Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944


December 13, 2006

Toronto ETG
Frankfurt EKA





Price range:

    $1.79 - $2.65

Toronto price:

C. $1.76

Price range:

    C. 90¢ - C. $2.85

Capital Structure
(as of September 30, 2006)

Long-term debt

No debt

Shares outstanding:


Fully diluted:


Entrée Gold Inc. is an emerging Canadian resource company, focused on the exploration and advancement of premium copper and gold assets worldwide. Currently Entrée's land holdings are located in Mongolia and Arizona.

In Mongolia, Entrée has focused its advanced-stage exploration efforts on the Lookout Hill property comprised of three contiguous mining concessions covering more than 179,000 hectares. Lookout Hill completely surrounds Ivanhoe Mines ltd.'s Oyu Tolgoi copper-gold discovery in Mongolia and is host to the Hugo Dummett deposit. The Hugo Dummett deposit is recognized as the richest copper-gold porphyry discovery of its kind in history. The continuation of the Hugo Dummett deposit, known as Hugo North, has been proven to extend beyond the property boundary, onto Entrée's property.

Entrée and Ivanhoe Mines entered into an Earn-in and Equity Participation Agreement in November, 2004. Subsequent to reaching this Agreement, Ivanhoe has conducted thousands of meters of drilling on the Hugo North extension. Mineralization of the Hugo North extension located on Entrée's property, known as Copper Flats, is confirmed to 625 meters and traced to approximately 1,300 meters.

ANDREW RACZ:   You are head of a multi-listed gold company with great interest in various segments of the mining industry, North America as well as in Mongolia. I trust you have no objection eventually to go to any part of the world to explore for minerals. Is that correct?

GREG:   That is correct. We will essentially look at any opportunity which we feel would be advantageous to our shareholders.

Q:   It's an interesting company. It's a holding company with a meaningful amount of cash, $15-20 million, enormously big partners and holdings in the most mysterious country perhaps in the world today, except the Middle East. How did you come to this idea of getting where you are today?

A:   Well, it was an opportunity which was presented to us. We decided to take advantage of it. It was 2002 and the markets were just beginning to take an interest, I guess, in gold at the time. Base metals were still fairly under the radar. Essentially what happened was a group of private Mongolians had acquired all of the grounds surrounding Ivanhoe Mines or Oyu Tolgoi deposit, which was not developed much at the time. They came to the Prospectors and Developers Conference in Toronto in March of 2002, seeking a partner to help them develop it. They ran into a broker from CanaCord, and that broker from CanaCord, named Cory Pinkowski, got the idea of putting it into a junior company. Cory sought the aid of some of his associates. He targeted a shell company, Entrée Resources, and revamped it to become an exploration mining company. Then he engaged my services and those of some of my other fellow directors. So we all got together and essentially brought the company back to trade and finalized the deal with the Mongolians and proceeded.

Q:   And that is the current company?

A: That's correct.

Oyu Tolgoi


CanaCord: Shell is
Entrée Resources


  AMEX Entrée   
Toronto listed Gold   
Frankfurt Inc.   


Q:   My first question is were you second to Ivanhoe in the Mongolian territories?

A:   No, not at all. You mean second in terms of entrance into Mongolia/

Q:   Yes.

A:   No. There's a company called QGX. The precursor to QGX was named [Quincox], and they were actually in Mongolia back in the mid-1990s, early 1990s. Then of course following them, BHP came in, Magma BHP came in. BHP is the one who was actually accredited with recognizing the porphyry potential of the Oyu Tolgoi deposit and it was BHP that ended up doing the deal with Ivanhoe Mines. Around the same time or shortly after we were there, there was sort of a flood of companies coming into Mongolia as more and more news came out about the Ivanhoe Mines discovery.

Q:   So went there on the invitation of some Mongolians.

A:   Correct.

Q:   But you started to explore on your own.

