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Erdene Resource Development Corp - President and CEO, Peter Akerley
President and CEO, Peter Akerley
Source: Erdene Resource Development Corp
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  • Erdene Resource Development (ERD) has released its Q3 2021 financial statements and management discussion and analysis on SEDAR
  • The company also provided an update on its Bayan Khundii gold project in Mongolia
  • Erdene has been working on detailed design and engineering with the plan of starting early development work in the coming months
  • The company completed a US$5 million offering on the Mongolian Stock Exchange in October
  • Erdene Resource Development Corp. is a Canadian-based resource exploration company
  • Shares in Erdene Resource Development Corp. (ERD) are up 2.60 per cent, trading at $0.395 per share

Erdene Resource Development (ERD) has released its Q3 2021 financial statements and management discussion and analysis (MD&A).

The company also provided an update on its Bayan Khundii gold project in Mongolia.

Recent exploration results indicate that the company’s Bayan Khundii, Ulaan, and Dark Horse Mane properties are part of the same large-scale, gold mineralized system.

To advance the Bayan Khundii project, Erdene has been working on detailed design and engineering with the plan of starting early development work in the coming months.

Peter Akerley, Erdene president and CEO, commented on the project’s development.

“During the third quarter, we executed upon our two strategic objectives of expanding the Khundii Gold District, while advancing the Bayan Khundii Gold Project towards development,” he said.

“The company intends to commence preparatory works in Q4 2021,” added Mr. Akerley, “with full construction ramping up in early 2022.”

In support of its development activities, the company completed a US$5 million offering on the Mongolian Stock Exchange in October, receiving subscriptions from 1,867 institutional and retail Mongolian investors.

The company recorded a net loss of $1,935,798 in the third quarter, significantly less than its loss of $3,871,340 in Q3 2020.

Its exploration and evaluation expenditures totaled $3,501,181 for the quarter, compared to $3,547,222 last year.

“Erdene has a 3,000-metre program scheduled for late 2021, in support of our 2 million ounce resource target in 2022,” said Mr. Akerley.

Erdene Resource Development Corp. is a Canadian-based resource exploration company engaged in exploring and developing precious metals and mineral deposits in Mongolia.

Shares in Erdene Resource Development Corp. (ERD) are up 2.60 per cent, trading at $0.395 per share as of 11:49 am ET.

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