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Erdene Resource Renews Local Cooperation Agreement And Provides Environmental, Social And Governance Update
HALIFAX, Nova Scotia, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Erdene Resource Development Corporation (TSX: ERD | MSE: ERDN) (“Erdene” or the “Company”) is pleased to
About this update from Erdene Resource Development Corporation
[{"type":"text","content":" HALIFAX, Nova Scotia, Oct. 18, 2022 (GLOBE NEWSWIRE) -- Erdene Resource Development Corporation (TSX: ERD | MSE: ERDN) (“Erdene” or the “Company”) is pleased to announce the execution of an updated Local Cooperation Agreement (“LCA”) for its 100% owned Bayan Khundii Gold Deposit, within the Khundii Minerals District (the “District”) in southwest Mongolia, and to provide an update on Environmental, Social and Governance (“ESG”) initiatives. Quotes from the Company “For nearly two decades, Erdene has been the leading explorer and developer in Bayankhongor Province. Our commitment to sharing benefits with local stakeholders has been unwavering and increasingly evident as we move towards production in this exciting new district,” said Peter Akerley, Erdene’s President and CEO. “The execution of the renewed Local Cooperation Agreement will see Erdene contribute US$1.2M (4.1 billion MNT) to local development projects over the next two years, in addition to the US$1M (3.4 billion MNT) invested over the past twelve months. I would like to thank the people of Bayankhongor Province for their support, particularly Governor Munkhsaikhan, who has been instrumental in reaching these agreements.” “The development of the Khundii Minerals District has the potential to positively transform the economy of Southwestern Mongolia,” continued Mr. Akerley. “With the expansion of rail and road networks, ideal conditions for renewable power generation, and the identification of large-scale precious and base metals deposits, including Erdene’s Bayan Khundii Gold, Altan Nar Polymetallic and Zuun Mod Copper-Molybdenum deposits, the region shows the potential to become an industrial powerhouse for the nation.” Local Cooperation Agreement and Community Development Erdene is pleased to announce the renewal of its LCA, effective through December 31, 2024. According to Mongolia’s Minerals Law, the LCA is a mandatory arrangement between mineral license holders and local governments, including Provincial and Sub-Provincial administrations. In addition to the Company, the parties to the LCA are as follows: Bayankhongor Province: Governor, Mr. D. Munkhsaikhan Bayan-Undur Sub-Province: Governor, Mr. B. Idermunkh Shinejinst Sub-Province: Governor, Mr. B. Bat-Erdene Bayankhongor Province is the fourth largest in Mongolia, covering 116,000 square kilometers. Erdene’s l...