- Altan Nar (Tsenkher Nomin): Approximately $2.0 million for the 12 months ended December 31, 2012 (2011 - $1.4 million)
- Zuun Mod: Approximately $392,000 for the 12 months ended December 31, 2012 (2011 - $774,000).
Administrative expenses totalled $1,678,298 in 2012 (including $186,559 in non-cash stock based compensation), compared to $4,970,245 in 2011 (including $3,146,422 in non-cash stock based compensation). Cash administration costs decreased $328,811, or 18%, compared to the prior year, evidence of management's focus on the reduction of overhead and administrative costs.
The Company recognized a loss from discontinued operations of $2,704,728 in 2012 compared to a loss of $4,771,559 in 2011. This loss represents the reclassification of revenue and expenses associated with North American assets disposed of in 2012.
Net loss to Erdene equity holders was $7,047,487, or $0.15 per share in fiscal 2012 compared with a loss of $11,861,320, or $0.26 per share in fiscal 2011.
Deferred Share Units Granted
On March 31, 2013, the Company granted a total of 211,191 Deferred Share Units ("DSU") at $0.14 per share to certain officers, directors and employees of the Company.
The DSU Plan was established to assist the Company in attracting and retaining talented employees and directors and to promote a greater alignment of interests between the directors, employees and the Company's Shareholders. The DSU Plan was approved by Shareholders at the Company's Special Meeting of Shareholders on October 26, 2012. Executive, directors and certain employees of the Company have agreed to take a portion of their annual compensation in the form of DSUs, thereby reducing the cash compensation requirements of the Company.
J.C. (Chris) Cowan, P.Eng. (Ontario) is a Qualified Person as that term is defined in National Instrument 43-101 and has reviewed and approved the technical information contained in this news release. All samples have been assayed at SGS Laboratory in Ulaanbaatar, Mongolia. In addition to internal checks by SGS Laboratory, the company incorporates a QA/QC sample protocol utilizing prepared standards, blanks and duplicates.
About Erdene Resource Development Corp.
Erdene is a Canada-based junior resource company focussed on the acquisition, exploration, and development of base and precious metals in underexplored and highly prospective Mongolia. Our strength comes from a major new gold discovery, a large molybdenum-copper porphyry resource, and a new copper porphyry target, 200 kilometres from the China border in southwest Mongolia. These 100% Erdene-owned projects are managed by a highly experienced management team with over 15 years' experience in the country, providing the Company with a unique opportunity to participate in this period of unprecedented economic growth in Mongolia. This growth is fuelled by proximity to China and the discovery and development of a number of world-class mineral projects that are transforming the country into one of Asia's natural resource capitals. For further information on the Company, please visit www.erdene.com. Erdene has 53,785,299 issued and outstanding common shares and, a fully diluted position of 59,314,168 common shares.
Certain information regarding Erdene 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 Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. 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. 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 is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.
NO REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE CONTENTS OF THIS RELEASE
Erdene Resource Development Corp.
Peter C. Akerley
President and CEO
Erdene Resource Development Corp.
Ken W. MacDonald
Vice President Business Strategy and CFO
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