APM Andean Precious Metals Corp

Erdene Resource Development Corp. ("Erdene") (TSX:ERD), today provided an update
on the Company's principal projects in conjunction with the release of its third
quarter financial results.


Highlights:

- Cash and cash equivalents as of September 30, 2008 totaled $20.6 million
compared with $8.7 million at December 31, 2007


- Advanced Donkin coal project, managed by Xstrata Coal, with the continuous
miner feasibility study slated for completion in the fourth quarter 2008


- Resource delineation drilling completed at the Zuun Mod molybdenum project;
announced extension of mineralization


- Formation of a majority owned, producing industrial minerals company through
the reverse takeover of TSX Venture listed Beta Minerals Inc. ("Beta")
anticipated in fourth quarter


- Completed drilling programs of multiple coal projects in Mongolia under
fully-funded Xstrata Coal alliance


"The past several weeks have been one of the most turbulent times in the history
of capital markets," said Peter Akerley, President and CEO. "Until we gain some
clarity in regards to this near term outlook our company will be balancing the
current economic conditions with our long term outlook and strategy. Erdene has
committed to immediate expenditure reductions by decreasing administrative
overhead and reducing or postponing early stage or grassroots programs. Current
economic conditions notwithstanding, the world is growing and industrializing at
a faster pace than ever before and demand for commodities will grow accordingly.
Erdene remains focused on creating value by prudently advancing its core
commodity projects. Our strong cash position will enable the company to fully
fund its projects through 2011 and guided by a strong management team remain
opportunistic in this period of uncertainty."


Donkin Coal Project

Status

The Donkin coal project is a joint venture project between Erdene and Xstrata
Coal Canada ("Xstrata") who respectively own 25% and 75% of the Donkin Coal
Alliance ("DCA"). Located in Cape Breton, Nova Scotia, on Canada's east coast,
the Donkin coal project is within 35 kilometers of a coal-fired electrical
generating plant and a deep water coal loading facility to facilitate seaborne
shipping into the major markets in North America's east coast and Europe. The
DCA is evaluating the development of the Donkin coal resource, specifically the
Harbour seam which contains an Indicated resource of 101 million tonnes and an
Inferred resource of 115 million tonnes classified as high volatile-A
bituminous, high-sulphur, medium-ash coal. The Donkin coal resource block was
accessed by the DCA in late 2007 following the dewatering and refurbishment of
twin 3.5 kilometre long tunnels. An underground drilling program was
successfully completed during the second quarter of 2008 with coal cores and
roof and floor information secured for evaluation and testing. During the
quarter, the DCA continued work on a feasibility study of an Exploration and
Development Program utilizing a continuous miner. The program would be an
interim step toward establishing a large scale underground longwall mining
operation. This feasibility study is expected to be completed before the end of
2008. Subsequent to quarter-end, Xstrata filed an environmental assessment study
for the project with the Nova Scotia Environment Department.


Outlook

The Donkin project is ideally situated to take advantage of the coal loading
marine terminal in Sydney Harbour that will facilitate export of the Donkin coal
to international markets. Over the past decade, international seaborne trade in
coal has expanded faster than trade in any other commodity. International trade
is forecast to grow 44% between 2004 and 2030. Much of this growth will be from
developing economies such as China and India but demographic trends point toward
continued growth in metropolitan areas worldwide, including those along the U.S.
Eastern seaboard. A large, high energy coal resource proximal to a deep water
port is unique and positions Donkin with potential to be a top competitor for
domestic and Atlantic seaborne markets in the future.


Zuun Mod Molybdenum Project

Status

The Zuun Mod molybdenum project was established as one of the largest and most
advanced pre-development molybdenum projects in the North Asia region during
2008.  The initial resource, reported in May 2008, averaged 0.05% Mo and
includes 272 million pounds of Mo in the Measured and Indicated category and a
further 51 million pounds of Mo in the Inferred category.


