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Erdene Announces Wind-Up of Mongolian Coal Alliance, Updates Strategic Objectives; Establishes New Alliance With Teck

Erdene Resource Development Corp. (ERD.TO), trading near a year low 11.5 cents, announced overnight that the Xstrata Coal Mongolia Alliance Agreement has been discontinued and provided an update on the company's strategic objectives.

Erdene today announced that it has entered into a strategic alliance with Teck Resources Limited (TCK-B.TO). It said the alliance was formed by the signing of option and private placement agreements to fund and explore the company's mineral tenements in the Trans Altay region of southwest Mongolia. Initially, the program will focus on the company's Khuvyn Khar copper porphyry prospect as well as exploration of select targets across the Trans Altay region. Excluded from the alliance are the company's Altan Nar gold project and its Zuun Mod

molybdenum-copper deposit.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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