AGM Aldridge Minerals Inc. (delisted)

Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased
to provide an update on activities as presented (copy available on the Company's
website here) at the Company's Annual and Special Meeting of Shareholders
("AGM") held on June 17th, 2014 in Halifax, Nova Scotia and to announce its
shareholders voted in favor of all items of business brought before them. 


"During one of the most challenging times in decades for financing in the junior
mining sector, our Company has made a significant new high-grade gold and base
metal discovery, partnered with a major mining company on our copper exploration
efforts, restructured and streamlined our Company, and secured funding in
multiple financings while maintaining a relatively tight share structure," said
Peter Akerley, President and CEO. "I would like to thank our excellent technical
and administrative teams for their dedication, our directors for their guidance
and our shareholders for their support. There are multiple indications of an
improving environment in our sector and I am very excited that, from a project
and corporate perspective, Erdene is very well positioned moving forward which
will bring benefits to all of our stakeholders."


Highlights of AGM 



--  Q2 drilling at the Company's 100% owned Altan Nar gold project returned
    the best drill intersection to date; 19 m of 5.8 g/t gold, including 5 m
    of 17.7 g/t gold 
--  Trenching at Altan Nar over the Union North target, 1.2 km north of the
    high-grade drill intersection, returned the best trench intersection to
    date; 19 m of 8.9 g/t gold, including 7 m of 20.2 g/t gold 
--  The 2013-2014 results provide support for a delineation drilling program
    at Altan Nar planned for the third quarter 
--  The near-surface high-grade Altan Nar system is open in all directions,
    including at depth, and remains relatively untested over its 5.6 km
    strike length 
--  The Khuvyn Khar copper exploration program (Teck Alliance) identified
    multiple copper porphyry style mineralization targets now subject to
    follow-up exploration 
--  Company directors were re-elected with greater than 99% of shareholder
    vote 
--  The Company exceeded its targeted 43% reduction in 2013 general and
    administrative costs by achieving a 53% reduction from the prior year 
--  Erdene raised $3.72 million of equity between December 2012 and May 2014
    at a weighted average share price of $0.16 
--  Teck is Erdene's largest shareholder by virtue of participation in three
    financings since April 2013 totaling $1.5 million 
--  During the past 12 months Mongolia has made, and continues to focus on,
    significant legislative improvements for the mining and financing
    sectors



Results of AGM

Appointment of Board and Executive

At the AGM, shareholders voted in favor of Erdene management's nominees to the
board of directors, with details of the vote as follows:




Nominee                                  Votes            
                 Votes For   % For    Withheld  % Withheld
----------------------------------------------------------
Peter Akerley   21,727,133   99.84      33,800        0.16
William Burton  21,729,708   99.86      31,225        0.14
John Byrne      21,741,708   99.91      19,225        0.09
Chris Cowan     21,729,708   99.86      31,225        0.14
Philip Webster  21,730,708   99.86      30,225        0.14



Following the AGM, Erdene's board of directors confirmed the re-appointment of
its executive officers, namely: President and Chief Executive Officer - Peter
Akerley; Vice President Asia - Chris Cowan; Vice President Business Strategy and
Chief Financial Officer - Ken MacDonald; and Corporate Secretary - Suzan Frazer.
The board also elected Mr. Philip Webster, an independent director, as chairman
of the board.


Auditor Re-Appointed

KPMG LLP has been re-appointed Auditor of the Company to hold office until the
next AGM or until its successor is duly appointed.


Shareholder Rights Plan Affirmed

At the AGM, shareholders also affirmed the continuance and amendment and
restatement of the shareholder rights plan ("Rights Plan") that had been
approved by shareholders at the annual shareholders meetings in May 2008 and
June 2011. The Rights Plan was adopted by Erdene's board of directors to ensure
the fair treatment of shareholders in connection with any takeover offer for the
Corporation. Under the rules of the Toronto Stock Exchange the shareholders of
Erdene must affirm the Rights Plan every three years.


