Document:

Silver Dragon Resources Inc.: Exhibit 10.9 - Filed by newsfilecorp.com

Exhibit 10.9

SILVER DRAGON RESOURCES INC. 
SUBSCRIPTION FOR
UNITS 

TO:          
SILVER DRAGON RESOURCES INC. (the "Corporation") 

The undersigned (the "Subscriber") hereby irrevocably
subscribes for and agrees to purchase the number of units in the capital of the
Corporation (the "Units") set forth below at $.125 (USD) per Unit for the
Aggregate Subscription Amount set forth below, each such Unit consisting of (i)
one common share of the Corporation, (ii) one (1) common share purchase warrant,
each warrant of this type being exercisable for a period of 36 months from the
Closing Date to acquire one common share of the Corporation at an exercise price
of $.25 (USD) , upon and subject to the terms and conditions set forth in the
"Subscription Agreement". 

	 	 	 	 	 	 	 
	 	Travellers International Inc. 	 	 	 	Aggregate Subscription Amount: $ 96,000.00
    	 
	 	Full Legal Name of Subscriber (please print) 	 	 	 	  	 
	 	  	 	 	 	  	 
	 	  	 	 	 	  	 
	 	By: /s/ Marc Hazout 	 	 	 	Number of Units subscribed for: 	 
	 	           
       Signature of Subscriber or its Authorized Representative 	 	 	 	  	 
	 	President 	 	 	 	768,000 	 
	 	Official Title or Capacity (please print) 	 	 	 	  	 
	 	  	 	 	 	  	 
	 	Marc Hazout 	 	 	 	  	 
	 	Name of Signatory (please print name of individual
      whose 	 	 	 	  	 
	 	signature appears above if different than name of
      Subscriber) 	 	 	 	  	 
	 	  	 	 	 	  	 
	 	5160 Yonge Street 	 	 	 	  	 
	 	Subscriber's Address (including postal code) 	 	 	 	  	 
	 	  	 	 	 	  	 
	 	Suite 803, Toronto, ON M2N 6L9 	 	 	 	  	 
	 	  	 	 	 	  	 
	 	416-223-8500 	 	 	 	  	 
	 	Telephone Number (including area code) 	 	 	 	  	 
	 	  	 	 	 	  	 
	 	mhazout@silverdragonresources.com 	 	 	 	  	 
	 	e-mail Address 	 	 	 	  	 
	 	  	 	 	 	  	 
	 	  	 	 	 	  	 
	 	Social Insurance No. or Federal Business No. 	 	 	 	  	 

							
		Register the Units as follows:
				Deliver the Units as follows: 	
	 						
		Travellers International Inc. 				[X] Same as registered address, or 	
		Name 				  	
							
		Account reference, if applicable 				Name 	
		 
    					
		Address (including postal code) 				Account reference, if applicable  
	
		  					
						Contact Name   	
							
						Address (including postal code)  	
							
		 
    				Telephone Number (including area code) 	

NUMBER and type of securities of the Corporation held
directly or indirectly by Subscriber ______________

STATE whether the Subscriber is an
insider of the Corporation (please check one)  Yes:  X       No: 
___

ACCEPTANCE: The
Corporation hereby (i) accepts the above subscription on the terms and
conditions contained in this Subscription Agreement and (ii) represents and
warrants to the Subscriber that the representations and warranties made by the
Corporation to the Agent in the Agency Agreement (as defined herein) are true
and correct in all material respects as of the Closing Date (save and except as
waived by the Agent) and the Subscriber shall have the benefit of such
representations and warranties and shall be entitled to reply thereon. 

	SILVER DRAGON RESOURCES INC. 	 	
    
      December 21 , 2010
    

    
	  	 	 
	By: /s/ Marc
      Hazout 	 	Subscription No: 
	Authorized Signing Officer 	 	 

This is the first page of an agreement comprised of 13
pages. 

SUBSCRIPTION AGREEMENT 

SILVER DRAGON RESOURCES INC.

INSTRUCTIONS FOR COMPLETION OF SUBSCRIPTION

DOCUMENTS 

To All Subscribers for Units: 

I.          
In connection with your subscription of 768,000 units offered by Silver Dragon
Resources Inc. (the “Company”), the following documents, which must be properly
and fully completed, signed, and, where applicable, notarized: 

	 	A. 	Investor Suitability Questionnaire 
	 	 	 
	 	B. 	Subscription Agreement and Investment Representation

II.          
Please return the requested number of copies of all documents to the address set
forth below. Failure to comply with the above will constitute an invalid
Subscription and, if not corrected will result in the rejection of your
Subscription request. 

III.          
Certified checks, wire transfers or bank drafts should be in the amount of $96,000.00   for the Units being purchased. If less than the
whole number of Units are being purchased, the certified check, wire transfer or
bank draft should be in proportion to the percentage of the partial amount, may
be made by the Company at its discretion. 

