BEIJING, Feb. 9, 2010 (GLOBE NEWSWIRE) -- Silver Dragon Resources Inc. (OTCBB:SDRG) is pleased to report that it has received an initial National Instrument 43-101 ("NI 43-101") compliant technical report for its Dadi Silver Polymetallic property in Inner Mongolia, China. The report was prepared by Southampton Associates of Ontario, Canada, and is available upon request.
The Dadi property is held by a licensed, registered Chinese Company, Sanhe Sino-Top Resources & Technologies, Ltd. ("Sino-Top"), which is 40% owned by Silver Dragon. Its Chinese partners, Gansu Shengda Group Ltd. ("Shengda"), one of the largest silver miners in China, owns 52%, and Huaguan Industrial Corp (HIC), a subsidiary of the state-owned North China Geological Exploration Bureau owns 8%.
Sino-Top was honored as Prospector/Explorer of the Year at the China Mining Congress & Expo 2009 held in Tianjin, China October 20-22, 2009. Sino-Top won this prestigious award, based on the Dadi project, for the discovery of a significant mineral deposit in a new or previously exploited area.
The Dadi Property has been explored from the surface and via underground drilling, tunneling and trenching during the past two years. The results of this work have advanced the project from a "green fields exploration project" to an "advanced exploration project" with defined mineralization and further exploration potential.
Defined mineralization occurs as two zones, PD1 and PD2, of silver, lead and zinc mineralization occurring as oxides and sulphides and striking north north-westerly in steeply-dipping fractures in a large regional and northerly trending structural zone. The mineralized fractures have been explored by trenches, underground drifts and cross cuts and by six steep diamond drill holes. Exposed mineralization in the fractures shows good continuity along strike and down dip but there is some pinching and swelling in both directions. There is potential for additional mineralization along strike, down dip in the defined mineralized structures, and in new parallel fractures in the northerly-trending shear zone.
The Company will carry out additional metallurgical testing to assist in determining the process parameters to be used in preparation for a scoping study.
"We believe that the information compiled in this technical report indicates the potential for the Dadi property to become a significant silver mine," commented Marc Hazout, President and Chief Executive Officer of Silver Dragon Resources Inc. "Sino-Top plans an aggressive 2010 development program, which will be funded by the recent sale of the Saihanaobao and Liangdi properties."
The Company has also engaged Southampton Associates to prepare an NI 43-101 compliant technical report on our Laopandao project in China.
As previously advised, the company continues its active engagement in the preparation for listing on a Canadian stock exchange.
The Company takes this opportunity to thank Colin Sutherland for his services as a director since 2007 and wishes Mr. Sutherland all the best in his future endeavors.
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 Cerros las Minitas in Mexico and Dadi and Laopandao 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 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.