Erdene Resource Development Corporation (TSX:ERD) (MSE:ERDN) is pleased to announce completion of the previously announced non-brokered private placement, raising gross proceeds of $7,180,106, led by a $2 million investment from Mr. Eric Sprott.

Pursuant to the Offering, Erdene sold 23,933,687 units of the Company at a price of $0.30 per Unit. Each Unit consists of one common share and one-half of one common share purchase warrant. Warrants are exercisable by the holder into one common share of the Company within two years of the closing date, at a price of $0.45 per share. Erdene will pay finder’s fees of $151,048 and will issue 236,826 finder’s warrants in connection with the Offering. The finder’s warrants are exercisable on the same terms as the unit Warrants.

Proceeds of the Offering will be used to fund exploration, including follow up drilling at the recent Ulaan and Dark Horse discoveries, site establishment work for the Company’s Bayan Khundii Gold Project development, and for general working capital purposes.

About Erdene

Erdene Resource Development Corp. is a Canada-based resource company focused on the acquisition, exploration, and development of precious and base metals in underexplored and highly prospective Mongolia. The Company has interests in three mining licenses and an exploration license in Southwest Mongolia, where exploration success has led to the discovery and definition of the Khundii Gold District. Erdene Resource Development Corp. is listed on the Toronto and the Mongolian stock exchanges.