Erdene Resource Development Corp. (TSX:ERD) (“Erdene” or “Company”), is pleased to announce that it has closed its non-brokered private placement financing with the issuance of 9,797,500 units (the “Units”) priced at $0.07 per Unit for gross proceeds of $685,000. The $500,000 private placement previously announced on October 18th, 2013 was oversubscribed and was increased to the maximum to satisfy strong investor demand. Each Unit is comprised of one common share of the Company and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder to purchase one common share of the Company at a price of $0.10 for a 24-month period.

All securities issued pursuant to the private placement are subject to a four month hold period. No commissions or finder”s fees will be paid in connection with the placement. Net proceeds of the private placement will be used to advance the Company”s projects in Mongolia and for general working capital. For more details on Erdene”s projects please visit Erdene”s website at www.erdene.com.

Teck Resources Limited (“Teck”) has subscribed for 2,142,857 Units of the private placement for a total of $150,000, bringing Teck”s holdings of Erdene”s outstanding common shares to 10.4%. This investment will reduce the minimum amount of additional equity investment required to be made by Teck on or before April 23rd, 2014 from $500,000 to $350,000 in order to maintain the Strategic Alliance between Teck and Erdene (see April 11th, 2013 Erdene press release – Erdene Establishes Strategic Alliance in Mongolia).

About Erdene

Erdene Resource Development Corp. is a Canada-based resource company focused on the acquisition, exploration, and development of base and precious metals in underexplored and highly prospective Mongolia. For further information on the Company, please visit www.erdene.com. Post issuance from this transaction, Erdene has 68,582,813 issued and outstanding common shares and, a fully diluted position of 81,791,739 common shares.