A resource expansion and definition drill program was completed in the fourth
quarter of 2008. Several holes drilled to test the central area of the deposit
indicated a deposit thickness of at least 400 metres averaging 0.06% Mo with
multiple higher grade zones including 70 metres of 0.11% Mo in the north eastern
portion of the deposit. Mineralization has now been traced over a three
kilometer strike length and comes within 22 metres of surface. Zuun Mod
continues to provide tremendous potential for additional expansion and
discovery. With the 2008 drilling campaign now complete, Erdene anticipates that
the final analytical results will be received by mid December and a revised
resource estimate is expected to be completed in the first quarter of 2009. 
With the revised resource estimate in hand, Minarco MineConsult ("Minarco") will
revise the Zuun Mod mine plans and develop financial models around various
scenarios to determine the economics in a new pricing environment. During 2009
the project will be advanced at a pace reflecting the current environment with
limited studies focused on moving the project to a mining licence stage. During
this period Erdene will continue to assess the market to determine at which
point the project should be accelerated towards feasibility and, at the same
time, will be evaluating options to secure a strategic partner.


Outlook

Zuun Mod is the most significant new metals discovery in Mongolia since Oyu
Tolgoi and perhaps one of the largest new primary molybdenum discoveries
globally in the past two decades. The size and continued growth of the deposit
provides for greater flexibility in varying the grade mined reflecting the price
of molybdenum at any given time. Although molybdenum prices have recently
decreased significantly, the long-term fundamentals for growth have remained the
same. In fact, the delay of a number of advanced molybdenum projects and the
curtailing of production in some existing mines will accelerate the
supply-demand imbalance as the industry exits the current downturn. Based on
historic growth rates of approximately 4%, the world will require one new major
molybdenum mine annually. Zuun Mod, located on the doorstep of the world's
largest steel producing and fastest growing molybdenum consuming region, is
uniquely positioned to take advantage of this future growth.


Industrial Minerals Spin-out

Status

Erdene controls through it's wholly owned U.S. subsidiary, Erdene Materials
Corporation ("EMC"), a unique kaolin resource in central Georgia, USA along with
significant real estate holdings and an industrial mineral laboratory. Mining of
EMC's deposits is currently being carried out by KaMin LLC which processes the
raw kaolin into a high performance coating clay for high brightness papers. On
July 17, 2008, Erdene announced it entered into a binding letter agreement with
Beta and Deepstep Kaolin LLC whereby Erdene will exchange all of its outstanding
common shares of EMC, for common shares of Beta, giving Erdene controlling
interest in Beta. The objective of this transaction is to create a focused
public vehicle to develop specialty products from these unique primary kaolins
ultimately resulting in a boutique industrial minerals business with several
high quality product lines.


Upon completion of the proposed transaction, Beta, whose name will be changed to
Advanced Primary Minerals Corp. ("APM"), will control the Sparta kaolin project,
one of the highest quality kaolin resources in North America. On closing, the
reverse takeover will provide initial funding to advance EMC's clay projects and
pursue other growth opportunities.


EMC has secured production commitments sufficient to justify construction of a
production facility for processing of specialty kaolin products that are
targeted to niche markets that demand the unique characteristics of EMC's
primary kaolin resource that cannot be met by existing North American sources.
In addition, EMC has entered into a three year toll processing agreement with
Active Minerals Inc. of Hunt, Maryland to process a guaranteed minimum annual
tonnage of a specialized industrial mineral product over the three year term.
Further details will be announced upon closing of the Beta transaction. Assuming
all conditions of the Agreement are met, the transaction is anticipated to close
before the end of December 2008.


Outlook

The kaolin business of central Georgia is a billion dollar per year enterprise
and, as such, the cornerstone of the local economy. Mined over the past century,
Georgia has seen its high quality kaolins depleted and has seen much of the
hi-performance specialty and high priced part of the business secured by
international competitors and in its effort to stay profitable, have become high
volume bulk commodity producers. APM looks to take advantage of that situation
with its unique, high quality primary clay deposits to focus on small to
moderate volume opportunities and high margin specialty products.


