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Asian Dragon Group Finalizes Deal On Major China Molybdenum Project, Luanchuan Mozigou Molybdenum Mine, Directly Adjacent to ''China Molybdenum'' US$900+ Million IPO
Asian Dragon Group Inc., (Nachrichten) (OTCBB:AADG) (FWB:P2J1) (WKN:A0KE7Z) is excited to announce that its newly negotiated and majority owned China Base Metal Development Company, “Fuding Mining Development Co., Ltd.“ (“FMDC“), has entered into an Acquisition Agreement for a 70% interest in Luanchuan Mozigou (MZG) Molybdenum Mine, located in Jiaohe Village of Luanchuan County, Henan Province, China. The region exhibits prolific molybdenum mineralization and is home to the Luoyang Luanchuan Molybdenum Group Co., Ltd.'s (“China Molybdenum“) Sandaozhuang Mine, a 24-million-pound-per-year molybdenum mine only 6 km from the MZG Molybdenum Mine. China Molybdenum (Nachrichten) is a single mine producer which recently completed its IPO to raise over US$900 million on the Hong Kong Stock Exchange, with the Sandaozhuang Mine being one of the largest pure molybdenum mines in the world with 498,000 tonnes of reserves plus 506,000 tonnes of tungsten reserves.
Asian Dragon will initially earn 51% of FMDC by investing US$10 million, plus stock to be agreed upon, within 1 year and may increase its interest to 70% by investing a further US$20 million for a total investment of US$30 million within 3 years.
The MZG Moly Mine contains a current Exploration License comprised of 14.09 km2 with a 4 km2 aspect of the property running the same northwest-southeast trend as China Molybdenum, all aspects of this ore body trend which extend over a 60 km “saddle“ bordering Luanchuan and Lushi County. The overburden is mostly thin and bare on the surface which makes the project suitable for large-scale opencast mining with 2 exposed veins on surface each of which are 50m or wider and only 200m apart indicating the potential of a consolidated ore body below surface. Current Chinese reports estimate the size of the molybdenum ore body within the MZG Property at over 180,000 m3 above surface level while preliminary work projects confirm the property contains molybdenum and other minerals at grades similar to China Molybdenum.
There is a local 2000 t/d iron mill that will cost approximately US$4 million to acquire, upgrade and transport to the Moly site. Roughly, each tonne of the ore containing Moly has the same value as a 1/3 oz of gold, a 2000 tonne/day operation could therefore generate US$433,000 gross/day, US$216,000 per day profit total.
About Molybdenum - Molybdenum is used primarily to harden various forms of steel, making it more resistant to corrosion and improving its strength at high temperatures. Steel mixed with molybdenum has a variety of applications within the construction, shipbuilding, auto, defense and oil industries among others. What makes it especially valuable, though, is the fact that it has few substitutes and has an enormous market in Chinese industry.
About Asian Dragon
Asian Dragon was established to focus on China's explosive precious and base metals reserves and markets and to become one of China's largest foreign metals producers through a series of joint ventures and mine and property acquisitions.
Long standing relationships with the Gold Bureau have provided Asian Dragon with the exclusive opportunity to commence due-diligence on several advanced Chinese Mining Projects in one of the Country's most well known and prolific mineral production regions, the Xiaoqinling Region.
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.
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