Latest news with #Erdene
Yahoo
04-07-2025
- Business
- Yahoo
Erdene Resource Development to acquire up to 80% in Tereg Uul, Kazakhstan
Erdene Resource Development has entered an option agreement to acquire up to an 80% interest in the Tereg Uul copper-gold porphyry prospect in Kazakhstan. The prospect is strategically located 10km southwest of the significant Oyu Tolgoi deposit in the South Gobi province and spans 6,694 hectares. The exploration licence for Tereg Uul, currently held by Tereg Uul Mines (TUM), was issued on 5 April 2023 and is in the third year of a 12-year term. It can be converted to a mining licence by fulfilling the requirements of the Minerals Law of Mongolia. Erdene president and CEO Peter Akerley stated: 'We are excited to explore for copper and gold along trend of Oyu Tolgoi, soon to become a top-four global copper producer. With the high-grade Bayan Khundii gold project on track for first gold production this quarter, and exploration continuing in the Khundii minerals district, we are in a position to take advantage of new opportunities to create additional value for shareholders.' Erdene's initial commitment includes investing $300,000 in exploration within 12 months and making a $200,000 payment to the option grantor. Up to 2028, Erdene is required to make escalating payments totalling $1.8m to the option grantor and commit a further $3m in exploration expenditures. Between the third and fourth anniversaries of the option agreement, Erdene has the option to acquire a 51% equity stake in TUM with a $5m payment. Erdene will oversee all exploration activities during the option term and can terminate the agreement without penalty. To reach an 80% equity ownership stake, Erdene is required to invest an additional $10m in exploration and make an $8m payment by the eighth anniversary. 'The Tereg Uul property is located within a corridor of copper-gold porphyry-related deposits and prospects that extend over 50 kilometres along trend of the Oyu Tolgoi deposits. This option agreement provides Erdene a low-risk opportunity to explore proximal to one of the largest copper-gold systems globally,' added Akerley. Erdene began full construction at the Bayan Khundii gold project in southwestern Mongolia in January 2024, following a strategic alliance agreement with MMC, which now holds a 50% equity stake in Erdene's subsidiary, Erdene Mongol. "Erdene Resource Development to acquire up to 80% in Tereg Uul, Kazakhstan" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
Yahoo
03-07-2025
- Business
- Yahoo
Erdene Enters Agreement to Acquire Tereg Uul Copper-Gold Porphyry Prospect
Tereg Uul HALIFAX, Nova Scotia, July 03, 2025 (GLOBE NEWSWIRE) -- Erdene Resource Development Corporation (TSX:ERD | MSE:ERDN) ('Erdene' or the 'Company') is pleased to announce the execution of an option agreement to acquire an up to 80% ownership interest in the Tereg Uul copper-gold porphyry prospect, located approximately 10 kilometres southwest of the Oyu Tolgoi deposit. Peter Akerley, Erdene's President and CEO stated, 'We are excited to explore for copper and gold along trend of Oyu Tolgoi, soon to become a top-four global copper producer. With the high-grade Bayan Khundii Gold project on track for first gold production this quarter, and exploration continuing in the Khundii Minerals District, we are in a position to take advantage of new opportunities to create additional value for shareholders.' Mr. Akerley continued, 'The Tereg Uul property is located within a corridor of copper-gold porphyry related deposits and prospects that extend over 50 kilometres along trend of the Oyu Tolgoi deposits. This option agreement provides Erdene a low-risk opportunity to explore proximal to one of the largest copper-gold systems globally.' Tereg Uul The 6,694 hectare Tereg Uul exploration license, located in Khanbogd & Bayan-Ovoo soums, South Gobi province, is held by the private Mongolian company Tereg Uul Mines LLC ('TUM'). The license was issued on April 5, 2023, and is in its third year of a maximum 12-year term, and can be converted to a mining license at any time prior to the end of the twelfth year by meeting the requirements prescribed under the Minerals Law of Mongolia. The property is located approximately 10 kilometres southwest from the Oyu Tolgoi mine, along the Oyu Tolgoi mineralization corridor, and 5 kilometers south of the Oyu Tolgoi license boundary near Entrée/Oyu Tolgoi's joint venture Railway copper-gold prospect. The porphyry trend continues south through the Tereg Uul licence to the Khatsavach Uul porphyry copper prospect located 10 kilometres south of Tereg Uul (see Figure 1). Although modern exploration is limited due to closure since 2009, state sponsored mapping in the late 1980s and exploration on the license in the early 2000s by Ivanhoe Mines identified geophysical and geochemical anomalies which remain undrilled. The