Erdene Files National Instrument 43-101 Compliant Technical Report for Zuun Mod Copper-Molybdenum Project on SEDAR
HALIFAX, NOVA SCOTIA -- (Marketwire) -- 06/30/11 -- Erdene Resource Development Corp. ('Erdene') (TSX: ERD), is pleased to announce that it has received and filed on Sedar a National Instrument 43-101 ('NI 43-101') compliant Technical Report for the Company's Zuun Mod molybdenum-copper project in Mongolia. The report includes an updated resource estimate prepared by Minarco-MineConsult, part of Runge Limited, ('Minarco') following 4,331 metres of additional drilling (15 drill holes) completed in late 2010 and reported in a press release June 2, 2011.
The updated Zuun Mod molybdenum-copper resource estimate has a Measured and Indicated ('M&I') resource of 218 million tonnes ('Mt') at an average grade of 0.057% molybdenum ('Mo'), and 0.069% copper ('Cu') at a cut-off grade ('cog') of 0.04% Mo. This equates to 273.5 million pounds ('M lbs') of contained Mo metal and 330.7 M lbs of contained Cu metal. In addition, there is a 168 Mt Inferred Resource at an average grade of 0.052% Mo and 0.065% Cu, equating to a further 191.8 M lbs of contained Mo metal and 240.5 M lbs of contained Cu metal.
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 Laboratory in Ulaanbaatar, Mongolia. In addition to internal checks by SGS Laboratory, the company 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 $5.2 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
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