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Erdene Reports Q3 2018 Financial and Operating Results
HALIFAX, Nova Scotia, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce financial an
About this update from Erdene Resource Development Corporation
[{"type":"text","content":" HALIFAX, Nova Scotia, Nov. 15, 2018 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD) (\"Erdene\" or \"Company\"), is pleased to announce financial and operating results for the three and nine months ended September 30, 2018. This release should be read in conjunction with the Company’s Q3 2018 Financial Statements and MD&A, available on the Company’s website or SEDAR at www.sedar.com. “The third quarter was a very active period for our Company. Following the announcement of the maiden resource estimate for the Khundii Gold Project in September, we engaged RPM Global to prepare the Project’s Preliminary Economic Assessment, scheduled to be delivered in the fourth quarter,” said Peter Akerley, Erdene’s President and CEO. “Concurrently, we launched technical studies in preparation of mining license applications, to be submitted by year-end.” “Outside of this detailed pre-development work, we see regional exploration as a key value driver for our Company, as our exploration teams advance our early-stage gold targets on the Bayan Khundii license. On the acquisition front, Mongolia’s Ministry of Mining and Heavy Industry released tender blocks in southwest Mongolia in November, the first land released in this area in several years. We have developed the largest proprietary geologic database in the region which will assist our team in evaluating these properties for acquisition.” Operational Highlights • Commenced the Preliminary Economic Assessment (“PEA”) for the Khundii Gold Project, the first economic study on the project, scheduled to be completed in late Q4 2018. • Filed the NI 43-101 Mineral Resource Technical Report for the Khundii Gold Project on November 1, 20181: Gold-only resource at 0.6 to 0.7 g/t gold cut-off 1: 751,000 ounces gold at an average grade of 2.3 g/t gold, Measured and Indicated, and 291,000 ounces gold at an average grade of 1.8 g/t gold, Inferred (0.6 to 0.7 g/t gold cut-off 1). Gold-only resource at 1.4 g/t gold cut-off: 642,000 ounces gold at an average grade of 3.7 g/t gold, Measured and Indicated, including 357,000 ounces gold at an average grade of 5.2 g/t gold at the Bayan Khundii deposit. Gold-Equivalent (“AuEq”) resource at 0.6 to 0.7 g/t gold cut-off 1: 886,000 ounces AuEq at an average grade of 2.7 g/t AuEq, Measured and Indicated, and 382,000 ounces AuEq at an average gr...