Entree Gold Provides Update on Status of Licences in Mongolia

Entree Gold Provides Update on Status of Licences in Mongolia 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/27/13 -- Entree
Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) ("Entree" or the
"Company") advises that, contrary to reports in the media, the Oyu
Tolgoi LLC-Entree Gold joint venture mining licences have not been
cancelled. The Company has today received official notification from
the Mineral Resources Authority of Mongolia ("MRAM") advising the
Company that, while the joint venture mining licenses MV-15225A and
MV-15226A have not been revoked, Order No. 167 issued on July 10,
2009 by the Ministry of Mineral Resources and Energy has been
cancelled. This Order concerned the registration of reserves related
to the joint venture deposits which is one step in the process to
convert an exploration licence to a mining licence. Order No. 167 was
not concerned with issuing of the mining licences. 
The Company understands that the joint venture mining licenses
MV-15225A and MV-15226A have been put under suspension for a
temporary period. This suspension means that Entree is not allowed to
sell or transfer the licences for the time being. 
The Company believes it followed all Mongolian laws and regulations
in conjunction with the issuance of the joint venture mining
licenses. These licences were issued to Entree as a condition
precedent to the Investment Agreement between Entree's joint venture
partner Oyu Tolgoi LLC (formerly known as Ivanhoe Mines Mongolia
XXK), Rio Tinto International Holdings Limited, Turquoise Hill Ltd.
(formerly known as Ivanhoe Mines Ltd.) and the Government of Mongolia
in October 2009.  
To help ensure that this matter is resolved as soon as possible, the
Company will work with Oyu Tolgoi LLC, who, as manager of the Oyu
Tolgoi mining complex, is responsible for maintaining the licences in
good order. 
Entree Gold Inc. is a Canadian mineral exploration company balancing
opportunity and risk with key assets in Mongolia and Nevada.  
Rio Tinto and Turquoise Hill Resources (formerly Ivanhoe Mines) are
major shareholders of Entree, holding approximately 12.9% and 10.7%
of issued and outstanding shares, respectively. Rio Tinto, through
its majority ownership of Turquoise Hill Resources, beneficially owns
23.6% of Entree's issued and outstanding shares. 
This News Release contains forward-looking statements and
forward-looking information (together, "forward-looking statements")
within the meaning of applicable securities laws and the United
States Private Securities Litigation Reform Act of 1995, with respect
to discussions with the Government of Mongolia, the status of the
mining licences MV-15225A and MV-15226A, discussions with Oyu Tolgoi
LLC, anticipated business activities, corporate strategies, uses of
funds and future financial performance. In certain cases,
forward-looking statements can be identified by the use of words such
as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates", or
"does not anticipate" or "believes" or variations of such words and
phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved". While Entree 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
Entree'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 prices of copper, gold, silver and
molybdenum and foreign exchange rates will remain relatively stable;
the effects of general economic conditions, including inflation;
future actions by Rio Tinto, Turquoise Hill Resources, joint venture
partners and government authorities including the Government of
Mongolia; the availability of capital; that applicable legislation,
including legislation with respect to mining, foreign investment,
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 Entree to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking statements.
Such factors include, among others, risks related to international
operations, including legal and political risk in
Mongolia; recent global financial conditions; changes in project
parameters and mine plans as they continue to be refined; increases
in capital and operating costs; joint venture related risks;
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; risks related 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 factors described in the Company's Annual Information Form for
the financial year ended December 31, 2011, dated March 29, 2012 and
the Company's most recent Management's Discussion and Analysis filed
with the Canadian Securities Administrators and available at
www.sedar.com. Although the Company has attempted to identify
important factors that could cause actual actions, events or results
to differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events or
results not to be as anticipated, estimated or intended. 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. Accordingly, readers
should not place undue reliance on forward-looking statements. The
Company is under no obligation to update or alter any forward-looking
statements except as required under applicable securities laws.
Entree Gold Inc.
Monica Hamm
Manager, Investor Relations
604-687-4777 or Toll Free: 866-368-7330
604-687-4770 (FAX)
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