Business
Erdene Provides Project and First Quarter Financial Update
HALIFAX, Nova Scotia, May 08, 2019 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") is pleased to announce
About this update from Erdene Resource Development Corporation
[{"type":"text","content":" HALIFAX, Nova Scotia, May 08, 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 three months ended March 31, 2019 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 Q1-2019 Financial Statements, MD&A and Annual Information Form, available on the Company’s website or on SEDAR. Quotes from the Company: “Erdene continues to make solid progress developing the high-grade, open-pit Khundii Gold Project,” said Peter Akerley, Erdene’s President and CEO. “During the first quarter we awarded the Khundii Gold Project Pre-Feasibility Study (“PFS”) contract to Tetra Tech, Inc. and engaged Sustainability East Asia LLC to lead the Environmental and Social Impact Assessment. Mining license applications are well underway, and we recently received government approval of registration of the Bayan Khundii deposit, the major milestone in the license application process.” “In April, the Company launched an 1,800 metre drilling program focused on increasing confidence in the Khundii Gold Project resource, confirming ultra-high gold grades and expanding the Bayan Khundii deposit to support the PFS,” continued Mr. Akerley. “Drill samples have been sent to the laboratory for analysis and we expect to share results by mid-May.” Q1-2019 Highlights and Subsequent Events: Operational Highlights Commenced a NI 43-101 Pre-Feasibility Study (“PFS”) for Khundii Gold Project: Tetra Tech, Inc., a global engineering firm, is managing the study and leading its process and engineering workstreams. Blue Coast Research is performing metallurgical testing. Sustainability East Asia LLC is conducting the Environmental and Social Impact Assessment in compliance with applicable international and Mongolian standards. Received Mineral Resources Professional Council approval for Bayan Khundii resource registration: Bayan Khundii mining license expected to be received by end of June. Altan Nar mining license application is underway. Completed an 1,800 metre drill program in April 2019 at Bayan Khundii to support the PFS: Focused on extending the open-pit perimeter, increasing the continuity of the highest-grade zones and expanding the resource. Samples are at the l...