May 2012 EntreeGold Presentation

1. On the Path to Production
Rio Tinto
Entrée Gold at Bingham Canyon
Oyu Tolgoi Headframe Entrée JV Discovery Hole
May 2012

2. 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 and molybdenum, the estimation of mineral reserves and resources, the
realization of mineral reserve and resource estimates, the timing and amount of estimated future production, costs of production and capital expenditures, the costs and timing of the development of
new deposits, the potential for the discovery of additional mineralized zones on properties in which Entrée has an interest, the potential for the expansion of existing deposits in which Entrée has an
interest, plans to prepare and the timing for release of a Preliminary Economic Assessment on the Ann Mason Project, the timing of and potential for future resource estimates on properties in which
Entrée has an interest, plans for future exploration and/or development programs and budgets, permitting time lines, anticipated business activities, corporate strategies, 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 prices of copper, gold and molybdenum will remain relatively stable,
the effects of general economic conditions, changing foreign exchange rates and actions by joint venture partners and by government authorities including the Government of Mongolia, 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. Known risk factors are described in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 29, 2012 and in the Company’s most recent management
disclosure and anlysis filed with the Canadian Securities Administrators and available at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual
actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or
intended. 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 publicly update or revise forward-looking statements, whether as a result of new information, future
events, or otherwise. Accordingly, readers should not place undue reliance on 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 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.
Note 1: 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.
Note 2: See the technical report titled "Technical Report and Updated Mineral Resource Estimate on the Ann Mason Project Nevada, USA" dated March 26, 2012, prepared by Robert Cinits, P. Geo., the Company’s
Director, Technical Services, Scott Jackson, F.AusIMM, a principal of Quantitative Group Pty Ltd and Lyn Jones, P. Eng., a senior associate metallurgist for AGP Mining Consultants Inc., a copy of which is available on
SEDAR at www.sedar.com.
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3. On the Path to Production
Hugo North Extension and Heruga, Mongolia
Oyu Tolgoi Development
Phase I Construction 82% Complete
HNE Development Production in 2015
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4. On the Path to Production
Ann Mason, Nevada
Indicated · 8.0 Billion lbs Copper (0.2% Cu cut-off)
5.3 Billion lbs Copper (0.3% Cu cut-off)
Inferred · 7.3 Billion lbs Copper (0.2% Cu cut-off)
3.5 Billion lbs Copper (0.3% Cu cut-off)
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5. Corporate Strategy
Striking the balance between opportunity and risk
United States Mongolia
100% Entrée Entrée-OTLLC JV
Ann Mason Deposit Hugo North Extension
Heruga
Blue Hill
Cu-Mo 100% Entrée
Shivee West
Cu-Au-Mo
Grass Roots Exploration
United States ● Australia ● Peru
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6. Resources
Indicated Resource
1.1B lbs CuEq*
(with 0.5M oz Au)
0.6% Cut-off
Indicated Resource HNE
8.0B lbs Cu
Mongolia
0.2% Cut-off
or
5.4B lbs Cu
0.3% Cut-off
HNE
Heruga Inferred Resource
4.1B lbs CuEq*
Nevada
(with 3M oz Au)
0.6% Cut-off
HNE and Heruga
Ann Mason
Inferred Resource
7.3B lbs Cu
0.2% Cut-off
or
3.5B lbs Cu HNE = Hugo North Extension
0.3% Cut-off
*CuEq estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. Figures are NI 43-101 compliant.
