|Mon Aug 13, 2012|
Morien Resources Corp. Selected as Proposed New Name and John Budreski as CEO Designate for Company to Hold North American Assets
|Halifax, Nova Scotia - August 13, 2012 - Erdene Resource Development Corp. ("Erdene" or the "Company") (TSX:ERD) and Advanced Primary Minerals Corp. ("APM") (TSXV:APD) are pleased to provide an update on the proposed transaction that would result in the separation of Erdene's North American and Mongolian assets into two public companies.|
Morien Resources Corp. has been selected as the new name for Amalco (successor to Advanced Primary Minerals Corp.) subject to receiving all requisite approvals. Morien Resources Corp. will hold all of Erdene's North American property interests, comprised primarily of Erdene's interest in the Donkin Coal Project in Cape Breton, Nova Scotia. John Budreski, who was appointed to the Erdene Board of Directors in January 2012, is the CEO designate of Morien Resources Corp.
"As we move towards a restructuring of our company to allow for a more focussed approach to the development of the Donkin Coal Project and to our Mongolian exploration efforts, it was an important initial step to ensure we identified an individual who possesses the management expertise and broad experience to lead the North American business. We are very pleased that we have been able to secure as CEO someone of John's caliber as we proceed through a very exciting time for the Donkin Coal Project. The new name, Morien Resources Corp., was selected to reflect the rich mining history of the area. Port Morien, the village adjacent to Donkin, was the site of the first commercial coal mining in North America and the first mineral exports from Canada," said Peter Akerley, CEO of Erdene.
John Budreski, as the proposed new CEO of Morien Resources Corp., will be effectively taking on that role to manage the North American assets within the Erdene group, working closely with Peter Akerley to ensure an effective transition takes place. John is a native Maritimer and was most recently Vice Chairman of Cormark Securities Inc. and, prior to that, President and CEO of Orion Securities Inc. which was sold to Macquarie Group in 2007. He has over 25 years of broad experience in the resource and resource investment banking industries. Mr. Budreski is also a Director of Sandstorm Gold Ltd., Sandstorm Metals & Energy Ltd., and Alaris Royalty Corp. John holds a Bachelor of Engineering from Dalhousie /TUNS University, Halifax, N.S. and an MBA from the University of Calgary, Alberta.
John will be joined on the executive team of Morien Resources Corp. by Michael MacDonald, Vice President Technical and Government Affairs and Ken MacDonald, Chief Financial Officer.
During the late 1600's the reserves of coal along the east coast of Canada were first recognized by the French military and early settlers. In 1720 the first commercial coal mine opened in Port Morien. Several years later, Canada recorded its first mineral export from the site leading in the decades to follow to some of the most extensive mining operations in the world. By the end of World War II the region was producing half of Canada's Coal and Steel fueling much of Canada's industrial development throughout the last century. In commemoration of the history of Cape Breton coal mining and the Donkin-Morien region, and as we look to a future where coal remains an integral part of the global electricity and steel manufacturing process, we believe that the Morien name will be recognized not only for its storied past but its' exciting future.
Erdene Resource Development Corp. is a diversified resource company with metal and coal interests in Mongolia as well as the Donkin Coal Project and industrial mineral assets in North America. Erdene has 95,802,901 common shares issued and outstanding and a fully diluted position of 103,215,901 common shares.
Advanced Primary Minerals Shares
Trading in APM shares has been halted, effective August 8, 2012, in accordance with the policies of the TSX Venture Exchange, pending completion of the transaction which is expected to occur by the end of October, 2012.
Certain information regarding Erdene and APM ("Companies") contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although the Companies believe that the expectations reflected in such forward-looking statements are reasonable, they can give no assurance that such expectations will prove to have been correct. The Companies caution that actual performance will be affected by a number of factors, most of which are beyond their control, and that future events and results may vary substantially from what they currently foresee. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. In addition, the completion of the proposed transaction is subject to the approval of the disinterested shareholders of both Erdene and APM, the Toronto Stock Exchange, the TSX Venture Exchange and the Supreme Court of Nova Scotia. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and subject to change after that date.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE
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Peter C. Akerley, President and CEO
Ken W. MacDonald, Vice President Business Strategy and CFO
Phone: (902) 423-6419
You can view the Next News Releases item: Fri Sep 7, 2012, APM Provides Update on Transaction to Acquire the Donkin Coal and Other North American Assets of Erdene Resource Development Corp.
You can view the Previous News Releases item: Wed Aug 8, 2012, APM Finalizes Terms to Acquire the Donkin Coal and Other North American Assets
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