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EX-31.1 - CERTIFICATION - EARTH DRAGON RESOURCES INC.ex311.htm
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v2.4.0.6
Joint Venture Agreements
3 Months Ended
Aug. 31, 2011
Commitments and Contingencies Disclosure [Abstract]  
Joint Venture Agreements

4. Joint Venture Agreements

 

 Ghana

 

On January 12, 2011, the Company entered into a Joint Venture Agreement with Gravhaven Limited whereby the parties were to work together to develop the Nkwanta and the Asuogya mining concessions located in Ghana that are owned by Netas Mining Company (“Netas”). Gravhaven Limited had the right to acquire a 65% ownership interest in Netas pursuant to the terms of a Joint Venture Agreement dated April 5, 2010  it entered into with Netas and Emmanuel  Adolf Tagoe, a shareholder of Netas.  Under the terms of its joint venture agreement with Gravhaven, the Company was to contribute $2,000,000 towards the development of Netas’ concessions in exchange for a 20% ownership in Netas.

 

To date, the Company has not made any capital contributions to this joint venture.

 

Tanzania

  

On January 21, 2011, the Company entered into a Joint Venture Agreement with Gregory Investments Corp. (“Gregory”) whereby the parties were to work together to develop certain mining concessions located in Tanzania that are owned by Chisu Gold Mines Limited (“Chisu”), which is owned 60% by Gregory.  The Joint Venture Agreement provided that the Company was to pay Gregory an initial amount of $100,000 and was to conduct due diligence within 90 days.  Also, the Company was to contribute an additional $400,000 within 90 days, an additional $2,000,000 over 2 years (in exchange for a 20% ownership interest in Chisu), and an additional $3,000,000 within 3 years of the date of completion of the feasibility study (in exchange for an additional 30% ownership interest in Chisu).  On March 30, 2011, the Company decided not to proceed with this joint venture.

 

On January 24, 2011 and February 23, 2011, we made payments to Ivana Obrenic of $25,000 and $100,000, respectively, pursuant to this joint venture.  Effective February 28, 2011, we recorded a $125,000 provision for impairment of investment in Tanzania joint venture.

  

Quebec

 

On May 25, 2011, the Company entered into a Joint Venture Agreement with OverThrust Mining Corporation (“OverThrust”) whereby the parties were to work together to develop certain mining properties known as the Brown1 and Brown2 properties, located in the Township of Schefferville, Quebec (the “Properties”).  The Joint Venture Agreement provided that the Company was to contribute a total of $750,000 to the joint venture, $250,000 per year for 3 years.

 

To date, the Company has not made any capital contributions to this joint venture.