Erdene Resource Development Corporation
TSX : ERD

Erdene Resource Development Corporation

May 21, 2010 14:16 ET

Erdene Announces Highlights of AGM

HALIFAX, NOVA SCOTIA--(Marketwire - May 21, 2010) - Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Corporation"), a diversified minerals company with assets in Canada, the United States and Mongolia, commented on the results of its Annual General Meeting of Shareholders, held on May 20, 2010. The meeting and subsequent presentation is available on Erdene's website at www.erdene.com.

"We believe the Donkin Coal Project represents one of the most exciting mining industry developments Eastern Canada has witnessed in many years with the potential to have a significant impact on the economy of Nova Scotia and create exceptional value for our shareholders. The combination of the large, high quality coking and thermal coal resource and being located on deep water is extremely rare globally. The passing of time only increases its value as the world's largest high quality coal deposits are being rapidly depleted. We are impressed by the increased activity now underway under the management of Xstrata Coal Canada Ltd and look forward to some major milestones being passed as we move through 2010. In regards to our other activities, Mongolia remains very active with the Zuun Mod molybdenum project moving through economic evaluations and regulatory approvals while our early stage exploration provides exciting upside in both metals and coal projects currently underway. Our subsidiary kaolin business and crushed stone interests along with our strong financial position provide a very solid base to our organization," said President and CEO, Peter Akerley.

Appointment of Board and Executive

At the Annual General Meeting ("AGM"), the shareholders re-appointed the existing board, which consists of nine directors: Peter Akerley, Bill Burton, John Byrne, Dave Carnell, Chris Cowan, Jamie Frankcombe, Ken MacDonald, Stuart Rath and Philip Webster to be the Directors of the Corporation, to hold office until their successors are duly elected or appointed.

Following the AGM, the Erdene board of directors confirmed the appointment of its executive officers, namely: President and Chief Executive Officer - Peter Akerley; Vice President Asia - Christopher Cowan; Vice President Business Strategy and CFO - Ken MacDonald; Secretary - Suzan Frazer.

Auditor Re-Appointed

KPMG LLP has been re-appointed Auditor of the Corporation to hold office until the next annual meeting of shareholders or until its successor is duly appointed.

About Erdene

Erdene Resource Development Corp. is a diversified resource company with multiple projects at various stages of development from exploration to production; all projects are focused on high- growth commodities. These projects include a 25% interest in Xstrata's eastern Canadian Donkin Coking Coal Project, a 100% interest in the large tonnage Zuun Mod Molybdenum project in Mongolia, a royalty interest in a developing construction material project in the United States as well as a 64% equity interest in TSX-V listed Advanced Primary Minerals. Erdene has a current working capital position of approximately $12.1M, including that of its controlled subsidiary APM, with 89,230,877 common shares issued and outstanding and a fully diluted position of 93,034,877 common shares.

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 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. Discussion of the various factors that may affect future results is contained in Erdene's Annual Information Form dated March 29, 2010, which is available at www.sedar.com. The information contained herein is stated as of the current date and subject to change after that date. The Corporation does not assume the obligation to revise or update forward-looking statements, except as may be required under applicable securities laws.

Contact Information

  • Erdene Resource Development Corp.
    Peter C. Akerley
    President and CEO
    902-423-6419
    or
    Erdene Resource Development Corp.
    Ken W. MacDonald
    Vice President Business Strategy and CFO
    902-423-6419
    info@erdene.com
    www.erdene.com