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7. Strategic Partners
Entrée Rio Tinto (13%)*
51% of Ivanhoe
20/30%
~13% Standstill expired January 2012
Commitment >US$3.7 billion
Joint Venture
Entrée – OTLLC Ivanhoe Mines (11%)*
66% of Oyu Tolgoi
Hugo North Extension
& Heruga Rio
Tinto
80/70%
Entrée-OTLLC JV
~11%
Oyu Tolgoi LLC US$35,000,000 JV earn-in
51% >US$54 million to date
34% 66% Entrée 20% - Ivanhoe 80% (deep)
Entrée 30% - Ivanhoe 70% (shallow)
Mongolian
Government
Ivanhoe
Carried to production
*Issued & Outstanding
Rio Tinto beneficial ownership is now 23.6% due to majority ownership of
Ivanhoe Mines
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8. Shareholder Base Fully Diluted
11.96%
9.96%
57%
8.87%
8.17% Held by top 15
Shareholders
4.15%
3.51%
2.12% 2.04% 2.00%
1.23% 1.10%
0.80% 0.63% 0.43% 0.42%
* Rio Tinto beneficial ownership is now 23.6% due to majority ownership of Ivanhoe Mines
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9. 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
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10. Financial Information
Treasury (As of March 31, 2012) ~Cdn$15.3 million
Issued and Outstanding 128,400,000
Options - 10,190,000 (Average price ~Cdn$1.98)
Fully Diluted 138,600,000
52 week High / Low Cdn$2.49 / $0.91
Analyst Coverage TD Newcrest
Hallgarten & Co. LLC
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11. Growth Through Exploration& Acquisitions
USA
Nevada Mongolia
Ann Mason Deposit
Hugo North Extension
Blue Hill
Roulette Heruga
Blackjack Shivee West
New Mexico
Lordsburg
Oak Grove
Australia
Peru Blue Rose
Lukkacha Mystique
• Mongolia Further exploration on Zone III and Argo gold zones, Shivee West
Drilling on JV property
• USA Preliminary Economic Assessment preparation, Ann Mason deposit
Upcoming Blue Hill resource estimate, NV
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12. Entree Gold - USA
USA
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13. Properties
Yerington,
Nevada
USA
• Nevada: No. 1 mining jurisdiction in USA
• Underdeveloped camp with significant Cu
• Positioned for major company investment
• Nearby deposits include:
•Yerington Mine
Produced 1.9 Billion lbs Cu (1918-1982)
• Pumpkin Hollow - Nevada Copper
5.9 Billion lbs Cu @ 0.55% (M&I; 0.2% Cu cut-off)
• Entrée:
Ann Mason Deposit
Blue Hill
Roulette · Blackjack
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14. Ann Mason Project, Nevada
8.0 Billion lbs Cu Indicated
1,115 Mt @ 0.33% Cu
(0.2% Cu cut-off)
5.4 Billion lbs Cu Indicated
640 Mt @ 0.38% Cu
(0.3% Cu cut-off)
7.3 Billion lbs Cu Inferred
1,131 Mt @ 0.29% Cu
(0.2% Cu cut-off)
3.5 Billion lbs Cu Inferred
444 Mt @ 0.36% Cu
(0.3% Cu cut-off)
Drill Highlights
0.33% Cu over 650 m (AM-11-010)
0.31% Cu over 988 m (AM-10-001)
0.45% Cu over 759 m (AM-10-020)
0.35% Cu over 783 m (AM-10-024)
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15. Ann Mason Deposit
Yerington, Nevada
• 100% Entrée
• Premier location
Excellent infrastructure
• No royalties
• Drilled ~30,000 m
• Major Cu-Mo porphyry deposit
2.3 x 1.3 km x >1 km depth
• Early stage metallurgy
Copper recoveries > 93%
• PEA est. completion; H2 – 2012
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16. Ann Mason Deposit
On the Path to Production
8.0 Billion lbs Cu
Indicated
7.3 Billion lbs Cu
Inferred
(0.2% Cut-off)
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17. Porphyry Copper Deposits
Western North America
Red Chris
0.6 619 Mt
0.5
Rosemont Carlota
Safford
% Copper
543 Mt 64 Mt
243 Mt
0.4 Mt Milligan
Copper Mtn
707 Mt
233 Mt
Highland Valley Tyrone
0.3 Morenci Ann Mason* 0.2% 180 Mt
440 Mt
1115 Mt Gibraltar
3200 Mt
460 Mt
0.2
0.1
Chart based on indicated resources.
Ann Mason inferred resources: 0.2% Cu cut-off – 1,131 million tonnes averaging 0.31% Cu Eq (0.29% Cu, 0.004% Mo)
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18. Properties
Arizona
New Mexico
USA
Partners: Empirical Discovery
Explore for buried porphyry Cu-Mo targets
• Proprietary geophysical techniques
• Four properties drilled
Entrée discovery at Lordsburg
• Intercepts to 0.44% CuEq* over 60 m
• Further exploration planned
Other targets
• Oak Grove
* Copper equivalent estimated using US$1.35/lb Cu and US$650/oz Au. Intercept contains 0.31% Cu and 0.21 g/t Au.
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19. Mongolia
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20. Shivee Tolgoi - Oyu Tolgoi Trends
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21. Oyu Tolgoi Trend
2.2% CuEq*
0.9% CuEq**
Modified from Lookout Hill Technical Report 2012 *Indicated resource grade; inferred resource grade = 1.4% CuEq
The mineral reserves are not additive to the mineral resources. **Inferred resource grade
Copper equivalent estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. A 0.6% CuEq cutoff was used.