IV.          
Send all documents and checks to the address set forth below: 

Silver Dragon Resources Inc.

5160 Yonge Street, Suite 803 
Toronto, Ontario, Canada M2N
6L9 

Send all wire transfers to: 

Name of account: Silver Dragon
Resources Inc. 
Bank: HSBC Bank of Canada 
Account
No.:10162-056664-070 
Currency: USD 
ABA # 021001088
Intermediary Bank 
Swift Code: HKBCCATT 
Swift Code:
MRMDUS33 
Address: 7398 Yonge Street, Vaughan, Ontario, Canada, L4J
8J2 
Phone: (905) 771-8727 
Fax: (905) 771-8802 

V.          
Upon acceptance by the Company, each Subscriber will receive an executed
original of the Subscription Agreement as soon as practical after closing. 

2 

CONFIDENTIAL INVESTOR QUESTIONNAIRE

INVESTOR IDENTIFICATION 

The undersigned represents that I/we am (are) an accredited
investor(s) as that term is defined in Rule 501 pursuant to Regulation D of the
Securities Act of 1933, as amended (the “Act”) (please initial the
category, which applies to you in the space provided below): 

		_____	Category 	1. 	A bank, as defined in Section 3(a)(2) of the
      Act, whether acting in its individual or fiduciary capacity; or 
	 	 	  	  	  
		_____	Category 	2. 	A savings and loan association or other
      institution as defined in Section 3(a)(5)(A) of the Act, whether acting in
      its individual or fiduciary capacity; or 
	 	 	  	  	  
		_____	Category 	3. 	A broker or dealer registered pursuant to
      Section 15 of the United States Securities Exchange Act of 1934; or 
	 	 	  	  	  
	 	_____	Category 	4. 	An insurance company as defined in Section
      2(13) of the Act; or 
	 	 	  	  	  
		_____	Category 	5. 	An investment company registered under the
      United States Investment Company Act of 1940; or 
	 	 	  	  	  
	 	_____ 	Category 	6. 	A business development company as defined in
      Section 2(a)(48) of   the United States Investment Company
      Act of 1940; or 
	 	 	  	  	  
		_____	Category 	7. 	A small business investment company licensed by
      the U.S. Small Business Administration under Section 301 (c) or (d) of the
      United States Small Business Investment Act of 1958; or 
	 	 	  	  	  
		_____	Category 	8. 	A plan established and maintained by a state,
      its political subdivisions or any agency or instrumentality of a state or
      its political subdivisions, for the benefit of its employees, with total
      assets in excess of U.S. $5,000,000; or 
	 	 	  	  	  
		_____	Category 	9. 	An employee benefit plan within the meaning of
      the United States Employee Retirement Income Security Act of 1974 in which
      the investment decision is made by a plan fiduciary, as defined in Section
      3(21) of such Act, which is either a bank, savings and loan association,
      insurance company or registered investment adviser, or an employee benefit
      plan with total assets in excess of U.S. $5,000,000 or, if a self-directed
      plan, with investment decisions made solely by persons who are accredited
      investors; or 

3 

		_____ 	Category 	10. 	A private business development company as
      defined in Section 202(a)(22) of the United States Investment Advisers Act
      of 1940; or 
	 	  	  	  	  
		_____ 	Category 	11. 	An organization described in Section 501(c)(3)
      of the United States Internal Revenue Code, a corporation, a Massachusetts
      or similar business trust, or a partnership, not formed for the specific
      purpose of acquiring the securities offered, with total assets in excess
      of U.S. $5,000,000; or 
	 	  	  	  	  
	 	   
      X    	Category 	12. 	Any director or executive officer of the
      Company; or 
	 	  	  	  	  
		   
      X    	Category 	13. 	A natural person whose individual net worth, or
      joint net worth with that person's spouse, at the date hereof exceeds
      U.S.$1,000,000; or 
	 	  	  	  	  
		_____ 	Category 	14. 	A natural person who had an individual income
      in excess of U.S.$200,000 in each of the two most recent years or joint
      income with that person's spouse in excess of U.S.$300,000 in each of
      those years and has a reasonable expectation of reaching the same income
      level in the current year; or 
	 	  	  	  	  
		_____ 	Category 	15. 	A trust, with total assets in excess of
      U.S.$5,000,000, not formed for the specific purpose of acquiring the
      securities offered, whose purchase is directed by a sophisticated person
      as described in Rule 506(b)(2)(ii) under the Act; or 
	 	  	  	  	  
		_____ 	Category 	16. 	Any entity in which all of the equity owners
      meet the requirements of at least one of the above categories.
  

