Entree Gold August Presentation

1TSX:ETG | NYSE MKT:EGI | FRANKFURT:EKA

On the Path to Production

August 2012

Entrée Gold at

Oyu Tolgoi Headframe

Copper Oxide

Ann Mason Project Ann Mason Drilling


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 atwww.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’sDirector, 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 onSEDAR at www.sedar.com.


Oyu Tolgoi Development Underway

Phase I Construction 94% Complete

HNE Development Production in 2015


Hugo North Extension and Heruga, Mongolia



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)

N


Corporate Strategy

Striking the balance between opportunity and risk

MONGOLIA

Hugo North Extension

Heruga

Entrée-OTLLC JV

Cu-Au-Mo

Shivee West

100% Entrée

Cu-Au

Grass Roots Exploration

United States ▪ Australia ▪ Peru

UNITED STATES

Ann Mason Deposit

Blue Hill

100% Entrée

Cu-Mo


Resources

5.4B lbs Cu 0.3% Cut-off Indicated Resource and 3.5B lbs Cu Inferred Resource at 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.

Inferred Resource

7.3B lbs Cu0.2% Cut-off

Indicated Resource1.1B lbs CuEq*

(with 0.5M oz Au)0.6% Cut-off

HNE

Inferred Resource4.1B lbs CuEq*

(with 3M oz Au)0.6% Cut-off

HNE and HerugaIndicated Resource

8.0B lbs Cu0.2% Cut-off

HNE = Hugo North Extension


Shareholder Base Fully Diluted

59%

Held by top 14

Shareholders

• Rio Tinto holds beneficial ownership over shares held by Turquoise Hill

12.0%

10.0%

9.1%

7.6%

4.8%

4.1% 3.9%

2.1% 2.1% 2.0%

1.1%

0.4% 0.4% 0.2%


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

Gorden Glenn Director


Financial Information

Treasury (As of June 30, 2012)

Issued and OutstandingOptions - 9,235,500 (Average price ~Cdn$1.98)

Fully Diluted

52 week High / Low

Analyst Coverage

~Cdn$10.5 million

128,877,243

138,112,743

Cdn$2.40 / $0.53

TD Newcrest

Hallgarten & Co. LLC


Growth Through Exploration

Mongolia Gold exploration on Shivee West

Drilling on JV property

USA PEA at Ann Mason deposit

Upcoming Blue Hill resource estimate

& Acquisitions

USA

MongoliaNevada

Blue HillRoulette

Blackjack

Lordsburg

Oak Grove

New Mexico

Shivee West

AustraliaBlue Rose

MystiquePeruLukkacha

Ann Mason DepositHugo North Extension

Heruga


USA


The Nevada Advantage

Top global mining jurisdiction

Limited political risk

Long history of mining

Yerington, McArthur and Minnesota Mines

Local community support

Clear permitting guidelines

Excellent infrastructure

Power, road, water and rail near project

Year round accessibility


History of Yerington

EARLY DISCOVERY AND ANACONDA ERA

1860s

1907-1930

1943-1966

1941-1978

1989-1997

Copper oxide showings discovered

Development and mining of copper oxide

Minnesota Mine production (1943-1945; 1952-1966)

Anaconda operates Yerington Mine

Produces cement copper and sulphide concentrate

Ann Mason copper porphyry discovered in 1968

Mine closed due to low metal prices

Arimetco operates Yerington and McArthur Mines


History of Yerington

RECENT YEARS

2003 PacMag Metals acquires Ann Mason

2006 Nevada Copper acquires Pumpkin Hollow

2007 Quaterra acquires Arimetco assets

2009 Entrée signs Blackjack and Roulette agreements

2010 Entrée acquires PacMag Metals (including Ann Mason)

2011 Resource Estimate updated at Pumpkin Hollow

2011 Entrée drill program on Ann Mason and Blue Hill

2012 Quaterra publishes McArthur PEA

2012 Entrée updates resource for Ann Mason

PEA initiated

14


Underdeveloped camp

Significant copper discoveries

20 billion pounds

No major company investment

Nearby deposits include:

· Yerington Mine - Quaterra

Produced 1.9 Billion lbs Cu (1918-1982)

· MacArthur - Quaterra

0.68 Billion lbs Cu @ 0.21%

· Pumpkin Hollow - Nevada Copper

5.8 Billion lbs Cu @ 0.48% (M&I; OP & U/G)

Yerington, Nevada

USA


Cu-Mo porphyry

2.3 km by 1.3 km

>1 km depth

Open

Recoveries

Cu >93%

High quality

concentrate

PEA H2-2012

Ann Mason Deposit


Ann Mason

Section 304,300 E

Not 43-101 compliant

Highlights:

0.42% CuEq over 642 m

0.30% CuEq over 863 m


Ann Mason

Section 4,317,700 N

Not 43-101 compliant


Porphyry Mineralization

Ann Mason

Drill Hole EG-AM-10-003

0.79% total Cu

Quartz-sericite stockwork in quartz

monzonite porphyry dyke

Chalcopyrite, bornite & trace

molybdenum

Secondary biotite in host rock

760 m depth

Drill Hole EG-AM-10-003

0.82% total Cu

Albitized quartz monzonite

porphyry dyke

Chalcopyrite & trace bornite

Quartz-sericite alteration

828 m depth

2 cm


Ann Mason Deposit

Advancing to a PEA

8.0 Billion lbs Cu

Indicated

7.3 Billion lbs Cu

Inferred

(0.2% Cu cut-off)


Ann Mason - Blue Hill Long Section

OPENOPEN


Initial resource estimate

Expected completion H2-2012

Shallow oxide mineralization

800 m x 500 m x 185 m (max) depth

Sulphide mineralization

Below oxides & continuing SE

Column leaching testwork

Average >84% indicated recovery(91 day column leach test)

