Asian Dragon Group Finalizes Negotiations For Major China Silver / Lead Project, The Luoning Xiayu Fanggelewan Mining Limited Company With World Class Deposit Potential



    LUOYANG, CHINA, August 7 /CNW/ - 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.




For further information:

For further information: Asian Dragon Group Inc. Investor Relations: Max
Sioson, 604-338-6281

Organization Profile

ASIAN DRAGON GROUP INC.

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890