Earth Dragon Resources, the mineral developer currently focused on high value gold and silver projects in production stage or later, announced today a significant joint-venture to develop a rich iron and manganese project in Quebec, Canada with OverThrust Mining Corp.
Huge news as global demand for steel continues to surge ahead of expectations, with the five year price on iron up some 480% over the last five years since April of 2006 to recent highs of $180 per metric ton.
The site has an established mining infrastructure via the nearby town of Schefferville and is accessible via road year round, with active rail spurs terminating within the claim boundaries. Collectively the site consists of two properties called Brown1 (some 2,842 acres with 23 claims) and Brown2 (some 1,236 acres with 10 claims), each highly prospective for iron and also containing very good manganese values. With manganese clocking in at around $3,675 a ton recently, the manganese potential could represent a huge bonus.
Preliminary data indicates a very good resource profile and, with limited historical operation in the area, multiple exploration and development companies are currently evaluating the region. Meanwhile local government is exhibiting a fresh interest in developing such resources as regional infrastructure programs heat up the demand for materials.
Earth Dragon has already laid out an aggressive geologic study agenda for the properties and is focused on getting a reserve estimate/asset valuation that is in compliance with all regulations complete as soon as possible. Once a higher resolution image of the potential deposits is in hand, EARH plans to engineer an exploitation plan with the ultimate goal of implementing commercial mining operations.
The Company’s continuous public disclosure, as a reporting issuer, makes all business and agreements available via the EDGAR database and investors are encouraged to seek additional details about this move and the Company itself at the Earth Dragon Resources website www.earthdragongold.com
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