4 

TO BE PROVIDED BY ALL INVESTORS 

(Please Print or Type) 

	Number of Units, $.125 per Unit: 	 768,000 	 
	 	 	 
	Total Investment Amount: 	$  96,000.00	 
	 	 	 
	Purchaser Information: 	 	 
	Name: 	Marc Hazout (Travellers
      International Inc.) 	 
	Federal Tax ID or Social Security Number: 	                     
       	 
	Marital Status:	Married	 
	Date of Birth:  	September 15, 1964	 
	Citizen of:	Canada 	 
	Home/Business Address:	5160 Yonge Street, Suite
803	 
		(Street)	
		Toronto 	ON	M2N 6L9 
	 	(City) 	(State) 	(Zip)  

	Co-Purchaser Information: 	 	 
	Name: 	                                   	 
	Federal Tax ID or Social Security Number: 	                                   	 
	Marital Status: 	                                   	 	 
	Date of
      Birth:  	                                 
       	 
	Citizen of: 	                                   	 
	Home/Business Address: 	                                   	 
	(Street) 	 	 	 
		(City)   	(State)  	(Zip) 

5 

Indicate Type of Ownership: 

	[      ] 	Individual 	[       ] 	Joint Tenants with Rights of Survivorship*
  
	[      ] 	Tenants by the Entireties * 	[       ] 	Community Property * 
	[      ] 	Tenants in Common * 	[  X  ] 	Domestic Corporation 
	[      ] 	Foreign Corporation 	[       ] 	Foreign Person 

(*) Two or more signatures required

6 

SUBSCRIPTION AGREEMENT 

THIS AGREEMENT made this 21st
day of  December, 2010
by and between Silver Dragon Resources Inc., a Delaware corporation (the
“Issuer” or the “Company”) and Travellers International Inc.
(the
“Subscriber”). 

WHEREAS, Subscriber wishes to
hereby subscribe for 768,000 units offered by Silver Dragon Resources Inc. (the
“Units”) for a purchase price of $ 96,000.00 or $.125 per Unit
(the “Purchase Price”); and 

WHEREAS, Issuer desires to sell the Units to Subscriber,
but only upon the terms and conditions hereinafter set forth. 

NOW, THEREFORE, in consideration of the mutual promises
and the representations, warranties, covenants and agreements herein contained,
and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, the parties, intending to be legally bound, agree as
follows: 

ARTICLE I 
ISSUANCE OF UNITS 

1.01          
Subject to the terms and conditions set forth in this Agreement, Issuer agrees
to sell and deliver to the Subscriber, and Subscriber agrees to acquire from the
Issuer, all upon the terms and conditions hereinafter set forth, the Units, free
and clear of all security interests, claims, liens and other encumbrances except
as may be set forth in this Agreement. 

1.02          
Each Unit shall consist of (i) one (1) common share of the Company (a “Share”),
(ii) one (1) common share purchase warrant, each warrant of this type being
exercisable for a period of 36 months from the Closing Date to acquire one
common share at an exercise price of $.25(USD). The warrants included in the
Units are collectively referred to herein as the “Warrants”. The Warrants shall
not be exercisable on a cashless basis. 

ARTICLE II 
PRICE OF UNITS, SIZE OF OFFERING AND USE OF
PROCEEDS 

The Issuer intends to sell a maximum of 8,333,333 Units for
gross proceeds of $1,000,000.00. There is no minimum offering amount. The
Proceeds from the offering of Units contemplated herein shall be used for the
development of the Cerros las Minitas property in Durango, Mexico, TSX
application, corporate administration, subsidiary financing and other general
corporate matters.

7 

ARTICLE III 
SUBSCRIPTION PRICE 

3.01           
Consideration. In consideration of the issuance and delivery by the
Issuer of the Units as hereinafter set forth: 

(a) The Subscriber shall deliver to the Issuer the sum of 
Ninety-six Thousand  ($ 96,000.00), by wire transfer,
certified cheque or by bank draft, on or before the Closing as that term is
defined in Section 4.01 of this Agreement. 

ARTICLE IV 
CLOSING 

4.01           
Date and Place of Closing. The closing of the transaction contemplated by
this Agreement (the “Closing”) shall occur at 5160 Yonge Street, Suite 803,
Toronto, Ontario on or before December 30, 2010 (the “Closing Date”), at 5:00
P.M. Eastern Standard Time. The Issuer shall have the right to extend the
Closing Date at its discretion. 

4.02           
Documents at Closing. At the Closing, Issuer shall deliver to the
Issuer’s transfer agent an Issuance Resolution authorizing the issuance of the
Shares and Warrants and such other documents as may be reasonably required by
Subscriber’s counsel. At the Closing, the Subscriber shall deliver
$__96,000.00 (the “Subscription Amount”) to the Issuer in the manner set
forth in sub-section 3.01(a) of this Agreement, and such other documents as may
be reasonably required by Issuer’s counsel.