license is underlain by favorable Paleozoic host rocks of similar ages to those which host the Oyu Tolgoi deposits. The Tereg Uul property also contains several anomalous gold occurrences related to epithermal style veins at surface and base metal geochemical signatures. Exploration is expected to commence in late Q3. Terms of Arrangement Under the terms of an option agreement Erdene may acquire an up to 80% interest in TUM through a series of exploration and payment milestones. Upon signing the option agreement, Erdene will commit to invest US$300,000 in specified exploration expenditures within twelve months and make a payment of US$200,000 to the option grantor. On the first, second and third anniversaries of the option agreement, the Company shall make payments of US$400,000, US$500,000 and US$900,000, respectively, to the option grantor, and commit to a total of US$3,000,000 in exploration expenditures. The Company may acquire a 51% equity ownership stake in TUM between the third and fourth anniversaries through a payment of US$5 million to the option grantor. Erdene will direct all exploration activities at the property during the term of the option and may terminate the option agreement without penalty at any time. Erdene can acquire an up to 80% equity ownership stake through the investment of a further US$10 million in exploration and evaluation expenditures, and through an additional payment of US$8 million to the option grantor, on or before the eighth anniversary of the agreement. About Erdene Erdene Resource Development Corp. is a Canada-based resource company focused on bringing the Bayan Khundii Gold Mine into production in late 2025 and on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia. The Company has interests in three mining licenses and an exploration license in Southwest Mongolia, where exploration success has led to the discovery and definition of the Khundii Gold District. Erdene Resource Development Corp. is listed on the Toronto and the Mongolian stock exchanges. Further information is available at Important information may be disseminated exclusively via the website; investors should consult the site to access this information. 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 the ability to obtain required third party approvals, 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 Erdene Contact Information Peter C. Akerley, President and CEO, or Robert Jenkins, CFO Phone: (902) 423-6419 Email: info@ Twitter: Facebook: LinkedIn: YouTube: A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
14-05-2025
- Business
- Yahoo
Erdene Announces Q1 2025 Results and Provides Bayan Khundii Project Update
HALIFAX, Nova Scotia, May 14, 2025 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") is pleased to announce operating and financial results for the quarter ended March 31, 2025, and to provide an update on progress at the Bayan Khundii Gold Project ('BK' or 'Project'), being developed with Mongolian Mining Corporation ('MMC'). This release should be read in conjunction with the Company's Q1 2025 Financial Statements and MD&A, available on the Company's website and SEDAR+. All dollars are Canadian unless otherwise noted. Peter Akerley, Erdene's President and CEO stated, 'The team made great progress safely advancing BK towards production during the first quarter. With over 700 personnel on-site, the Project is currently 92% complete as we work towards first gold in late Q3 2025.' Mr. Akerley continued, 'We have commissioned the Project's first ten facilities and expect to commission the balance of non-process infrastructure in Q2, including the accommodation village, 240 kilometre overhead transmission project and laboratory. The process plant stands at 90% complete, with detailed piping, electrical and instrumentation work, as well as completion of the conveyor, crushing and grinding station remaining. Concurrently, the mining fleet has begun to arrive at site and training and initial earthworks are underway.' Mr. Akerley concluded, 'Infill drilling reported in late Q1 2025 confirmed the high-grade nature of the Bayan Khundii deposit, and in some cases expanded mineralization. Drilling of a further 200 shallow holes in these expansion areas is now underway, the results of which will be incorporated into an updated BK mine plan in the coming months. With its high grades and potential for expansion, the Bayan Khundii deposit is the cornerstone mine development in the prospective, underexplored Khundii Minerals District.' Q1 2025 Highlights and Significant Subsequent Events:Images – clockwise from top left: Bayan Khundii Site Overview, Chemical Storage, Accommodation Village, Crushing Circuit and Process Plant Interior – May 2025 Bayan Khundii Gold Project – Q1 2025 Progress Update Achieved 87% construction progress as at March 31, 2025 Incurred US$96 million of expenditures to the end of