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Ann Mason Project
LOCATION Yerington, Lyon and Douglas Counties, western  Nevada,  USA 
OWNERSHIP   The Ann Mason project area includes land 100% owned or controlled by Entrée
STATUS   Advanced project; Preliminary Economic Assessment (“PEA”) released October 24, 2012.
Click here for PEA highlights
Click here to view the Ann Mason Technical Presentation
 
RESOURCES
PIT-CONSTRAINED MINERAL RESOURCE:  ANN MASON DEPOSIT
100% Entrée, 14 August 2012

 
Cut-off 
(% Cu)
Tonnage
(Mt)
Cu
(%)
Mo
(%)
Au
(g/t)
Ag
(g/t)
Contained Metal
Cu (000 lb)
Mo (000 lb)
Indicated
0.15
1,233
0.31
0.006
0.02
0.55
8 530 000
160 000
0.20
1,137
0.33
0.006
0.02
0.57
8 150 000
150 000
0.25
912
0.35
0.006
0.03
0.60
7 020 000
120 000
0.30
639
0.38
0.006
0.03
0.64
5 370 000
90 000
0.35
388
0.42
0.007
0.03
0.69
3 580 000
60 000
Inferred
0.15
1,017
0.27
0.004
0.03
0.61
6 160 000
100 000
0.20
873
0.29
0.004
0.03
0.65
5 590 000
80 000
0.25
594
0.32
0.004
0.04
0.73
4 200 000
50 000
0.30
330
0.36
0.004
0.04
0.81
2 600 000
30 000
0.35
152
0.40
0.004
0.04
0.86
1 340 000
10 000

Notes for Mineral Resource: Ann Mason, Yerington, USA

  • The mineral resource estimate has an effective date of August 14, 2012 and was prepared by Scott Jackson, F. AusIMM from Quantitative Group Pty Ltd.
  • Due to rounding, some of the totals may not sum exactly.
  • Mineral resources that are not mineral reserves do not have demonstrated economic viability.
  • The pit parameters used to constrain the Ann Mason mineral resource estimate are:
    • 3-year trailing average gross metal values of $3.61/lb copper, $14.94/lb molybdenum, $1,425/oz gold, and $27.91/oz silver.
    • Metallurgical recoveries of 92% copper, 50% molybdenum, 50% gold and 55% silver.
    • Mining costs: $1.09/t base cost to the 1605 level then increasing by $0.02/t/15m bench below that level.
    • Process and general management and administration (“G&A”) costs of $6.12/t  ($5.82/t process plus $0.30/t G&A).
    • Pit slopes of 52° in the volcanic rock and 44° in the porphyry mineralization.
PIT-CONSTRAINED MINERAL RESOURCES (SUMMARY):  BLUE HILL DEPOSIT
100% Entrée, 31 July 2012
 
Zone
Cut-off
(% Cu)
Tonnage (Mt)
Cu
(%)
Mo
(%)
Au
(g/t)
Ag
(g/t)
Contained Metal
Cu (000 lb)
Inferred
Oxide
0.10
47.44
0.17
---
---
---
179 370
Mixed
0.10
24.69
0.18
---
---
---
98 120
   Oxide/Mixed
   Sub-total
0.10
72.13
0.17
---
---
---
277 490
Sulphide
0.15
49.86
0.23
0.005
0.01
0.3
253 460

Notes for Mineral Resources: Blue Hill Deposit, Yerington, USA:

  • The mineral resource estimate has an effective date of July 31, 2012 and was prepared by M. Waldegger, P. Geo. from AGP.
  • Mineral resources are classified in accordance with the 2010 CIM Definition Standards for Mineral Resources and Mineral Reserves.
  • Mineral Resources do not include external dilution, nor was the tabulation of contained metal adjusted to reflect metallurgical recoveries.
  • Tonnages are rounded to the nearest 10,000 tonnes, and grades are rounded to two decimal places.
  • Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade, and contained metal content.
  • Material quantities and grades are expressed in metric units, and contained metal in imperial units.

LATEST NEWS

October 24, 2012: Preliminary Economic Assessment of Entrée Gold's Ann Mason Generates $1.11 Billion NPV over 24 Year Initial Mine Life

October 29, 2012: Entrée Gold Reports First Resource Estimate for the Blue Hill Copper Deposit, Nevada

2012 Preliminary Economic Assessment (PEA) Highlights (PEA details - Click here)

  • Base Case, pre-tax NPV7.5 of $1.11 billion, IRR of 14.8%, and payback of 5.6 years, based on long term metal prices of $3.00/lb copper, $13.50/lb molybdenum, $1,200/oz gold and $22/oz silver.
  • Spot Case, pre-tax NPV7.5 increases to $2.54 billion, with an IRR of 22.9%, and payback of 3.8 years, based on October 15, 2012 spot metal prices of $3.71/lb copper, $10.43/lb molybdenum, $1,736/oz gold and $33.22 /oz silver.
  • Development capital costs of approximately $1.28 billion, including contingency.
  • Average cash costs (net of by-product sales) of $1.46/lb Cu.
  • Net annual undiscounted cash flow over the life of mine (LOM) is approximately $227 million per year.
  • 100,000 tonnes per day conventional open pit mine utilizing a conventional sulphide flotation mill with a 24 year mine life.
  • LOM production of 5.14 billion pounds of copper and 36.4 million pounds of molybdenum.
  • LOM strip ratio of 2.16:1 waste to mineralized material.
  • LOM average copper recovery of 93.5%.
  • Clean copper concentrate grading 30%.

Project Summary

The Ann Mason Project (“Project”) is Entrée’s most advanced project outside of Mongolia.  It is located in west-central Nevada approximately 75 km southeast of Reno and 7 km west of the town of Yerington . 

The project area is currently defined by the mineral rights to 1,053 unpatented lode claims on public land administered by the Bureau of Land Management, and title to twenty patented lode claims. The project covers approximately 8,005 ha (19,780 acres).  Entrée assembled this package of claims through a combination of staking and a series of transactions undertaken since July 2009, including the acquisition of PacMag Metals.  Entrée has a 100% interest in 613 claims, and additional claims are under: (1) a mining lease and option to purchase agreement (“MLOPA”, 226 claims); and (2) an option agreement with Eurasian Minerals Inc. (214 claims; Entrée earning 80%).

The Ann Mason Project includes (click for more info):

• Ann Mason deposit
• Blue Hill deposit
• Roulette, Blackjack and Minnesota targets

The Project is easily accessible from Reno by highway and it is a 20 minute drive from the town of Yerington.  The nearest access to the rail network is located 17 km north of Yerington.

Links to Technical Reports

October 2012 - Preliminary Economic Assessment on the Ann Mason Project Nevada, U.S.A
March 2012 - Technical Report and Updated Mineral Resource Estimate on the Ann Mason Project
March 2011 - Ann Mason Property Technical Report
January 2010 Ann Mason Project Resource Estimate

Last Updated: December 2012

 

 

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