ARTICLE V 
REPRESENTATIONS AND WARRANTIES OF ISSUER 

5.01           
Representations and Warranties of Issuer. In order to induce the
Subscriber to enter into this Agreement, the Issuer represents, warrants and
covenants to the Subscriber that all the items contained in this Article are
true and correct. 

5.02           
Organization and Good Standing. The Issuer is duly organized, validly
existing and in good standing under the laws of the State of Delaware, Country
of United States. The Issuer has all requisite power to carry on its business as
now conducted by it and to own and operate its assets as now owned and operated
by it. The Issuer is conducting and has in the past conducted its business in
accordance with all applicable laws, the violation of which would affect the
property or business of the Issuer. 

5.03           
Capacity and Authority. The Issuer has full legal power and authority
to enter into this Agreement, to make the representations, warranties and
covenants contained herein and to cause the transactions contemplated hereby to
be consummated, and no prior order, approval or decree of any court, agency or other governmental body is required
with respect thereto. The Issuer has full legal right, power and authority to
convey the Shares and Warrants free and clear of all liens, charges,
encumbrances, claims and demands of every kind. The Issuer represents, warrants
and covenants that all actions in contemplation of this transaction are not in
conflict with the Issuer’s Certification or its Bylaws, if any. 

8 

5.04          
Encumbrances and Binding Effect. This Agreement is a valid and binding
obligation of the Issuer, enforceable in accordance with its terms, subject to
application of bankruptcy, insolvency, reorganization and moratorium laws and
other generally applicable laws affecting enforcement of creditor’s rights. The
execution and delivery by the Issuer of this Agreement and the performance
thereof will not result in any violation of and will not conflict with, or
result in a breach of any of the terms of, or constitute a default under any
provision of any state or federal law to which the Issuer is subject, any
agreement of the Issuer, or of any mortgage, indenture, agreement, instrument,
judgment, decree, order, rule or regulation or other restriction to which the
Issuer is a party or by which any of its property is bound. 

5.05          
Compliance with Applicable Laws. 

(a)          
The operation of the Issuer has not and does not violate any applicable law or
governmental regulation. Without limiting the generality of the foregoing, the
Issuer is in compliance with all laws, rules and regulations, including rules
and regulations promulgated by the United States, the State of Delaware, and any
other state or local authority or agency relating to the operation of the
business of the Issuer. 

(b)          
There are no commitments to or agreements with any governmental authority or
agency affecting the Units or the Issuer, which have not been disclosed by the
Issuer to the Subscriber in writing. 

5.06          
Contracts and Commitments. There has not been any default in any
obligation to be performed by the Issuer under any contract, license, commitment
or agreement which default could adversely affect the business or property of
the Issuer, and the Issuer has not waived any right under any such contract,
commitment or agreement so as to adversely affect the business or property of
the Issuer. 

5.07          
No Material Liabilities. There are no material liabilities on the books
of the Issuer except as disclosed in the financial statements and no undisclosed
or contingent liabilities. 

5.08          
Disclosure. Neither this Agreement nor any exhibit, list, or schedule
hereto, nor any written statement or certificate furnished to the Subscriber
pursuant hereto or in connection with the transaction herein contemplated
contains or will contain any untrue statement of a material fact, will omit to
state a material fact necessary in order to make the statements contained herein
or therein not misleading. There presently exists no fact, which materially
adversely affects or in the future may materially adversely affect the Units, which
fact has not been disclosed herein or in the exhibits, lists and schedules
provided for herein. 

9 

5.09          
Shares of Stock. The Issuer is authorized to issue 150,000,000 shares of
common stock, $0.0001 par value, of which 97,486,257 shares were issued and
outstanding as of October 25, 2010. All shares of stock of the Issuer are, and
when issued the Shares underlying the Units and Warrants will be, validly issued
and nonassessable. 

ARTICLE VI 
REPRESENTATIONS AND WARRANTIES OF SUBSCRIBER

6.01          
Lack of Registration. The Subscriber acknowledges that the Units have not
been registered pursuant to the United States Securities Act of 1933 (the “Act”)
or the similar laws of any state of the United States or pursuant to the laws of
any other country, and may not be offered or sold, except in compliance with the
registration requirements of the Act or an available exemption therefrom. 

6.02          
Representations and Warranties of Subscriber. In order to induce the
Issuer to enter into this Agreement, the Subscriber represents and warrants to
the Issuer the items of this Article. 6.03 Organization and Good
Standing. Subscriber is: (a) If a corporation, duly organized, validly
existing and in good standing and has all requisite power to carry on its
business as now conducted by it and to own and operate its assets as now owned
and operated by it; or (b) If an individual, is of the age of majority and has
the legal capacity to enter into this agreement. 

