Erdene Announces Wind-Up of the Mongolian Coal Alliance and Updates Strategic Objectives: "Mongolia Coal Alliance
Pursuant to the terms of the Mongolia Alliance Agreement ("Agreement") entered into on February 13, 2006, between Xstrata Coal Canada Limited and Erdene, the parties have mutually agreed to discontinue the Agreement.
Over the past seven years, Erdene has conducted coal-focused, regional scale, geological mapping programs across Mongolia, with the last four years focussed on southern Mongolia. Collectively, an area of over ten million hectares was covered by Erdene's exploration team within basins that are considered prospective for high quality thermal and metallurgical grade coal. Erdene's comprehensive review of coal opportunities in Mongolia has included over 250 site evaluations and the drill testing of multiple targets. In addition, Erdene conducted comprehensive due diligence on numerous coal deposits and prospective licenses. As a result of this extensive review and evaluation program, Erdene has created one of the most comprehensive coal databases in Mongolia and has identified certain highly prospective areas and potential acquisition opportunities that will undergo further field evaluation in 2013."
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