Welcome!

News Feed Item

Erdene Announces Private Placement; Drilling to Commence on the Altan Nar Gold Project

HALIFAX, NOVA SCOTIA -- (Marketwired) -- 04/21/14 -- Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce it intends to issue, by way of a non-brokered private placement, up to 4,062,500 units at a price of $0.16 per unit for gross proceeds of up to $650,000 ("Private Placement"). Each unit will consist of one common share of the Company and one-half of one common share purchase warrant, with each whole common share purchase warrant ("Warrant") entitling the holder to purchase one common share of the Company at a price of $0.24 for a 24 month period from the closing date. If the closing price of the Company's common shares trading on the Toronto Stock Exchange ("TSX") is $0.36 or higher for 30 consecutive trading days, the Company may, in its sole discretion, accelerate the expiry period of the Warrants by providing written notice of such acceleration by way of a news release ("Acceleration Notice"), such that the exercise period of the Warrants will expire on that day which is 30 days from the date of the Company's Acceleration Notice.

Net proceeds of the Private Placement will be used for exploration of the Company's metal projects in Mongolia, including drilling at the Company's 100% owned Altan Nar gold-polymetallic project, to commence in late April. The Private Placement is expected to close on or before May 2nd, 2014, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the TSX. All securities to be issued pursuant to the Private Placement will be subject to a four month hold period from the closing date. Finder's fees may be payable on a portion of the financing.

Altan Nar Gold Project - Drill Program

Altan Nar exploration results, announced on January 22nd, 2014 included multiple, high grade gold, silver and base metals zones (click here for Erdene's news release). Follow-up drilling is expected to commence in late-April and will include 10 drill holes totaling approximately 1,000 m. The drill program will test continuity of these high priority targets, some of which have yet to be drill tested. Erdene field crews were mobilized to site the first week of April. Detailed surface work is underway, including higher density geochemical sampling, mapping, and a an expanded induced polarization survey. This work will provide a greater understanding of the extent of the multiple mineralized structures identified to date and provide a stronger base for designing a more extensive follow-up resource delineation drill program.

Targets included in the drill program will be the Discovery Zone, Union North, Union South, Maggie, Northbow and Southbow. The following section and enclosed maps provide additional details on each target.

Discovery Zone

Drilling and trenching over the Discovery Zone has demonstrated vertical and lateral continuity of gold-polymetallic mineralization along a 400 m strike length and to a maximum depth of 230 m. In the fourth quarter of 2013, three continuous trenches over a 250 m strike length returned 44 to 50 m of greater than 1 g/t gold. The prospect is characterized by near-surface, sub-vertical zones of gold and silver mineralization up to 50 m in width with high grade zones that include intervals up to 29 m averaging 4.3 g/t gold and 24.1 g/t silver. This prospect has received the majority of the drilling to date albeit at shallow levels with the deepest hole ending in 5 m of 4.7 g/t gold at 230 m depth.

Union North

Located 1.3 km northwest of the Discovery Zone, Union North has been tested by a series of four, east-west oriented trenches and a single drill hole. An intensely mineralized system has been outlined within a 150 m by 150 m area that is open along strike and at depth. The target is centered on high grade mineralized quartz-sulfide breccia shoots with trenches returning up to 19 m of 8.9 g/t gold, 66 g/t silver, 7.7% lead and 2.5% zinc, including 7 m of 20.2 g/t gold, 138 g/t silver, 17.3% lead and 5.3% zinc. The single drill hole returned 47 m of 1.3 g/t gold, including 9 m of 4.3 g/t gold, 12 g/t silver, and 1.7% combined lead-zinc.

Union South

The Union South prospect is located approximately 550 m south of Union North. A trench intersected a high grade zone that returned 10 m of 4.5 g/t gold, 8.9 g/t silver and 2.2% lead. This trench is located 120 m north of a drill hole which returned 10 m of 1.7 g/t gold including 4 m of 3.7 g/t gold and a second zone of 11 m of 0.8 g/t gold.

Maggie

The Maggie prospect is located approximately 1 km north of the Discovery Zone and 700 m east of the Union North prospect. A single trench uncovered a well mineralized zone, 38 m wide and hosted by an altered andesite cut by two, barren, post-mineralization dykes (7 m and 2 m wide). Excluding the 9 m of post-mineralization dyke, the central mineralized zone returned 17 m of 3.4 g/t gold, 4.9 g/t silver and 1.4% combined lead-zinc. The target is open along strike, and has not been drill tested.

Northbow and Southbow

The Northbow prospect, located 600 m to the west of Union North, is defined by a north-south trending, strong gradient-IP chargeability anomaly. This feature extends 800 m south where it widens and intensifies into the sediment covered Southbow prospect. Recent trenching on the northern edge of sediment cover returned 9 m of 1.3 g/t gold, 6.6 g/t silver and 1.3% combined lead-zinc. Results from Northbow are significant in that they are the first confirmation that gold mineralization is associated with the Southbow geophysical anomaly, the largest and most intense anomaly identified to date on the Altan Nar property. The Northbow and Southbow targets have not been drill tested.

Qualified Person

J.C. (Chris) Cowan, P.Eng. (Ontario), VP Asia for Erdene, 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 Canada-based resource company focused on the acquisition, exploration, and development of base and precious metals in underexplored and highly prospective Mongolia. For further information on the Company, please visit www.erdene.com. Erdene has 70,672,112 issued and outstanding common shares and, a fully diluted position of 82,111,301 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 is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.

NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE

To view the maps accompanying this press release please click on the following link: http://media3.marketwire.com/docs/ERD0421.pdf

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
SYS-CON Events announced today that VAI, a leading ERP software provider, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. VAI (Vormittag Associates, Inc.) is a leading independent mid-market ERP software developer renowned for its flexible solutions and ability to automate critical business functions for the distribution, manufacturing, specialty retail and service sectors. An IBM Premier Business Part...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
In most cases, it is convenient to have some human interaction with a web (micro-)service, no matter how small it is. A traditional approach would be to create an HTTP interface, where user requests will be dispatched and HTML/CSS pages must be served. This approach is indeed very traditional for a web site, but not really convenient for a web service, which is not intended to be good looking, 24x7 up and running and UX-optimized. Instead, talking to a web service in a chat-bot mode would be muc...
More and more companies are looking to microservices as an architectural pattern for breaking apart applications into more manageable pieces so that agile teams can deliver new features quicker and more effectively. What this pattern has done more than anything to date is spark organizational transformations, setting the foundation for future application development. In practice, however, there are a number of considerations to make that go beyond simply “build, ship, and run,” which changes ho...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Advances in technology and ubiquitous connectivity have made the utilization of a dispersed workforce more common. Whether that remote team is located across the street or country, management styles/ approaches will have to be adjusted to accommodate this new dynamic. In his session at 17th Cloud Expo, Sagi Brody, Chief Technology Officer at Webair Internet Development Inc., focused on the challenges of managing remote teams, providing real-world examples that demonstrate what works and what do...
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
SYS-CON Events announced today that AppNeta, the leader in performance insight for business-critical web applications, will exhibit and present at SYS-CON's @DevOpsSummit at Cloud Expo New York, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. AppNeta is the only application performance monitoring (APM) company to provide solutions for all applications – applications you develop internally, business-critical SaaS applications you use and the networks that deli...
It's easy to assume that your app will run on a fast and reliable network. The reality for your app's users, though, is often a slow, unreliable network with spotty coverage. What happens when the network doesn't work, or when the device is in airplane mode? You get unhappy, frustrated users. An offline-first app is an app that works, without error, when there is no network connection.