6.04          
Capacity and Authority. The Subscriber has full legal power and authority
to enter into this Agreement, to make the representations, warranties and
covenants contained herein and to cause the transactions contemplated hereby to
be consummated, and no prior order, approval or decree of any court, agency or
other governmental body, whether federal, state or local is required with
respect thereto. 

6.05          
Encumbrances and Binding Effect. This Agreement is a valid and binding
obligation of the Subscriber, enforceable in accordance with its terms, subject
to application of bankruptcy, insolvency, reorganization and moratorium laws and
other generally applicable laws affecting enforcement of creditor’s rights. The
execution and delivery by the Subscriber of this Agreement and the performance
thereof will not result in any violation of and will not conflict with, or
result in a breach of any of the terms of, or constitute a default under any
provision of any state, provincial or federal law to which the Subscriber is
subject, any agreement of the Subscriber, or of any mortgage, indenture,
agreement, instrument, judgment, decree, order, rule or regulation or other
restriction to which the Subscriber is a party or by which any of their property
is bound. 

10 

6.06          
Brokerage Fees. The Subscriber has not incurred any liability for
brokerage fees, finder’s fees, agent’s commissions or other similar forms of
compensation in connection with this Agreement or the transactions contemplated
hereby. 

6.07          
Access to Information. Subscriber has had access to or been furnished
with the following information: (a) All material books and records of the
Issuer; (b) All material contracts and documents relating to the Issuer and the
proposed purchase of the Shares; and (c) An opportunity to question the
appropriate executive officers of the Issuer about all material aspects of the
Issuer and the business of the Issuer. 

6.08          
Resale Restrictions. Subscriber has been advised that (i) the Units,
Shares, Warrants and Shares underlying the Warrants have not been registered
under the Act, (ii) the Company is under no obligation to register any of the
securities for resale, (iii) the securities will be subject to a hold period
under Rule 144, (iv) the availability of the Rule 144 resale exemption cannot be
assured, (v) such securities may need to be held indefinitely, and Subscriber
must continue to bear the economic risk of the investment in such securities
unless they are subsequently registered under the Act or an exemption from such
registration is available, and (vi) a restrictive legend in the following form
shall be placed on the certificates representing such securities: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") AND HAVE NOT
BEEN REGISTERED PURSUANT TO ANY STATE BLUE SKY LAWS. FURTHER THE SECURITIES
REPRESENTED BY THIS CERTIFICATE HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT BE
SOLD, PLEDGED, HYPOTHECATED OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO A
REGISTRATION STATEMENT UNDER THE ACT AND QUALIFICATION UNDER THE STATE ACTS OR
EXEMPTIONS FROM SUCH REGISTRATION OR QUALIFICATION REQUIREMENTS (INCLUDING, IN
THE CASE OF THE ACT, THE EXEMPTION AFFORDED BY RULE 144). 

6.09          
Warrant Exercise Restrictions. The Warrants may not be exercised, and the
Shares issuable upon such exercise may not be issued or delivered, unless the
Shares issuable upon such exercise have been registered under the Act and all
applicable state securities laws or exemptions from such requirements are
available, and the holder thereof has delivered a legal opinion of counsel
satisfactory to the Company to such effect; provided, however, that the original
Subscriber will not be required to deliver a legal opinion of counsel in
connection with the exercise of the Warrants by the original Subscriber, solely
for its own account, and not for the account or benefit of any other person, for
investment purposes only, at a time when the Subscriber continues to satisfy the
definition of an “accredited investor” as defined in Rule 501 under the Act. The
following legend will be placed on the Warrants: 

11 

THESE WARRANTS MAY NOT BE EXERCISED AND THE SECURITIES
ISSUABLE UPON SUCH EXERCISE MAY NOT BE ISSUED OR DELIVERED UNLESS THE SECURITIES
ISSUABLE UPON SUCH EXERCISE HAVE BEEN REGISTERED UNDER THE ACT AND ALL
APPLICABLE STATE SECURITIES LAWS OR EXEMPTIONS FROM SUCH REQUIREMENTS ARE
AVAILABLE. 

6.10           
Purchase for Own Account. The Subscriber is purchasing the Units solely
for its own account, and not for the account or benefit of any other person, for
investment purposes only, and not for distribution in violation of the Act or
any state securities laws. 

6.11           
No Tax Advice. The Subscriber acknowledges that the Subscriber is solely
responsible for determining, and the Company makes no representation or warranty
to the Subscriber regarding, the tax consequences under U.S. federal, state or
local or foreign tax laws of the Subscriber’s purchase, exercise or disposition
of the Units, the Shares, the Warrants or the Shares underlying the Warrants.

