CAD 2 million has been raised for “Khundii” project

“Erdene Resource Development Corporation” company listed on Mongolia and Toronto Stock Exchange, announced that the company has raised CAD 2 million within the closed framework yesterday. The company sold 10 million shares and per share was CAD 0.2.

The use of proceeds will be spent for producing independent and preliminary feasibility study, drilling work to examine extension of Bayan Khundii’s ore, and application and purchase of mining special license of the project.

“Tetra-tech company has been producing preliminary feasibility study of “Khundii” gold project of “Erdene Resource Development” since March. The feasibility study will be introduced within the third quarter of this year. Whereas “Sustainability East Asia” company is doing research of environmental and social impact as well as “Blue Coast Laboratories” company is executing metallurgical research.

Source:Local Newspaper “Today Newspaper”