Phase 2 does not include mine plan for Lift 2 extraction
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22. Oyu Tolgoi Trend
HERUGA HUGO NORTH EXTENSION
(Schematic from profile) (Schematic from profile)
NPV Lift 1 (Entrée)
Moly Zone $129 million
OPEN Lift 1 Extraction Level
Possible Extraction Level
OPEN
Lift 2 Extraction Level
Gold Zone
Oyu Tolgoi OPEN
Mining
OPEN Entrée - OTLLC JV Licence Oyu Tolgoi Mining Entrée-
Licence OTLLC JV
27 Mt ore (JV reserves)
17.4 B lbs CuEq (JV inferred resources) 5.6 B lbs CuEq (JV indicated resources)
2.8 B lbs CuEq (JV inferred resources)
Modified from Lookout Hill Technical Report 2012
The mineral reserves are not additive to the mineral resources.
Copper equivalent estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. A 0.6% CuEq cutoff was used.
Phase 2 does not include mine plan for Lift 2 extraction
Entrée carries a 20% interest in the mineralization of the Hugo North Extension and Heruga deposits
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23. 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
See Lookout Hill Technical Report 2012. NORTH
* The mineral reserves are not additive to the mineral resources. EXTENSION
** Copper equivalent estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo.
*** 0.6% CuEq cutoff.
HERUGA
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24. Hugo North Extension & Heruga
Moving Forward
Current
• Premier Asset
• High Grade – Long life
• OT Phase I Construction 82% Complete
• Entrée Carried to Production
Timeline for Entrée’s Assets
• First Ore from HNE1 2015
• 48 Year Potential Mine Life in LOM Case:
HNE1 + HNE2 + Heruga
• HNE & Heruga Deposits Remain Open
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25. Exploration Potential
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26. Argo and Zone III Gold Targets
Shivee West (100% Entrée)
• 2.5 km Magnetic Low Parallel to
OT Trend
• Low Sulphidation Epithermal
Signature
Argo Zone Hole 111
X Surface Sampling
• Limited Drilling
• High Grade Surface Samples
Hole 112
Zone III
Hole 123
42.4 g/t Au over 4 m
19.3 g/t Au over 3 m
• 2011 Drill Results
1.82 g/t Au over 14 m (hole 112)
including 9.32 g/t Au over 2 m
2.21 g/t Au over 3 m (hole 111)
2.08 g/t Au over 8 m (hole 123)
including 5.60 g/t over 2 m
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27. Current Copper Assets
12
10
8
7.3B lbs Cu
Ann Mason
Billions lbs
0.2 % Cu cut-off
6
8.0B lbs Cu
4
HNE & Heruga
2 4.1B lbs CuEq* 0.6% CuEq cut-off
(with 3M oz Au)
1.1B lbs CuEq* HNE
(with 0.5M oz Au) HNE & Heruga
0
Indicated Inferred
*CuEq estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. Figures are NI 43-101 Compliant.
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28. Advancing our Assets
100% Entrée Joint Venture
Ann Mason, Nevada Hugo North Extension &
Drilling 2012 Heruga, Mongolia
PEA in late 2012 On-going Development to 2015
HNE 1
Shivee West, Mongolia
First Development Production
Exploration Argo Zone 2012
in 2015 · HNE 1
48 Year Potential Mine Life in
LOM Case
Exploration Drilling in 2012
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29. Copper Resources vs. Share Price
$4.00
Share price
Heruga PacMag 20
$3.50 Discovery Acquisition
Billion Pounds Copper
BMO
Financing
Rio-IVN
$3.00 Exercise
Mongolian 16
Share Price
Windfall 2005
Tax Warrants
$2.50
Rio IA &
Investment Withdrawal of 12
Windfall Tax
$2.00
HNE
Discovery
$1.50 8
IVN-Rio
Deal
$1.00 Ann Mason
Updated
IVN Deal Mineral
Resources
4
$0.50
$0.00 0
2004 2005 2006 2007 2008 2009 2010 2011 2012
Indicated (Billion lbs) Inferred (Billion lbs)
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*0.2% Cu Cut-off

30. Mona Forster – Executive Vice President
mforster@entreegold.com
604-687-4777
www.entreegold.com
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