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Erdene Commences Bayan Khundii Gold Project Bankable Feasibility Study and Provides Technical, Permitting and Exploration Update
HALIFAX, Nova Scotia, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") announces commencement
About this update from Erdene Resource Development Corporation
[{"type":"text","content":" HALIFAX, Nova Scotia, Jan. 13, 2020 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) (\"Erdene\" or the \"Company\") announces commencement of an independent Bankable Feasibility Study (“BFS”) and Front-End Engineering and Design (“FEED”) work for the Khundii Gold Project (“Project”), to be delivered by a consortium of International and Mongolian consultants. Furthermore, the Company is pleased to provide an update on recent technical, permitting and exploration initiatives. Quotes from the Company: “With an initial open-pit reserve of over 400,000 ounces grading 3.7 g/t gold and further resources and prospects in the vicinity, Erdene is positioned to emerge as a profitable new producer,” said Peter Akerley, Erdene’s President and CEO. “Moving us closer to that goal of gold production is the recent launch of the Khundii Gold Project Bankable Feasibility Study, scheduled for completion in mid-2020. This BFS will be delivered by a consortium of consultants with experience operating in Mongolia and relationships with Asian firms that are likely to provide equipment and capital to the Project,” continued Mr. Akerley. “We have also made significant progress on the permitting and licensing components of the Project with the recently received conditional approval of its Mongolian Bayan Khundii Feasibility Study, registration of the water reserve supporting the Bayan Khundii plant and award of the land use permits to construct the mine support buildings.” “Finally, we completed a Q4 2019 exploration and technical study field program to continue to build on our exploration success in the district and provide the necessary geotechnical information for the BFS,” concluded Mr. Akerley. “This program included a series of holes on the Altan Nar and Ulaan projects and follow-up surface sampling of the new high grade Khar Mori target on the Khundii license. Results are expected in the coming weeks.” Bankable Feasibility Study and Front-End Engineering and Design Study In late December 2019, Erdene launched the FEED and BFS required for permitting, project finance, and board approval to construct. The independent BFS will be prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and will incorporate an updated mine design study, FEED for the processing plant and...