Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") is pleased to announce operating and financial results for the three and six months ended June 30th, 2019, and to provide an update on the Khundii Gold Project.
Q2-2019 Highlights and Subsequent Events:
- Received the Bayan Khundii Mining License on August 5, 2019;
- Completed an 1,800m drill program at Bayan Khundii in support of the PFS;
- Advanced the Khundii Gold Project PFS, led by Tetra Tech, Inc;
- Finalized metallurgical test work program for Bayan Khundii, led by Blue Coast Research;
- Drilled 17 holes (1,800m) for the Hydrogeological – Process Water Exploration Program;
- Commenced the Environmental and Social Impact Assessment (ESIA) led by Sustainability East Asia LLC;
- Initiated Q3 Exploration and Technical Program;
- Closed a non-brokered private placement for gross proceeds of $2M on July 9, 2019;
- Repurchased 50% of the Khundii NSR Royalty from Sandstorm Gold on April 12, 2019; and
- Recorded a net loss of $755,291 for the three months ended June 30, 2019, compared to a net loss of $1,439,471 for the comparative 2018 period.
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