Earth Dragon Resources, Inc. is an exploration stage company focused on acquiring, exploring and developing mining properties. Currently, the company is developing gold deposits in the Ashanti Gold Belt in Ghana and the Lupa Goldfield in Tanzania. Earth Dragon has significant international potential due to the robust demand from the gold market.
In Ghana, the company has identified an area of mineralized quartz veins averaging 1 meter in thickness, and a shear zone as wide as 10 meters striking SW-NE for about 700m in a series of sub-parallel structures approximately 500m apart. Presently, 35 people are excavating and sampling gold targets on the Nkwanta Concession focusing on previously identified hard rock vein deposits.
In Tanzania, the company has identified a shear zone as wide as 10m and mineralized quartz veins averaging 100cm in thickness which strike SW-NE for about 700m in a series of sub-parallel structures approximately 150m apart. Tanzania has become one of the fastest-emerging gold producers in Africa and is now the continent’s third-largest gold producing country.
The macroeconomic environment, including a weakening dollar, the sovereign debt crisis in the Euro-zone, increased liquidity and loose fiscal policies, are supporting higher gold prices. Since 2001, gold prices have quadrupled, rising to all-time highs of over $1,400 an ounce. According to industry estimates, gold prices are expected to near $2,000 per ounce by the end of 2011.
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