Mining company Erdene reduces 2Q loss
www.thechronicleherald.ca writes that,
Erdene Resource Development Corp., a Halifax miner with assets in Canada, the U.S. and Mongolia, narrowed its net loss for the second quarter to $0.7 million from $3 million last year.
The company, formerly known as Erdene Gold, said it lost one cent a share from a loss of five cents a share for the the same period in 2007.
Erdene did not report any metals revenues. But the company had cash of $22.8 million at the end of the quarter as it develops its key projects, the Donkin coal development in Nova Scotia and the Zuun Mod molybdenum project in Mongolia.
“”We are very pleased with the results to date and outlook of our two advanced stage projects, Donkin and Zuun Mod both from a market fundamental and feasibility standpoint,”" said Peter Akerley, president and CEO.
“”We view the third and fourth quarters of 2008 as a very exciting time for the growth of our company as we will see major milestone points for both projects, a decision on initial underground development at Donkin and pre-feasibility for Zuun Mod. As we advance these projects we will continue to move forward with other projects in our pipeline aligned with our commodity and regional focus.”"
The Donkin coal project in Cape Breton is a joint venture project between Erdene, with 25 per cent, and Xstrata Coal Canada, with 75 per cent.
In trading Monday on the TSX, Erdene shares rose three cents to 70 cents, a gain of 4.5 per cent.
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