Erdene Announces Q1 2024 Results and Provides Bayan Khundii Gold Project Update

HALIFAX, Nova Scotia, May 13, 2024 (GLOBE NEWSWIRE) -- Erdene Resource Development Corp. (TSX:ERD; MSE:ERDN) ("Erdene" or the "Company") is pleased to announce operating and financial results for the three months ended March 31, 2024, and to provide an update on progress at its 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 Q1-2024 Condensed Consolidated Interim Financial Statements and MD&A, available on the Company’s website and SEDAR+.

Peter Akerley, Erdene’s President and CEO stated, “During the first quarter, Erdene and MMC closed their Strategic Alliance and formally launched construction of the Bayan Khundii Gold Project, one of the highest grade, open pit gold mines under development globally. Bayan Khundii will be Mongolia’s largest primary gold producer when it reaches full production, providing new opportunities for the Mongolian mining sector, increasing the industry’s contribution to the national economy and creating long-term value for Erdene shareholders.”

He continued, “Construction at Bayan Khundii is proceeding to schedule and budget with approximately 15% of works complete at the end of the first quarter. There are now over 400 personnel on-site working safely towards first gold in Q2 2025.”

Mr. Akerley concluded, “During the first quarter we also launched our 2024 exploration program, as we look to expand mineralization in the Khundii Minerals District (“KMD”), located in an under-explored, world-class gold and copper belt. Ground-truthing of high-potential drill targets at Dark Horse and Ulaan commenced in Q2 along with surface exploration of Zuun Mod gold and copper targets and other regional exploration work.”

Q1-2024 Highlights and Significant Subsequent Events:

Images: Bayan Khundii Construction Site – May 2024

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/50d71a60-4cf0-48d5 ...

Bayan Khundii Gold Project

• Announced formal construction decision for Bayan Khundii on January 15, 2024
  • Mobilized for full construction during Q1 2024 with over 400 personnel now on-site
  • Project is proceeding to budget and schedule – construction expected to be substantially complete by the end of 2024, commissioning in Q1 2025 and first gold production in Q2 2025
• Reached 15% construction progress at Bayan Khundii by the end of Q1 2024
  • Achieved 1,000,000 hours construction effort without a lost-time incident
  • Finished detailed design work and completed procurement of critical long-lead equipment
  • Commenced Process Plant structural steel erection
• Advanced community development and local employment stakeholder programs
  • Local Cooperation Agreement in place to support 2024 local development programs
  • Recruitment and training of Bayan Khundii mine workforce well advanced, with 100 local residents completing mining equipment operator training

Khundii Minerals District Exploration