Erdene Announces Highlights of AGM
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 06/24/11 -- Erdene Resource Development Corp. (TSX: ERD) ('Erdene' or 'Corporation'), commented on the results of its Annual General Meeting of Shareholders, held on June 23, 2011. A recording of the meeting and subsequent presentation is available on Erdene's website at www.erdene.com (AGM Webcast).
Donkin Coal Project Update
Erdene received a draft National Instrument 43-101 compliant Technical Report, presenting the results of the Pre-Feasibility Study prepared by Xstrata Coal Donkin Management Limited ('Xstrata') on the Donkin Export Coking Coal Project ('PFS') and the reserves defined by the PFS from Marston & Marston Inc. ('Marston') on June 3, 2011. Comments from Erdene and Xstrata were provided to Marston last week and Marston is now finalizing the report.
At a public meeting in Donkin, Cape Breton on June 16, 2011, Xstrata announced its intent to file the draft Federal and Provincial Environmental Assessment documents with the authorities this week.
Nomin Copper-Gold Project - Drilling Update
Drilling at the Nomin project is now on the third hole of the program. The second hole, an angle hole under the previously identified ancient pits, has intersected a strong to moderate magnetite-chlorite altered black granodiorite from 83 metres to 106 metres. The upper portion of this zone, over 3.8 metres, intersected a pervasive magnetite-sulfide altered zone. Samples for this interval have now been delivered to SGS Laboratories in Ulaanbaatar for analysis of Cu, Au, Ag, Pb, Zn, Mo and As.
Appointment of Board and Executive
At the Annual General Meeting ('AGM'), the shareholders re-elected the existing board, which consists of nine directors: Peter Akerley, Bill Burton, John Byrne, Dave Carnell, Chris Cowan, Malcolm Cox, Ken MacDonald, Stuart Rath and Philip Webster to be the Directors of the Corporation and to hold office until their successors are duly elected or appointed.
Following the AGM, the Erdene board of directors confirmed the appointment of its executive officers, namely: President and Chief Executive Officer - Peter Akerley; Vice President Asia- Chris Cowan; Vice President Business Strategy and CFO-Ken MacDonald; and Corporate Secretary - Suzan Frazer.
Auditor Re-Appointed
KPMG LLP has been re-appointed Auditor of the Corporation to hold office until the next annual meeting of shareholders or until its successor is duly appointed.
Shareholder Rights Plan Affirmed
At the AGM, the shareholders also affirmed the shareholder rights plan ('Rights Plan') that had been approved by shareholders at the annual shareholders meeting in May 2008. The Rights Plan was adopted by Erdene's board of directors to ensure the fair treatment of shareholders in connection with any takeover offer for the Corporation. Under the rules of the Toronto Stock Exchange the shareholders of Erdene must affirm the Rights Plan every three years.
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. All samples have been assayed at SGS Laboratories in Ulaanbaatar, Mongolia. In addition to internal checks by SGS Laboratories, the Corporation incorporates a QA/QC sample protocol utilizing prepared standards, blanks and duplicates.
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.
Erdene has a current working capital position of approximately $5.3 million, including that of its controlled subsidiary Advanced Primary Minerals Corp., with 90,323,377 common shares issued and outstanding and a fully diluted position of 97,841,377 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. The information contained herein is stated as of the current date and subject to change after that date.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE
Contacts:
Erdene Resource Development Corp.
Peter C. Akerley, President and CEO
(902) 423-6419
info@erdene.com
Erdene Resource Development Corp.
Ken W. MacDonald, Vice President Business Strategy and CFO
(902) 423-6419
info@erdene.com
www.erdene.com
Renmark Financial Communications Inc.
Barbara Komorowski: bkomorowski@renmarkfinancial.com
Dustin Buenaventura: dbuenaventura@renmarkfinancial.com
(514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com