Silver Dragon's Sino Top Joint Venture Receives Dadi Mining License
Toronto, Ontario--(Newsfile Corp. - October 14, 2015) - Silver Dragon Resources Inc. (OTCQB: SDRG) (the "Company") reports that its Foreign Cooperative Joint Venture in China, Sanhe Sino-Top Resources & Technologies, Ltd. ("Sino-Top") wholly owned subsidiary, Inner Mongolia Guangda Mining Ltd. has received Mining License No.: C1500002015093210139788 for its Dadi Ag-Pb-Zn Mine, issued by the Chifeng Land Resources Bureau in Inner Mongolia, China.
The license is valid from September 24, 2015 to September 24, 2026 for underground mining as recovery method and 300,000t per year production scale of Silver, Lead and Zinc with a mining area of 2.0034 square kilometers and a mining depth from 1496 meters to 1045 meters, delineated by 5 inflection points.
As previously mentioned in our press release dated June 9, 2015, Sino-Top has signed a board resolution approving the equity transfer sale to Shengda Mining Co., Ltd. (SZSE: 000603) within 60 days receipt of the Dadi mining license and subject to all regulatory approvals and filings.
"The receipt of the Dadi Mining License is a further important milestone for the Company, as it now permits us to proceed with monetizing our assets in China, subject to regulatory approvals and filings," commented Marc Hazout, President and Chief Executive Officer of Silver Dragon Resources Inc., "Now that the mining license on this property has been obtained, we anticipate an increased valuation for the asset."
About Silver Dragon
Silver Dragon Resources Inc. is a mining and metal company focused on the acquisition, exploration, development and operation of gold and silver mines in proven mining districts globally. Silver Dragon's objective is to acquire mining assets that contain promising exploration targets, have highly leveraged, out-of-the-money deposits, and/or are producing properties with significant untapped exploration potential. It is management's objective to grow Silver Dragon into a significant precious metal producer. For more information, please visit the Company's website at: www.silverdragonresources.com (available in Chinese).
Safe Harbor Statement
This news release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's objectives. 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. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future results or performance, and that actual results may differ materially from those in forward looking statements as a result of various factors, including, but not limited to, lack of sufficient financial resources; variations in market conditions, including prices of metals, currency and our stock; the nature, quality and quantity of any mineral deposits that may be located; the Company's ability to obtain any necessary permits, consents or authorizations required for its activities; the Company's ability to successfully complete hedging establishment and off-take negotiations; risks of operating in China; the Company's ability to produce minerals from its properties successfully or profitably, to continue its projected growth, or to be fully able to implement its business strategies and other risk factors described in the Company's filings with the U.S. Securities and Exchange Commission, which may be viewed at www.sec.gov.
Silver Dragon Resources Inc.
Marc Hazout, President
(416) 223-8500 or Toll Free: 1-866-512- SDRG (7374)
SOURCE: Silver Dragon Resources Inc.