A:   We started to explore on our own, that is correct. When we originally did the deal with the Mongolians, we could only acquire a 60% interest in the project. So while we were exploring, we were also sitting down and renegotiating the deal with the Mongolians. The Mongolians are quite tough in terms of being negotiators, and it took us a year and a half, until the fall of 2003, before we were successful in acquiring 100% interest in the project.

Q:   You are being recognized as the second most valuable property or exploration owner in Mongolia.

Entrée and Ivanhoe Mines entered into an Earn-in and Equity Participation Agreement in November, 2004. Subsequent to reaching this agreement, Ivanhoe has conducted thousands of meters of drilling on the Hugo North extension. Mineralization of the Hugo North extension located on Entrée's property known as Copper Flats, is confirmed to 625 meters and traced to approximately 1,300 meters. The mineralization remains open to depth and along strike with the highest copper-gold ratios and overall metals values located within proximity to the Entrée-Ivanhoe property boundary. An initial inferred resource was announced February, 2006, outlining an estimated 6.6 billion pounds of copper and 3.2 million ounces of gold with an average grade of 1.57% copper and 0.53 grams per ton (g/t) gold in this area. Infill drilling is being done to support the upgrading of the inferred resource. 

  • Endorsement by two of the world's foremost mining companies
    Equity participation and earn-in agreement with Ivanhoe Mines.
    Private placement by Rio Tinto PLC and Ivanhoe Mines.
  • Experienced management team
    Extensive expertise in exploration, mining, corporation development and operations.
  • Solid financial position
    Treasury of C. $21 million allows for independent exploration.
    No corporate debt.
  • Listed on three leading stock exchanges
    Actively trades on the TSX ("ETG"), AMEX ("EGI"), and FWB ("EKA").
    Provides exposure to investing communities worldwide.
  • Growing demand of copper and gold
    Copper has risen dramatically, reaching its highest price ever in 2006.
    Gold hit a 25-year high in 2006 with analysts predicting even greater heights for the commodity.

A:   I would think that is true right now.

Q:   That's basically your achievement.

A:   Right. But the one that might be able to be compared to us is QGX, because they have some significant coal holdings. Not base metal, but they can be given quite a good valuation based on their coal.

Q:   It's a cash-rich company. The interesting part, from a financial standpoint, is that today each and every one of you... Of course Rio has always been...or BHP, each one of you who have been successful in Mongolia are cash-rich companies.

A:   That's correct.

Q:   It's the market who gave you the money.

A:   Yes.

Q:   So the market recognizes that you have legitimate exploration possibilities, mining possibilities.

A:   Yes, indeed. I agree a hundred percent.

Q:   For a small company, in four years you have managed to attract Rio Tinto and Ivanhoe, each roughly having 15% ownership in your company, each putting in equity money between one or two shares with warrants, so now as we look at your company, it is in Mongolia and that's where it has cash. It has an ability to raise more cash. It has valuable properties, and it's a listed company looking forward to the rest of the commodity age.

A:   Correct.

Q:   In other words, the main minerals are gold and copper. If you see a gold price running to $800, your stock will go up and your capitalization could raise, let's say, $50 million more.

A:   I agree.

Q:   If copper goes to $4.50 or $4.00, the situation is the same.

A:   I agree.

Q:   So where could this company be a year from now, with the assumption that one or two of the minerals will perform well?

A:   All I can say is I'm not going to set a target price, but I think you would see a substantial increase in our shareholder value. There's no question about that. There are other factors which we can talk about which will also possibly increase shareholder value apart from the increase in metal values. Metal values are important but what's also important is in spite of metal values, let's say they don't do anything, let's say they stay stagnant. What are some other factors that could increase shareholder value? Well, first of all, we have to remember that we have parceled off only a portion of our Lookout Hill property. Our Lookout Hill property is almost 500,000 acres in size, and we've portioned out just about 100,000 of those acres in an agreement with Ivanhoe Mines. They are busy spending and exploring. They have to spend $35 million, of which to date we estimate they've spent around $15 million. So they have a lot more work to do, and the chances of them discovering additional oil bodies are very high.

