Erdene Gold Inc. (TSX: ERD)
has announced the company's plans for its 2007 Mongolian projects. The
Zuun Mod delineation drill program is among the company’s largest
projects planned for 2007. The company's 2007 budget of $11.5 million
also includes drill testing of four copper (with gold, molybdenum and/or
platinum) targets in Mongolia.
Through five partnerships,
Erdene also receives the benefits of its partner's expenditures, the
most significant of which is the Mongolian coal programs being funded
by Xstrata Coal.
According to company officials,
two diamond drill coring rigs are operating at the Zuun Mod project
carrying out Phase I delineation drilling on the Racetrack and Stockwork
zones. As announced in April, Erdene began its 2007 drilling program
at its wholly owned Zuun Mod project in Mongolia.
Additionally, eight holes totaling
approximately 2000 meters have been allocated in the 2007 budget to
test the Biger copper-gold-platinum prospect with the program starting
before July 1.
In January 2007, Erdene acquired
the rights to the Mogoit and Tsagaan Ovoo properties from Xstrata Copper
("Xstrata"). Surface exploration, including geologic mapping
and geochemical surveying, will begin in the second quarter to provide
targets for a 2000 meter drill program planned for the third quarter
of 2007.
2007 plans for the Erdenet
Copper Project include follow-up drilling along with drill testing of
a new target (Tsagaan Chuluut) 4 kilometers to the northwest of the
EMC open pit. It is anticipated that the program will include four shallow
holes (less than 150 meters) and a deeper hole in the Tsagaan Chuluut
prospect.
During the 2007 field season,
several of Erdene's other projects will be evaluated including the Bayan
Kharaat copper-molybdenum site, the Wild Mountain massive sulfide target,
Tsenkher Gol gold project, and the Temuujin copper-gold site.
Based on the 2006 drilling
results, Erdene and Xstrata Coal Canada Limited ("Xstrata Coal")
are continuing the Galshar project and will begin a 30-hole drilling
program during the second quarter of 2007 to further define the coal
seams intersected to date and confirm the coal quality. Erdene believes
that Galshar has the potential to be the site of a large-scale open-pit
operation of thermal grade coal with a low stripping ratio. This program,
in being fully funded through to the feasibility stage by Xstrata Coal.
will enable them to earn a 75% interest in any coal project that is
developed.
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