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Silver Dragon Resources Inc. Update

Posted on: Tuesday, 14 February 2006, 09:00 CST

Silver Dragon Resources Inc. (OTCBB:SDRG) reports that Sino Silver Corp. has unilaterally terminated its agreement to sell its assets to Silver Dragon notwithstanding the fact that a definitive agreement containing all financial terms of the Letter of Intent formerly announced was presented to Sino Silver. Silver Dragon was in the process of its due diligence review of Sino Silver's assets when Sino Silver issued a press release announcing the termination of the agreement. Silver Dragon will be pursuing any and all available recourse under the circumstances.

Silver Dragon continues to own 50% of Sino Silver's interest in the Aobaotugouno property located in the Erbaohuo Silver District in Northern China. Silver Dragon has raised funds in anticipation of the Sino Silver transaction and for further expansion of its asset base, including the Cerros las Minitas acquisition in Durango, Mexico. President and CEO, Marc Hazout, is traveling to China today in order to pursue existing and further opportunities which have been presented to the Company.

Silver Dragon Resources Inc. is a mining and metal company focused on the exploration, acquisition, development and operation of silver mines in proven silver districts globally. Silver Dragon's objective is to acquire silver mining assets that contain promising exploration targets, have highly-leveraged, out-of-the-money silver deposits, and/or are producing properties with significant untapped exploration potential. For more information, please visit www.silverdragonresources.com

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.

Source: Business Wire

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