Silver Dragon Provides Corporate Update
TORONTO, ONTARIO--(MARKET WIRE)—October 28, 2010 -- Silver Dragon Resources Inc. (OTC BB: SDRG.OB – News) wishes to provide a review and update on the status of the Company’s projects and initiatives in 2010.
Progress In Mexico:
Silver Dragon Resources has secured its environmental permit from SEMERNAT for its Cerros las Minitas Silver Project in Durango Mexico and has acquired 5 hectares of land adjacent to the CLM Project for a tailings pond. The company intends to enter into its test mining production phase in 2011.
The Company has also been made aware of land title issues regarding the Cerros las Minitas project and related concessions. The Company’s management and counsel are investigating and will be taking the appropriate actions. The Company will provide further updates in due course.
Progress in China:
Dadi: Through its Sino-Top joint venture, the Company is nearing the completion of exploration at its Dadi Polymetallic project for 2010. 18 Drill holes have been completed, with one drill hole currently in progress. A total of 7,945 metres of drilling and 1,265 metres of tunneling of the company's targeted 10,000 metres of drilling and 2,000 metres of tunneling for the 2010 exploration season have been completed .
The Company will release assay results on Dadi as they become available.
Laopandao: All field exploration projects for the year have been completed. The company completed 11 drill holes totalling 4,696 metres , 699 metres of tunneling, and 1,000 metres of trenching of the targeted 5,160 metres of drilling, 1,200 metres of tunneling, and 1,000 metres of trenching for the 2010 exploration year.
The Company is currently analyzing the samples and will be releasing assay results as they become available.
Erbahuo: Minimal mine construction work has been commenced with a final production and development decision to be made during the Chifeng Silver Dragon Resources & Technologies, Ltd. Board meeting in China next month.
Progress of Corporate Initiatives:
TSX Listing & Funding: Silver Dragon will proceed with a TSX application, and expects to submit it this quarter with plans to select an underwriter at that time.
Appointments: The Company appointed Mr. Charles McAlpine as its second Independent Director to the Board of Directors, (See press release dated: September 28, 2010).
The Company appointed Mr. Jeffrey D. Sherman as the Company’s CFO (see press release dated September 8, 2010)
Reports: Silver Dragon has retained Southampton Associates to prepare an initial resource report for the Laopandao property in Northern China and update the existing report for its Dadi property in Northern China. These reports are expected to be issued before the end of the year.
About Silver Dragon
Silver Dragon Resources Inc. is a mining and metals company focused on the exploration, acquisition, development and operation of silver mines in proven silver districts globally. Silver Dragon's objective is to acquire silver mining assets that contain promising exploration targets, have highly leveraged, out-of-the-money silver deposits, and/or are producing properties with significant untapped exploration potential. It is management's objective to grow Silver Dragon into a significant silver producer by developing the Cerros las Minitas project in Mexico, its six Sino-Top properties in China ( particularly Dadi and Laopandao), and its Erbahuo Silver mine (via its Chifeng Silver Dragon subsidiary), also in China. For more information, please visit the Company's website at: www.silverdragonresources.com (now available in Chinese).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical, such as statements regarding the exploration and development of the Laopandao and Dadi Silver Project, outcome and timing for the completion of further assays and metal amounts in partial assay results, are forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “aims,” “potential,” “goal,” “objective,” “prospective,” and similar expressions, or that events or conditions “will,” “would,” “may,” “can,” “could” or “should” occur. Information inferred from the interpretation of assay results and information concerning mineralization zones may also be deemed to be forward looking statements, as it constitutes a prediction of what might be found to be present when and if a project is actually developed. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements, including, but not limited to, certain delays beyond the company's control with respect to future assay results, delays in testing and evaluation of assays, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Silver Dragon Resources Inc.
Marc Hazout, President or Alessandro Motta, Investor Relations
(416) 223-8500 or Toll Free: 1-866-512- SDRG (7374)