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Exhibit 4.5

THIS WARRANT AND THE SHARES OF COMMON STOCK ISSUABLE
HEREUNDER HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE SECURITIES ACT), OR ANY APPLICABLE STATE SECURITIES LAWS, AND MAY NOT BE
OFFERED, SOLD OR TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME
EFFECTIVE WITH REGARD THERETO, OR (ii) IN THE OPINION OF COUNSEL ACCEPTABLE TO
THE COMPANY REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE
SECURITIES LAWS IS NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER.

Right to Purchase (Number of Shares)
shares of Common Stock of Silver Dragon Resources, Inc. (subject to adjustment
as provided herein)

COMMON STOCK PURCHASE WARRANT

|No. (Warrant Number) | Issue Date: (Date of Issuance)
|-------------------- | ------------------------------

SILVER DRAGON RESOURCES, INC., a corporation organized under
the laws of the State of Delaware (the Company), hereby certifies that, for
value received, (Name of Warrant Holder), or his assigns (the Holder), is
entitled, subject to the terms set forth below, to purchase from the Company at
any time after the Issue Date until 5:00 p.m., E.S.T on the (Number of Years To
Expiry) anniversary of such date (the Expiration Date), (Number of Shares)
fully paid and nonassessable shares of Common Stock at a per share purchase
price of $(Share Price). The aforedescribed purchase price per share, as
adjusted from time to time as herein provided, is referred to herein as the
Purchase Price. The number and character of such shares of Common Stock and
the Purchase Price are subject to adjustment as provided herein. The Company may
reduce the Purchase Price without the consent of the Holder. As used herein the
following terms, unless the context otherwise requires, have the following
respective meanings:

(a)

The term
Company shall mean Silver Dragon Resources, Inc. and any corporation which
shall succeed or assume the obligations of Silver Dragon Resources, Inc.
hereunder.

(b)

For purposes of
this Warrant, Common Stock means the Common Stock of the Company, and all
other securities of any class of classes (however designated) of the Company the
holders of which have the right, without limitation as to amount, after payment
on any securities entitled to a preference on dividends or other distributions
upon any dissolution or winding up, either to all or to a share of the balance
of payments upon such dissolution, liquidation or winding up.

(c)

The term Warrant Shares shall mean the Common Stock issuable upon exercise of this Warrant.

This Warrant is subject to the following terms and conditions:

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1.

Exercise. This Warrant may be exercised by the Holder
hereof on a cash basis (but only on the conditions hereinafter set forth) as to
all or any increment or increments of the Warrant Shares upon delivery of
written notice of intent to exercise in the form attached hereto as Exhibit A
to the Company at the Companys address set forth below or such other address as
the Company shall designate in a written notice to the Holder hereof, together
with this Warrant and cash or bank draft payable to the Company for the
aggregate Purchase Price of the Warrant Shares so purchased. Upon exercise of
this Warrant, the Company shall as promptly as practicable, and in any event
within thirty (30) days thereafter, execute and deliver to the Holder of this
Warrant a certificate or certificates for the total number of Warrant Shares for
which this Warrant is being exercised in such names and denominations as are
requested by such Holder. If this Warrant shall be exercised with respect to
less than all of the Warrant Shares, the Holder shall be entitled to receive a
new Warrant covering the number of Warrant Shares in respect of which this
Warrant shall not have been exercised.

2.

Covenants and Conditions. The above provisions are
subject to the following:

(a)

Neither this Warrant nor the Warrant Shares have been
registered under the Securities Act or any state securities laws (Blue Sky
Laws). This Warrant and the Warrant Shares have been issued in reliance on an
exemption from registration under the Securities Act provided by Rule 506
promulgated thereunder, and an exemption from registration under applicable Blue
Sky Laws, and the Warrant and the Warrant Shares may be resold in accordance
with such provisions, in addition to any other rule or statute which may permit
such Warrant and Warrant Shares to be resold. This Warrant has been acquired for
investment purposes and not with a view to distribution or resale and may not be
pledged, hypothecated, sold, made subject to a security interest, or otherwise
transferred without (i) an effective registration statement for such Warrant
under the Securities Act and such applicable Blue Sky Laws, or (ii) an opinion
of counsel reasonably satisfactory to the Company that registration is not
required under the Securities Act or under any applicable Blue Sky Laws.
Transfer of the Warrant Shares issued upon the exercise of this Warrant shall be
restricted in the same manner and to the same extent as the Warrant and the
certificates representing such Warrant Shares shall bear substantially the
following legend:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE SECURITIES ACT),
OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR
TRANSFERRED UNTIL (i) A REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS SHALL HAVE BECOME EFFECTIVE WITH REGARD
THERETO, OR (ii) IN THE OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY,
REGISTRATION UNDER THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS IS
NOT REQUIRED IN CONNECTION WITH SUCH PROPOSED TRANSFER.

