Entrée Gold Files Amended Technical Report and Provides Update on Ann Mason

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 15, 2014) - Entrée Gold Inc. (TSX:ETG)(NYSE MKT:EGI)(FRANKFURT:EKA) "Entrée" or the "Company") has filed an amended technical report on its Ann Mason Project titled "Amended and Restated Preliminary Economic Assessment on the Ann Mason Project, Nevada, U.S.A." with an effective date of October 24, 2012, amended October 15, 2014 ("Amended AMTR12"). The amended technical report was prepared for the Company by AGP Mining Consultants Inc. in accordance with National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). A copy of Amended AMTR12 is available under the Company's profile on SEDAR at www.sedar.com and on the Company's website at www.entreegold.com.

The economic analysis in Amended AMTR12 now includes comparative post-tax numbers, and deficiencies noted by the British Columbia Securities Commission have been addressed. Mineral resources, Preliminary Economic Assessment ("PEA") input parameters, and pre-tax economics for the Ann Mason deposit have not changed.

Key results from the PEA on the Company's Ann Mason copper-molybdenum porphyry deposit in Nevada can be summarized as follows:

• Base case, pre-tax net present value (using a 7.5% discount rate) ("NPV7.5") of $1.11 billion, internal rate of return ("IRR") of 14.8%, and payback of 6.4 years, based on long term metal prices of $3.00/lb copper, $13.50/lb molybdenum, $1,200/oz gold and $22/oz silver (the "Base Case").
• Base Case, post-tax NPV7.5 of $690 million, IRR of 12.6%, and payback of 7.1 years.
• Development (pre-production plus year 1) capital costs of approximately $1.28 billion, including contingency.
• Average cash costs (net of by-product credits) of $1.46/lb copper (see "Non-US GAAP Performance Measurement" below).
• Net annual undiscounted cash flow over the life of mine ("LOM") is approximately $227 million per year.
• 100,000 tonnes per day ("tpd") conventional open pit mine utilizing a conventional sulphide flotation mill with a 24 year mine life.
• LOM production of 5.14 billion pounds of copper and 36.4 million pounds of molybdenum.
• LOM strip ratio of 2.16:1 waste to mineralized material.
• LOM average copper recovery of 93.5%.
• Copper concentrate grading 30%.

Base Case economics do not take into account the 0.4% net smelter returns royalty granted to Sandstorm Gold Ltd. on February 14, 2013, subsequent to the completion of the PEA. The PEA is preliminary in nature and includes inferred mineral resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as mineral reserves, and there is no certainty that the PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability. Unless otherwise noted, a reference to "$" in this news release is to United States currency.