdaq) VANCOUVER, British Columbia, Oct. 29, 2024 (GLOBE NEWSWIRE) -- Entrée Resources Ltd. (TSX:ETG; OTCQB:ERLFF – the“ Company ” or“ Entrée ”) is pleased to announce first Oyu Tolgoi Lift 1 Panel 1 underground development work on the Entrée/Oyu Tolgoi joint venture property has commenced.
The work is included in the 2024 Oyu Tolgoi Mine Plan previously submitted to and approved by the Mineral Resources and petroleum Authority of Mongolia. The work is limited as to scope, and the timing of any future development work in the Hugo North Extension (“ HNE ”) deposit footprint is contingent upon the resolution of certain outstanding issues, including the transfer of the Shivee Tolgoi license to the Company's joint venture partner Oyu Tolgoi LLC (“ OTLLC ”). Highlights of the 2024 Development Work Stephen Scott, the Company's President & CEO commented,“The commencement of underground development work on the Entrée/Oyu Tolgoi JV property is a significant defining milestone for the Company, putting us on the path to commercial production.
However, while it is appropriate to take a moment to recognize this tremendous achievement by the Entrée/Oyu Tolgoi JV partners, there is still much work to be done. The parties have been operating under the JV Agreement since OTLLC completed its earn-in obligations in 2008. Under the terms of the JV Agreement, the Manager is required to hold all assets including the Shivee Tolgoi and Javhla.
