News release via Canada NewsWire, Vancouver 604-669-7764
Attention Business Editors:
Entree Receives Green Light for Merger with PacMag Metals
VANCOUVER, June 15 /CNW/ - Entree Gold Inc. (TSX:ETG; NYSE AMEX:EGI;
Frankfurt:EKA - "Entree" or the "Company") is pleased to announce that the
Federal Court of Australia has approved the schemes of arrangement ("Schemes")
between PacMag Metals Limited ("PacMag") and its shareholders and
optionholders to effect a merger between PacMag and Entree ("Transaction").
All conditions as set out in the Scheme Implementation Agreement have
been satisfied and the Schemes are now unconditional. It is anticipated that
the Court Orders approving the Schemes will be lodged with the Australian
Securities and Investment Commission on June 16, 2010, which will be the date
the Schemes become effective.
The Transaction is expected to close on June 30, 2010. The record date
for determining PacMag shareholders and optionholders entitled to receive
consideration under the terms of the Schemes is June 23, 2010.
ABOUT ENTREE GOLD INC.
Entree Gold Inc. is a Canadian mineral exploration company focused on the
worldwide exploration and development of gold and copper prospects. The
Company flagship property is in Mongolia, where it holds two mining licences
(Shivee Tolgoi and Javhlant) and one exploration licence (Togoot). Lookout
Hill completely surrounds the 8,500-hectare Oyu Tolgoi project of Ivanhoe
Mines, and hosts the Hugo North Extension copper-gold deposit and the Heruga
copper-gold-molybdenum deposit. A portion of the Shivee Tolgoi mining licence
and the entirety of the Javhlant mining licence are subject to a joint venture
with Ivanhoe Mines, through its subsidiary Oyu Tolgoi LLC (formerly known as
Ivanhoe Mines Mongolia Inc. XXK - "IMMI").
Under the terms of the joint venture, Entree is carried through to
production, at its election, by debt financing from Ivanhoe Mines with
interest accruing at Ivan