Q1 2025 – potential cost increases due to logistical and weather delays and scope changes are expected to be within available funding 674 contractors on site at the end of Q1 2025 achieving total recordable injury frequency rate of 0.0 per 200,000 person hours and no reportable environmental incidents to date Process plant, the critical path facility, was also 87% complete at quarter end, with concrete, structural and architectural substantially completed and all major equipment installed Construction progress for non-process buildings was 87%, infrastructure facilities were 87%, and power supply was 76%, largely consistent with schedule Commissioning completed for 9 facilities in Q1 2025 with the balance of the facilities planned progressively throughout Q2 2025 Construction to be substantially complete in Q2 2025 and first gold production in late Q3 2025 Advanced operational readiness for Bayan Khundii Mine equipment operator and maintenance team hiring and training is complete ahead of pre-production at BK in Q2 2025 Process plant operations and maintenance team hiring remains on track, with key senior personnel on board Purchasing of key tools, consumables and spares proceeding to plan Delivered on community development and local employment stakeholder programs Approximately 29% of site personnel are residents of Bayankhongor province, a significant portion of whom reside in Shinejinst, the closest settlement to BK – 23% of the Project's total direct employees are female Recruitment and training of BK mine workforce continued this quarter with eighth cohort of local residents for equipment operator training completed at MMC's UHG mine, for a cumulative total of over 160 people undertaking the training Continued support for small and medium enterprises in the local province, including purchases of agricultural products, technical support, and a micro finance loans Khundii Minerals District Exploration Completed 2025 exploration program planning for Erdene Mongol LLC ('EM') Near-term focus on mine geology for Bayan Khundii and near-pit expansion opportunities Approximately 200 ore-control holes planned for Q2 2025 Engaged RPMGlobal to prepare an updated independent mineral resource for Zuun Mod Report scheduled to be completed by mid-2025 Expect to incorporate updated resource into a preliminary economic assessment in late 2025 Planning completed for follow-up drilling at Zuun Mod Corporate Recorded net loss of $4,500,861 for the three months ended March 31, 2025, compared to net loss of $2,678,373 for the three months ended March 31, 2024 Exploration and evaluation expenses totaled $973,590 for the three months ended March 31, 2025, compared to $783,156 in the prior year comparative quarter, due to an increase in incentive payments in the current year, the transfer of staff from EM to the Company in mid-2024 following the close of the Strategic Alliance, as well as the impact of the accrual of first gold bonuses for senior staff in advance of anticipated Bayan Khundii gold production in 2025 Corporate and administrative expenses totaled $1,500,855 for the three months ended March 31, 2025, compared to $2,777,588 for the three months ended March 31, 2024, with the year-on-year reduction primarily due to the prior year write-off of previously deferred project finance and other arrangement costs following the termination of project finance diligence due to the Bayan Khundii shareholder loan with MMC Due to an increase in non-capitalized interest expenditures by EM following the February 2024 financing, a loss from investment in associate of $2,084,431 was recorded for the three months ended March 31, 2025, compared to $257,016 in the prior year comparative quarter Qualified Person Peter Dalton, (Nova Scotia), Senior Geologist 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 Corp. is a Canada-based resource company focused on bringing the Bayan Khundii Gold Mine into production in late 2025 and on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia. The Company has interests in three mining licenses and an exploration license in Southwest Mongolia, where exploration success has led to the discovery and definition of the Khundii Gold District. Erdene Resource Development Corp. is listed on the Toronto and the Mongolian stock exchanges. Further information is available at Important information may be disseminated exclusively via the website; investors should consult the site to access this information. 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 the ability to obtain required third party approvals, 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 Erdene Contact Information Peter C. Akerley, President and CEO, or Robert Jenkins, CFO Phone: (902) 423-6419 Email: info@ Twitter: Facebook: LinkedIn: A photo accompanying this announcement is available at in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
