SOURCE: Earth Dragon Resources, Inc.

Earth Dragon Resources, Inc.

February 24, 2011 06:00 ET

Earth Dragon Resources Reflects on Gold Price Rally

Company's Conservative Economics Positions It for Growth

TOKYO--(Marketwire - February 24, 2011) - Earth Dragon Resources, Inc. (OTCBB: EARH) (the "Company") regards the long term outlook for gold prices as a significant opportunity. However, given the nature of the recent rally with prices once again surging towards the record high of $1,432.50 recorded on Dec. 7, 2010, Earth Dragon's management believes that the underlying geopolitical factors inherent in the current rally may create uneven gold pricing in coming weeks.

Insofar as the prices hitting a seven-week high of $1,417.30 yesterday are undoubtedly driven by unrest in the Middle East and ongoing inflationary concerns at home, prices may yet go higher, possibly hitting new records. Inevitably, fluctuations may occur and in a hypersensitive, news-driven environment events may occur quickly.

Earth Dragon Resources wishes to advise the public that the Company's business model is based on a sound strategy that capitalizes on high prices, yet remains inherently sound throughout periods of potential instability. From the outset, the Company's economic model was predicated on gold prices in the US$ 1200/oz range which is now, in hindsight, a very conservative level.

Furthermore and as recently announced, the Company's efforts to develop its gold ventures in both Ghana and Tanzania are moving ahead as planned. Recent assays from the Nkwanta concession in Ghana returned outstanding gold values spurring increased activities towards further exploration and development efforts.

Company President & CEO Thomas Herdman comments, "With the price of gold climbing 28% overall during the past 12 months, the future for Earth Dragon looks very promising indeed. We are confident our business model is based on solid economics and are investing accordingly. 2011 should see us become revenue positive, leading to increased opportunities for growth throughout our African mining projects."

Additional details regarding the Company, its business 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

Contact Information