Mongolia Project Update

Altan Nar

During the second quarter, the Company reported its best results to date from
drilling at the Altan Nar (Golden Sun) project in southwest Mongolia. These
included the highest grade gold interval drilled at Altan Nar with 17.7 g/t gold
over 5 m, within 19 m of 5.8 g/t gold, 37 g/t silver and 2.49% combined lead and
zinc, intersected in the Discovery Zone ("DZ"), and up to 24 m exceeding 2 g/t
gold at the Union North target, located over one kilometer north of the DZ.
Click here to read the Company's press release that presents the DZ results, and
here to read the Company's press release that presents the Union North results.
These near-surface mineralized zones have also been exposed at surface through
trenching. The DZ strike length was extended to 450 m and is still open to the
northeast and at depth where drilling returned 6 m of 4.8 g/t gold at 235 m.
Union North has been tested over a 150 m strike length through trenching and
drilling and remains open in all directions. 


During the second quarter the Company also completed an expanded surface
exploration program, an induced polarization ("IP") geophysical survey,
close-spaced infill geochemical soil sampling, and rock chip sampling. Results
from this program support the continued expansion of the gold-polymetallic
mineralization within the 5.6 km by 1.5 km target area at Altan Nar and has
resulted in improved definition of 12 highly prospective targets. Two of these
targets, the DZ and Union North, have been shown to host significant
near-surface mineralization while the remaining ten targets are relatively
un-tested by trenching and drilling. These zones have the potential to
significantly expand the areas of known gold-polymetallic mineralization at
Altan Nar with further exploration. The Erdene technical group is currently
compiling, reviewing and interpreting results of the second quarter 2014 program
which will be incorporated in the design of the next exploration phase to
commence in the third quarter. Exploration, including delineation and
exploration drilling, trenching and expanded geotechnical surveys is expected to
continue at Altan Nar during the remainder of 2014 with the goal of establishing
a maiden National Instrument 43-101 compliant resource and the identification of
further gold, silver, lead and zinc mineralization amenable to open pit
development. 


Khuvyn Khar Copper Porphyry Project

The 2014 exploration program at the Company's Khuvyn Khar copper project,
located 40 km east of the Altan Nar project, has included field evaluation of
the seven porphyry copper drill targets identified during the 2013 program and
geophysical characterization studies of drill core to provide further definition
and confidence in the modelling of potential mineralization at Khuvyn Khar.
Geochemical rock chip sampling, vein density mapping, and geophysical modeling
completed during the second quarter has resulted in the identification of new,
partially buried targets in the western and central portion of the Khuvyn Khar
target area. Plans are now being developed for additional work for the remainder
of 2014. The ongoing exploration program continues to confirm the potential for
copper-rich porphyry style mineralization within the Khuvyn Khar target area.
This conclusion is supported by high-grade copper-silver mineralization
intersected by Erdene in previous drilling (34 m of 1.34% copper and 9.24 g/t
silver). 


Regional Exploration

The Company continues to evaluate metal opportunities throughout Mongolia,
through both the Teck Alliance and independently, but has largely concentrated
in the southwest and predominantly on gold and base metals. This includes the
Company's 100% owned Altan Arrow license, located 15 km southeast of the Altan
Nar project, where recent trenching confirmed the presence of high-grade gold,
with 6 m of 4.5 g/t gold (including 1 m of 16.7 g/t gold) and 1 m of 31.4 g/t
gold within epithermal quartz veins and the potential for broader mineralized
zones. 


Zuun Mod Molybdenum Resource

The Company controls a very large, NI 43-101 compliant molybdenum and copper
resource in southwestern Mongolia. Although molybdenum prices have been under
downward pressure in recent years, the improving global economy and ongoing
shift in China from infrastructure industrialization to
urbanization/modernization has resulted in increasing demand for stainless steel
of which molybdenum is the third most widely used alloying element. Molybdenum
has one of the highest melting temperatures of all the elements, yet unlike most
other high-melting point metals, its density is only 25% greater than iron's.
Its coefficient of thermal expansion is the lowest of the engineering materials,
while its thermal conductivity exceeds all but a handful of elements. As such,
it is being used in many key areas in the urbanization and modernization area
including high strength steels allowing for weight reduction in automobiles,
piping for the oil and gas industry, desalination and sepercritical power plants
and in many everyday uses in residential and industrial construction. This
increasing demand, in the face of recent production decreases globally, has
resulted in a rebounding price for molybdenum in recent months with between 30%
and 50% increases over the low price reached in 2012. The Zuun Mod project,
based on its location relative to the China market, it's proximity to
infrastructure, its very large resource, and its potential for further
exploration success represents an exceptional development opportunity as the
Molybdenum markets rebound.


