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Erdene Provides 2018 Project and Financial Review and Announces 2019 Khundii Gold Project Plan
HALIFAX, Nova Scotia, April 01, 2019 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") is pleased to announc
About this update from Erdene Resource Development Corporation
[{"type":"text","content":" HALIFAX, Nova Scotia, April 01, 2019 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) (\"Erdene\" or the \"Company\") is pleased to announce financial and operating results for the year ended December 31, 2018 and to provide an update on progress and plans for its Khundii Gold Project. This release should be read in conjunction with the Company’s 2018 Financial Statements, MD&A and Annual Information Form, available on the Company’s website or on SEDAR. “Our objectives are clear, complete the various studies and permitting to advance the Khundii Gold Project to development for a minimum 50,000 ounce per year high-grade open pit mining operation while continuing our exploration and acquisition efforts to expand the operation to more than 100,000 ounces per year,” said Peter Akerley, Erdene’s President and CEO. “The past year has been very productive in advancing us towards these goals led by the September maiden mineral resource estimate followed by the December announcement of the Khundii Gold Project Preliminary Economic Assessment (“PEA”), which demonstrated the robust economics of the modest, low-risk development that anchors our Khundii Gold District.” Mr. Akerley added, “Continuing on this path we recently awarded the Khundii Gold Project Pre-Feasibility Study (“PFS”) contract to Tetra-Tech, Inc. and the mining license applications are underway. We will also commence drilling in April to support the PFS and explore high-priority targets within the Khundii District. Over the past five years, Erdene has discovered and defined two, near surface, high-grade gold deposits, within a portion of one of the world’s most fertile gold belts that has received little modern exploration. We see significant potential for further discoveries, and we will continue our extensive exploration in the region in an effort to build our resource base.” 2018 Project and Financial Highlights and Subsequent Events Khundii Gold Project – 100% Erdene Delivered the National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) PEA in December 2018: After-tax Net Present Value at a 5% discount rate (“NPV5%”) and a US$1,200/oz gold price of US$99 million and an Internal Rate of Return (“IRR”) of 56%. Pre-tax NPV5% of US$135 million and IRR of 70%. Initial capital expenditure of US$32 million, using a con...