Fast extraction

(60% recovery in 10 days)

Possible development synergy

with Ann Mason

Blue Hill Target

Near surface oxide Cu and underlying Cu-Mo porphyry


Mineralization

Blue Hill

Drill Hole EG-BH-11-017

1.30% total Cu

Brecciated quartz monzonite

porphyry dyke

Malachite, epidote & blue-green

copper sulphate

28 m depth

Drill Hole EG-BH-11-015

0.13% total Cu

Quartz monzonite porphyry dyke

Green copper sulphate with black

copper oxide coating a fracture

surface

58 m depth


Yerington Project

Exploration potential

Untested IP targets

Between Ann Mason and

Blue Hill

Blackjack targets

Untested Magnetic target

Roulette

Exploration potential

Majority of project untested

Limited outcrop


Sierrita

Bagdad

GibraltarHighland

Valley

Red Chris*

Schaft Creek

Mt Milligan*

Rosemont

Pumpkin Hollow

Copper Mountain

Ajax

Excelsior

Copper Creek

Mineral Park *

Chino

Poplar

MacArthur

Tyrone

Yerington

Porphyry Related Copper Deposits

Western North America

0.5

0.4

0.3

0.2

% C

op

per

Ann Mason

1.1 Bt

*CuEq

Inferred resources not included

Additional Ann Mason inferred resources: 1,131 million tonnes averaging 0.31% Cu Eq (0.29% Cu, 0.004% Mo) at 0.2% Cu cut-off

1.5

1.0

0.5

Billion Tonnes


USA

Other 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.

Lordsburg

Porphyry discovery

District known for

vein style deposits

Intercepts to 0.44%

CuEq* over 60 m

Further exploration

planned

Oak Grove

New target

Magnetic anomaly

similar to Chino Mine

Near producing

Tyrone Mine


Mongolia


Strategic Partners

Entrée-OTLLC JV

US$35,000,000 JV earn-in

>US$54 million to date

Entrée 20% - OTLLC 80% (deep)

Entrée 30% - OTLLC 70% (shallow)

Carried to production

Rio Tinto (13%)*

51% of Turquoise Hill

Commitment to funding development at Oyu Tolgoi

Turquoise Hill (11%)*

66% of Oyu Tolgoi

*Issued & Outstanding

Joint Venture

Entrée – OTLLCHugo North Extension

& Heruga

Entrée

Oyu Tolgoi LLC

Turquoise HillMongolian

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 Turquoise Hill


Shivee Tolgoi - Oyu Tolgoi Trends


Oyu Tolgoi Trend

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

Modified from Lookout Hill Technical Report 2012

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 cut-off was used

Phase 2 does not include mine plan for Lift 2 extraction


Oyu Tolgoi Trend

Lift 1 Extraction Level

Lift 2 Extraction Level

OTLLC

Moly Zone

Gold Zone

Possible Extraction Level

OTLLC

OPEN

OPEN

OPEN

OPEN

+1% CuEq

Modified from Lookout Hill Technical Report 2012

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 cut-off was used

Entrée carries a 20% interest in the mineralization of the Hugo North Extension and Heruga deposits

Potential

Heruga Shaft


Entrée-OTLLC JV Deposit Resources

Entrée 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.


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 CuEq

117 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 Au2.4B lbs Cu / 0.95M oz Au


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 CuEq

117 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 Au2.4B lbs Cu / 0.95M oz 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 & Heruga


Current

Premier asset

High grade – long life

OT Phase I construction 94% complete

Entrée carried to production

Timeline for Entrée’s Assets

First ore from HNE1 in 2015

50+ year potential mine life

LOM Case: HNE1+HNE2+Heruga

HNE & Heruga Deposits remain open


Argo and Zone III Gold Targets

Shivee West (100% Entrée)

2.5 km magnetic low

parallel to OT Trend

Low sulphidation

epithermal signature

First high-grade gold

discovered on property

Limited drilling

Hole 112

Hole 111

Hole 123

Argo Zone

Zone III

X Surface Sampling


Argo and Zone III Gold Targets

Shivee West (100% Entrée)

High grade surface samples

81.4 g/t Au over 3 m



2011 drill results

2.21 g/t Au over 3 m (hole 111)


including 9.32 g/t Au over 2 m


including 5.60 g/t over 2 m


Advancing our Assets

Ann Mason Project100% Entrée

Drilling Ann Mason

Ann Mason PEA

Blue Hill resource

Shivee Tolgoi, Mongolia100% Entrée

Advance Argo Zone

Hugo North Extension & HerugaJoint Venture

Drilling Heruga

Development HNE 1

First development

production HNE 1

50+ year potential

production in LOM Case

2012

2015

2012

2012

2060


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.

0

2

4

6

8

10

12

Indicated Inferred

Bil

lio

n lb

s

7.3B lbs Cu

8.0B lbs Cu

HNE & Heruga

0.6% CuEq cut-off

Ann Mason

0.2 % Cu cut-off

4.1B lbs CuEq*

(with 3M oz Au)

1.1B lbs CuEq*

(with 0.5M oz Au)


$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 Price

Sh

are

Pri

ce

Share price

*0.2% Cu Cut-off

Billio

n P

ou

nd

s C

op

per

IVN Deal

Rio

Investment

HNE

Discovery

Mongolian Windfall Tax

Falling Metal Prices

IVN-Rio

Deal

Rio-IVN

Exercise

2005

Warrants

Heruga

Discovery

Withdrawal of

Windfall Tax

PacMag

Acquisition

BMO

Financing

Investment

Agreement


Mona Forster – Executive Vice President

[email protected]

604-687-4777

www.entreegold.com

Investor Relations

Entree Gold August Presentation