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Erdene Secures Mining Licence for the High-Grade Bayan Khundii Gold Project
HALIFAX, Nova Scotia, Aug. 06, 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. 06, 2019 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) (\"Erdene\" or the \"Company\") is pleased to announce that the Mineral Resource and Petroleum Authority of Mongolia (“MRPAM”) issued Mining License MV-021444 for Erdene’s Bayan Khundii resource on August 5, 2019. Quotes from the Company: “Receipt of the Bayan Khundii Mining License is a major milestone in the development of the high-grade, open-pit Khundii Gold Project,” said Peter Akerley, Erdene’s President and CEO. “Securing this license provides us long-term tenure over the Bayan Khundii resource that will form the cornerstone of the project.” “With the mining license in hand, we are focused on completing the NI 43-101 Pre-Feasibility Study (“PFS”), Mongolian Feasibility Study, Environmental and Social Impact Assessment (“ESIA”) and Mongolian Detailed Environmental Impact Assessment (“DEIA”) for the Khundii Gold Project in 2019. Work is well progressed on the PFS, with preliminary results received for the resource estimate, mining, geotechnical, metallurgical, processing, waste rock and hydrogeological workstreams,” continued Mr. Akerley. “We are rapidly advancing towards initial production of 50,000 ounces per year, while continuing to expand resources through exploration and acquisition within the Khundii Gold District.” Mining Licence The Bayan Khundii mining license covers 2,309 hectares, including the Bayan Khundii Resource reported in “Bayan Khundii Gold Project, Bayankhongor Aimag, Southwest Mongolia, National Instrument 43-101 Mineral Resource Technical Report”, dated November 1, 2018 and prepared by RPMGlobal Asia Limited. Additionally, the mining license includes Erdene’s highly prospective Altan Arrow, Khundii North and Khundii West targets. The mining license is valid for an initial term of 30 years with the ability to extend to 70 years. Erdene maintains an exploration license for the remaining 2,205 hectares of the legacy Bayan Khundii exploration license that were not converted to a mining license as part of its application. Erdene discovered Bayan Khundii in 2015 and following extensive drilling, the Company announced a NI 43-101 Resource Estimate for the property in September 2018, followed by a Preliminary Economic Assessment in December 2018. In September 2018, Erdene initiated th...