ARTICLE VII 
MISCELLANEOUS 

7.01           
Notices. Any notices or other communications required or permitted
hereunder shall be in writing and shall be mailed by registered or certified
mail, postage prepaid, or delivered by hand or by messenger, addressed to the
appropriate address set forth below or to such other addresses as shall have
been furnished in writing to the party initiating the notice or communication.
Any notice or other communication so addressed and mailed, postage prepaid, by
registered or certified mail (in each case, with return receipt requested) shall
be deemed to be delivered and given when received by the addressee. Any notice
so addressed and otherwise delivered shall be deemed to be given five (5)
business days after mailing. 

7.02           
Governing Law. This Agreement shall be governed by, and construed and
enforced in accordance with contracts entered into and wholly performed within
the Province of Ontario, without giving effect to conflict of laws principles
thereof, and in any action to enforce or interpret or arising under any of the
provisions of this Agreement, the parties expressly agree to submit to the
jurisdiction of any Federal or Provincial court sitting in Toronto, Ontario.

7.03           
Severability. If any provision of this Agreement is held by a court of
competent jurisdiction to be contrary to law, the remaining provisions of this
Agreement will remain in full force and effect. 

7.04           
Non-Waiver. The failure of a party to enforce the provisions of this
Agreement or the rights granted hereunder on any occasion shall not operate as a
waiver of such provisions or rights for future occasions. 

7.05           
Section Headings. The section headings appear only as a matter of
convenience and shall not affect the construction of the Agreement. 

7.06           
Entire Agreement and Amendments. This Agreement, including any schedules
and exhibits, contains the entire understanding of the Subscriber and the
Issuer, and there are no representations, understandings, or agreements, oral or
otherwise, except as stated herein. This Agreement may not be amended except by
a writing signed by all parties hereto. 

12 

7.07           
Counterparts. This Agreement may be executed in counterparts, each of
which when so executed and delivered, shall constitute a complete and original
instrument but all of which taken together shall constitute one and the same
agreement, and it shall not be necessary when making proof of this Agreement or
any counterpart thereof to account for any other counterpart. 

7.08           
Facsimile An Original. A facsimile of this Agreement shall be deemed to
be an original for all purposes. 

7.09           
Addresses. All notices and other correspondence with respect hereto shall
be sent to the Subscriber or the Issuer at the following addresses: 

	 	To Subscriber: 	At the address attached to the Subscription
      Agreement 
	 	  	  
	 	  	  
	 	To Issuer: 	Silver Dragon Resources Inc. 
	 	  	5160 Yonge Street 
	 	  	Suite 803 
	 	  	Toronto, Ontario M2N 6L9 
	 	  	Tel: 416-223-8500 
	 	  	Fax: 416-223-8507 

7.10           
Execution of Additional Documents. The parties hereto agree that they
will promptly execute any and all further documents necessary and/or appropriate
for the consummation of this Agreement according to its terms and conditions.

IN WITNESS WHEREOF, this Agreement has been executed and
delivered on the day and year first hereinabove written. 

Agreed and accepted 

this 21st day of   December, 2010. 

	 	Subscriber – 
	 	  
	 	/s/ Marc Hazout
	 	Subscriber's Signature 
	 	  
	 	  
	 	Issuer 
	 	Silver Dragon Resources Inc. 
	 	  
	 	  
	 	Per: /s/ Marc Hazout 
	 	Marc Hazout – President and CEO
  

13Silver Dragon Resources Inc.: Exhibit 10.10 - Filed by newsfilecorp.com

Exhibit 10.10

This consulting services agreement (“Agreement”) is made effective
November 1, 2010 

Between 

SILVER DRAGON RESOURCES LTD. and

SILVER DRAGON RESOURCES INC. 
(collectively, “Silver Dragon”) 

and 

TRAVELLERS INTERNATIONAL INC.
(“Consultant”) and 
MARC HAZOUT (“Hazout”) 

For value received, the parties covenant and agree with each
other as follows:

SECTION 1- SERVICES TO BE PROVIDED

1.1 - Retainer

Subject to the terms and conditions hereof, Silver Dragon
hereby retains the Consultant to provide the Consulting Services. Except as
Silver Dragon and the Consultant may otherwise agree in writing, all services to
be provided herein shall be provided by Hazout only, and the Consultant shall
cause Hazout to be retained or employed by the Consultant to provide the
Consulting Services throughout the period of the Consultant’s retainer by Silver
Dragon under this Agreement.

1.2 - Consulting Services

“Consulting Services” includes all activities required to
direct, oversee, and manage Silver Dragon to provide the services that would be
provided by a chief executive officer of the company. The Consultant shall cause
Hazout to be solely responsible for the performance of the Consulting
Services.

