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Entrée Resources Addresses Questions Raised in Plenary Session of Parliament of Mongolia

ERLFF
  • Entrée Resources addressed questions from a Mongolian Member of Parliament regarding the transfer of the Shivee Tolgoi & Javkhlant mining licenses to joint venture partner Oyu Tolgoi LLC.
  • The transfer of licenses is required for Lift 1 underground development & extraction activities to proceed on the Shivee Tolgoi mining license.
  • Entrée LLC has calculated license values, remitted applicable transfer taxes to the Mongolian Tax Authority (MTA), & submitted requests for valuation confirmation in accordance with Mongolian laws.
  • The MTA has not yet confirmed Entrée's valuation calculations, stating submitted documents are incomplete & unable to issue tax payment certificates.
  • Ongoing discussions continue with the Government Working Group & stakeholders regarding state participation in the license areas to facilitate the transfer once agreements are reached.
  • Entrée Resources holds a 20% or 30% carried interest in the Oyu Tolgoi project in Mongolia, with Royal Gold & Rio Tinto as major shareholders.