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Newsroom - Clients - SDRG
The following news and investment research items reflect some of the recent business activity for selected clients of Empire Relations Group, Inc. Additional information for investment research can be found in the featured clients section. News and investment research are for informational purposes only.
Silver Dragon Resources Inc
Update: Silver Dragon Resources Inc. Completes U.S. Closing of Equity Purchase in Sanhe Sino-Top Resources and Technologies, Ltd.
TORONTO--(MARKET WIRE)--Aug 15, 2006 -- Silver Dragon Resources Inc. (OTC BB:SDRG.OB - News) and Sino Silver Corp. (SSLV) announce the completion of the U.S. closing of the sale of Sino Silver's stake in the Chinese company, Sanhe Sino-Top Resources and Technologies, Ltd (Sino-Top), pursuant to the Asset Purchase Agreement signed on March 16, 2006. Sino-Top controls nine mineral properties in Inner Mongolia, China, including the Erbahuo silver mine.
The U.S. closing followed the approval of the transaction by a majority of the shareholders of Sino Silver, and was the next stage in the transfer of Sino Silver's 60% equity interest in Sino Top to Silver Dragon. The final stage of the transaction will be completed upon receipt of final approval by the Chinese Ministry of Commerce. Currently, the requisite local commerce departments in China have already approved the transaction, and all remaining documentation has been submitted to the Ministry of Commerce for final approval.
In accordance with its obligations for the U.S. closing under the Asset Purchase Agreement, Silver Dragon paid US$100,000 and placed 4 million restricted shares of its common stock into escrow. Upon the final closing, Silver Dragon will release to Sino Silver 250,000 shares of its common stock being held in escrow, pay an additional US$400,000, and release the 4 million restricted shares from escrow. Silver Dragon has committed to invest 10.75 million RMB (approximately US$1.34 million) toward the exploration of the Sino-Top properties in 2006, of which US$646,000 has been advanced by Silver Dragon as of the U.S. closing.
Silver Dragon Resources Inc. is a mining and metal 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 the Cerro las Minitas and the Erbahuo projects in Mexico and China. For more information, please visit the Company's website at: www.silverdragonresources.com (now available in Chinese).
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: The statements contained herein which are not historical are forward-looking statements that 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 market acceptance of new technologies or products, delays in testing and evaluation of products, and other risks detailed from time to time in the Company's filings with the Securities and Exchange Commission.
Silver Dragon Resources Inc.
Marc Hazout
(647) 286-8587
info@silverdragonresources.com
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About Silver Dragon Resources Inc.
Based in Canada and publicly traded on the OTCBB, we are focused
on the exploration, acquisition, development and the operation of
silver mines throughout the world. The properties are located in
proven silver districts of Mexico and China.
To link to this corporate profile in our members area click here (You must be a registered member to see profile).
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