SOURCE: Earth Dragon Resources, Inc.

Earth Dragon Resources, Inc.

March 02, 2011 16:05 ET

Earth Dragon Resources Receives Optimistic Research Report

TOKYO--(Marketwire - March 2, 2011) -  Earth Dragon Resources, Inc. (OTCBB: EARH) ("Earth Dragon," or the "Company") is pleased to announce the receipt of a recent research report developed by Grass Roots Research and Distribution, Inc., a well-known financial markets research firm.

The full report is now available for review by shareholders and interested parties on Grass Roots' website at: The report will also be available shortly on the Company's website at

The research report details the progress of the Company's ongoing exploration and development efforts at its gold mining joint ventures in Ghana and Tanzania Africa. The Grass Roots Research report states, "We expect long term upside revenue opportunities for the Company's gold properties" and continues, "Earth Dragon Resources, Inc. common stock is valued at $1.02, 272.1% higher than the recent stock price of $0.275."

Management feels the price target and information in the report is a fair assessment and sees increased upside as the Company moves toward pilot production and gold sales. The joint venture partners are aiming to commence pilot production within 6 months with the project in Ghana leading the way and estimated to generate between 10,000 and 12,000Toz (Troy ounces) of gold per year which at an average price of US$ 1,200/Toz could return gross revenues between US$ 12 - 14 million. In Tanzania, where production is slated to commence shortly thereafter, projected production estimates are between 6,000 to 9,000Toz returning potential gross revenues of between US$ 7.2 - 10.8 million per annum.

The information, opinions, conclusions, views and statements in the report are those of Grass Roots and its authors only and the conclusions determined by Grass Roots were formed by an analysis of data provided by the Company. Obsidian Financial Consultants commissioned and paid $11,500 for the development of the report.

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
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

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