Exploration License of Award-winning Dadi Property Secured by Silver Dragon Subsidiary
Inner Mongolia Guangda Mining, Ltd.
BEIJING, July 20, 2010 (PRIME NEWSWIRE) - Silver Dragon Resources Inc. (OTCBB:
SDRG) ("the Company") is pleased to announce that China's Inner
Mongolia Department of Land & Resources has issued a new exploration
license for its Dadi Property in Inner
Mongolia, China, under the name of Inner Mongolia Guangda
Mining, Ltd. ("Guangda"). Guangda is a wholly-owned subsidiary of Sanhe Sino-Top Resources & Technologies, Ltd. ("Sino-Top"),
in which Silver Dragon has a 40% equity interest. Guangda
was formed for the specific purpose of developing the Company's
exploration properties in China,
commencing with Dadi and Laopandao,
into producing mines.
Silver Dragon and its Chinese Joint Venture partners are currently
implementing a major surface and underground exploration program at Dadi during the 2010 exploration season, consisting
of 10,000 metres
of diamond drilling, 2,000
metres of underground exploration-development, and
2,000m of trenching. This program will be completed later this year, and
the annual geological report and an accompanying metallurgical testing
report will subsequently be provided to form the basis for a mining
license application. Sino-Top's management anticipates that the Dadi property will be constructed into a silver,
lead, and zinc producing mine in 2011.
To date, about 4,200
metres of drilling (13 holes) and 700 metres of tunneling have been completed since the start of the
current year.
Marc Hazout, President and CEO of Silver
Dragon, reports that, "We are pleased that our Dadi
Property, one of our key assets in China,
is secured under the name of Guangda, our local
subsidiary in Inner Mongolia. Importantly,
Dadi is fully funded to carry out the proposed
2010 surface and underground exploration-development program, with the
objective of becoming an operating mine in 2011."
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