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
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
"Plutora provides release and testing environment capabilities to the enterprise," explained Dalibor Siroky, Director and Co-founder of Plutora, in this SYS-CON.tv interview at @DevOpsSummit, held June 9-11, 2015, at the Javits Center in New York City.
SYS-CON Events announced today that Enzu will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Enzu’s mission is to be the leading provider of enterprise cloud solutions worldwide. Enzu enables online businesses to use its IT infrastructure to their competitive ad...
In his session at DevOps Summit, Tapabrata Pal, Director of Enterprise Architecture at Capital One, will tell a story about how Capital One has embraced Agile and DevOps Security practices across the Enterprise – driven by Enterprise Architecture; bringing in Development, Operations and Information Security organizations together. Capital Ones DevOpsSec practice is based upon three "pillars" – Shift-Left, Automate Everything, Dashboard Everything. Within about three years, from 100% waterfall, C...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex softw...
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, contrasted how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He showed how the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He also demoed building immutable pipelines in the cloud ...
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 ...
Web Real-Time Communication APIs have quickly revolutionized what browsers are capable of. In addition to video and audio streams, we can now bi-directionally send arbitrary data over WebRTC's PeerConnection Data Channels. With the advent of Progressive Web Apps and new hardware APIs such as WebBluetooh and WebUSB, we can finally enable users to stitch together the Internet of Things directly from their browsers while communicating privately and securely in a decentralized way.
While many government agencies have embraced the idea of employing cloud computing as a tool for increasing the efficiency and flexibility of IT, many still struggle with large scale adoption. The challenge is mainly attributed to the federated structure of these agencies as well as the immaturity of brokerage and governance tools and models. Initiatives like FedRAMP are a great first step toward solving many of these challenges but there are a lot of unknowns that are yet to be tackled. In hi...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
The cloud market growth today is largely in public clouds. While there is a lot of spend in IT departments in virtualization, these aren’t yet translating into a true “cloud” experience within the enterprise. What is stopping the growth of the “private cloud” market? In his general session at 18th Cloud Expo, Nara Rajagopalan, CEO of Accelerite, explored the challenges in deploying, managing, and getting adoption for a private cloud within an enterprise. What are the key differences between wh...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.