Company Interview - Entree Gold, Inc. (EGI): Gregory G. Crowe, Director And President
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GREGORY G. CROWE has been a Director and President of Entree Gold, Inc., since the inception of the company in 2002 and became Chief Executive Officer in July 2003. Mr. Crowe is a professional geologist with more than 25 years of exploration, business and entrepreneurial experience throughout North America, Latin America, Africa and Southeast Asia. Prior to joining Entree, Mr. Crowe was President and Co-Founder of Azimuth Geological, Inc., a private consulting company specializing in exploration and management services for junior and major mining companies, such as Rio Algom Ltd., the Prime Group and Westmin Resources Limited.
Mr. Crowe has served as a Director of several junior mining companies. He obtained a bachelor's degree in geology from Carlton University and a master's degree in geology from the University of Calgary. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia, and of the Prospectors and Developers Association of Canada.
TWST: Please begin with a brief historical sketch of Entree Gold and a picture of what you're doing presently.
Mr. Crowe: Entree Gold (EGI) started in the year 2002, and it was essentially formed to accommodate some interesting early-stage exploration projects in Mongolia. Those projects happened to surround the evolving copper-gold discovery of Ivanhoe Mines, called Oyu Tolgoi, in Mongolia. Since 2002 we have worked to develop it. We have brought in Ivanhoe Mines as our partner, and they have become a very aggressive and supportive exploration partner.
They have gone on to discover significant mineralized reserves on our property. And on top of that, we have also brought in Rio Tinto as our largest shareholder. Today we have expanded; we have acquired properties in other jurisdictions. We have properties in China, in Arizona, in New Mexico, and most recently we've made a bid for an Australian-listed junior company called PacMag Metals that has title to a large copper resource in Nevada, which constitutes over 7 billion pounds of copper.
TWST: Give us your perspective on how the gold and copper markets performed in the past six months or so, and where you think they may be going in the next six to 12 months.
Mr. Crowe: First of all, gold and copper have moved in tandem in terms of going up together. I believe personally that the outlook still remains very rosy for copper. I think in the short term, the outlook is also good for gold. But once the U.S. economy starts to significantly recover and the U.S. dollar starts to return to, should we say, a currency of acceptance around the world, then you're going to see the prices of gold start to taper off.
TWST: What are the greatest opportunities for Entree Gold over the next several years? Is there a particular scenario that would lead to the company substantially exceeding expectations in the future?
Mr. Crowe: Essentially, what we have right now is we lay claim to a portion of the Oyu Tolgoi deposit, which is one of the most exciting copper-gold discoveries in the last several decades. It is one of the largest and richest deposits of its type ever discovered and some of the richest portions of that mineralization remains on our property. That said, we're in a joint venture with Ivanhoe Mines. Ivanhoe Mines and their partner, Rio Tinto, are moving towards production in the near term, and we will be part and parcel of that production scenario. The most important thing about Entree is we are carried through to production through our joint venture with Ivanhoe Mines.
So we don't have to really raise any capital, and any debt we incur towards the development of our portion of the ground are offset by essentially only having to repay out of a percentage of production revenue. So we don't have to come up with any capital to develop our asset. The asset is being developed by Rio Tinto and Ivanhoe Mines, and we will recoup the benefits once the production starts. Now that's good for the growth in terms of our Mongolian projects. We're also busy acquiring additional porphyry copper-gold assets around the world and developing them. We are continuing to explore them, and if we are fortunate enough to come up with some good exploration results, then we will be able to benefit from the growth of those assets.
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