Business
Erdene Announces 2019 Financial Results and Provides Khundii Gold Project Update
HALIFAX, Nova Scotia, March 17, 2020 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") announces operating a
About this update from Erdene Resource Development Corporation
[{"type":"text","content":" HALIFAX, Nova Scotia, March 17, 2020 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) (\"Erdene\" or the \"Company\") announces operating and financial results for the year ended December 31, 2019, and provides an update on its Khundii Gold Project, including potential impacts of the novel coronavirus (COVID-19). This release should be read in conjunction with the Company’s 2019 Financial Statements and MD&A, available on the Company’s website or SEDAR. Quotes from the Company: “Erdene’s exploration and pre-development successes over the past year have positioned the Company to advance rapidly through the initial stages of the Bankable Feasibility Study (“BFS”) for the high-grade, near-surface, Khundii Gold Project,\" said Peter Akerley, Erdene’s President and CEO. “During the past year we delivered both the Preliminary Economic Assessments (“PEA”) for two deposits and the Pre-Feasibility Study (“PFS”) for Bayan Khundii, established an open-pit mineable reserve of over 400,000 ounces grading 3.7 g/t gold, secured two mining licenses, registered water resources, obtained land use permits and added ounces through exploration.” “With the financial support of the European Bank for Reconstruction and Development (“EBRD”), we remain committed to Mongolia's growth and development, the generation of strong return for our investors, and shared benefits for all our stakeholders in Mongolia and internationally,” continued Mr. Akerley. “We remain on track for delivery of the BFS in mid-2020, with permitting and development readiness activities ongoing in advance of financing and construction decisions in 2020, targeting first gold production as early as 2021.” 2019 Highlights and Subsequent Events: Potential Impacts of COVID-19 on the Khundii Gold Project In late January 2020, Erdene adopted protective measures which included travel restrictions, instituted remote working and extended health care support for our Mongolian and international teams to minimize the impact of COVID-19 on staff, stakeholders and our operations. Although we remain largely on track for the delivery of the BFS, there is the potential for delays, which we are closely monitoring. We will provide updates on our actions and the implications to our Company of COVID-19 as further information becomes available. Khundii Gold Project...