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Erdene Gold says Zuun Mod site has larger deposits than previously estimated |
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Friday, 30 November 2007 |
 Canadian-based Erdene Gold
Inc. (TSX: ERD) has announced larger deposits of copper and molybdenum
have been discovered at its Zuun Mod site.
Molybdenum is a silver-white
metallic element, used as an alloy with iron in making hard, high-speed
cutting tools.
"Zuun Mod continues to
impress our technical team with these latest results further defining
two large open pit targets which is exciting given we have only drill-tested
a small portion of the known molybdenum and copper anomaly" said
Peter Akerley, President and C.E.O. "As China moves to restrict
molybdenum exports and foreign investment in molybdenum projects and
producers announce reductions in future supply, the market is undergoing
significant tightening."
Of particular note is that
the new deposits have been found close to the surface and extend for
up to 231 meters in initial estimates.
Also of importance is that
the Zuun Mod site lies only 200 kilometers by rail into China, which
is the largest consumer of molybdenum in the world.
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