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Silver Dragon Resources Inc. (OTCBB:SDRG - News) ("the
Company") is pleased to announce that its 40% equity owned joint venture
Sanhe Sino-Top Resources & Technologies, Ltd.
("Sino-Top'') has won an annual performance award from its Chinese
parent company, Gansu Shengda Group Ltd. ("Shengda"), for its outstanding achievements in
exploration in 2010.
Sino-Top's exploration operations in 2010 were focused on two of its
properties: Dadi (see press release dated February
23, 2011) and Laopandao (see press release dated
February 1, 2011). A total of 12,714 meters of drilling (30 holes) and 2,218
meters of tunneling were completed on both properties. In addition to the
resources disclosed in the company's NI 43-101 report on Dadi
(see press release dated February 9, 2010), the exploration and assaying for
the 2010 exploration season has proven up (Chinese standards 332+333)
resources of 3,375,000 tonnes of ore, containing
358 tonnes (11.2 million oz.) of silver, 42,621 tonnes of lead, 60,240 tonnes
of zinc and 2,490 tonnes of cadmium at Dadi and 3,939,004 million tonnes
of ore, containing 127 tonnes (4 million oz.)
silver, 14,381 tonnes tin and 6,043 tonnes copper at Laopandao.
The Company has retained Southampton Associates to revise its NI
43-101 report for Dadi and prepare an initial NI
43-101 report for Laopandao in Q2 2011.
"We are very satisfied with the performance of Sino-Top in
2010," commented Mr. Mantang Zhao, chairman
and chief executive of Shengda, who also serves as
chairman of the board of Sino-Top. "We look forward to further
significant achievements this year as Sino-Top transitions from the
exploration stage to the mining stage, while further exploring the potentials
of all of its properties."
About Shengda
Gansu Shengda Group Ltd.
("Shengda"), established in 1992, is the
largest privately-owned enterprise in China's Gansu province. It has been one
of the 500 largest privately-owned Chinese enterprises since 2001, ranking
189th in 2010. Shengda is a Lanzhou city, Gansu
province-based conglomerate, whose operations include mining, financing,
medical technology, real estate, hotel and travel, and market mall over 10
provinces or regions in China. Shengda boasts over
3,000 employees and 25 subsidiaries, one of which is listed in China's
Shenzhen stock exchange.
Shengda
currently owns eight producing mines, including a major interest in Bairendaba, and over 20 exploration properties, mostly in
northern China. Bairendaba is a supersized Ag-Pb-Zn mine with proven reserves of over 4,000 tonnes of silver and 1.5 million tonnes
of lead and zinc, and a milling capacity of over 1 million tonnes of ore per year. Shengda
is the operator and the largest shareholder of Bairendaba
with a 42% ownership interest. Bairendaba is
adjacent to the Erbahuo Silver District, where all
of Sino-Top's properties are located (see project location map on Silver
Dragon's homepage).
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 partners, led by Gansu Shengda
Group Ltd. ("Shengda"), at 52%, and HIC,
at 8%, collectively together 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, 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).
The Silver Dragon Resources Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=4242
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.
Contact:
Silver Dragon Resources Inc.
Marc Hazout, President or Alessandro Motta,
Investor Relations
(416) 223-8500 or Toll Free: 1-866-512- SDRG (7374)
Email: info@silverdragonresources.com
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