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.

Source: TheChronicleHerald.ca