Earth Dragon Resources, Inc announced a joint venture agreement with Missouri based OverThrust Mining Corporation, to develop a significant iron ore opportunity in the Province of Quebec in Canada.

The Properties comprise two separate claim blocks, designated Brown1 with 23 claims over 1150 hectares, and Brown2 with 10 claims over 500 hectares located in the northeastern part of the province, respectively about 13 km and 3 km north of the town of Schefferville, which is approximately 200 km north of Labrador City, NL, 225 km northwest of Churchill Falls, NL, and 500 km north of Sept-Iles, QC.

The prospect benefits greatly from historic operations in the area as Schefferville maintains a well-established mining infrastructure and both properties are serviced by year round roads as well as active rail spurs which terminate within the claim boundaries. The iron ore resources in the vicinity are being keenly evaluated by several exploration and development companies, and local governments show renewed investment interest with a number of infrastructural programs underway regionally.

Given the relentless demands for steel around the globe, the 5 year price of iron has grown from just over USD 31.00 to recent highs over USD 180.00 per tonne. An initial assessment of the property leads Management to conclude that commercial mining is a potentially viable opportunity and regional geological data further indicates the presence of Manganese may be present in quantities which could increase the overall asset value.

The Company intends to conduct a series of geologic studies with the intent to develop a regulatory compliant reserve estimate and asset valuation of any potential deposits in order to develop an exploitation plan for the development of a commercial mine.
In related news, the Company wishes to advise that based on a reassessment of conditions, the Company has elected to cancel a previously announced 3:1 dividend of its common stock. The Board of Directors arrived at the decision in the belief that a stock dividend at this time will have a negative effect on the value of its common stock and could hinder efforts to raise capital or to allow for the future use of common stock to acquire additional mining claims.