NOVA SCOTIA – Halifax-based Erdene Resource Development Corp. has entered into a deal with Advanced Primary Minerals Corp. whereby APM will gain control of all of Erdene’s North American property assets for APM shares. Erdene will focus on precious and base metals exploration in Mongolia.
Following the completion of the arrangement, all of Erdene’s North American property interests will be held by an amalgamated company (Amalco). A total of $1.95 million cash will be included with the asset transfer. A new name and management team for Amalco will be announced at a future date.
Erdene’s principal asset in North America is the Donkin coal exploration project in Cape Breton. In May 2012, Erdene’s partner in the project, Xstrata Coal, decided to sell its 75% share of the project.
For further details regarding the Donkin project, please visit the Erdene website at Erdene.com.