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Erdene Resource Development Announces Q3 2021 Results and Provides Bayan Khundii Gold Project Update
HALIFAX, Nova Scotia, Nov. 10, 2021 (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, Nov. 10, 2021 (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 months ended September 30, 2021, and to provide an update on its Bayan Khundii Gold Project (“Bayan Khundii” or “BK”). This release should be read in conjunction with the Company’s Q3 2021 Financial Statements and MD&A, available on the Company’s website or SEDAR. Highlights: Recent exploration results indicate Bayan Khundii, Ulaan, and Dark Horse Mane are part of the same large-scale, gold mineralized system Intersected some of the thickest intervals of gold mineralization in the Khundii Gold District to date at the recent South Ulaan discovery Drill results from follow-up exploration drilling at the Dark Horse Mane are expected in mid-November Advanced the Bayan Khundii Gold Project Detailed Environmental Impact Assessment (DEIA) accepted by the Professional Council of the Mongolian Ministry of Environment and Tourism on October 5 Community programs underway following execution of Local Cooperation Agreement (LCA) with the Bayankhongor Provincial Government Detailed design and engineering 90% complete, positioning Erdene to start early works in coming months Closed US$5 million Mongolian Stock Exchange offering on October 8 Quotes from the Company: “During the third quarter, we executed upon our two strategic objectives of expanding the Khundii Gold District, while advancing the Bayan Khundii Gold Project towards development,” said Peter Akerley, Erdene’s President and CEO. “Expansion of the South Ulaan gold prospect demonstrates the scale potential of the Khundii-Ulaan system underlying our Khundii Gold District. Erdene has a 3,000-metre program scheduled for late 2021, in support of our 2 million ounce resource target in 2022.” “We are also steadily progressing Bayan Khundii towards a construction decision, despite the uncertainty created by COVID-19,” continued Mr. Akerley. “The Company intends to commence preparatory works in Q4 2021, with full construction ramping up in early 2022. However, the Company is monitoring the impact of COVID-19 on the availability and costs of key inputs and will provide a more fulsome update on schedule and budget in the coming months.” Q3 2021 Highlights and Subsequent Events: Bay...