The Company intends to use the net proceeds of the Offering for expenditures on the Company's Pen Gold Project, located 75 km south west of Timmins, Ontario.
Erdene is pleased to report high-grade gold intersections from the Company's recently completed, maiden drill program at its wholly-owned Bayan Khundii gold project in southwest Mongolia.
According to the agreement, TRER will supply up to 300,000 pounds of natural uranium concentrates (U308) per year based upon a pricing formula indexed to U308 spot prices at the times of delivery.
Toronto-based Primero Mining reported Wednesday lower gold reserves at its San Dimas operation, impacted by lower price assumptions, while silver reserves rose.