Erdene Resource Development has received a mining licence from The Government of Mongolia for its Zuun Mod molybdenum-copper project.

The Zuun Mod mining licence covers an area of 60.41km² in south-west Mongolia and contains the South Racetrack and North Racetrack deposits, which host all of the measured and indicated resources at Zuun Mod, along with the Khuvyn Khar copper prospect.

The licence is valid for an initial 30 years and can be renewed for an additional 20 years.

The firm is awaiting a revised national instrument 43-101-compliant resource estimate for the project, which will form the basis for the next stage of development.

Erdene Resource Development president and CEO Peter Akerley said that with the receipt of the long-term mining licence, the firm will now be able to advance the project more rapidly.