VANCOUVER, BC, April 12,
2022 /CNW/ - Entrée Resources Ltd. (TSX: ETG) (OTCQB:
ERLFF) (– the "Company" or "Entrée") has
appointed Allan Moss to its Board of
Directors (the "Board") effective immediately.
Mr. Moss has more than 40 years global experience in technical
aspects of mining, the last 20 years of which has been focused on
block caving. He is currently President of Sonal Mining
Technology Inc. ("Sonal"), a company providing technical
advice to the caving industry. Mr. Moss currently acts as an
independent technical advisor to several companies involved in
caving, including Newcrest Mining and Freeport McMoRan.
Mark Bailey, Non-Executive Chair
of the Board commented, "We are very pleased to welcome
Allan Moss to the Entrée Board.
Allan is a geological engineer with decades of industry experience
and deep block cave expertise working on world class projects.
First development production from the Entrée/Oyu Tolgoi joint
venture licences is currently expected in H2 2023, which is rapidly
approaching. The Panel 1 design optimization study, which will
include the Hugo North Extension deposit on the Entrée/Oyu Tolgoi
joint venture licences, is scheduled for completion in H1 2023 and
our joint venture partner is working hard to minimize delays to
Panel 1 arising from the impacts of COVID-19, among other things.
Having Allan's expertise on the Board will improve Entree's ability
to closely monitor progress and support our efforts to keep
stakeholders fully informed."
Prior to Sonal, Mr. Moss held a range of senior technical
management and advisory positions with the Rio Tinto Copper group
with a focus on underground mining. Mr. Moss is a Chartered
Engineer (UK), a registered Eur. Ing (EU) and an adjunct professor
at the University of British Columbia
teaching caving practices.
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. Entrée has a 20% or 30%
carried participating interest in the Entrée/Oyu Tolgoi joint
venture, depending on the depth of mineralization. Sandstorm Gold,
Rio Tinto and Turquoise Hill Resources are major shareholders of
Entrée, holding approximately 25%, 9% and 7% of the shares of the
Company, respectively. More information about Entrée can be
found at www.EntreeResourcesLtd.com.
This News Release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws with
respect to corporate strategies and plans; timing and status
of Oyu Tolgoi underground development; the Panel 1 design
optimization study and the possible outcomes, content and timing
thereof; the potential impact of COVID-19 on Oyu Tolgoi underground
development and the Company's business, operations and financial
condition; the expected timing of first development production from
the Entrée/Oyu Tolgoi joint venture property, potential production
delays and the impact of any delays on the Company's cash flows,
expected copper, gold and silver grades, liquidity, funding
requirements and planning; anticipated business activities; and
future financial performance.
In certain cases, forward-looking statements and information
can be identified by words such as "plans", "expects" or "does not
expect", "is expected", "budgeted", "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", "will be taken", "occur" or "be achieved". While the
Company 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
Entrée's future performance and are based on numerous assumptions
regarding present and future business strategies, the correct
interpretation of agreements, laws and regulations; local and
global economic conditions and negotiations and the environment in
which Entrée will operate in the future, including commodity
prices, projected grades, projected dilution, anticipated capital
and operating costs, and anticipated future production and cash
flows; the anticipated location of certain infrastructure and
sequence of mining within and across panel boundaries; the
construction and continued development of the Oyu Tolgoi
underground mine; the status of Entrée's relationship and
interaction with the Government of Mongolia, Oyu Tolgoi LLC ("OTLLC"), Rio Tinto
and Turquoise Hill Resources; and the Company's ability to operate
sustainably, its community relations and its social licence to
operate.
