Entree goldmar13presentation

On the Path to Production

Copper Oxide
Ann Mason Ann Mason Project Entrée Gold at
Drilling Oyu Tolgoi Headframe

March 1, 2013

TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 1

Cautionary Statement

This corporate update 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.

Forward-looking statements include, but are not limited to, statements with respect to the future prices of copper, gold, molybdenum and silver; the estimation of mineral reserves and resources; the realization of
mineral reserve and resource estimates; future mineral production; costs of production and capital expenditures; the availability of project financing; future cash flows; the potential development of future phases of
the Oyu Tolgoi mining complex, including Lift 2 of the Hugo North Extension deposit and the Heruga deposit; potential size of a mineralized zone; potential expansion of mineralization; potential discovery of new
mineralized zones; the timing and results of future resource and reserve estimates; potential types of mining operations; amount and timing of proposed production figures; government regulation of exploration
and mining operations; potential metallurgical recoveries and grades; plans for future exploration and/or development programs and budgets; permitting time lines; anticipated business activities; corporate
strategies; uses of funds; proposed acquisitions and dispositions of assets; and future financial performance. While Entrée Gold Inc. (“Entrée” or 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 the Company’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 results of preliminary test work are indicative of what the
results of future test work will be; that the prices of copper, gold, molybdenum and silver will remain relatively stable; the effects of general economic conditions, changing foreign exchange rates and actions by
Rio Tinto, Turquoise Hill Resources, Oyu Tolgoi LLC and by 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 the Company to be materially different from any future results,
performance or achievements expressed or implied by the forward-looking statements. Such risk factors include, among others, risks related to international operations, including legal and political risk in
Mongolia; risks related to having a minority interest in a joint venture; recent global financial conditions; actual results of current exploration activities; changes in project parameters as plans continue to be refined;
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; 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 risk factors described in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 29, 2012 filed with the Canadian Securities Administrators and in the
Company’s most recently filed Management’s Discussion and Analysis, both available at www.sedar.com. 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. Except as required under applicable securities legislation, the Company undertakes no obligation to update or revise forward-
looking statements.

The Company's exploration activities are under the supervision of Robert Cann, P.Geo., Vice President, Exploration of Entrée. Mr. Cann is a “qualified person” as defined in National Instrument 43-101- Standards
of Disclosure for Mineral Projects (“NI 43-101”). Mr. Cann has approved the technical information in this corporate update.

All minerals reserves and mineral resources have been calculated in accordance with the standards of the Canadian Institute of Mining, Metallurgy and Petroleum and NI 43-101. Cautionary Note to United States
Investors: United States investors are advised that while the terms “measured mineral resources”, “indicated mineral resources” “inferred mineral resources” and “probable mineral reserves” are recognized and
required by Canadian regulations, the United States Securities and Exchange Commission (SEC) does not recognize them. United States investors are cautioned not to assume that any part or all of the mineral
deposits in these categories will ever be upgraded to a higher category, or converted into mineral reserves. Inferred mineral resources have a great amount of uncertainty as to their existence, and as to their
economic and legal feasibility. Under Canadian rules, estimates of inferred mineral resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume
that all or any part of an inferred mineral resource exists, or is economically or legally minable. Disclosure of “contained ounces” is permitted disclosure under Canadian regulations; however, the SEC normally
only permits issuers to report mineralization that does not constitute reserves as in place tonnage and grade without reference to unit measures. Accordingly, information contained in this corporate update
containing descriptions of the Company’s mineral properties may not be comparable to similar information made public by U.S. companies subject to the reporting and disclosure requirements under the United
States federal securities laws and the rules and regulations thereunder.

The information in this corporate update is for informational purposes only. Readers should not rely on the information for any purpose other than to gain general knowledge of Entrée. This information is not
intended to be, and should not be construed as, part of an offering or solicitation of securities. In this presentation, all dollar amounts are expressed in United States dollars.

For additional information regarding Lookout Hill, see the technical report titled "Technical Report 2012 on the Lookout Hill Property" dated March 29, 2012 ("LHTR12") prepared by AMC Consultants Pty Ltd, a
copy of which is available on SEDAR at www.sedar.com. For additional information regarding the Ann Mason Project, see the technical report titled “Preliminary Economic Assessment on the Ann Mason Project,
Nevada, U.S.A.” with an effective date of October 24, 2012, prepared by AGP Mining Consultants Inc., Quantitative Group Pty Ltd and Porcupine Engineering Services Inc., a copy of which is available on SEDAR
at www.sedar.com.


