Silver Dragon's Sino-Top Joint Venture Receives Official Business License From Chinese Government Valid Until 2023
BEIJING, Jan. 28, 2010 (GLOBE NEWSWIRE) -- Silver Dragon Resources Inc. (OTCBB:SDRG) is pleased to advise that it has received a newly-issued business license for Sanhe Sino-Top Resources & Technologies, Ltd. ("Sino-Top"). Sino-Top is a Chinese entity that holds the exploration and development rights to six properties of which Silver Dragon has a 40% equity interest. Its Chinese partners Gansu Shengda Group Ltd. (“Shengda”) one of the largest silver miners in China, at 52%, and Huaguan Industrial Corp (HIC), a subsidiary of the state-owned North China Geological Exploration Bureau at 8%, collectively own 60% of Sino-Top. The business license is valid until March 24, 2023. This license includes exploration and development of deposits of copper, lead, zinc, silver, gold and associated metals, as well as the sale of such developed products. The agency which issued the license is the Industrial and Commercial Administration of Sanhe City, Hebei province, China.
“The issuance of this license solidifies Silver Dragon’s relationships with both Shengda and HIC,” commented Marc Hazout, President and CEO of Silver Dragon. “Sino-Top anticipates a very active 2010 development program, commencing with the completion of the initial Dadi NI 43-101 technical report.”
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, led by Gansu Shengda Group Ltd. (“Shengda”), at 52%, and HIC, at 8%, collectively 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.
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