Signing Date Set for Investment Agreement - The Next Stage for Development of Oyu Tolgoi and Entree's Lookout Hill

Signing Date Set for Investment Agreement - The Next Stage for Development of
Oyu Tolgoi and Entree's Lookout Hill

VANCOUVER, Oct. 5 /PRNewswire-FirstCall/ - Entree Gold Inc. (TSX:ETG; NYSE
Amex:EGI; Frankfurt:EKA - "Entree" or the "Company") welcomes the announcement
that the Investment Agreement between our joint venture partner, Ivanhoe Mines
(TSX: IVN; NYSE: IVN; NASDAQ: IVN - "Ivanhoe Mines"), our largest shareholder
Rio Tinto (NYSE: RTP; LSE: RIO.L; ASX: RIO.AX) and the Mongolian government
will be signed on October 6, 2009 in a state ceremony.
Entree has followed recent political events in Mongolia, which gained momentum
in the final week of August when the State Great Khural (Mongolia's
parliament) amended four laws, including rescinding the Windfall Profits Tax
effective January, 2011. Today's announcement that a date has been set for the
signing of a definitive Investment Agreement is the culmination of years of
diligent negotiations on the part of the Mongolian government, Rio Tinto and
Ivanhoe Mines.
Greg Crowe, President and CEO of Entree, stated: "Today's announcement of a
signing date for the Investment Agreement is the clearest positive signal yet
that the development of Oyu Tolgoi will proceed."
The Investment Agreement is a comprehensive document that establishes the
legal framework for development and operation of the massive Oyu Tolgoi mining
complex. Oyu Tolgoi is the world's largest and richest, undeveloped porphyry
copper-gold-molybdenum deposit. Some of the richest copper-gold mineralization
lies within Entree's Hugo North Extension deposit. The highest molybdenum
grades occur within Entree's Heruga deposit.
Development of Entree's Hugo North Extension and Heruga deposits is directly
affected by the Investment Agreement. The Hugo North Extension, in particular,
as it contains some of the highest copper and gold grades in the Hugo Dummett
orebody, will be an important consideration in plans for development and
mining.

This News Release contains forward-looking statements. Forward-looking
statements are statements which relate to future events. In some cases, you
can identify forward-looking statements by terminology such as "may",
"should", "expects", "plans", "anticipates", "believes", "estimates",
"predicts", "potential" or "continue" or the negative of these terms or other
comparable terminology. These statements are only predictions and involve
known and unknown risks, uncertainties and other factors that may cause our or
our industry's actual results, levels of activity, performance or achievements
to be materially different from any future results, levels of activity,
performance or achievements expressed or implied by these forward-looking
statements.
While these forward-looking statements, and any assumptions upon which they
are based, are made in good faith and reflect our current judgment regarding
the direction of our business, actual results will almost always vary,
sometimes materially, from any estimates, predictions, projections,
assumptions or other future performance suggested herein. Except as required
by applicable law, including the securities laws of the United States, the
Company does not intend to update any of the forward-looking statements to
conform these statements to actual results. Readers are referred to the
sections entitled "Risk Factors" in the Company's periodic filings with the
British Columbia Securities Commission, which can be viewed at www.SEDAR.com,
and with the United States Securities and Exchange Commission, which can be
viewed at www.SEC.gov.

SOURCE Entrée Gold Inc.

Monica Hamm, Manager, Investor Relations, Entree Gold Inc., Tel: (604)
687-4777, Toll Free: 866-368-7330, E-mail: mhamm@entreegold.com; Peter Oates,
Corporate Communications, Entree Gold Inc., Tel: (604) 687-4777, Toll Free:
866-368-7330, E-mail: poates@entreegold.com