Ann Mason, Nevada

City of Yerington

Pit outline

Indicated Inferred
8.2 billion lbs Cu 5.6 billion lbs Cu
Looking southeast
1,137 Mt @ 0.33% Cu 873 Mt @ 0.29% Cu
TSX:ETGCu NYSE MKT:EGI
0.2% | cut-off | FRANKFURT:EKA
0.2% Cu cut-off Deposit is approx. 2.3 X 1.3 km 3

Hugo North Extension and Heruga, Mongolia

Power purchase agreement concluded November 2012
Oyu Tolgoi open pit commercial production ~H1/2013
HNE development production as early as 2015


Resources

Indicated Resource
1.1B lbs CuEq*
(with 0.5M oz Au)
23.4 Mt @ 2.19% CuEq
0.6% Cut-off
HNE

Inferred Resource
4.1B lbs CuEq*
(with 3M oz Au)
Indicated Resource 19 Mt @ 1.35% CuEq
0.6% Cut-off
8.2B lbs Cu HNE and Heruga
1,137 Mt @ 0.33% Cu
0.2% Cut-off

Inferred Resource
5.6B lbs Cu
873 Mt @ 0.29% Cu
0.2% Cut-off HNE = Hugo North Extension

Note: 5.4B lbs Cu 0.3% Cut-off Indicated Resource and 2.6B lbs Cu Inferred Resource at 0.3% Cut-off at Ann Mason
*CuEq estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. Figures are NI 43-101 compliant.


Shareholder Base Fully Diluted

62.4%
11.5%
10.6%
Held by top 12
Shareholders
8.8%
8.0%

6.8%

4.3%
4.0%
3.6%

1.9% 1.8%
1.0%
0.2%

TSX:ETG | NYSE
* Rio Tinto holds beneficial ownership over shares held by Turquoise Hill. MKT:EGI | FRANKFURT:EKA 6

Board of Directors

Greg Crowe President & CEO, Director
James Harris Chairman, Director
Michael Howard Deputy Chairman, Director
Lindsay Bottomer VP Business Development, Director
Peter Meredith Director
Mark Bailey Director
Alan Edwards Director
Gorden Glenn Director


Financial Information

Treasury (as of September 30, 2012) ~CAD$6.6 million
Funding Agreement (February 2013) US$40 million
Equity Private Placement (March 2013) CAD$10 million
Ann Mason NSR (February 2013) US$5 million

Issued and Outstanding 146,734,385
Options 9,223,000 (Average price ~CAD$1.98)

Fully Diluted Options 155,957,385

52 Week High/Low CAD$1.38 / $0.39

Analyst Coverage TD Newcrest
Hallgarten & Co.
CIBC


Sandstorm Financing Package

Entrée received ~US$55 million:
 US$40 million upfront deposit
 CAD$10 million private placement
(17,857,142 shares at CAD$0.56/share)
 US$5 million for a 0.4% NSR royalty
on Ann Mason and Blue Hill deposits, Nevada


Financing Package Highlights

 Multi-faceted deal from sophisticated investor
with long term vision
 Limited shareholder dilution
 Provides sufficient funding to advance key
assets and other projects for several years


Financing Package Details

Entrée will use production cash flow from its
mineral properties to acquire and deliver metal
credits to Sandstorm in an amount equal to:
 25.7% and 33.8% of Entrée’s share of gold and silver
by-products produced from Heruga and Hugo North
Extension deposits, respectively
 2.5% of Entrée’s share of copper produced from
Heruga and Hugo North Extension deposits
 This represents approximately 11% of Entrée’s portion
of the Lookout Hill mineralization


Growth Through Exploration & Acquisitions

USA
Nevada Mongolia
Ann Mason Deposit
Hugo North Extension
Blue Hill Deposit
Heruga
Shivee West

New Mexico
Lordsburg
Oak Grove

Australia
Peru Blue Rose
Lukkacha Mystique


USA


The Nevada Advantage

 Top global mining jurisdiction
 Low political risk
 Long history of mining
 Yerington, MacArthur and Minnesota Mines
 Local community support
 Clear permitting guidelines
 Excellent infrastructure
 Power, road, water and rail near project
 Year round accessibility


