Mr. Greg Crowe reports

ENTREE GOLD ANNOUNCES FISCAL YEAR 2014 RESULTS AND REVIEWS CORPORATE HIGHLIGHTS

Entree Gold Inc. has filed its annual operational and financial results for the year ended Dec. 31, 2014. All dollar figures in this news release are in U.S. currency unless otherwise noted.

"In 2014, Entree initiated an infill drilling, prefeasibility-level program at our Ann Mason project in Nevada, to upgrade the current NI 43-101 inferred and indicated resource to measured and indicated categories. Measured and indicated resources will form the basis for estimating reserves as the project advances farther along the development timeline and provide a greater degree of confidence to the within-pit mineralization," said Greg Crowe, president and chief executive officer of Entree. "To further derisk the project, additional metallurgical studies have been initiated, to confirm previous work, which indicated that the Ann Mason deposit has recoveries greater than 90 per cent and produces a high-quality, 30-per-cent-copper concentrate, with no penalty elements.

"Concurrently, we have continued to engage in discussions with the government of Mongolia, Turquoise Hill, Rio Tinto and Oyu Tolgoi LLC with regards to our assets in Mongolia. While no final agreements have been reached, we remain optimistic that a resolution of all outstanding issues surrounding Oyu Tolgoi is possible.

"We continue to manage our operational and growth opportunities while still maintaining a prudent cash management strategy. We marked the end of 2014 with over $33-million (U.S.) in our treasury, allowing us flexibility in our business model to adapt to changing market conditions and act on potential opportunities."

Highlights for the year ended Dec. 31, 2014, and subsequent developments through March 30, 2015, include:

United States of America

Ann Mason in Nevada

The Ann Mason project is a large, porphyry copper deposit with very consistent grades, located in one of the best mining jurisdictions in the world. The 2012 preliminary economic assessment on the Ann Mason deposit envisions a 24-year conventional open-pit mine and sulphide flotation mill, operating at a throughput rate of 100,000 tonnes per day, and is based on mineralization contained within the phase 5 pit. Over the life of mine, the 2012 PEA estimates average copper recovery of approximately 93 per cent, producing a clean, 30-per-cent-copper concentrate with average annual production of 214 million pounds of copper. There is potential to increase the mine life of Ann Mason through additional drilling and engineering studies.

Entree commenced an infill drill program in August, 2014, which was completed in January, 2015. The program comprised 40 holes and a total of approximately 19,200 metres of combined reverse circulation precollars and core. The work was designed to upgrade the mineral resources contained in the 2012 phase 5 pit from indicated and inferred to a mix of measured and indicated categories.

Drill result highlights from the 40-hole program include:

• EG-AM-14-041, located near the centre of the deposit, with 390 metres of 0.35 per cent copper;
• EG-AM-14-043, located near the centre of the deposit, with 409 metres of 0.35 per cent copper;
• EG-AM-14-046, with 112.3 metres of 0.34 per cent copper;
• EG-AM-14-050, with 176 metres of 0.35 per cent copper;
• EG-AM-14-057, with 327.4 metres of 0.38 per cent copper, including 0.42 per cent copper and 0.12 gram per tonne gold over 200 metres;
• EG-AM-14-059, with 466 metres of 0.31 per cent copper;
• EG-AM-14-067, with 377 metres of 0.32 per cent copper;
• EG-AM-14-073, on the northeast rim of the deposit, with 102 metres of 0.36 per cent copper;
• EG-AM-14-076, immediately northwest of -043, with 190 metres of 0.34 per cent copper and a separate interval of 180 metres of 0.38 per cent copper.

An updated drill plan and a table of detailed drill hole information are available on the company's website.

Many of the reported drill hole intervals include sections with higher copper grades, primarily in the 0.40-per-cent- to 0.60-per-cent-copper range. Several holes also returned intervals with higher than average gold (0.09 to 0.15 g/t) and silver grades (1.21 to 2.77 g/t). Intersections of higher than average molybdenum grades were also encountered, further outlining the molybdenum domain previously discussed in the 2012 PEA.

RC chips and split core samples were prepared at Acme Analytical Laboratories in Elko and Reno, Nev., and shipped by Acme to its lab in Vancouver, Canada, for analyses. Prepared standards, blanks and duplicates are inserted at the project site to monitor the quality control of the assay data. Entree has a chain-of-custody program to ensure sample security during all stages of sample collection, cutting, shipping and storage.

Drill intersections described in this news release are based on drilled core lengths and may not reflect the true width of mineralization.

