Silver Dragon’s Sino-Top Joint Venture Receives Official Business License from Chinese Government Valid Until 2023
BEIJING, January 28, 2010 (PRIME NEWSWIRE) -- Silver Dragon Resources Inc. (OTCBB: SDRG) is pleased to advise that it has received a newly-issued business license for Sanhe Sino-Top Resources & Technologies, Ltd. ("Sino-Top"). Sino-Top is a Chinese entity that holds the exploration and development rights to six properties of which Silver Dragon has a 40% equity interest. Its Chinese partners Gansu Shengda Group Ltd. (“Shengda”) one of the largest silver miners in China, at 52%, and Huaguan Industrial Corp (HIC), a subsidiary of the state-owned North China Geological Exploration Bureau at 8%, collectively own 60% of Sino-Top. The business license is valid until March 24, 2023. This license includes exploration and development of deposits of copper, lead, zinc, silver, gold and associated metals, as well as the sale of such developed products. The agency which issued the license is the Industrial and Commercial Administration of Sanhe City, Hebei province, China.
“The issuance of this license solidifies Silver Dragon’s relationships with both Shengda and HIC,” commented Marc Hazout, President and CEO of Silver Dragon. “Sino-Top anticipates a very active 2010 development program, commencing with the completion of the initial Dadi NI 43-101 technical report.”
About Sino-Top – China Mining 2009 Award Winner
Sanhe Sino-Top Resources & Technologies, Ltd. (``Sino-Top'') was originally incorporated in 2003 as a Chinese company wholly owned by Huaguan Industrial Corp. (``HIC''), a subsidiary of the state-owned North China Geological Exploration Bureau. Sino-Top became an American-Chinese joint venture in 2005. Silver Dragon Resources Inc. acquired Sino-Top in 2006, and currently owns 40% of Sino-Top after having sold 50% of its ownership interest to its Chinese partners. The Chinese side, led by Gansu Shengda Group Ltd. (“Shengda”), at 52%, and HIC, at 8%, collectively own 60% of Sino-Top. Sino-Top holds exclusive exploration and development rights to six properties in northern China (Inner Mongolia), covering a total area of 139 km2. Sino-Top won the prestigious Prospector/Explorer of the Year Award for its Dadi Silver Polymetallic Project at the China Mining Congress & Expo 2009 held in Tianjin, China, during October 20-22, 2009.
About Silver Dragon Resources Inc.:
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 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.
Contact Silver Dragon Resources Inc.
(416) 223-8500 or Toll Free: 1-866-512- SDRG (7374)