Yerington, Nevada

USA
Underdeveloped camp
 Significant copper discoveries
 Camp contains >25 billion pounds Cu

No major company investment
Nearby deposits include:
· Yerington Mine - Quaterra
Produced 1.9 Billion lbs Cu (1918-1982)

· MacArthur Cu Ox - Quaterra
0.68 Billion lbs Cu @ 0.21%

· Pumpkin Hollow - Nevada Copper
5.8 Billion lbs Cu @ 0.48% (M&I; OP & U/G)


Ann Mason Project
PEA Highlights

 Proposed 100,000 tpd
 Open pit mine
 Sulphide flotation mill
 24 year initial mine life

 NPV 7.5 Base Case
 $1.11 billion, IRR 14.8%, 5.6 years
payback
 Cu $3.00 / Mo $13.50 / Au $1200 / Ag $22

 NPV 7.5 Spot Case
(Oct 15, 2012 prices)
 $2.54 billion, IRR 22.9%, 3.8 years
payback
 Cu $3.71 / Mo $10.43 / Au $1736 / Ag $33.22

Note: The PEA is preliminary in nature, it includes inferred mineral resources that are considered too speculative
geologically to have the economic considerations applied to them that would enable them to be categorized as
mineral reserves, and there is no certainty that the PEA will be realized. Mineralized resources that are not
mineral reserves do not have demonstrated economic viability.


Ann Mason Project
PEA Highlights

Unit Base Case* Alternative 1 Alternative 2 Spot Case**

Copper $/lb $3.00 $3.25 $3.50 $3.71

NPV (5%) $ Million $1,918 $2,568 $3,217 $3,846

NPV (7.5%) $ Million $1,106 $1,589 $2,073 $2,538

NPV (10%) $ Million $576 $946 $1,315 $1,669

IRR % 14.8% 17.7% 20.4% 22.9%

Payback Period Years 5.6 4.7 4.2 3.8
Net Metal Revenue
(after smelting, refining, roasting, $ Million $15,600 $16,916 $18,202 $19,500
payable)

*Cu $3.00 / Mo $13.50 / Au $1200 / Ag $22
**Cu $3.71/lb / Mo $10.43/lb / Au $1736/oz / Ag $33.22/oz (October 15, 2012)


Ann Mason Project
PEA Highlights

Development capital costs (pre-production + Year 1) $1.28 billion

Average cash costs (net of by-product sales) $1.46/lb copper

LOM – Net annual undiscounted cash flow $227 million

LOM – Strip ratio 2.16:1

LOM – Average copper recovery 93.5%

Copper concentrate grade 30%

LOM – Copper production 5.14 billion pounds


Ann Mason Deposit

Cu-Mo porphyry
 2.3 x 1.3 x 1 km
 Open
 Copper recovery >93%
 High quality copper
concentrate


Ann Mason
Section 304,300 E

Not 43-101 compliant See Appendix A for grade of each mineral used to establish the copper equivalent grades.


Ann Mason
Section 4,317,700 N

Not 43-101 compliant See Appendix A for grade of each mineral used to establish the copper equivalent grades.


Ann Mason Deposit

8.2 Billion lbs Cu Indicated
5.6 Billion lbs Cu Inferred
(0.2% Cu cut-off)

1,137 Mt @ 0.33% Cu
Indicated

873 Mt @ 0.29% Cu
Inferred


Ann Mason - Blue Hill
Schematic Long Section

OPEN OPEN


Blue Hill Deposit
Near surface oxide Cu and underlying Cu-Mo porphyry

Inferred Mineral Resources
Cut-off Tonnes Cu Cu
Zone
(Cu%) (Million) (%) (Million lb)

Oxide/Mixed 0.10 72.13 0.17 277.49

Sulphide 0.15 49.86 0.23 253.46

 Shallow oxide mineralization
 Sulphide mineralization
 Below oxides & continuing SE

 Column leaching testwork
 Average 85% Cu recovery
(91 day column leach test)
 Fast extraction (60% recovery in 10 days)

Mineral resources that are not mineral reserves do not have demonstrated economic viability.
Deposit outline projected to surface.


