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Erdene Announces Appointment of Xstrata Coal’s Malcolm Cox to Board, Provides Zuun Mod Molybdenum Project Update
”With respect to our Zuun Mod Molybdenum Project, we have been working with the authorities in Mongolia to advance the project through the various regulatory stages of converting our exploration license to a mining license
HALIFAX, NOVA SCOTIA, Jun 01, 2010 (MARKETWIRE via COMTEX) -- Erdene Resource Development Corp. ("Erdene" or "Corporation") /quotes/comstock/11t!erd (CA:ERD 0.39, 0.00, 0.00percent) is pleased to announce the appointment of Malcolm F. Cox to its Board of Directors and to provide an update on the Corporation's Zuun Mod Molybdenum Project. "We are excited by the appointment of Mr. Cox to the Board as Malcolm has been involved with the joint Xstrata-Erdene projects in eastern Canada and Mongolia since they began and has a very good understanding of what is involved in advancing both opportunities," said Peter Akerley, President and CEO of Erdene. "With respect to our Zuun Mod Molybdenum Project, we have been working with the authorities in Mongolia to advance the project through the various regulatory stages of converting our exploration license to a mining license. We have recently renewed the Zuun Mod exploration license to May 28, 2011."
New Director Appointed
Malcolm F. Cox, P.Eng., MBA, is the Business Development and Group Manager Technical Development for Xstrata Coal and is responsible for evaluation of potential coal and iron ore acquisitions globally. Mr. Cox has previously managed both major underground and open pit coal mines in Australia and the USA. During Mr. Cox's 30 years experience in the mining industry, predominantly in the coal mining sector, he was Underground and Open Cut Manager of the Ulan Mine in NSW Australia. Malcolm is also a director of the Australian Coal Association. Mr. Cox replaces Mr. Jamie Frankcombe as the Xstrata Coal representative on Erdene's Board of Directors. Mr. Frankcombe resigned from the Board effective May 31, 2010. "On behalf of the Corporation and the Board I would like to thank Jamie for his valuable contribution to the Erdene Board over the past two years," stated Peter Akerley, President and CEO.
Zuun Mod Molybdenum Project
The Zuun Mod exploration license was recently renewed to May 28, 2011. Erdene has been carrying out work over the past year in preparation for conversion of the Zuun Mod exploration license to a mining license. This included work by Mongolian consulting companies that prepared technical reports in support of the mining license application. These reports have been finalized and submitted to the Mongolian Mineral Resource Council, for registration of the mineral resource at Zuun Mod, a prerequisite to the granting of a mining license. Upon registration of the Zuun Mod resource by the Minerals Resource Council, the Corporation will have all necessary documentation to apply for a mining license for the Zuun Mod Molybdenum Project covering approximately 10,000 hectares. Under the Minerals Law of Mongolia, the initial term for a mining license is 30 years with an option for two 20-year extensions. Minarco-MineConsult of Australia, the Corporation's independent technical consultants, are in the process of conducting pit optimization and scheduling studies on the Zuun Mod deposit to combine with the previously completed preliminary assessment level work initiated in 2008. Following completion of these studies, the information will be used to create a financial model on which to base decisions regarding the advancement of the project to the pre-feasibility stage. In addition, the Corporation has contracted Wave Geophysics of Evergreen, Colorado to provide a model and interpretation of all geological, geochemical and geophysical data from the Zuun Mod project with a focus on identifying additional exploration targets in the vicinity of the Zuun Mod molybdenum-copper deposit. Zuun Mod is a porphyry molybdenum-copper deposit containing 215M lbs of molybdenum in the Measured and Indicated category, grading 0.054percent Mo, and a further 208M lbs in the Inferred category grading 0.051percent Mo, making it one of the largest undeveloped molybdenum-copper deposits in the Asia region. The Corporation controls the Zuun Mod deposit through a single exploration license totaling 49,538 hectares, located in Bayankhongor Province, Mongolia, approximately 950 kilometers southwest of Ulaanbaatar and 215 kilometers from railhead on the Mongolia-China border at Ceke. The railhead is located 20 kilometers south of the Nariin Sukhait and Ovoot Tolgoi coal mines.
Qualified Person
J.C. (Chris) Cowan, P.Eng. (Ontario), is a Qualified Person as that term is defined in National Instrument 43-101 and has reviewed and approved the technical information contained in this news release.
About Erdene
Erdene Resource Development Corp. is a diversified resource company with multiple projects at various stages of development from exploration to production. All projects are focused on high-growth commodities. These projects include a 25percent interest in Xstrata's eastern Canadian Donkin Coking Coal Project, a 100percent interest in the large tonnage Zuun Mod Molybdenum Project in Mongolia, a royalty interest in a developing construction material project in the United States as well as a 64percent equity interest in TSX-V listed Advanced Primary Minerals Corporation. Erdene has a current working capital position of approximately usd12.0million, including that of its controlled subsidiary APM, with 89,230,877 common shares issued and outstanding and a fully diluted position of 93,034,877 common shares.
Forward-Looking Statements
Certain information regarding Erdene contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. Discussion of the various factors that may affect future results is contained in Erdene's Annual Information Form dated March 29, 2010, which is available at www.sedar.com. The information contained herein is stated as of the current date and subject to change after that date. The Corporation does not assume the obligation to revise or update forward-looking statements, except as may be required under applicable securities laws.
