Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") is pleased to announce the filing on SEDAR of the independent Technical Report (the “Report”) for its 100%-owned, high-grade, open-pit, Khundii Gold Project in southwest Mongolia, including a Pre-Feasibility Study (“PFS”) for its Bayan Khundii Gold Deposit (“Bayan Khundii” or “BK”) and an updated Preliminary Economic Assessment (“PEA”) for its Altan Nar Deposit (“Altan Nar” or “AN”), located 16 km from Bayan Khundii. The Report entitled “Khundii Gold Project NI 43-101 Technical
Report”, dated December 4, 2019, was prepared in accordance with National Instrument 43-101 Standards of
Disclosure for Mineral Projects (“NI 43-101’) by Tetra Tech, Inc. (“Tetra Tech”). The Report is available under the
Company’s profile at www.sedar.com and on the Company’s website at www.erdene.com.
The Company is also pleased to announce the receipt of US$5 million (C$6.6 million) from the European Bank for
Reconstruction and Development (“EBRD”) and a further C$1 million from the coincident non-brokered private
placement of units of the Company, under the previously announced financing package. Proceeds of these financings
will be used to fund the independent Feasibility Study (“FS”), Front-end Engineering and Design (“FEED”) of the
Khundii Gold Project (the “Project”), exploration, acquisition, and for general working capital purposes.
Quotes from the Company:
"As the year comes to a close, I would like to acknowledge the significant recent accomplishments of Erdene’s team,”
said Peter Akerley, Erdene’s President and CEO. “Over the past 18 months, the Company has delineated resources
for two gold deposits, established minable reserves at Bayan Khundii, defined water resources, completed
preliminary economic assessments for both deposits and a pre-feasibility study for Bayan Khundii, received mining
licenses and continued to generate exploration success.”
“Our recent financings provide the wherewithal to kick-off the Bayan KhundiiFS and FEED work, designed to position
us for 2021 production with one of the highest grade pre-development projects globally while continuing exploration
in our new Khundii Gold District,” continued Mr. Akerley. “We are poised for further success in 2020.”
NI 43-101 Technical Report Highlights (US$1,300/oz Gold Price)
• Sequential development of open pits at BK and AN using conventional processing at the BK processing facility
• BK Measured and Indicated Resources of 520,700 ounces gold at an average grade of 3.16 g/t gold, a 20% increase
from the September 2018 resource estimate
• BK Proven and Probable Reserves of 422,000 ounces gold at an average grade of 3.7 g/t gold
• AN Indicated Resources of 318,000 ounces gold at an average grade of 2 g/t gold and 14.8 g/t silver
TSX: ERD | MSE: ERDN
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• Average annual gold production of 61,000 ounces in the BK PFS and 45,300 ounces of gold and 205,000 ounces
of silver for the updated AN PEA
• Life of mine head grade of 3.73 g/t gold for the BK PFS and 3.46 g/t gold for the updated AN PEA
• Project life of 11 years, comprising a one year pre-production period, six-year operating life for BK, three-year
operating life for AN, and one year mine closure
• All-in sustaining cost (“AISC”) of US$746/ounce of gold recovered for the BK PFS and for the updated AN PEA,
US$931/ounce of gold equivalent (see press release dated October 21, 2019 for “AuEq” definition)
• BK PFS Initial Capital US$40 million and US$2 million incremental capital for AN PEA
• Payback period of less than 2 years for BK PFS
• BK PFS Life of Mine Earnings Before Interest, Taxes and Depreciation of US$211 million
• Post-tax Net Present Value of US$97 million (NPV5%) and a 42% Internal Rate of Return (IRR), for the BK PFS
• Post-tax NPV5% and IRR of US$24 million and 92%, respectively, for the updated AN PEA, reflecting the second
phase of the development, and utilizing the BK infrastructure
• Significant benefits to Mongolia, including Life of Mine royalties and taxes of US$82 million and approximately
300 new jobs in Bayankhongor Province
Further details on the pre-feasibility study can be found in the Company’s press release dated October 21, 2019 and
the full report is accessible on the Company’s website.

Published Date:2019-12-06