www.mad-mongolia.com October 8, 2013
Erdene Resource Development Corp. has started an exploration program at its wholly owned Altan Nar gold-polymetallic project in southwest Mongolia.
The Dartmouth junior mining company said Monday the program will further define near-surface mineralization identified to date and prioritize next-phase drilling areas.
“The objective now is to establish initial targets for open-pit development at Altan Nar while continuing to explore this large area at surface and at depth where high-grade, gold-polymetallic shoots have been identified,” said Peter Akerley, Erdene’s president and chief executive officer, on Monday.
Since 2011, Erdene has done field mapping, geochemical and geophysical surveys, drilling, metallurgical studies and early development scenario evaluations of the Altan Nar prospect.
Akerley welcomed the passing Thursday of a new investment law by the Mongolian parliament.
“The passing of the new investment law brings welcomed stability to the regulatory framework of Mongolia and confidence to more rapidly develop this exciting new project,” he said.
Erdene stock was trading for eight cents a share on the TSX on Monday, unchanged from its previous close.