Cornerstones

Jurisdiction
 Politically stable
 Certainty of process
 History of mining
Infrastructure
 Power, water, road, rail
Size
Caution
 Potential major company
target
Metallurgy
 High liberation
 Clean concentrate
 Low acid generation


Game Changers

Ann Mason Expansion
 Potential to lower strip ratio
 Potential to increase tonnage
and mine life
 Investigate higher grade core
at depth

Blue Hill Expansion
 Sulphide – early mill feed
 Oxide – potential SX-EW
Exploration potential
 Additional copper oxide
 Majority of project untested
 IP targets


Porphyry Related Copper Deposits
Western North America

1.5
Red Chris*
0.5
Pumpkin Hollow 1.0
Schaft Creek

Rosemont Copper Creek Chino 0.5
0.4
% Copper

Ajax Billion Tonnes
Mt Milligan*
Bagdad Excelsior
Mineral Park *
0.3 Ann Mason Tyrone
Copper
1.1 Bt Mountain Poplar
Gibraltar Yerington
Highland
Valley
MacArthur
0.2
Sierrita

*CuEq
Inferred resources not included. Additional Ann Mason inferred resources: 873 million tonnes averaging 0.29% Cu at 0.2% Cu cut-off.
Sourced from publically available documents.


Other Properties

Lordsburg
 Porphyry discovery
 District known for
vein style deposits
 Intercepts to 0.44%
CuEq* over 60 m
 Further exploration
planned

Oak Grove
 New target
 Magnetic anomaly
similar to Chino Mine
 Near producing
Tyrone Mine

* Copper equivalent estimated using $1.35/lb Cu and $650/oz Au. Intercept contains 0.31% Cu and 0.21 g/t Au.

Mongolia


Strategic Partners

Rio Tinto (11%)*
Entrée – OTLLC 51% of Turquoise Hill
Joint Venture Commitment to funding development
Hugo North Extension at Oyu Tolgoi
& Heruga

80/70% 20/30% Turquoise Hill (9%)*
66% of Oyu Tolgoi
Oyu Tolgoi LLC Entrée Gold Entrée-OTLLC JV
$35,000,000 JV earn-in
34% 66% ~9% ~11% >$54 million to date

Mongolian Turquoise 51% Carried Interest
Government Rio Tinto 20% or 30%
Hill
Debt financed at prime +2%

*Issued & Outstanding
Rio Tinto beneficial ownership is now 20.7% due to majority
ownership of Turquoise Hill


Shivee Tolgoi - Oyu Tolgoi Trends


Oyu Tolgoi Trend

*Indicated resource grade; HNE inferred resource grade = 1.4% CuEq **Inferred resource grade
Modified from LHTR12
Mineral reserves are not additive to the mineral resources
Copper equivalent estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. A 0.6% CuEq cut-off was used
Phase 2 does not include mine plan for Lift 2 extraction


Hugo North Extension Development

650 m

Modified from LHTR12
Entrée has a 20% interest in the mineralization of the Hugo North Extension deposit


Entrée-OTLLC JV Deposit Resources
Entrée ownership - 20% Carried Interest

Hugo North Extension Heruga
Cu-Au Cu-Au-Mo

Probable
Mineral
27Mt ore
Reserves* 1.85% Cu and 0.72 g/t Au
1B lbs Cu / 0.53M oz Au

Indicated
Resources**
5.6B lbs CuEq
117 million tonnes*** - 1.80% Cu, 0.61 g/t Au
4.6B lbs Cu / 2.3M oz Au

Inferred 2.8B lbs CuEq 17.4B lbs CuEq
Resources** 95.5 million tonnes***- 1.15% Cu, 0.31 g/t Au 910 million tonnes***
2.4B lbs Cu / 0.95M oz Au 0.48% Cu, 0.49 g/t Au, 0.014% Mo
9.6B lbs Cu / 14M oz Au
HUGO
*The mineral reserves are not additive to the mineral resources. NORTH
** Copper equivalent estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. EXTENSION
*** 0.6% CuEq cutoff.
HERUGA


Hugo North Extension & Heruga

Current
 Premier asset
 High grade – long life
 OT open pit commercial production as early
as H1/2013
 Entrée carried by debt financing at prime +2%

