Earth Dragon Resources Announces Gold Project Joint Venture Agreement in Ghana
Jan. 18, 2011 (Marketwire) --
TOKYO -- (Marketwire) -- 01/18/11 -- Earth Dragon Resources, Inc. (OTCBB: EARH) (the "Company") is pleased to announce the signing of a joint venture agreement with Netas Mining Company Ltd. (Netas Mining) in order to conduct operations on mineral concessions in Ghana which have been shown to be productive for gold.
As part of the agreement, Earth Dragon Resources shall commit a minimum of US$2 million over the next 2 years to earn a 20% ownership plus first right of refusal on all future claims to the prospect location.
The prospect locations are known as the Nkwanta and Asuogya concessions and contain what is believed to be a highly prospective mineral deposit in the Ashanti Gold Belt of Ghana. The Ashanti Belt is one of the most prolific gold belts in the world with over 100 million proven ounces uncovered to-date and is host to some of the top mining companies in the industry. The region has been indigenously mined for over 40 years with recent extensive studies revealing the underlying geology with increasing accuracy and detail.
Under the terms of the agreement Netas Mining shall manage compliance with applicable mining, environmental, business and tax rules, regulations and laws. Earth Dragon shall develop, maintain, and manage the mining site, facilities, equipment and all mining operations including exploration plus development of a pilot production facility.
Company President & CEO, Thomas Herdman states, "We are very pleased to be working with the team at Netas Mining. They have done an extraordinary job over the past few years uncovering what we believe is a first class deposit and we plan to move promptly in order to complete prefeasibility assessments and get a pilot plant up and running as soon as possible. Our short term goals are to develop revenue from production while continuing our exploration and mapping efforts to identify the full extent of the underlying geology and exploitable vein structures within the concession lands."
In related news, the Company is further pleased to announce the launch of its corporate website. For additional information about the Company, please visit: www.earthdragonresources.com.
Additional details regarding the Company and its agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.
ABOUT EARTH DRAGON RESOURCES, INC. (OTCBB: EARH)
Earth Dragon Resources is a mineral exploration company with a strategic focus on the purchase, development and production of high quality end-stage gold projects in West Africa. The Company is currently developing a highly prospective deposit in the Ashanti Gold Belt of Ghana and plans to expand ongoing exploration and mapping efforts to include pilot plant production facilities. The Ashanti Belt is one of the most prolific gold belts in the world with over 100 million proven ounces uncovered and current investment in excess of $2.5 Billion USD. For more information visit: www.earthdragonresources.com.
Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
ON BEHALF OF THE BOARD
Earth Dragon Resources, Inc.
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Thomas W. Herdman, President & CEO
Investor Relations:
Propheta Communications
70 East 10th Street, Suite 6P
New York, NY 10003
T: 212-901-6914
investors@earthdragongold.com
Web: www.earthdragonresources.com
