Erdene Provides Project and Second Quarter Financial Update
(firmenpresse) - HALIFAX, NOVA SCOTIA -- (Marketwired) -- 08/16/17 -- Note to editors: There are three maps associated with this press release.
Erdene Resource Development Corp. (TSX: ERD) ("" or "Company") is pleased to provide shareholders with an update on second quarter corporate and project activities. The Company has several significant programs underway related to expansion and delineation of gold projects, regional and district-scale exploration, and preparatory work for resource estimates, economic studies and mining license applications, summarized as follows:
Highlights
"With our strong financial position and experienced and focused management team we are well positioned to create further value in this emerging, under-explored gold district characterized by large, near-surface, high-grade mineralized systems," said Peter Akerley, Erdene''s President and CEO. "We will continue to evaluate new opportunities in the district while continuing to focus on exploring and expanding both the Bayan Khundii and Altan Nar discoveries, 16 kilometres apart, as we move towards more advanced resource and economic studies in 2018. In today''s gold industry of declining reserves and grades we believe we offer a potentially unique and sought after combination that will create a compelling value opportunity."
Please refer to the Company''s Q2-2017 financials and MD&A, posted to the Company''s website and SEDAR, for additional details on the following summary. Three plan maps have been attached for reference:
Advancing the Bayan Khundii Gold Project - 100% Erdene
Expanding the Altan Nar Gold-Polymetallic Project - 100% Erdene
Regional and District Scale Exploration
Independent Consultants
Water, Energy and Environment
Financial and Corporate Summary
- As of August 10, 2017, the Company has a working capital position of $8.3 million.
- Erdene''s Q2-2017 financial statements and Management Discussion and Analysis were filed with regulatory authorities on August 14, 2017 and are available on the Company''s web site and on .
- For the six months ended June 30, 2017, the Company recognized a net loss of $2,664,797, or $0.02 per share, compared to a loss of $1,935,432, or $0.02 per share for the same period in 2016.
- Exploration expenditures, including capitalized costs, totalled $4,799,360 for the first six months of 2017 compared with $1,916,425 for the same period in 2016, an increase of 150%. Erdene''s 2017 exploration programs are expected to be the largest carried out in the Company''s history.
- The Khundii license expenditures (Bayan Khundii and Altan Arrow projects) represented $3,278,508 of exploration expenditures year-to-date 2017 compared with $1,492,830 for the first six months of 2016. The Tsenkher Nomin license (Altan Nar project) expenditures accounted for another $475,438 in the first six months of 2017 compared to $161,623 in 2016.
- Corporate and administrative expenses were $1,725,192 for the six months ended June 30, 2017 compared to $932,140 in 2017. Excluding non-cash share-based compensation and depreciation, the year to date June 30, 2017 corporate and administrative expenses were $904,207 compared with $631,766 in 2016.
- Although the cash spent on corporate and administration expenses has increased largely because of the need for additional management services to manage programs, investor relations to communicate to stakeholders and higher regulatory costs, the percentage of corporate and administrative cash expenses relative to cash exploration expenditures incurred decreased to 21% at June 30, 2017 compared to 35% at June 30, 2016, which compares favourably with our peers.
Qualified Person
Michael MacDonald, P.Geo. (Nova Scotia), Vice President Exploration for Erdene, is the 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 Corporation is a Canada-based resource company focused on the acquisition, exploration and development of base and precious metals in underexplored and highly prospective Mongolia. The Company has 100% ownership of four exploration licenses and one mining license in southwestern Mongolia. In addition to the flagship Bayan Khundii gold project and Altan Nar gold-polymetallic project, Erdene''s other 100%-owned greenfield projects, prospects and discoveries include: Khuvyn Khar, an early stage copper-silver porphyry project with multiple drill targets and significant copper intersections; Nomin Tal, a narrow, high-grade copper-gold discovery; Zuun Mod, a large molybdenum-copper porphyry project; and Altan Arrow, an early stage gold-silver prospect near Bayan Khundii. In addition to the above assets, the Company has a Strategic Alliance with Teck Resources Limited on regional copper-gold exploration in the prospective Trans Altai region of southwestern Mongolia. For further information on the Company, please visit . Erdene has 145,963,086 issued and outstanding common shares and a fully diluted position of 156,592,160 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 many 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.
Contacts:
Erdene Resource Development Corp.
Peter C. Akerley, President and CEO
Ken W. MacDonald, Vice President and CFO
(902) 423-6419
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Datum: 16.08.2017 - 06:34 Uhr
Sprache: Deutsch
News-ID 1517752
Anzahl Zeichen: 2464
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Mining & Metals
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