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Asian Dragon Group Finalizes
Negotiations For Major China Silver / Lead Project, The Luoning
Xiayu Fanggelewan Mining Limited Company With World Class Deposit
Potential
Aug.09, 2007
Asian Dragon Group Inc., (OTCBB:AADG) (FWB:P2J1) (WKN:A0KE7Z) is
excited to announce that its newly negotiated majority owned China
Base Metal Development Company, Fuding Mining Development Limited
has entered into an Agreement to obtain a 70% interest in Luoning
Xiayu Fanggelewan (FGLW) Mining Limited Company, located in the area
of Xiayu and adjacent to the TSX listed Silvercorp's Ying Silver
Project in Luoning County, Henan Province, China. The region
exhibits prolific Silver-Lead mineralization that Silvercorp has
compared to the mineral deposit type similar to the mesothermal
veins of the Coeur d'Alene District in Idaho, U.S.A., where more
than 1 billion ounces of silver have been mined in the past 120
years.
Asian Dragon will earn 51% of the newly formed Fuding by investing
an initial US$10 million within 1 year and can increase its share to
70% by further investing US$20 million for a total of US$30 million
within the next 3 years. Asian Dragon believes this assertive move
evidences its focus on increasing shareholder value.
The FGLW Silver - Lead Property contains a current 1.75km2 Mining
License covering a series of long veins in a northeast-southwest
trend. There are currently 10 tunnels on the Property, 7 of which
produce grades and minerals similar to those being mined by
Silvercorp. These include pockets of galena type of deposits which
can be sold directly to smelter. There is good infrastructure at the
Property including an access road, electricity and water. Several
100 t/d concentration mills operate nearby and can process ore from
the Property. The Property is located only 1.5 kms from Silvercorp's
world class HPG Silver - Lead Mine and 5 kms west of the SGX Silver
- Mine.
About Asian Dragon
Asian Dragon was established to focus on China's explosive precious
and base metals reserves and markets and to become one of China's
largest foreign metals producers through a series of joint ventures
and mine and property acquisitions.
Long standing relationships with the Gold Bureau have provided Asian
Dragon with the exclusive opportunity to commence due-diligence on
several advanced Chinese Mining Projects in one of the Country's
most well known and prolific mineral production regions, the
Xiaoqinling Region.
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.
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