Entrée Resources says Mongolian tax authority has yet to confirm mining license valuations for transfer to Oyu Tolgoi JV partner

• Entrée Resources issued a clarification on questions raised in Mongolia’s Oct. 2 parliamentary plenary session on two license transfers.
• Lift 1 underground development on Shivee Tolgoi cannot proceed until Shivee Tolgoi and Javkhlant licenses transfer to Oyu Tolgoi LLC.
• Entrée LLC calculated license values, paid the required transfer tax, then asked the Mongolian Tax Authority to confirm valuations.
• The Mongolian Tax Authority has not confirmed the valuations, citing incomplete submissions, blocking issuance of tax payment certificates.
• Work continues on the transfer process while talks on potential state participation in the license areas remain unresolved.

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