SAN DIEGO, Dec. 10, 2012 (GLOBE NEWSWIRE) -- Earth Dragon Resources, Inc. (OTC:EARH), and its wholly-owned subsidiary, Project X, Inc., have entered into a New Joint Venture Agreement with Deep Marine Salvage ("DMS") to create a joint venture to salvage cargo from certain identified shipwrecks (the "Joint Venture"). A copy of the new Joint Venture Agreement has been filed as an Exhibit to Earth Dragon's Current Report on Form 8-K filed with the date September 11, 2012 at www.sec.gov.
The Joint Venture was formed for the financing and salvage of 3 World War I shipwrecks, which the Company's management believes contain cargo consisting of precious metals. The UK government issued 3 licenses for these wrecks to our Joint Venture partner in December 2011.
Research indicates a large amount of gold cargo on two (2) wrecks and silver cargo on the third. GPS locations are known for two (2) wrecks and AP for the third. All three (3) wrecks lie in less than 250 meters of water.
The Joint Venture is currently conducting a final survey of all 3 wrecks in preparation for recovery operations which are scheduled to begin May 2013. We expect to release results of the survey in the next few weeks.
EARH could receive up to approximately $650 million from the recovery assuming 100% of the cargo on all 3 wrecks is salvaged and gold and silver prices remain at today's levels.
Marine salvage comes with many risk factors including accuracy of research, raising the necessary capital, the ability to complete the salvage and fluctuating expenses of marine operations. Operational risk factors can affect the amount of cargo that is actually recovered. Other risk factors are detailed in the Form 8-K that was filed today.
Mike Johnson, CEO of EARH, states, "We're excited to see the project moving forward and look forward to the coming season. The opportunity in front of us is both very exciting and challenging."
Detailed project information can be found on the EARH website at www.earhweb.com.
About Earth Dragon Resources, Inc: Earth Dragon Resources, Inc. identifies opportunities globally in the recovery of precious metals on both land and sea. Earth Dragon Resources, Inc. primary focus is to identify, perform due diligence, structure and fund opportunities that have potential to enhance shareholder value. Earth Dragon Resources, Inc. wholly owned subsidiary, Project X, Inc., is the marine salvage division. Project X, Inc. is in the planning and financing stage of recovering 3 WW1 wrecks that research shows contain gold and other precious metals.
Forward-looking Statements: Statements about our future expectations are "forward-looking statements," which are not guarantees of future performance. When used herein, the words "may," "will," "should," "anticipate," "believe," "appear," "intend," "plan," "expect," "estimate," "approximate," "potential" and similar expressions are intended to identify such forward-looking statements. These statements involve risks and uncertainties inherent in our business, including those set forth in our filings with the Securities and Exchange Commission (SEC), and are subject to change at any time. Our actual results could differ materially from these forward-looking statements. We undertake no obligation to update publicly any forward-looking statement.