08:36 AM EDT, 08/08/2024 (MT Newswires) -- Erdene Resource Development ( ERDCF ) on Thursday said that construction of the Bayan Khundii Gold Project in Mongolia is 30% complete and remains on schedule with first gold production expected in mid-2025.

Recent exploration has also identified several new gold targets and drilling is underway at Bayan Khundii to test targets west of the economic pit for expansion opportunities and to increase confidence of high-grade ore scheduled to be mined in the first year of production. Results of this work are expected in the third quarter of this year, Erdene said.

The company recorded a net loss of $1.9 million for the second quarter, compared with a loss of $2.5 million, the year before. Corporate and administrative expenses dropped to $667,000, from $1.4 million.

Erdene did not book any revenue in the quarter.