Erdene Provides Highlights of AGM

June 16, 2016

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HALIFAX, NOVA SCOTIA–(Marketwired – June 16, 2016) – Erdene Resource Development Corp. (TSX:ERD) (“Erdene or “Company”), is pleased to announce its shareholders voted in favour of all items of business brought before them at the Company’s Annual and Special Meeting of Shareholders (“AGM”) held on June 14, 2016 in Halifax, Nova Scotia. Details of the AGM are provided below, and a webcast of the AGM presentation is available here.

Appointment of Board and Executive

At the AGM, shareholders voted in favor of Erdene management’s nominees to the board of directors, with details of the vote as follows:

Nominee Votes For % For Votes Withheld % Withheld
Peter Akerley 46,528,199 99.99% 2,450 0.01%
Dr. Anna Biolik 46,522,409 99.98% 8,240 0.02%
William Burton 46,528,199 99.99% 2,450 0.01%
John Byrne 46,514,984 99.97% 15,665 0.03%
J.C. (Chris) Cowan 46,524,349 99.97% 6,300 0.01%
T. Layton Croft 46,515,699 99.97% 14,950 0.03%
David Mosher 46,515,699 99.97% 14,950 0.03%
Philip Webster 46,513,209 99.96% 17,440 0.04%

“We are very pleased to welcome Dr. Anna Biolik and David Mosher to our Company’s board of directors. Their combined experience in business development, government relations, and mining in foreign jurisdictions will add strength as we advance our core gold projects in southwest Mongolia,” said Peter Akerley, Erdene’s President and CEO. “Anna has over thirty years of public and private sector experience and is one of the foremost Canadian experts on Central Asian business and diplomacy, having acted as Canada’s first resident Ambassador in Mongolia, while David is a gold mining executive with over thirty-five years of experience in mine and company building in foreign jurisdictions, including Russia and Burkina Faso.”

Following the AGM, Erdene’s board of directors appointed its executive officers for the coming year, namely: President and Chief Executive Officer – Peter Akerley; Chairman of the Board – Chris Cowan; Vice President and Chief Financial Officer – Ken MacDonald; and Corporate Secretary – Suzan Frazer.

Auditor Re-Appointed

KPMG LLP was re-appointed Auditor of the Company to hold office until the next AGM or until its successor is duly appointed.

Approval of Unallocated Options under the Company’s Incentive Stock Option Plan

At the AGM, shareholders also approved all unallocated options issuable under the Company’s incentive stock option plan.

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. The Company holds four exploration licenses and a mining license in southwest Mongolia. These include: Altan Nar – an extensive, high-grade, near-surface, gold-polymetallic project that the Company is advancing toward a production decision, however the Company has not yet completed a mining study to support the technical feasibility and economic viability of Altan Nar; Bayan Khundii – an earlier-stage, high-grade gold discovery made in Q2-2015; Khuvyn Khar – an early-stage, copper-silver porphyry project with multiple drill targets and significant copper intersections; Zuun Mod – a large molybdenum-copper porphyry deposit; and Altan Arrow – an early-stage, high-grade, gold-silver project. In addition to the above properties, the Company has an Alliance with Teck Resources Limited on regional, copper-gold exploration in the prospective Trans Altay region of southwest Mongolia. For further information on the Company, please visit Erdene has 121,040,992 issued and outstanding common shares and a fully diluted position of 134,407,820 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. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.


Category: General