In 2014, baseline environmental studies, including biology (vegetation, wildlife, noxious weeds and raptors), cultural resources, and waters of the United States and wetland delineation, were completed on approximately 10,040 acres of the Ann Mason project area. The cultural resources inventory was submitted to the Bureau of Land Management in December, 2014, and the biological survey was submitted to the BLM in February, 2015. No significant obstacles to the development of Ann Mason were identified in any of the studies. The U.S. Corps of Engineers has verbally approved the preliminary waters of the United States and wetland delineation report finding of no wetlands subject to the U.S. Corps of Engineers' jurisdiction within the Ann Mason project area, but the company is now waiting for U.S. Environmental Protection Agency approval.

In addition, the company is considering partnerships, joint ventures and similar arrangements that would help facilitate the development of the project.

The 2012 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 2012 PEA will be realized. Mineral resources that are not mineral reserves do not have demonstrated economic viability.

Mongolia

Oyu Tolgoi project update

Entree has a carried joint venture interest in two of the Oyu Tolgoi copper-gold deposits in Mongolia: the Hugo North extension and the Heruga deposits. Phase 1 (Southern Oyu Tolgoi open pits), which is owned 100 per cent by Oyu Tolgoi LLC, is in commercial production. Development of phase 2 (Lift 1 of the underground block cave mining operation, which includes a portion of the Hugo North extension deposit) is currently on hold, pending resolution of outstanding issues between OTLLC, the government of Mongolia, Turquoise Hill Resources Ltd. and Rio Tinto.

• On March 24, 2015, Turquoise Hill announced that it continues to work with Rio Tinto and the government of Mongolia to resolve OTLLC shareholder matters and finalize project finance to restart the underground mine development at Oyu Tolgoi. Commencement of underground development remains subject to: (1) successful resolution of the mine's remaining shareholder issues, including the tax situation; (2) agreement of a comprehensive financing plan, including project finance; (3) approval of the 2014 Oyu Tolgoi feasibility study (OTFS14) by the OTLLC shareholders and acceptance by the Mongolian Minerals Council; and (4) obtaining all necessary permits for the mine's operations and development.
• On Sept. 22, 2014, Turquoise Hill announced that the OTFS14 had been finalized and presented to the board of directors of OTLLC. Turquoise Hill filed a technical report under NI 43-101 titled "Oyu Tolgoi 2014 technical report" (2014 OTTR) relating to the Oyu Tolgoi project on Oct. 28, 2014. The 2014 OTTR reports on the most likely mining scenario for reserves exploited from phase 1 and phase 2 of the Oyu Tolgoi project.
• The OTFS14 updates the reserve case for Lift 1 of the Entree-OTLLC joint venture's Hugo North extension deposit. On Nov. 3, 2014, the company reported on changes and impacts specific to the company's reserve case reported in its March 28, 2013, technical report titled "Technical report 2013 on the Lookout Hill property" (LHTR13). The company does not consider the changes and impacts to be material.
• The OTFS14 also discusses several life-of-mine alternative production cases for the entire Oyu Tolgoi project. The alternative production cases, if implemented, allow for continuous improvement in plant throughput and potential plant expansions of up to 350,000 tonnes per day. Entree is currently examining the alternative production cases and associated expansion options identified in OTFS14, to evaluate whether Entree believes there is a more likely development scenario for the joint venture property than the reserve case.

Other corporate highlights

For the year ended Dec. 31, 2014, the company incurred a net loss of $8,669,188 (six cents per share) compared with a net loss of $11,422,025 (eight cents per share) for the year ended Dec. 31, 2013. The decrease in net loss is due to lower operating expenditures primarily due to a combination of lower general and administrative expense and higher foreign exchange gains. These lower operating expenditures were partially offset by increased exploration expenses on the Ann Mason project as a result of an increase in drilling activities. As at Dec. 31, 2014, the company had working capital of $32,603,711, including cash of $33,517,096.

The company's annual financial statements, management's discussion and analysis, and annual information form are available on the company website, on SEDAR and on EDGAR. The company's annual report on Form 20-F has been filed with the Securities and Exchange Commission, and is available on the company's website. Shareholders can receive a free hard copy of the company's audited annual financial statements upon request.

Qualified person

Robert Cann, PGeo, Entree's vice-president, exploration, a qualified person as defined by National Instrument 43-101, has approved the technical information in this release.

The 2012 PEA titled "Amended and restated preliminary economic assessment on the Ann Mason project, Nevada, USA," with an effective date of Oct. 24, 2012, amended Oct. 15, 2014, was prepared by AGP Mining Consultants Inc. and is available on SEDAR.

The technical report titled "Technical report 2013 on the Lookout Hill property" dated March 28, 2013, is available on SEDAR.

Bernard Peters, BEng (mining), FAusIMM, had overall responsibility for preparation of the technical report.

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