Timeline for Entrée’s Assets
 Development Production from HNE as early
as 2015

 50+ year potential mine life
 LOM Case: HNE1 + HNE2 + Heruga
 HNE & Heruga Deposits remain open


Building Value
Resources inventory and relative NPV

Lookout Hill Ann Mason Deposit
Mongolia Nevada
NPV8 = $129 Million
Underground reserve

Hugo North
Extension

Heruga
NPV7.5 = $1.1 Billion
Open pit mine resources
PEA

Inferred
Indicated



Select Copper Developers
TEV/M&I Copper Resources 1

$0.070

$0.060
TEV / M&I Resources (US$/lbs)

$0.050

$0.040

Average: $0.032

$0.030

$0.020

$0.010

$0.000
Augusta

NGEX

Sunridge

Entrée Gold²
Copper Fox

Curis

Lumina Copper

Coro

Candente
Nevada Copper

Exeter
Polymet Mining

Northern Dynasty
Nova Copper

Redhawk Resources

Western Copper
Quaterra Resources

1 Market data as of January 16, 2013. Shown on an attributable basis.
2 Entrée Gold measured and indicated resource includes 8.15B lbs from Ann Mason and 0.93B lbs from Hugo North Extension
Note: TEV refers to total enterprise value, which is the sum of market capitalization, debt & minority interests, less cash on hand.
Note: Prepared for Entrée Gold using Bloomberg Financial Markets and company reports. Information has not been independently verified.


Advancing Ann Mason

2012 2013 2014 2015 2016+

Blue Hill resource
estimate PEA
Ann Mason updated
resource estimate

Exploration

Baseline studies and EIS

Drilling

Geotechnical

Permitting

Metallurgy

Pre-feasibility?

TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA
Feasibility? 38
38

Advancing Joint Venture
Hugo North Extension and Heruga

2012 2013 2014 2015 2070+

Drilling Shivee Tolgoi

Drilling Javhlant

Updated mine plan expected H1-14

Lift 1 development

Hugo North Extension development and production

HNE Lift 1 production to 2030

HNE Lift 2 production to 2044

50+ year potential production in LOM case
39

Current Copper Assets
12

10

8
Ann Mason
Billion lbs

0.2 % Cu cut-off
5.6B lbs Cu
6

8.2B lbs Cu

4

HNE & Heruga
4.1B lbs CuEq* 0.6% CuEq cut-off
2 (with 3M oz Au)

1.1B lbs CuEq*
(with 0.5M oz Au)
0
Indicated Inferred
*CuEq estimated using $1.35/lb Cu, $650/oz Au, $10/lb Mo. Figures are NI 43-101 Compliant.


Copper Resources vs. Share Price

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
$4.00
Share price
20
$3.50

Billion Pounds Copper
Heruga Investment
Discovery Agreement
$3.00 Rio-IVN
Exercise 16
Share Price

BMO
Mongolian Windfall Tax 2005 Financing
Falling Metal Prices Warrants
$2.50
Rio
Investment
PacMag Ann 12
Acquisition Mason
$2.00 Withdrawal of Updated
Windfall Tax Mineral Sandstorm
HNE Resources Financing
Discovery
Package
$1.50 IVN-Rio 8
Deal
Ann
Mason
$1.00 PEA

IVN Deal 4
$0.50

$0.00 0

Indicated (Billion lbs) Inferred (Billion lbs)

Ann Mason at 0.2% Cu Cut-off TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 41

Monica Hamm – Manager Investor Relations
mhamm@entreegold.com
604-687-4777
www.entreegold.com

Appendix A

Ann Mason Deposit:
Significant Drill Intercepts
Reported as of July 30, 2012

* Copper Equivalent is calculated using assumed metal prices of : copper
US$2.50/lb, molybdenum US$15.00/lb, gold US$1000/oz, and silver
US$15.00/oz and assumed recoveries relative to copper of: molybdenum
70%, gold 85% and silver 85%. TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA 43

Entree goldmar13presentation

Recommended

Recommended

More Related Content

What's hot

What's hot (20)

Viewers also liked

Viewers also liked (20)

Similar to Entree goldmar13presentation

Similar to Entree goldmar13presentation (20)

More from Company Spotlight

More from Company Spotlight (20)

Entree goldmar13presentation