Erdene Resource Development Corp. announced that the Mineral Resource and Petroleum Authority of Mongolia (MRPAM) issued mining license MV-021547 for the Altan Nar project. The mining license is valid for 30 years, with an option to extend for up to a total of 70 years. The Altan Nar mining license is the second mining license recently granted to the Company following the issuance of the Bayan Khundii mining license in August 2019. The Altan Nar mining license, MV-021547, located approximately 16 kilometres north of the Bayan Khundii Gold Deposit, was received on March 5, 2020. The license covers 4,668.64 hectares and contains a NI 43-101 reported Indicated gold-only resource of 317,700 ounces at a grade of 2 g/t gold and an Inferred gold-only resource of 185,700 ounces at a grade of 1.7 g/t gold. Altan Nar is an intermediate sulphidation, carbonate-base metal gold (“CBMG”) deposit, that remains open at depth and along the known 5.6-kilometre trend of the system. This deposit type includes prolific gold deposits such as Barrick Gold’s Porgera mine (Papua New Guinea), Rio Tinto’s formerly producing Kelian mine (Indonesia), Lundin’s Fruta Del Norte deposit, and Continental Gold’s Buritica project (Colombia). CBMG deposits generally occur above porphyry intrusions in arc settings and may extend for more than 500 metres vertically. Only a small portion of the Altan Nar license has been drill tested, and 90% of the NI 43-101 Mineral Resource prepared by RPM Global in 2018 is within 150 metres of surface and primarily contained within two of the 18 targets with all zones open along strike and at depth. In late Q4-2019, the Company drilled five holes totaling 667 metres in the Discovery Zone, one of 18 high-priority targets along a 5.6-kilometre mineralized trend on its 100% owned Altan Nar project. The Q4-2019 program successfully tested a concept of a preferred high gold mineralized horizon believed to represent an epithermal boiling zone. Four holes tested the high-grade core area of the Discovery Zone that stretches over a 130-metre strike length, 70 metres of which remains untested by drilling. The fifth hole tested the southern extension of the deposit. Results from the Q4-2019 program, including the intersection of 45.7 g/t gold, 93.4 g/t silver, 1.54% lead and 3.40% zinc over 7 metres beginning at approximately 70 metres vertical depth, within 23 metres grading 17 g/t gold, are amongst the strongest to date. Many of the Q4-2019 high-grade intersections are locally outside or in areas of previously low-grade resource blocks and therefore expand the DZ high-grade core indicating consistency in high-grade mineralization within the identified ore horizon. The results of the Q4-2019 drilling program are expected to impact the resource at Altan Nar positively and opens the way for further expansion along strike and elsewhere in the district. The program also demonstrated continuity of anomalous gold and base metals along the structural corridor to the south of the DZ, which will be tested further in upcoming programs. Before the Fourth Quarter - 2019 program, Altan Nar received limited exploration over the past two years as the Company’s resources have been focused on the Bayan Khundii discovery. At Altan Nar structural intersections or zones of dilation provide the setting for the emplacement of broader zones of mineralization along the main NNE trending structural corridor. However, recent interpretation shows that in addition, the highest grades appear to be hosted in a preferred, near horizontal zone, now believed to represent an epithermal boiling event. It is this combination of factors that creates the optimum conditions for the deposition of these high grades, as witnessed in the results of the late-2019 drilling and which will help guide future exploration in this deposit and throughout the broader 5.6 km trend.