HALIFAX, NOVA SCOTIA--(Marketwire - Nov. 16, 2011) - Erdene Resource Development Corp. (TSX:ERD) ("Erdene" or "Company"), is pleased to announce that it intends to issue, by way of a brokered private placement, up to 5,000,000 common shares of the Company at a price of $0.40 per share for gross proceeds of up to $2,000,000 (the "Private Placement").

"As our company continues to advance our activities in Mongolia, now enhanced by our new gold discovery, we are very pleased to provide Mongolian investors an opportunity to invest in the company", said Peter Akerley, President and CEO. "We believe it is of strategic value to the company to increase our Mongolian shareholder base and are pleased to do so through a Mongolian firm reflecting the increasing maturity of the mining investment sector in the country as one of the many benefits of the rapidly growing mining industry."

Mongolia International Capital Corporation ("MICC") will be the broker for the transaction and will be entitled to a commission in the amount of 6.0% of the gross proceeds received from the sale of the common shares, payable in cash. MICC will be targeting a group of Mongolian high net worth investors to complete the private placement.

Net proceeds of the Private Placement will be used for exploration of the Company's projects in Mongolia and working capital. Exploration expenditures will primarily be directed to the Altan Nar project where drilling recently commenced (Erdene Commences Drilling at Altan Nar Epithermal Gold Project Southwest Mongolia. Halifax, Nova Scotia - November 10, 2011) to follow-up on the initial discovery announced in October 2011.

The Private Placement is scheduled to close by November 25, 2011 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval and acceptance by the Toronto Stock Exchange. All securities to be issued pursuant to the private placement will be subject to a four month hold period.

About MICC

Established in 2005, MICC is the oldest and the leading full service investment bank in Mongolia, providing investment banking, equity research, securities underwriting, and brokerage services to Mongolian and international clients. MICC is an experienced financial advisor to mining and mining services companies in Mongolia, and has managed initial public offerings and private placements for several Mongolia-focused resource companies on the Australian Stock Exchange, the Hong Kong Stock Exchange, and the Toronto Stock Exchange. MICC is regulated by the Financial Regulatory Commission of Mongolia and is a member of the Mongolian Stock Exchange.

About Erdene

Erdene Resource Development Corp. is a diversified resource company with multiple projects in Mongolia, Canada, and the USA, at various stages of development, from exploration to production; all projects are focused on high-growth commodities. In Mongolia, Erdene's principals have over 14 years of experience in the country's resource sector. A dedicated technical and management team have assembled a strong portfolio of molybdenum-copper, copper-gold, and coal projects throughout the country. These projects, and our in-country experience, provide the Company with a unique opportunity to participate in this period of unprecedented economic growth in Mongolia. This growth is fuelled by the discovery and development of a number of World-class mineral projects that are transforming the country into one of Asia's natural resource capitals.

Erdene has a current working capital position of $2.9 million, including that of its controlled subsidiary Advanced Primary Minerals Corp., with 90,323,377 common shares issued and outstanding and a fully diluted position of 97,931,377 common shares.

Forward-Looking Statements

Certain information regarding Erdene contained herein may constitute forward-looking statements within the meaning of applicable securities laws. Forward-looking statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not statements of fact. Although Erdene believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Erdene cautions that actual performance will be affected by a number of factors, most of which are beyond its control, and that future events and results may vary substantially from what Erdene currently foresees. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration results, continued availability of capital and financing and general economic, market or business conditions. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The information contained herein is stated as of the current date and is subject to change after that date. The Company does not assume the obligation to revise or update these forward-looking statements, except as may be required under applicable securities laws.


Contact Information:

Erdene Resource Development Corp.
Peter C. Akerley, President and CEO

Ken W. MacDonald
Vice President Business Strategy and CFO
(902) 423-6419