Erdene Resource Development Corp. (ERD) announced the filing on SEDAR of the independent Technical Report for its 100 percent-owned, high-grade, open-pit, Khundii Gold Project in southwest Mongolia, including a Pre-Feasibility Study (PFS) for its Bayan Khundii Gold Deposit (BK) and an updated Preliminary Economic Assessment (PEA) for its Altan Nar Deposit (AN), located 16 km from Bayan Khundii. The company is also released receipt of USD 5 million (CAD 6.6 million) from the European Bank for Reconstruction and Development (EBRD) and a further CAD 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, exploration, acquisition, and for general working capital purposes, the report said. “As the year comes to a close, I would like to acknowledge the significant recent accomplishments of ERD’s team. 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,” said Peter Akerley, Erdene’s President and CEO

Published Date:2019-12-10