Teck Resources makes further investment in Erdene to fund copper exploration

VANCOUVER – Teck Resources Ltd. (TSX:TCK.B) has invested $350,000 in a small Halifax-based mining company that will use the funds to explore for copper in Mongolia under a strategic alliance announced last year. Teck received two million additional shares of Erdene Resource Development Corp. (TSX:ERD) for 17.5 cents each. As a result of the recent purchase and its previous holdings, Teck controls up to 14.2 per cent of Erdene’s common shares. Erdene announced separately Monday, after the Teck deal closed, that it expects to sell a further four million equity units at 16 cents through another private placement for gross proceeds of $650,000, to fund exploration on separate project in Mongolia that has gold and other metals.