today's value - 36c, page-9

Hi Guys,

As a long-term holder of PMH, I do give a toss about Ann Mason. It is a very large and very undervalued deposit (7.1 billion pounds of copper, which at today's copper price of US$3.3658/lb has a gross "in-the-ground" value of US$23.89 billion). Blue Hills (right next door to AM) also has tremendous potential. The size of the exploration target there is massive, and the large mineralised halo they have already intersected (526m @ 0.3% CuEq) reveals the huge depth potential also. Entree appear to be very keen on this area, as they are already earning an 80% interest in Honey Badger Explorations's Blackjack property which adjoins Pacmag's Blue Hills target. Check out Entree's Corporate Presentation from 2Feb10, which is under Investors, Presentations, on their website (entreegold.com). The Blue Hills target is shown on page 21. Around 70% of it is located on Pacmag's property.

While you're there, also check out page 17, which shows Entree's (exploration priority) target south-west of their Heruga deposit on the Oyu Tolgoi trend. Also massive ! The depth potential at Heruga, based on the Zeus IP data, is also huge.

Personally I don't mind holding Entree (ETG.TO) shares listed on the TSX, even though I would prefer them to be listed on the ASX. I won't be trading them anyway, and will be happy to sit back and watch while the massive chain of Oyu Tolgoi deposits (incl. Entree's Hugo North Extension deposit and Heruga deposit) gets developed and both Ann Mason and Blue Hills get advanced (more rapidly) towards production.

I think the PMH share price will rise substantially over the next 2 months, barring any major market meltdowns. The fact that Canadians (or anybody else for that matter) can currently buy PMH shares (which are highly likely to become ETG shares in the near future) at a 32.6% discount to the prevailing ETG share price of C$2.95 on the TSX just illustrates the incredible value on offer here. This situation will surely not last much longer. By the way, today's PMH/Entree merger value is AUD$0.364 ...

Rgds, W.