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Erdene initiates drill program at Bayan Khundii gold project in Mongolia

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Erdene initiates drill program at Bayan Khundii gold project in Mongolia

Erdene ResourceDevelopment Corp. said April 8 that its drill program is underway atits Bayan Khundiigold project in southwest Mongolia.

The drill program will consist of approximately 30 holes for3,500 meters and will test both strike and vertical extensions of gold mineralizationintersected in the fourthquarter of 2015.

Gold mineralization has been identified in three separate prospectareas over a 1.7-kilometer trend. Objectives for this drill program will includetesting the lateral and vertical extent of the Striker zone, particularly the adjacentparallel mineralized zones within the main area and gold mineralization at depthsgreater than 50 meters.

Erdene also plans to complete a series of step-out drill holesto test extensions of mineralization to the south, north, and east of the main mineralizedarea.

In addition, the company seeks to undertake detailed mapping,infill geochemical surveys over target areas and expanded surveys over the entirelicense area this year. The company also plans further induced polarization surveysand trenching to test continuity and extent of mineralization at surface.

Various technical studies will be carried out for future scopingand feasibility-level studies.

Metallurgical tests indicate a 99% gold recovery for a high-gradecomposite sample and a 92% gold recovery for a low-grade composite sample, usingconventional processing techniques.