With respect to the construction and continued development of
the Oyu Tolgoi underground mine, important risks, uncertainties and
factors which could cause actual results to differ materially from
future results expressed or implied by such forward-looking
statements and information include, amongst others, the nature of
the ongoing relationship and interaction between OTLLC, Turquoise
Hill Resources and Rio Tinto and the Government of Mongolia with respect to the continued
operation and development of Oyu Tolgoi following the
implementation of the comprehensive agreement with the Government
of Mongolia along with the
implementation of Resolution 103; the continuation of Panel 0
undercutting in accordance with the mine plan and design; actual
timing of first sustainable production from Panel 0 as well as the
lifting of restrictions by the Government of Mongolia on the ability of OTLLC to incur
additional indebtedness; the amount of any future funding gap to
complete the Oyu Tolgoi project; liquidity, Oyu Tolgoi project
funding sources and Oyu Tolgoi project funding requirements; the
implementation and successful execution of the funding plan between
Turquoise Hill Resources and Rio Tinto to address Turquoise Hill
Resources' estimated incremental funding requirements to complete
the Oyu Tolgoi project and potential delays in the ability of
Turquoise Hill Resources or OTLLC to proceed with the funding
elements contemplated by the funding plan; the timing and cost of
the construction and expansion of mining and processing facilities;
the ability of OTLLC or the Government of Mongolia to deliver a domestic power source
for Oyu Tolgoi (or the availability of financing for OTLLC or the
Government of Mongolia to
construct such a source) within the required contractual timeframe;
sources of interim power; OTLLC's ability to operate sustainably,
its community relations, and its social licence to operate in
Mongolia; the potential impact of
COVID-19, including any restrictions imposed by health and
governmental authorities relating thereto; the impact of changes
in, changes in interpretation to or changes in enforcement of,
laws, regulations and government practises in Mongolia; delays, and the costs which would
result from delays, in the development of the underground mine; the
anticipated location of certain infrastructure and sequence of
mining within and across panel boundaries; projected commodity
prices and their market demand; and production estimates and the
anticipated yearly production of copper, gold and silver at the Oyu
Tolgoi underground mine.
Other risks, uncertainties and factors which could cause
actual results, performance or achievements of Entrée to differ
materially from future results, performance or achievements
expressed or implied by forward-looking statements and information
include, amongst others, unanticipated costs, expenses or
liabilities; discrepancies between actual and estimated production,
mineral reserves and resources and metallurgical recoveries;
development plans for processing resources; matters relating to
proposed exploration or expansion; mining operational and
development risks, including geotechnical risks and ground
conditions; regulatory restrictions (including environmental
regulatory restrictions and liability); risks related to
international operations, including legal and political risk in
Mongolia; risks related to the
potential impact of global or national health concerns, including
the COVID-19 pandemic; risks associated with changes in the
attitudes of governments to foreign investment; risks associated
with the conduct of joint ventures; inability to upgrade Inferred
mineral resources to Indicated or Measured mineral resources;
inability to convert mineral resources to mineral reserves;
conclusions of economic evaluations; fluctuations in commodity
prices and demand; changing foreign exchange rates; the speculative
nature of mineral exploration; the global economic climate;
dilution; share price volatility; activities, actions or
assessments by Rio Tinto, Turquoise Hill Resources or OTLLC and by
government authorities including the Government of Mongolia; the availability of funding on
reasonable terms; the impact of changes in interpretation to or
changes in enforcement of laws, regulations and government
practices, including laws, regulations and government practices
with respect to mining, foreign investment, royalties and taxation;
the terms and timing of obtaining necessary environmental and other
government approvals, consents and permits; the availability and
cost of necessary items such as water, skilled labour,
transportation and appropriate smelting and refining arrangements;
unanticipated reclamation expenses; changes to assumptions as to
the availability of electrical power, and the power rates used in
operating cost estimates and financial analyses; changes to
assumptions as to salvage values; ability to maintain the social
licence to operate; accidents, labour disputes and other risks of
the mining industry; global climate change; global conflicts; title
disputes; limitations on insurance coverage; competition; loss of
key employees; cyber security incidents; misjudgements in the
course of preparing forward-looking statements; and those factors
discussed in the Company's most recently filed
MD&A and in the Company's Annual Information Form for the
financial year ended December 31,
2021, dated March 25, 2022
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.
View original
content:https://www.prnewswire.com/news-releases/entree-resources-appoints-allan-moss-to-board-of-directors-301523803.html
SOURCE Entrée Resources