BEIJING, Oct. 22, 2009 (GLOBE NEWSWIRE) -- Silver Dragon Resources Inc. (OTCBB:SDRG) is pleased to announce that Sanhe Sino-Top Resources & Technologies, Ltd. ("Sino-Top") has 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 October 20-22, 2009. Sino-Top is a joint venture in which Silver Dragon has a 40% equity interest.
China Mining Congress & Expo, one of the world's top 4 mining events, is also one of the largest mineral exploration and mining trading platforms which plays an important role in creating more communication and co-operation opportunities for domestic and international mining corporations. China Mining Awards are presented in five different categories all of which recognize and promote innovation and co-operation achievements in China. Focusing on exceptional success stories in exploration, mining, technical innovation and sustainable behavior, it rewards industry leaders for forward looking business strategies. The China Mining Awards, hosted by the Ministry of Land & Resources and organized by the China Mining Association, focus on joint ventures that are leading the way in China's mining industry. The Prospector/Explorer of the Year Award is granted to a company or person, which has discovered a significant mineral deposit in a new or previously exploited area.
"We are highly honored and greatly encouraged that Sino-Top received this most significant recognition for its exceptional achievements at our Dadi exploration project," commented Guoqiang Hao Director of Sanhe Sino-Top Resources & Technologies, Ltd., and a Director of Silver Dragon Resources Inc. "We are currently accelerating our exploration program at Dadi and will continue to disclose our findings as more data becomes available."
"This is an exciting moment for all shareholders of Silver Dragon as this prestigious recognition is a clear endorsement by the Chinese mining community of the potential value of our Dadi asset," stated Marc Hazout, President and CEO of Silver Dragon Resources Inc. "We are committed to advancing this property in order to delineate a resource estimate with the objective of developing the project into a world class producing silver mine."
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 state-owned entity 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 owns 60% of Sino-Top. The company holds exclusive exploration rights to eight properties in northern China (Inner Mongolia), covering a total area of 260 km2. Sino-Top won the prestigious Prospector/Explorer of the Year Award for its Dadi Silver Polymetallic Project at China Mining Congress & Expo 2009 held in Tianjin, China, during October 20-22, 2009.
About the Dadi Silver-Lead-Zinc Polymetallic Project
Dadi is one of the eight exploration properties of Sanhe Sino-Top Resources and Technologies Ltd. ("Sino-Top"), a Chinese company which holds exclusive exploration rights to these properties located in the prolific Erbahuo Silver District in Inner Mongolia, China. The Dadi exploration area, covering 12.48 square kilometers, is located in the Mesozoic volcanic basin in Keshiketeng County, Inner Mongolia, China. Geologically, the Dadi property is located in the south edge of the Daxinganling metallogenic belt and at the joint between the Daxinganling mountain chain (with north-east direction) and the Xilamulunhe structure belt which trends in an east-west direction. These two structural belts are also two major ore-forming belts of China. This entire tectonic setting provides a dynamic geologic environment for the development of mineralizing systems. The major exposed rocks in the Dadi Property are Upper Jurassic Baiyinggaolao Formation dacitic tufaceous lava, dacitic tuff, rhyolitic tuff, and tufaceous sendstone and conglomerate, among which dacitic tufaceous lava and dacitic tuff are the main host rocks of mineralization. (See press release of September 14, 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 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.