1.3 - Intellectual Property

The Consultant agrees that Silver Dragon shall have, at all
reasonable times, access to the work product, or any component thereof, which
the Consultant or Hazout produces in performing the Consulting Services. The
Consultant and Hazout each acknowledge that Silver Dragon shall be the owner of
all work products created by the Consultant or Hazout or in which the Consultant
or Hazout assisted in the creation during the term of this Agreement. All
intellectual property rights in such work products, including all databases,
patents, trademarks, copyrights, trade secrets and industrial designs, shall be
the exclusive property of Silver Dragon. If the Consultant or Hazout acquire any
rights or interests in the work products or in any intellectual property rights
relating to the work products, the Consultant and Hazout (as the case may be)
each agree to assign, and by executing this Agreement each assigns, all such
rights and interests therein to Silver Dragon. The Consultant and Hazout each
further hereby irrevocably and unconditionally waive in perpetuity any moral
rights, droit morale, or similar rights that theConsultant and Hazout may have with respect to such work
products, and acknowledge that this waiver may be invoked by all licensees and
assignees of Silver Dragon.

 1 

SECTION 2 - REMUNERATION OF CONSULTANT

2.1 - Fees for Consulting Services

	 	1.1 	
      Silver Dragon shall pay to the Consultant for the
      Consulting Services an annual fee of $288,000.00, payable in instalments
      according to the Company’s regular payroll schedule.

	 	 	 
	 	1.2 	
      The Company will issue to the Consultant and the
      consultant will be entitled to 1,000,000 restricted common
  shares.

	 	 	 
	 	1.3 	
      All onetime expenses of the Consultant and/or any person
      engaged by the Consultant and acting as agent for the Consultant (the
      “Agents”) to be incurred on behalf of the Company shall be
      pre-approved in writing by Silver Dragon. All such pre-approved expenses
      of the Consultant and/or the Agents will be paid within thirty (30) days
      of billing by the Consultant and/or its Agents.

	 	 	 
	 	1.4 	
      Consultant will be entitled to at least 8 weeks paid
      holidays each calendar year and 14 personal days. Company will notify
      Consultant on or about the beginning of each calendar year with respect to
      the holiday schedule for the coming year. Personal holidays, if any, will
      be scheduled in advance subject to requirements of Company. Such holidays
      must be taken during the calendar year and cannot be carried forward into
      the next year.

	 	 	 
	 	1.5 	
      Company agrees to include Consultant in the group medical
      and hospital plan of Company and provide group life insurance for
      Consultant at no charge to Consultant in the amount of the cost to cover
      Consultant’s entire family under a Grade A PPO medical and dental program
      during this Agreement. Consultant shall be entitles to participate in any
      pension or profit sharing plan or other type of plan adopted by Company
      for the benefit of its officers and/or regular employees.

	 	 	 
	 	1.6 	
      Consultant shall be entitled to receive stock incentives
      from Company, said incentives may be in the form of Stock Options,
      Warrants or other form of stock of the Company. Such Stock incentives are
      to be approved by the Board of Directors.

	 	 	 
	 	1.7 	
      Consultant will also have the right to sell his stock
      from time to time, as per SEC regulations. Company will provide to
      Consultant the use of an automobile of Consultant’s choice at a gross
      purchase price not to exceed $3,000.00 per month. Company agrees to
      replace the automobile with a new one at Consultant’s request no more
      often than once every two years. Company will pay all automobile-operating
      expenses incurred by Consultant in the performance of Consultant’s duties
      including insurance, gas and parking. Company will procure and maintain in
      force an automobile liability policy for the automobile with coverage,
      including Consultant, in the minimum amount of $2,000,000.00 combined single limit
      on bodily injury and property damage.

	 	 	 
	 	1.8 	
      All charges in this Agreement are stated in legal
      currency of the United States of America.

2 

SECTION 3 - COVENANTS OF CONSULTANT

3.1 - Services

The Consultant shall ensure that Hazout
will perform the Consulting Services in a timely fashion, to the best of
Hazout’s ability, and in a competent and professional manner. The Consultant and
Hazout each represent, warrant and covenant to Silver Dragon that the Consulting
Services will be performed to the highest moral, ethical, technical and legal
standards, and that it and Hazout will conduct the Consulting Services in a
manner consistent with the objectives and policies of Silver Dragon. The
Consultant shall cause Hazout to perform all of the Consulting Services, and
discharge its obligations under this Agreement, honestly, in good faith and with
a view to the best interests of Silver Dragon. The Consultant and Hazout
covenant that in performing the Consulting Services, it and he will comply in
all material respects with all relevant laws, statutes and regulations of all
provincial, state, federal, local and municipal governments, as applicable.

3.2 - Indemnity

The Consultant and Hazout each shall
indemnify and save harmless Silver Dragon, its directors, officers, members,
employees and agents from and against all claims, demands, actions, causes of
action, losses, expenses, cost of damages and liabilities of every nature and
kind whatsoever which Silver Dragon or its directors, officers, members,
employees or agents may suffer or incur as a result of any negligent or other
tortious act or omission committed by the Consultant or Hulbert in the
performance of the Consulting Services or otherwise under the Agreement.