Also, we have all the ground immediately to the west, and we are exploring systems which have good alteration and good indications of potential mineralization. So not only is Ivanhoe exploring on our joint ground, but we're exploring on our 100% owned ground. On top of that, we are looking for a new resource calculation and a new mining study coming out from Ivanhoe in the first few months of the new year. Also very importantly, Ivanhoe is currently sitting down at the negotiating table with Rio Tinto and the Mongolian government, and they are negotiating what's called an investment contract which will set forth all of the taxation and royalties for the next 30 years. Once that is signed, that will be a tremendous green light for business and foreign investment into Mongolia. That will send a very good signal to the markets and probably see an increase in shareholder value of all Mongolian companies with that event taking place. We're hoping that will take place in early 2007.

Q:   This is the byproduct of the agreement Rio has obtained with Ivanhoe not so long ago, getting one-third of the company for a billion dollars, but also a leadership position in political negotiations.

A:   Very much so. It's a very important aspect. Because of the minority government in Mongolia, Ivanhoe Mines was a bit stalled. They've been trying to negotiate with the Mongolian government on what they used to call a stability agreement, now as an investment contract. They have been unsuccessful so far, but since Rio has come to the table with their agreement with Ivanhoe, I understand talks are going on now.

Q:   One has to assume that politicians learn from one another or mistakes. After 1973, oil properties were nationalized and that was an event where nobody could do anything, because oil was desperately needed. At the same time, if you could get a Venezuela type of government in Mongolia, and they stop development because of their nationalistic feelings, then it would stop everything because the world can survive without the Mongolian copper.

A:   Correct.

Q:   So the government has to be rational. It's not the oil industry, it's the mining industry, which has to function to provide money for everybody.

A:   What's also interesting about the Mongolian government and the reason I see hope with the Mongolian government is they are a young democracy. They came out from under the Soviet Union in 1991. They've had five successful elections, and everything they've done so far is nothing that a democracy would not do. Everything is done according to rule of law.

Q:   Did the Soviet Union totally suppress Mongolia?

A:   Yes, essentially a lot of the small towns and villages in the South Gobi were a military outpost for the Soviet Union. Part of the Sino-Soviet conflict back in the seventies and eighties was right along the Mongolian Chinese border.

Q:   But it's now disappearing, the Soviet influence?

A:   Well, essentially it is disappearing. It's not a hundred percent gone. We're looking at a generational situation here. A lot of the older people are still fluent in Russian, but what's happening in the last ten years is English is now mandatory in all of their school systems, and most of the people in the urban centers, particularly Ulan Bator, which has almost a third of the population of the country, are all fluent in English, all the young people. And this is what the new generation is that's coming to power. What's interesting as well is a lot of them are Western educated. They do not want to be under the domination of the Russians. They want to do business with the Russians but they don't want to be under the domination of the Russians.

Q:   Is it the same as all the other former satellite countries, that they do business with Moscow but at arm's length.

A:   Yes. And they want to look to the West for foreign investment. But what they want is a good deal from the West. They don't want to feel as though they're being pillaged by the new...

Q:   So it's not East India. In other words, Ivanhoe will never be considered as the next East India Corporation. It has to do business regularly. In the next three or four months, is it possible that a peaceful agreement or investment sharing agreement is negotiated?

A:   With Ivanhoe Mines and the Mongolian government?

Q:   With the Mongolian government.

A:   Yes. I believe so.

Q:   If that happens, it's like removing a cancer. You are ready to do business.

A:   Exactly. You're ready to grow your mine.