(b)

The Company covenants and agrees that all Warrant Shares
that may be issued upon exercise of this Warrant will, upon issuance and payment
therefore, be legally and validly issued and outstanding, fully paid and nonassessable. The Company shall at all times reserve and keep available for
issuance upon the exercise of this Warrant such number of authorized but unissued shares of Common Stock
as will be sufficient to permit the exercise in full of this Warrant.

2

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(c)

The Holder hereof and the Company agree to execute such other documents and
instruments as counsel for the Company reasonably deems necessary to effect the
compliance of the issuance of this Warrant and any Warrant Shares issued upon
exercise of this Warrant with applicable federal and state securities laws. In
furtherance of the foregoing, the Holder represents and warrants:

(i)

The Holder has substantial experience in evaluating and investing in private
placement transactions of securities in companies similar to the Company so that
the Holder is capable of evaluating the merits and risks of its investment in
the Company and has the capacity to protect its own interests;

(ii)

The Holder is acquiring this Warrant, and will acquire the Warrant Shares, for
investment for its own account and not with a view to, or for resale in
connection with, any distribution thereof. The Holder understands that this
Warrant has not been, and the Warrant Shares will not be, registered under the
Securities Act or any Blue Sky Laws by reason of exemptions from the
registration provisions of the Securities Act and such Blue Sky Laws that depend
upon, among other things, the bona fide nature of the investment intent and the
accuracy of the Holders representations;

(iii)

The Holder is familiar with the provisions of Rule 144 under the Act which
permits the limited resale of restricted securities, subject to the satisfaction
of certain conditions;

(iv)

The Holder has had an opportunity to discuss the Companys business, management
and financial affairs with the Companys management and the opportunity to
review the Companys facilities, financial statements and any other documents
requested by the Holder. The Holder has also had an opportunity to ask questions
of officers of the Company, which were answered to its satisfaction.

3.

Adjustment.

(a)

The number of Warrant Shares purchasable hereunder are subject to adjustment
from time to time, as follows:

(i)

If the Company at any time subdivides its Common Stock, the
number of Warrant Shares issuable pursuant to this Warrant will be
proportionately increased. If the Company at any time combines its Common Stock,
the number of Warrant Shares issuable pursuant to this Warrant will be
proportionately decreased.

(ii)

If the Company at any time pays a dividend payable in, or
make any other distribution (except any distribution specifically provided for
in the foregoing subsections (i)) of Common Stock, then the number of Warrant
Shares issuable pursuant to this Warrant will be adjusted, from and after the
date of determination of stockholders entitled to receive such dividend or
distribution of stockholders to that number of Warrant Shares determined by
multiplying the number of Warrant Shares issuable immediately prior to such date
of determination by a fraction (i) the numerator of which will be the total
number of shares of Common Stock outstanding immediately after such dividend or
distribution, calculated on a fully diluted basis, and (ii) the denominator of
which will be the total number of shares of Common Stock outstanding immediately
prior to such dividend or distribution, calculated on a fully diluted basis.

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(iii)

The number of shares reserved for issuance pursuant to
this Warrant will automatically be adjusted without further action by the
Company in the event of any adjustment of the number of Warrant Shares issuable
pursuant to this Warrant.

(b)

In the event of a merger, consolidation, recapitalization, combination or
exchange of Common Stock occurring after the date hereof pursuant to which the
Company is not the surviving entity (an Acquisition), the Company covenants
that it will obtain from the acquiring entity, as a condition to the closing of
such transaction or event, the right for the Holder to exchange this Warrant, at
its sole option and in lieu of exercise hereof, for a warrant to purchase the
equivalent number of shares of the equivalent class of shares of the acquiring
entity on a fully diluted basis. The period of exercise of such new warrant
shall be equal to the remaining duration of the exercise period of this Warrant.
If, as a result of such Acquisition, the shareholders of the Company immediately
prior to such Acquisition own at least a majority of the shares of voting
capital stock, assuming full exercise or conversion of all securities
exercisable for or convertible into such voting capital stock, outstanding after
such Acquisition and are entitled upon liquidation to receive a majority of the
assets of the surviving entity, then the method of calculating the number of
Warrant Shares set forth in the first Paragraph hereof shall remain unaffected;
otherwise, this Warrant shall, after such Acquisition, permit the Holder to
purchase that percentage of Warrant Shares or other consideration of the
acquiring entity which the Holder would be entitled to receive as a result of
such merger, consolidation, recapitalization, combination or exchange of shares
if this Warrant had been exercised in full immediately prior to such merger,
consolidation, recapitalization, combination or exchange of shares (or the
record date, if any, for such transaction or event) for the same aggregate
exercise price as provided for in this Warrant.

4.