Construction Aggregate Projects

Status

The Granite Hill project is a former producing granite aggregate quarry located
in Central Georgia directly on rail with in excess of a 120 million ton
resource. It is in the final stage of issuance of federal, state and local
operating permits to enable development as a granite quarry, primarily to serve
the southeastern U.S. markets by rail. Granite Hill has an estimated start-up
production rate of one million tonnes of granite aggregate per year with a
proposed design capacity of four million tonnes. Based on current production
projections, the Granite Hill quarry will have a lifespan of at least 20 years.
Initial production is dependent on the company's partner, Ready Mix USA LLC's
timing for expansion in the southeastern U.S.


Outlook

Erdene continues to evaluate several opportunities in the construction aggregate
sector in eastern Canada and the southeastern US. Growth in this area is now
flat due to the current economic environment, most severely impacting the U.S.
housing industry. However, the long term growth projections and potential for
economic stimuli packages that are anchored in "rock and steel" have the
potential to rapidly accelerate demand for crushed stone. As a result, Erdene
continues to position itself with projects in the south-eastern U.S. and in
Atlantic Canada where tidewater prospects continue to have competitive
advantages particularly in light of the rapidly declining costs of seaborne
freight.


Coal Projects in Mongolia

Status

In cooperation with Xstrata, Erdene is involved in a comprehensive coal
generative and acquisition program that evaluates numerous prospective
metallurgical and high quality thermal coal deposits throughout Mongolia. All of
Erdene's coal exploration in Mongolia is being fully funded by Xstrata and is
being carried out in consultation with Xstrata.


In the third quarter of 2008, Erdene continued with a property evaluation and
acquisition program designed to identify and secure access to additional
exploration licenses in Mongolia with the potential to host large tonnage
thermal and metallurgical coal resources. Three properties have been drill
tested with 13 drill holes totaling 1,586 metres. Complete drill results are
pending. The program is expected to continue throughout the year with the
valuation of additional properties.


Outlook

Mongolia borders the largest coal consuming nation with estimates suggesting
that over the next 25 years China needs to secure approximately six million
tonnes per month in new coal production to meet demand. The Erdene-Xstrata coal
alliance is positioning itself to become a major participant in the coal
industry of Mongolia


Third Quarter Financial Results

Erdene's third quarter financial statements and Management's Discussion and
Analysis were filed on November 14, 2008 with the appropriate regulatory
authorities and are available on the company's website at www.erdene.com or on
SEDAR at www.sedar.com.


During the third quarter, Erdene incurred costs for exploration and operating
expenses (including capitalized costs) of $2,079,924, compared to $3,753,812 for
the same period in 2007. For the nine months ended September 30, 2008,
exploration and operating expenses amounted to $7,227,064, compared to
$8,878,835 in 2007. The expenditures were directed toward the continued
advancement of the Company's projects, primarily the Donkin coal project and
Zuun Mod molybdenum project.


Specifically, expenditures by project were as follows:

- Zuun Mod: $1,509,190 for the quarter and $2,537,093 for the nine months ended
September 30, 2008.


- Donkin: No advances were made to the project manager during the quarter and
$3,156,644 for the nine months ended September 30, 2008.


- Coal exploration in Mongolia fully funded by Xstrata: $438,104 for the quarter
and $622,951 for the nine months ended September 30, 2008.


Administrative expenses totalled $439,754 for the quarter and $1,906,994 for the
nine-month period, compared to $387,275 and $1,999,097 for the comparable
periods in 2007, respectively.


The Company recorded a loss in the amount of $887,425 or $0.01 per share for the
three-month period, compared with a loss of $986,456 or $0.02 during the same
period in 2007. For the nine months ended September 30, 2008 the loss was
$3,165,608 compared with a loss of $4,320,983 for the same period in 2007. At
the end of the quarter, Erdene had approximately $20.6 million of cash and cash
equivalents on hand compared with $8.7 million as of December 31, 2007.


About Erdene Resource Development Corp.

Erdene (formerly Erdene Gold Inc.) is a diversified resource development company
with multiple projects at various stages of development from exploration to
production all focused on high-growth commodities. Erdene has a current working
capital position of approximately $18.7 million with 89,230,877 common shares
issued and outstanding and a fully diluted share position of 98,633,352 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 subject to change after that date.

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