Stocktwiter, Penny Stock Circle, Penny Stocks Expert, Awesome Penny Stocks, Penny Stock Advice, Penny Stock Gains, Penny Stock Scholar, and OTC Tip Reporter all recently reported on Earth Dragon Resources Inc., in addition to many others.
Earth Dragon Resources Inc. is a mineral exploration company whose shares trade on the OTC Bulletin Board. The Company’s strategic focus is on the purchase and development of high quality production-stage gold projects in Africa. They are currently developing highly prospective gold deposits in the Ashanti Gold Belt of Ghana and the Lupa Goldfield in the Chunya Mining District of Tanzania. They have plans to expand ongoing exploration and mapping efforts to include pilot plant production. Earth Dragon Resources Inc. has their headquarters in Tokyo, Japan.
In Ghana, gold has undergone mining continuously since the 1940’s within the Ashanti Gold district. This is an area renowned as one of the world’s most prolific gold belts. Ghana is Africa’s second-largest and fastest-growing gold producer.
In Tanzania, the Lupa Goldfield was a historically significant producer of gold. Available data shows that a total of 25 tonnes of gold was produced – mainly during 1930-1960′s. Tanzania has become one of the fastest-emerging gold producers in Africa, and is now the continent’s third-largest gold-producing country.
In Ghana, Earth Dragon Resources Inc. has identified an area of mineralized quartz veins averaging 1 meter in thickness. They have also identified a shear zone as wide as 10 meters striking SW-NE for approximately 700m in a series of sub-parallel structures roughly 500m apart. Work on the project began in 2010 as a Phase 1 Exploration Program at the Nkwanta Concession in Ghana.
In Tanzania, they have identified mineralized quartz veins averaging 100cm in thickness. The Company has also identified a shear zone as wide as 10m which strike SW-NE for approximately 700m in a series of sub-parallel structures about 150m apart. In Tanzania, the Company is developing gold deposits in the Chunya Mining District, SW Tanzania. They are also undertaking detailed prospecting in Chunya, Eastern Tanzania.
The Company is working to mine quartz reefs at both locations in an open cast blast?shovel?haul operation starting with a low capacity of 5tph (50tpd) and increasing gradually to 20tph (200tpd). Their plan is to produce at both locations between 4,000 and 10,000Toz of gold per year. In addition, they plan to return gross revenues estimated to be at least $18.8 million USD per project (at projected prices).
Yesterday, Earth Dragon Resources, Inc. reported that they and Chisu Gold Mine Limited have agreed to jointly conduct mining operations on gold concessions located in the Chunya District of Tanzania. The Company anticipates the development of an N.I. 43-101 report to be completed in April 2011 detailing the resource asset and putting forward recommendations for production efforts at the Chisu Gold Project.
The Company also entered into an agreement with Netas Mining Company Ltd. This agreement is to conduct similar activities upon two gold properties at Nkwanta and Asuogya, Ghana.
Earth Dragon Resources Inc. President & CEO, Thomas Herdman, commented, “Earth Dragon has received positive lab results from the 2010 Field Study and is optimistic the relationships with Netas Mining and Chisu Gold will prove both constructive and profitable. Management is buoyed by recent events and believes the Company is moving in a manner appropriate and consistent with the interests of the Company’s shareholders.”