Erdene Name Change Approved at Annual and Special Meeting

HALIFAX, NOVA SCOTIA--(Marketwire - May 29, 2008) - Erdene Gold Inc. (TSX: ERD.TO) ("Erdene"), a diversified minerals company with assets in Canada, the U.S. and Mongolia, today announced that its shareholders have approved a name change for the Company at its Annual and Special Meeting of the Shareholders effective immediately. Erdene's new corporate name is "Erdene Resource Development Corporation" which better reflects Erdene's current operations and advanced-staged mineral projects.

"Given the recent successes and long-term plans we have for the Donkin Coal and Zuun Mod Molybdenum projects, management feels that the name Erdene Resource Development Corporation better depicts our company's strategic direction," said Peter Akerley, President and CEO. "These assets coupled with our strong pipeline of projects will enable us to deliver long-term value for our shareholders."

Erdene's shareholders also approved a shareholder rights plan ("Rights Plan") at the Company's annual meeting. The Rights Plan was adopted by Erdene's board of directors to ensure the fair treatment of shareholders in connection with any takeover offer for the Company. The Rights Plan is not being adopted in response to any proposal to acquire control of the Company. The Rights Plan will have an initial term of three years.

Donkin Coal Project

Located in Nova Scotia, the Donkin Coal project is owned by the Donkin Coal Alliance ("DCA"), a joint venture between Xstrata Coal Donkin Limited (a subsidiary of Xstrata plc) (75%) and Erdene Gold Inc. (25%).

The DCA recently announced that it will commit to funding a feasibility study of an Evaluation and Development Program ("Program") at the Donkin Coal project. The Program is an interim step toward the construction of a large scale underground longwall mining operation and will focus on gaining better insight of the geological, geotechnical and mining conditions of the proposed operation.

The feasibility study is expected to be complete by the end of 2008.

Zuun Mod Molybdenum Project

Owned entirely by Erdene, the Zuun Mod molybdenum project is located in Mongolia within 200 kilometres of China's border.

Yesterday, Erdene announced that it received its first National Instrument 43-101 compliant resource for Zuun Mod, with 467 million metric tonnes of Measured and Indicated Resources at an average grade of 0.044% Mo, at a cut-off grade ("cog") of 0.03% Mo. This represents 453 million pounds (Mlbs) of contained Mo metal. The deposit also contains 141 million metric tonnes of Inferred Resources at an average grade of 0.039% Mo or an additional 121 Mlbs of contained Mo metal.

An independent preliminary assessment study ("PAS") is currently underway and a drill is on-site preparing for the start-up of an additional drilling program at Zuun Mod. It is anticipated that a pre-feasibility study will commence upon receipt of the PAS report in mid-2008 and will lead to the identification of the best plan for development of the Zuun Mod molybdenum project.

About Erdene Resource Development Corporation

Erdene is a diversified resource development company with multiple projects at various stages of development from exploration to production all focused on high-growth commodities. The Corporation has a strong portfolio of exploration properties in Mongolia where it has a strategic alliance with Xstrata Coal to develop its coal properties and a strong focus on base metals (copper and molybdenum), precious metals (gold) and energy (coal). Minarco-MineConsult, of Sydney, Australia, has recently completed a NI 43-101 compliant independent resource estimate for the Zuun Mod molybdenum project and is currently working on a scoping study on the project. In addition, Erdene has near-term cash flow opportunities in its North American assets, which include a 25% interest in the Donkin Coal Alliance with Xstrata Coal, agreements with KaMin LLC (formerly J.M. Huber Corporation) and Ready Mix USA as operators and developers in the southeast U.S. for its kaolin clay and construction aggregate projects, respectively. Erdene has a cash position of approximately $6.45 million with 70,644,877 common shares issued and outstanding and a fully diluted share position of 80,347,352 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.

Contacts

Peter C. Akerley
Erdene Resource Development Corporation
President and CEO

Ken W. MacDonald
Erdene Resource Development Corporation
Vice-President North America and CFO
902-423-6419
www.erdene.com
info@erdene.com