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.
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