Q:   You have a large territory in Mongolia. Many years ago when in the U.S., Texas was dominating the oil industry, there were a number of tycoons who were constantly selling part of an oil well or a territory, like Mr. Murchison or Mr. Hunt. This was a regular business for them. The more oil they found, the parcels they were selling became more valuable. Is it something you foresee for your company?

A:   We have several avenues that we can take. We can sell off portions of our assets in Mongolia, that's one way we can progress. Or we can go to the public markets and raise finances and develop as best we can the assets that we have on our own, and take them as close to production as we can get them. Or, we can sit back and do nothing and watch Ivanhoe Mines take a portion of our property to production, and watch revenue come in that way. Or, we may possibly be sitting there as a potential acquisition by, I wouldn't say Ivanhoe, but perhaps by Rio or another company that would like to get an interest in the project as well. I agree that's above our current market cap, but still, I think there's a lot more valuation to be had from our projects.

Q:   In other words, if you won't take it and you look at all the other possibilities, and the American oil industry is just a good example. All these deals have been done. Then EGI is basically an asset and potentially cash-rich holding company that is trading up in various ways its mineral assets for capital and diversification. Would you accept this definition?

A:   Yes, I think so.

Q:   You know many companies in your position?

A:   Well, again, not quite the same. Not quite the same in the sense that... I know companies that are cash rich, I know companies that have interesting assets, but I don't know many companies that have an asset that I would say would be a target for other major companies at this time, particularly with the up side potential that we have.

Q:   You mentioned you have a very good board of directors. We have very good contacts in the mining industry at very high levels. It is still, however, a small company on the American, Frankfurt and Toronto stock exchanges. Also, the trading volume on various days can be pretty big, meaning that there is a knowledge and following of EGI. However, in terms of stock market value, it's an undiscovered situation.

A:   Relatively so, I agree. We started trading in the United States just over a year ago. We wanted to increase our awareness in the United States, and we really just started on that this year. It's a slow process, but I think we're starting to make headway. We're starting to get known by some of the major institutions on Wall Street, whereas a year ago they probably had never heard of us before.

Q:   From the investment point of view, what has to be emphasized and brought home is that it is an undiscovered situation in a sense that the trading possibilities, particularly after a Mongolian investment agreement, of full [part] and methods of various assets can be converted into a higher price and quite a bit of cash. You have fully diluted 85,000,000 shares?

A:   Approximately, yes.

Q:   So at $1.50, that's $120 million U.S. If you inject from let's say the leasing or sale or some assets $100 million, everybody will be talking about you.

A:   That's a good possibility, I agree.

Q:   Everybody would suddenly be talking about you. Even if you don't know some of these techniques, you have to take a few books on the Texas oil billionaires and say to your board, we can do the same. Read up on Mr. Murchison, Mr. Bass and Mr. H.L. Hunt.

A:   I agree. So any information I can get along those lines, I would be interested in investigating.



Year ended
December 31, 2005

Year ended
December 31, 2004

Mineral property interests, cash

$      7,325,658

 $      2,614,155

Escrow shares compensation



Stock-based compensation



General and administration






Interest income



Net loss



Mineral properties expenditures are summarized as follows:


Year ended
December 31, 2005

Year ended
December 31, 2004

Lookout Hill

$      6,639,593

 $      2,612,008







Total costs






Stock-based compensation



Escrow shares compensation



Total expenditures, cash



Trading in mineral properties in Mongolia is reminiscent of the Texas oil baron Murchison, the Bass brothers and H.L. Hunt.

History always repeats itself, if modified.


Andrew Racz


Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.



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"Mr Clarke -
Call In The Boys"

Posted September 12, 2005
"A Letter To
President Bush"

Posted September 8, 2005

"Mr. Smith Goes To Hungary"
Posted September 1, 2005
"Orko Gold"
Posted August 18, 2005

 "Near Hit"
Posted August 16, 2005

"An African Queen"
Posted August 11, 2005

"1848 and Beyond"
Posted August 4, 2005



Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail:

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