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Erdene Outlines Multiple Drill Targets Adjacent to Major Copper Mine in Mongolia
Erdene Outlines Multiple Drill Targets Adjacent to Major Copper Mine in Mongolia.
About this update from Erdene Resource Development Corporation
[{"type":"text","content":"\n\n\n\n\nKaoclay Shareholder Meeting Set for May 25th\n\nHALIFAX, May 2 /CNW/ - Erdene Gold Inc. (TSX: ERD) is pleased to provide\nan update on recent exploration on its property surrounding the Erdenet Copper\nMine and its proposed acquisition of Kaoclay Resources Inc.\n\"To have identified targets of this magnitude in one of the most\nimportant copper districts in the China region is very exciting,\" said Peter\nAkerley, CEO. \"With the added advantages of adjacent infrastructure and a\ncooperative relationship with Erdenet Mining Company, we view the Erdenet\nproject as a core strategic asset and look forward to the upcoming drilling\ncampaign.\"\nThe Erdenet Mining Company (EMC) is a Mongolian/Russian government joint\nstock company that operates a world class copper/molybdenum open pit mine at\nErdenet, which has annual production of approximately 27.6 million tonnes of\nore producing approximately 280 million pounds of copper and 2.62 million\npounds of molybdenum in concentrate. In the late 1970s copper head grades were\n0.87% to 0.96%, while today they are between 0.59% and 0.61% as a result of\nthe upper oxide portion being depleted. The declining head grades at depth\nhave created an opportunity to identify higher grade, near-surface feed for\nthe Erdenet mill complex. The mine is located on rail with connections to\nChina and Russia.\n\nCopper Exploration - Erdenet Mine Area\n\nErdene's exploration team recently completed a geophysical and surface\nmapping program east and northwest of the Erdenet Mine site in northern\nMongolia. This has resulted in the identification of two large, very intense\ngeophysical anomalies east of the mine site with coincident surface alteration\nand favourable geology. Drilling plans are now being prepared with start-up\nanticipated within 30-60 days.\nThe April 2006 program was a continuation of the 2005 exploration program\nwhich identified a high intensity induced polarization (IP) geophysical\nanomaly at Baglai (North Baglai), beginning 200 metres east of the mine\nproperty. As a result of the expanded geophysical and mapping program a number\nof additional targets have been identified. The highest priority targets are\ndescribed below.\n\n1. South Baglai: The April 2006 induced polarization survey has revealed\n a large, strong (10 to 28 mv/V) chargeability anomaly (1000 by\n 800 me...