Event
June 12, 2008 AGF Funds announced:
“that as a result of the acquisition of 5,000,000 shares, AGF, on behalf of its clients, now has direction over 7,186,600 shares (or 10.188% of the outstanding shares calculated on a fully diluted basis) of Erdene Gold Inc. (ERD.T).”
About AGF Management Limited
AGF Management Limited is one of Canada's premier investment management companies with offices across Canada and subsidiaries around the world. AGF's products and services include a diversified family of more than 50 mutual funds, the evolutionary AGF Elements portfolios, the Harmony asset management program, AGF Asset Management Group services for institutional and high-net-worth clients, as well as AGF Trust GICs, loans and mortgages. With approximately $52 billion in total assets under management, AGF serves more than one million investors. AGF trades on the Toronto Stock Exchange under the symbol AGF.B.
About Erdene Gold (ERD: TSX)
Erdene Gold Inc. is a diversified mineral exploration and development company with projects focused on high-growth commodities and near-production assets. In addition to the multiple exploration projects in Mongolia, , the company has North American industrial mineral and coal projects with near-term cash flow potential.
The North American, near-term cash flow projects include a 25% interest (partnered with Xstrata Coal - 75%) in the Donkin coal project in eastern Canada, currently at the prefeasibility stage. In addition, Erdene has royalty agreements with JM Huber Corporation and Ready Mix USA as operators and developers in the southeast U.S. for the Company’s kaolin clay and aggregate projects. Erdene continues to actively explore for additional industrial minerals opportunities in North America that are located to provide strategic market advantage to the growth areas of the eastern seaboard of the U.S.
The company's Mongolian exploration properties are focused on base metals (molybdenum and copper) led by the Zuun Mod molybdenum project, precious metals (gold) and energy (coal). Erdene has also established strategic alliances and joint ventures with industry leaders such as Xstrata Coal who are fully funding the Company’s Mongolia coal projects through to feasibility. The base and precious metal projects are operated by the company's experienced exploration team.
With regards to Erdene’s 100% owned Zuun Mod Molybdenum Project in Mongolia, on May 28, 2008 the company announced its first National Instrument 43-101 (NI 43-101) compliant resource estimate for the project which included:
“a Measured and Indicated Resource of 467 million metric tonnes ("Mt") at an average grade of 0.044% molybdenum ("Mo"), at a cut off grade ("cog") of 0.03% Mo equating to 453 million pounds (Mlbs) of contained Mo metal. In addition, there are 141 Mt of Inferred Resources at an average grade of 0.039% Mo equating to a further 121 Mlbs of contained Mo metal. The Mineral Resource starts within 18 metres of surface and the mineralization remains open at depth.”
An independent preliminary assessment is ongoing and a drill is on site is preparation for additional drilling. The company expects a pre-feasibility study to begin on receipt of the preliminary assessment in mid 2008.
Investment Risks
Without limitations, some of the risks include reserves and resource risk, development risks, permitting risks, off-take agreements, commodity price risks, geo-political risks, exchange rates, weather related impacts etc.
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Last update : 13-06-2008 06:30
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