TORONTO, May 10, 2010 (GLOBE NEWSWIRE) -- Silver Dragon Resources Inc. (OTCBB:SDRG) ("the Company") is pleased to advise that the Mexican Federal Environmental Agency (Secretaria de Medio Ambiente y Recursos Naturales, or "SEMARNAT") has approved the Environmental Impact Manifest ("Manifestacion de Impacto Ambiental - "MIA") for the Company's Cerros las Minitas Silver Project in Durango, Mexico. Receipt of this approval enables the company to commence construction at the Cerros las Minitas silver mine, and represents the key regulatory requirement involved in proceeding towards production.
Prior to the initiation of exploration or construction activities, all mining projects are required to apply for and obtain an environmental impact authorization and a land use permit from the Mexican Federal Environmental Agency SEMARNAT. The application process requires the presentation of an environmental impact manifest and a technical study which deals with the impacts, the environmental mitigation, and habitat compensation to the satisfaction of the authorities having environmental jurisdiction. The Company's Environmental Impact Manifest ("MIA") permit was received from SEMARNAT on April 26, 2010.
"This is an important milestone for our Cerros las Minitas project, as issuance of the main environmental permit is now behind us," commented Marc Hazout, President and CEO of Silver Dragon Resources. "The approval of the MIA proves the project is environmentally feasible and clears the way for production. We would like to thank the many people at SEMARNAT who so ably assisted in the review process and provided many valuable contributions to ensure that our project proceeds in an environmentally sound manner. We would also like to express thanks and appreciation to our management team and staff in Mexico for the support and guidance they provided in obtaining this important permit.
Cerros las Minitas is comprised of 15 concessions covering 1,413 Hectares. It is located 68 kilometers northeast of Durango, Mexico, and comprises the Cerros las Minitas mining district, part of the prolific silver belt of the Sierra Madre Occidental. Silver Dragon Resources Inc., through its wholly-owned Mexican Subsidiary Silver Dragon Mining de Mexico S.A. De C.V., acquired the exploration and mining rights to the property in March 2006. Pictures of the mill can be seen on the Company's website at http://www.silverdragonresources.com.
About Silver Dragon Resources Inc.
Silver Dragon Resources Inc. (OTCBB:SDRG) is a mining company focused on the acquisition, exploration, development, and operation of silver mines in proven silver districts in China and Mexico. Silver Dragon's objective is to acquire silver mining assets that contain promising exploration targets and/or 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 the nine Erbahuo properties in China. With operations in Mexico, the world's leading silver producer, and China, the largest silver consumer, Silver Dragon is prepared to participate in China's increasing demand for silver. For more information, please visit the Company's website at: http://www.silverdragonresources.com (now available in Chinese).
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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 Cerros las Minitas Silver Project, outcome and timing for the completion of further assays and metal amounts in partial assay results as well as production expectations 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.