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SAN DIEGO, April 11, 2013 (GLOBE NEWSWIRE) -- Earth Dragon Resources, Inc. (OTC:EARH) today announced the Company has secured the research on four (4) World War II shipwrecks and is moving to the planning phase of the project. This phase will include additional research on the four wrecks and strategic planning for surveying the wrecks.
These four shipwrecks were all private merchant vessels lost to enemy action in World War II. The research indicates their combined cargos include over 5000 metric tonnes of copper, over 20 metric tonnes of platinum and 220,000 Troy ounces of gold bars. We will continue to validate the cargos with additional research efforts. At this stage of the project, there is no way of confirming that the shipwrecked cargos were intact at the time of the demise of the ships or that they have been undisturbed since that time. The Company will be referring to this cluster of wrecks as the "CARRIBEAN 4 Project."
There are many viable salvage targets for the company to target. The selection of these wrecks was done on the basis of several important factors including;
High value, manifested cargo
Close proximity of the wrecks to each other
Accessible working depths
Favorable, year round working condition
Budget risk/return factors
CEO of Earth Dragon Resources, Inc., Mike Johnson states, "We are excited to secure the ownership of this research. We consider all four wrecks high value targets. This new project combined with maintaining an interest in our previous JV put us in a good position for the future."
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. maintains a $5,000,000 upside from our previous JV and is in the planning stage of 4 WW2 wrecks (CARRIBEAN 4 Project) 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.
CONTACT: J. Michael Johnson
President and CEO
Earth Dragon Resources, Inc.
402 West Broadway
San Diego, CA 92101