SOURCE: Earth Dragon Resources Inc.

Earth Dragon Resources Inc.

January 24, 2011 16:05 ET

Earth Dragon Resources Readies for African Gold Projects

TOKYO--(Marketwire - January 24, 2011) - Earth Dragon Resources, Inc. (OTCBB: EARH) (the "Company") is moving rapidly ahead with plans to bring two gold projects in Africa towards the pilot production stage. The projects are located in the Ashanti Gold Belt of Ghana and the Lupa Goldfield in the Chunya Mining District of Tanzania.

Company President & CEO Thomas Herdman states, "We are confident that gold holds strong underlying fundamentals even as we see some short term unevenness in the market. At current prices it's fairly predictable to see some profit taking. Concerns over debt-default in the Eurozone and rising inflation fears will no doubt contribute to creating further opportunities ahead. Regardless of the current fluctuations, when we began plans for our Company, prices were much lower and we based our economic projections at what is now, in hindsight, a very conservative level. This very comfortable position allows us to stay focused on completing our feasibility assessments towards the commencement of pilot production and resultant revenues within a very reasonable timeline."

As reported today in a variety of media, current price fluctuations in the Gold market are dominated by the fact that the price is extremely healthy with Gold for February delivery adding $5.30 to $1,346.30 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,352.40 and as low as $1,340.70 while the spot gold price moved $4.60 higher. The uptrend for gold largely depends on investor dip-buying. Investors are unlikely to commit a huge amount of new money to gold if they think there could be another selloff. But continued uncertainty over economic conditions in Europe and inflation fears at home could lead to a rapid price shift. Additionally, any large double-digit declines would entice some traders to buy up the metal thereby creating additional opportunities.

Additional details regarding the Company and its agreements are filed as part of the Company's continuous public disclosure as a reporting issuer under the Securities Exchange Act of 1934 filed with the Securities and Exchange Commission's ("SEC") EDGAR database.

Earth Dragon Resources is a mineral exploration company with a strategic focus on the purchase and development of high quality production-stage gold projects in Africa. The Company is currently developing highly prospective gold deposits in the Ashanti Gold Belt of Ghana and the Lupa Goldfield in the Chunya Mining District of Tanzania with plans to expand ongoing exploration and mapping efforts to include pilot plant production. For more information visit:

Notice Regarding Forward-Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects and development stage companies. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K for the most recent fiscal year, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission.


Earth Dragon Resources, Inc.
Thomas W. Herdman, President & CEO

Contact Information