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Erdene Provides Second Quarter Financial and Khundii Gold Project Update - High-Grade Gold Results From Q2 Drill Program Incorporated Into PFS
HALIFAX, Nova Scotia, Aug. 12, 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, Aug. 12, 2019 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) (\"Erdene\" or the \"Company\") is pleased to announce operating and financial results for the three and six months ended June 30th, 2019, and to provide an update on the Khundii Gold Project. This release should be read in conjunction with the Company’s Q2-2019 Financial Statements, MD&A and Annual Information Form, available on the Company’s website or on SEDAR. Quotes from the Company: “The second quarter of 2019 was another successful period for Erdene as we continued to focus on our two strategic priorities – advancing the Khundii Gold Project towards production and expanding high-grade gold resources in the Khundii Gold District,” said Peter Akerley, Erdene’s President and CEO. “The recent receipt of the Bayan Khundii Mining License is a major milestone in the development of the high-grade, open-pit Khundii Gold Project,” stated Mr. Akerley. “Securing this license provides us long-term tenure over the Bayan Khundii resource that will form the cornerstone of the project.” “Work on the Khundii Gold Project pre-feasibility study (PFS) is progressing on schedule with preliminary results received for the resource estimate, mining, geotechnical, metallurgical, processing, waste rock and hydrogeological workstreams,” stated Mr. Akerley. “Vendor quotes have been requested for key plant and fleet components to support economic modelling. We continue on track to announce the PFS in mid H2 2019.” “Results from our Q2 drill program, including the intersection of 112 metres grading 5.9 g/t gold at Midfield, have been incorporated into the PFS and are expected to positively impact resources and reserves,” continued Mr. Akerley. “Our H2 2019 drill program will follow up on the newly discovered area in Southwest Bayan Khundii and other priority targets in the District as we seek to add ounces to the Khundii Gold Project.” Q2-2019 Highlights and Subsequent Events: Operational Highlights Received the Bayan Khundii Mining License on August 5, 2019: The mining license is valid for an initial term of 30 years with the ability to extend to 70 years. Altan Nar mining license application is underway. Completed an 1,800m drill program at Bayan Khundii in support of the PFS: Results included 112m grading 5.9 g/t gold at Midfield, inclu...