01 05 2012_entree_gold_presentation animated_new

On the Path to Production

May 2012

Entrée Gold atOyu Tolgoi Headframe

Rio TintoBingham Canyon

Entrée JV Discovery Hole

2TSX:ETG | NYSE AMEX:EGI | FRANKFURT:EKA

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.


Oyu Tolgoi Development

Phase I Construction 82% Complete

HNE Development Production in 2015

On the Path to ProductionHugo North Extension and Heruga, Mongolia


On the Path to ProductionAnn 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)


Mongolia

Entrée-OTLLC JVHugo North Extension

Heruga

100% EntréeShivee West

Cu-Au-Mo

Grass Roots ExplorationUnited States ● Australia ● Peru

United States

100% Entrée

Ann Mason Deposit

Blue Hill

Cu-Mo

Corporate Strategy Striking the balance between opportunity and risk


Resources

*CuEq estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. Figures are NI 43-101 compliant.

Mongolia

Nevada

Inferred Resource7.3B lbs Cu

0.2% Cut-offor

3.5B lbs Cu0.3% Cut-off

Indicated Resource1.1B lbs CuEq* (with 0.5M oz Au)

0.6% Cut-offHNE

Inferred Resource4.1B lbs CuEq*(with 3M oz Au)

0.6% Cut-offHNE and Heruga

Ann Mason

HNE Heruga

Indicated Resource8.0B lbs Cu

0.2% Cut-offor

5.4B lbs Cu0.3% Cut-off

HNE = Hugo North Extension


Strategic Partners

Entrée-OTLLC JVUS$35,000,000 JV earn-in

>US$54 million to date

Entrée 20% - Ivanhoe 80% (deep)

Entrée 30% - Ivanhoe 70% (shallow)

Carried to production

Rio Tinto (13%)*

51% of IvanhoeStandstill expired January 2012

Commitment >US$3.7 billion

Ivanhoe Mines (11%)*

66% of Oyu Tolgoi

*Issued & Outstanding

Joint VentureEntrée – OTLLCHugo North Extension

& Heruga

Entrée

Oyu Tolgoi LLC

IvanhoeMongolian

Government

Rio Tinto

20/30%

80/70%

34% 66%

~11%

51%

~13%

Rio Tinto beneficial ownership is now 23.6% due to majority ownership of Ivanhoe Mines


Shareholder Base Fully Diluted

57%Held by top 15 Shareholders

* Rio Tinto beneficial ownership is now 23.6% due to majority ownership of Ivanhoe Mines

Rio Tinto Plc

Ivanhoe Mines Lim

ited

Caisse de depot et placement du Q

uebec

Directors & Managem

ent

Front Street Capital, Inc.

TD Canadian Equity

US Global Investors

Royal Bank of Canada

Royce & Associates, LLC

RBC Dominion Securities Inc.

Atlas Iron

TD Asset Managem

ent Inc.

CIBC Asset Managem

ent Inc.

Dimensional Advisor Fund

CPP Investment Board

11.96%

9.96%

8.87%8.17%

4.15%3.51%

2.12% 2.04% 2.00%1.23% 1.10% 0.80% 0.63% 0.43% 0.42%


Board of Directors

President & CEO, Director

Chairman, Director

Deputy Chairman, Director

VP Business Development, Director

Director

Director

Director

Greg Crowe

James Harris

Michael Howard

Lindsay Bottomer

Peter Meredith

Mark Bailey

Alan Edwards


Financial Information

Treasury (As of March 31, 2012)

Issued and OutstandingOptions - 10,190,000 (Average price ~Cdn$1.98)

Fully Diluted

52 week High / Low

Analyst Coverage

~Cdn$15.3 million

128,400,000

138,600,000

Cdn$2.49 / $0.91

TD Newcrest

Hallgarten & Co. LLC


Growth Through Exploration

• Mongolia Further exploration on Zone III and Argo gold zones, Shivee WestDrilling on JV property

• USA Preliminary Economic Assessment preparation, Ann Mason deposit

Upcoming Blue Hill resource estimate, NV

& Acquisitions

USA

MongoliaNevada

Blue HillRouletteBlackjack

LordsburgOak Grove

New Mexico

Shivee West

AustraliaBlue RoseMystique

PeruLukkacha

Ann Mason DepositHugo North Extension

Heruga


Entree Gold - USA

USA


Properties

• 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

Yerington, Nevada

USAUSA


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 Highlights0.33% 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)

Ann Mason Project, Nevada


Ann Mason DepositYerington, Nevada

2.3 km

1.3

km

• 100% Entrée

• Premier locationExcellent infrastructure

• No royalties

• Drilled ~30,000 m

• Major Cu-Mo porphyry deposit2.3 x 1.3 km x >1 km depth

• Early stage metallurgyCopper recoveries > 93%

• PEA est. completion; H2 – 2012


Ann Mason DepositOn the Path to Production

8.0 Billion lbs Cu Indicated

7.3 Billion lbs Cu Inferred

(0.2% Cut-off)


Porphyry Copper Deposits Western North America

Morenci3200 Mt

Ann Mason* 0.2%1115 Mt

Mt Milligan707 Mt

Red Chris619 Mt

Rosemont543 Mt

Gibraltar460 Mt

Highland Valley440 Mt

Safford243 Mt

Copper Mtn233 Mt

Tyrone180 Mt

Carlota64 Mt

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)

0.5

0.4

0.3

0.2

0.1

% C

op

per

0.6

Ann Mason* 0.2%1115 Mt


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

USAUSA

Properties

* 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.

