SAN DIEGO, May 1, 2012 (GLOBE NEWSWIRE) -- Earth Dragon Resources, Inc. (OTCBB:EARH) announced today that through its wholly-owned marine salvage division, Project X, Inc., it has executed a 10 million share Pledge Agreement with joint venture partner, Deep Marine Salvage, Inc.
Mike Johnson, CEO of Earth Dragon Resources, Inc. and CEO of Project X Inc. stated: "The execution of this agreement is the start of the funding process for marine salvage operations. I'm extremely confident in the success of this project; our joint venture partners, Deep Marine Salvage, Inc. are very capable of executing the salvage operations."
Earth Dragon Resources, Inc. SEC filings can be viewed at www.sec.gov.
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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. has a 50/50 joint venture with DMS and is in the planning and financing stage of recovering commercially valuable shipwrecks with our joint venture partners DMS in which research shows cargos of gold and other precious metals.
Forward Looking Statements
Statements in this press release may be forward-looking statements. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of risk factors inherent in doing business. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.