Teck Alliance

In April 2013 the Company formed an Alliance with Teck Resources Ltd. ("Teck")
under which Teck would subscribe for up to $3 million of the Company's equity
through subscriptions or 19.9% of the outstanding shares of Erdene, whichever
occurs first. Share purchases are priced at the then current market plus 10%.
Teck has participated in three subscriptions totaling $1.5M invested to date and
currently owns 12.2% of the outstanding shares of Erdene. Erdene is committing
85% of the proceeds of the Teck private placements to exploration work to be
directed by a technical committee, with the remaining 15% to be used for general
corporate purposes. Once Erdene has spent the proceeds from the Teck financings
on the initial program, Teck will have the option to acquire up to a 75%
interest in designated projects through a two-stage option process by funding
exploration expenditures of up to $10 million on the Company's Khuvyn Khar
project and up to $5 million on each of the other existing or acquired projects
(excluding Altan Nar and Zuun Mod) so designated within the Trans Altai project
area of southwest Mongolia. Projects are currently underway in the Trans Altai
area on regional properties and the Khuvyn Khar copper project.


Mongolia Update

In an effort to improve the investment climate for foreign investors, the
Mongolian government in October 2013 passed, with 83% parliamentary approval, a
new Foreign Investment Law that eases restrictions on foreign investors and
offers long-term tax stabilization contracts. In January 2014, the Mongolian
government announced the passing of an amendment to the Minerals Law that
reduced the royalty for gold from 10% to 2.5% under the condition that producers
sell their output to the Mongolian central bank. In addition to these positive
legislative changes, it is anticipated that Phase II funding for Rio Tinto's Oyu
Tolgoi copper-gold project will be approved in 2014, allowing it to advance to
underground development. It is expected that the approval of the underground
phase of this world-class project will be a positive stimulus for the mineral
exploration and mining sector in Mongolia.


Significant Cost-Saving Initiatives

During the AGM, the Company presented details of significant cost-saving
initiatives undertaken during the past year. At the 2013 AGM, the cost-saving
target presented was a minimum 43% reduction in G&A during fiscal 2013. That
target was exceeded with cash administration costs decreasing by $771,220, or
53%, compared to the prior year. This significant cost saving is evidence of
management's continued focus on the reduction of overhead and administrative
expenses and the increase of equity-based compensation in lieu of cash. In 2013,
administrative expenses totaled $939,455 (including $225,626 in non-cash stock
based compensation), compared to $1,678,298 in 2012 (including $186,559 in
non-cash stock based compensation). 


Options

Following the AGM, the Company's board granted an aggregate of 1,090,000
incentive stock options to an aggregate of 21 directors, officers and employees
of and consultants to the Company. The options are exercisable for 5 years at an
exercise price of $0.16.


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 74,956,612 issued and
outstanding common shares and a fully diluted position of 89,653,051 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 

FOR FURTHER INFORMATION PLEASE CONTACT: 
Erdene Resource Development Corp.
Peter C. Akerley
President and CEO
(902) 423-6419


Erdene Resource Development Corp.
Ken W. MacDonald, Vice President Business Strategy and CFO
(902) 423-6419
info@erdene.com
www.erdene.com
Twitter: https://twitter.com/ErdeneRes

Aldridge Minerals Inc. (TSXV:AGM)
Gráfica de Acción Histórica
De Abr 2024 a May 2024

Aldridge Minerals Inc. (TSXV:AGM)
Gráfica de Acción Histórica
De May 2023 a May 2024