Erdene Resource Development Corp intends to undertake a non-brokered private placement to raise up to $1 million and has engaged the services of Altus Securities to act as advisor on behalf of the company. Net proceeds will be used to advance the Altan Nar Gold-Polymetallic Project and for general working capital purposes.

Erdene plans to sell more than 7.142 million units at a price of Can $0.14 per unit. Each unit will consist of one common share and one-half of one common share purchase warrant, with each whole common share purchase warrant entitling the holder to purchase one common share at a price of $0.16 for a six month period from the closing date.

The company’s current work plan for Altan Nar includes process test work, evaluations of the mining, engineering, transportation and marketing options, and exploration and development related drilling.

The placement is expected to close on or before June 5, 2015, and is subject to certain conditions, including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the Toronto Stock Exchange.

Erdene is a Canada-based resource company focused on the acquisition, exploration, and development of base and precious metals in underexplored and highly prospective Mongolia. Its flagship asset is the Altan Nar project, a high-grade, near-surface deposit with mineralization extending over 5.6km.

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