Transfer of Warrant. Subject to the provisions of
Section 2, this Warrant or the Warrant Shares may be transferred, in whole or in
part, to any person or business entity, by presentation of the Warrant or the
Warrant Shares to the Company with written instructions for such transfer in the
form attached hereto as Exhibit B. Upon such presentation for transfer, the
Company shall promptly execute and deliver a new Warrant or Warrants in the form
hereof in the name of the assignee or assignees and in the denominations
specified in such instructions. The Company shall pay all expenses in connection
with the preparation, issuance and delivery of Warrants under this Section 4.

5.

Notices. Any and all notices, elections or demands
permitted or required to be made under this Warrant shall be in writing, signed
by the party giving such notice, election or demand and shall be delivered
personally, telecopied, telexed, or sent by certified mail or nationally recognized courier service (such as Federal Express), to the
other party at the address set forth below, or at such other address as may be
supplied in writing and of which receipt has been acknowledged in writing. The
date of personal delivery, telecopy or telex or one business day after delivery
to such courier service or five business days after mailing, as the case may be,
shall be the date of such notice, election or demand. For the purposes of this
Warrant:

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| |                 |                             
| | --------------- | ----------------------------
| | The address of  | (Address of Warrant Holder) 
| | Holder is:      |                             
| |                 |                             
| | The address of  |                             
| | the Company is: | 5160 Yonge Street, Suite 803
| |                 | Toronto, Ontario, M2N 6L9   

6.

Amendment and Waiver. Except as otherwise provided
herein, the provisions of this Warrant may be amended and the Company may take
any action herein prohibited, or omit to perform any act herein required to be
performed by it, only if the Company has obtained the prior written consent of
the Holder.

7.

Descriptive Headings; Governing Law. The descriptive
headings of the several Sections of this Warrant are inserted for convenience
only and do not constitute a part of this Warrant. ALL QUESTIONS CONCERNING
THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
DOMESTIC LAWS OF THE STATE OF DELAWARE WITHOUT GIVING EFFECT TO ANY CHOICE OF
LAW OR CONFLICT OF LAW PROVISIONS OR RULE (WHETHER OF THE STATE OF DELAWARE OR
ANY OTHER JURISDICTION) THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY
JURISDICTION OTHER THAN THE STATE OF DELAWARE.

SILVER DRAGON RESOURCES INC.

Per:_________________________________      
Marc Hazout  President and C.E.O.

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Exhibit AFORM OF SUBSCRIPTION (to be signed only
on exercise of Warrant)

TO: Silver Dragon Resources, Inc.

The undersigned, pursuant to the provisions set forth in the
attached Warrant, hereby irrevocably elects to purchase (check applicable box):

___ ________shares of the Common Stock covered by such Warrant;
or

___ the maximum number of shares of Common Stock covered by
such Warrant.

The undersigned herewith makes payment of the full purchase
price for such shares at the price per share provided for in such Warrant, which
is $___________. Such payment takes the form of a bank draft in the sum of
$__________in lawful money of the United States.

The undersigned requests that the certificates for such shares
be issued in the name of, and delivered to
_____________________________________________________whose address is

|
|

The undersigned represents and warrants that the
representations and warranties of the undersigned in this Warrant are true and
accurate with respect to the undersigned on the date hereof.

The undersigned represents and warrants that all offers and
sales by the undersigned of the securities issuable upon exercise of the within
Warrant shall be made pursuant to registration of the Common Stock under the
Securities Act of 1933, as amended (the Securities Act), or pursuant to an
exemption from registration under the Securities Act.

|Dated:________________________ |                                             
|------------------------------ | --------------------------------------------
|                               | (Signature must conform to name of holder as
|                               | specified on the face of the Warrant)       
|                               |                                             
|                               |                                             
|                               |                                             
|                               | (Address)                                   

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Exhibit B

FORM OF TRANSFEROR ENDORSEMENT (To be signed only on
transfer of Warrant)

For value received, the undersigned hereby sells, assigns, and
transfers unto the person(s) named below under the heading Transferees the
right represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of Silver Dragon Resources, Inc. to which the within
Warrant relates specified under the headings Percentage Transferred and
Number Transferred, respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of Silver Dragon Resources, Inc. with full power of substitution in the
premises.

Transferees
    Percentage Transferred
    Number Transferred


|Dated: ______________, __________ |                                                                                         
|--------------------------------- | ----------------------------------------------------------------------------------------
|                                  | (Signature must conform to name of holder as
      specified on the face of the warrant)
|                                  |                                                                                         
|Signed in the presence of:        |                                                                                         
|                                  |                                                                                         
|______________________________    |                                                                                         
|(Name)                            |                                                                                         
|                                  | (address)                                                                               
|                                  |                                                                                         
|ACCEPTED AND AGREED:              |                                                                                         
|[TRANSFEREE]                      |                                                                                         
|                                  | (address)                                                                               
|                                  |                                                                                         
|______________________________    |                                                                                         
|(Name)                            |                                                                                         

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