"Erdene Resource Development Corporation" JSC is pleased to announce the commencement of full construction at the high-grade, open-pit Bayan Khundii Gold Project (“Bayan Khundii”, “BK” or "Project”) in southwestern Mongolia and the close of the investment by Mongolian Mining Corporation (“MMC”) as part of the Strategic Alliance Agreement (“SAA”) to develop the Khundii Minerals District.

Peter Akerley, Erdene’s President and CEO stated, “We are extremely pleased to announce the formal commencement of construction at the Bayan Khundii gold project and the close of our Strategic Alliance with MMC, Mongolia’s leading publicly traded mining company. The Bayan Khundii gold mine is one of the highest grade, open pit gold mines under development globally and will be Mongolia’s largest gold primary producer when it reaches full production.”

Mr. Akerley continued, “The Bayan Khundii Gold Project is the foundation for the development of the Khundii Minerals District, located in a rapidly emerging mining region in southwest Mongolia. Our stakeholders benefit from tremendous exploration opportunities in an under-explored, world class gold and copper belt with an established pipeline of high-quality projects, including high grade gold satellite deposits to Bayan Khundii, the large Altan Nar gold-polymetallic deposit and the vast Zuun Mod molybdenum-copper porphyry resource. MMC is the ideal partner to develop the Khundii Minerals District with its experience in large scale mining, expertise in construction, power supply, transportation and logistics, and national and international relationships. Together, we will unlock new opportunities for the Mongolian mining sector, increase the industry’s contribution to the national economy and create long-term value for Erdene shareholders.

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