Rdene Provides Project Updates and Third Quarter Financial Results 2010 Third Quarter Highlights

Marketwatch

(TSX:ERD)

--  Pre-feasibility studies continue on Donkin Coal Project, expected to be finalized    within the fourth quarter, 2010.

--  Work continues on Zuun Mod Molybdenum Project in Mongolia with a 4,000-metre drilling program announced to test molybdenum and copper targets.

--  Throughout the quarter, exploration programs, including geophysical surveys and drilling, were carried out over new coal and metals targets identified in south-western Mongolia.

--  During the quarter, Advanced Primary Minerals Corporation ("APM") closed a $1 million private placement; Erdene participated with a $350,000 investment and conversion of $379,101 in existing debt to APM shares to hold 59.7% of APM's issued and outstanding shares.

--  Aggregates USA Inc. continued with mine development including site preparation and acquisition of processing equipment for the Sparta Quarry (Granite Hill) Aggregate Project in Georgia, USA; commercial production is expected to start late in 2011.

--  Erdene's third quarter expenditures were directed toward the advancement of the Company's primary projects; ending the quarter with $10.5 million in cash and cash equivalents.

Read full report here

By author: admin - Nov 19, 2010 / Categories: News