ArizonaNew Mexico


Mongolia


10 k

m a

long

str

ike

7 km

stri

ke

Shivee Tolgoi - Oyu Tolgoi Trends


Oyu Tolgoi Trend

0.9% CuEq**

2.2% CuEq*

Modified from Lookout Hill Technical Report 2012The 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

*Indicated resource grade; inferred resource grade = 1.4% CuEq**Inferred resource grade


Oyu Tolgoi Trend

HUGO NORTH EXTENSION(Schematic from profile)

Lift 1 Extraction Level

Lift 2 Extraction Level

Entrée-OTLLC JV

NPV Lift 1 (Entrée)

$129 million

Oyu Tolgoi Mining Licence

27 Mt ore (JV reserves)5.6 B lbs CuEq (JV indicated resources)2.8 B lbs CuEq (JV inferred resources)

HERUGA(Schematic from profile)

Moly Zone

Gold Zone

Entrée - OTLLC JV

Possible Extraction Level

Oyu Tolgoi Mining Licence

17.4 B lbs CuEq (JV inferred resources)

Modified from Lookout Hill Technical Report 2012The 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 extractionEntrée carries a 20% interest in the mineralization of the Hugo North Extension and Heruga deposits

OPEN

OPEN

OPEN

OPEN


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

See 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.*** 0.6% CuEq cutoff.

Hugo North Extension Cu-Au

Probable Mineral Reserves*

27Mt ore1.85% Cu and 0.72 g/t Au1B lbs Cu / 0.53M oz Au

Indicated Resources**

5.6B lbs CuEq117 million tonnes*** - 1.80% Cu, 0.61 g/t Au

4.6B lbs Cu / 2.3M oz Au

Inferred Resources**

2.8B lbs CuEq 95.5 million tonnes***- 1.15% Cu, 0.31 g/t Au


Hugo North Extension Cu-Au

Heruga Cu-Au-Mo

Probable Mineral Reserves*

27Mt ore1.85% Cu and 0.72 g/t Au1B lbs Cu / 0.53M oz Au

Indicated Resources**

5.6B lbs CuEq117 million tonnes*** - 1.80% Cu, 0.61 g/t Au


Inferred Resources**

2.8B lbs CuEq 95.5 million tonnes***- 1.15% Cu, 0.31 g/t Au


17.4B lbs CuEq 910 million tonnes***

0.48% Cu, 0.49 g/t Au, 0.014 % Mo9.6B lbs Cu / 14M oz Au

HUGO NORTH EXTENSION

HERUGA


Hugo North Extension & HerugaMoving 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


Exploration Potential

10 k

m a

long

str

ike

7 km

stri

ke


Argo and Zone III Gold TargetsShivee West (100% Entrée)

• 2.5 km Magnetic Low Parallel to OT Trend

• Low Sulphidation Epithermal Signature

• Limited Drilling

• High Grade Surface Samples42.4 g/t Au over 4 m

19.3 g/t Au over 3 m

• 2011 Drill Results1.82 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

Hole 112

Hole 111

Hole 123

Argo Zone

Zone III

X Surface Sampling


Current Copper Assets

*CuEq estimated using US$1.35/lb Cu, US$650/oz Au, US$10/lb Mo. Figures are NI 43-101 Compliant.

Indicated Inferred0

2

4

6

8

10

12

Bill

ion

s lb

s

7.3B lbs Cu

8.0B lbs Cu

HNE & Heruga0.6% CuEq cut-off

Ann Mason0.2 % Cu cut-off

HNEHNE& Heruga

4.1B lbs CuEq*(with 3M oz Au)

1.1B lbs CuEq*(with 0.5M oz Au)


100% EntréeAnn Mason, Nevada

Drilling 2012

PEA in late 2012

Shivee West, MongoliaExploration Argo Zone 2012

Joint Venture

Hugo North Extension & Heruga, Mongolia

On-going Development to 2015 HNE 1

First Development Production in 2015 · HNE 1

48 Year Potential Mine Life in LOM Case

Exploration Drilling in 2012

Advancing our Assets


$0.00

$0.50

$1.00

$1.50

$2.00

$2.50

$3.00

$3.50

$4.00

0

4

8

12

16

20

2004 2005 2006 2007 2008 2009 2010 2011 2012Indicated (Billion lbs) Inferred (Billion lbs)

Ann Mason Updated Mineral

Resources

Copper Resources vs. Share PriceS

har

e P

rice

Share price

*0.2% Cu Cut-off

Billio

n P

ou

nd

s Co

pp

er

IVN Deal

Rio Investment

HNE Discovery

Mongolian Windfall

Tax

IVN-Rio Deal

Rio-IVN Exercise

2005 Warrants

Heruga DiscoveryBMO Financing

IA & Withdrawal of

Windfall Tax

PacMag Acquisition


Mona Forster – Executive Vice [email protected]

604-687-4777 www.entreegold.com

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Investor Relations

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