Erdene Announces Conversion of EBRD Convertible Loan and Provides Bayan Khundii Gold Project Update

Erdene Announces Conversion of EBRD Convertible Loan and Provides Bayan
Khundii Gold Project Update

HALIFAX, Nova  Scotia,  Oct. 13,  2020  (GLOBE NEWSWIRE)  --  Erdene  Resource
Development Corp. (TSX:ERD;  MSE:ERDN) ("Erdene" or  the "Company")  announces
that the European Bank for  Reconstruction and Development (“EBRD” or  “Bank”)
has exercised its conversion option in respect of its US$5 million convertible
loan (“Convertible  Loan”)  with  the Company.  Following  conversion  of  the
Convertible  Loan,  the  EBRD  owns  and  controls  30,043,290  common  shares
representing approximately 11.2% of the  issued and outstanding common  shares
of the Company.

Erdene is  also  pleased to  provide  a  project update  for  its  100%-owned,
high-grade, open-pit Bayan Khundii Gold  Project (“Bayan Khundii” or “BK”)  in
southwest Mongolia.

Quotes from the Company and EBRD:

"The proceeds of the  EBRD Convertible Loan provided  the funding to  complete
the recently announced  Bayan Khundii  Gold Project  Feasibility Study,”  said
Peter Akerley, Erdene’s President and CEO. “The 
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