3.3 - Confidentiality Obligations

The Consultant and Hazout shall not,
directly or indirectly, either during the term of this Agreement or at any time
thereafter, in any way use or disclose to any person, other than strictly for
the fulfillment of this Agreement or as required by law, any information
relating to the business, commercial, technical, trade, marketing, financing or
any other confidential affairs of Silver Dragon. The Consultant and Hazout each
agree and acknowledge that all such information is the exclusive property of
Silver Dragon, and the Consultant and Hazout each, as the case may be, shall
hold all such information in trust for Silver Dragon. The Consultant and Hazout
confirm and acknowledge their duty to use their respective best efforts to
protect the confidentiality of such information, not to misuse such information,
and to protect such information from any misuse, misappropriation, harm and
interference in any manner whatsoever.

3.4 – Compliances with Policies 

3 

The Consultant and Hazout each agree to comply with all
policies of Silver Dragon made known to Hazout.

3.5 - Covenants Reasonable

The Consultant and Hazout each
acknowledge and agree that:

(a) without the covenants set forth in
this Section 3, Silver Dragon would not have entered into, this Agreement; and,

(b) the covenants set forth in this
Section 3 are reasonable in the circumstances and are necessary to protect the
economic position of Silver Dragon.

3.6 - Covenants Independent

The existence of any claim or cause of action of the Consultant
and/or Hazout against Silver Dragon, whether pursuant to this Agreement or
otherwise, shall not constitute a defense to the enforcement by Silver Dragon of
the provisions of this Section 3 against the Consultant and/or Hazout.

3.7 - Severability

If a court of competent jurisdiction would otherwise adjudge,
declare or decree all or any portion of the covenants set forth in this Section
3 void or unenforceable in the circumstances, the portions thereof which would
otherwise be held void or unenforceable shall, automatically and without further
act on the part of the parties hereto, but only as regards those matters or
those of the parties hereto before the court, be reduced in scope, territory or
duration of time to such an extent that such court would hold the same to be
enforceable in the circumstances before the court.

SECTION 4 - INDEPENDENT CONTRACTOR STATUS

4.1 - Consultant Not an Employee      

(a) The Consultant will provide the Consulting Services as an
independent contractor, and nothing in this Agreement shall be construed to
create a relationship of employee and employer between Silver Dragon and either
the Consultant or Hazout.

(b) Neither the Consultant nor Hazout shall be entitled to
receive from Silver Dragon any remuneration, rights or benefits other than as
set forth in this Agreement.

(c) Silver Dragon shall not be required to deduct or remit to
any governmental authority in respect of the Consultant any amounts, including
those relating to provincial and federal income taxes, employment insurance,
Canada Pension Plan, Employer Health Tax, Workers’ Compensation and other
similar levies in respect of this Agreement. The Consultant shall be solely
responsible to satisfy all such obligations and hereby indemnifies Silver Dragon
against all costs, claims, penalties or demands made or imposed by any
governmental authority with respect to any sum which such authority asserts ought to have been
withheld, remitted or paid to or by Silver Dragon with respect to the sums
payable by Silver Dragon to the Consultant hereunder.

4 

SECTION 5 - TERM

5.1 - Term

This Agreement shall be in effect commencing November 1, 2010
and shall continue until October 30, 2015 (the ‘‘Term’’), unless renewed earlier
by Silver Dragon on three (3) months prior written notice of such date.

5.2 - Termination by Silver Dragon

	(a) 	
      This Agreement and Consultant’s agreement may be
      terminated at Company's discretion during the Initial Term, provided that
      Company shall pay to Consultant an amount equal to Consultant's annual fee
      rate for the remaining period of Initial Term, plus a lump sum amount
      equal to One-hundred percent (100%) of Consultant's annual fee rate, plus
      full medical coverage for 12 months following the effective termination
      date.

	 	 
	(b) 	
      This Agreement and Consultant's agreement may be
      terminated by Company at its discretion at any time after the Initial
      Term, provided that in such case, Consultant shall be paid a lump sum
      amount equal to Seventy-five percent (75%) of Consultant's then applicable
      base salary for 12 months following the effective termination
  date.

	 	 
	(c) 	
      This Agreement may be terminated by Consultant at
      Consultant 's discretion by providing at least thirty (30) days prior
      written notice to Company. In the event of termination by Consultant
      pursuant to this subsection, Company may immediately relieve Consultant of
      all duties and immediately terminate this Agreement, provided that Company
      shall pay Consultant at the then applicable annual fee rate to the
      termination date included in Consultant's original termination
    notice.

	 	 
	(d) 	
      In the event Company is acquired, or is the non-surviving
      party in a merger, or sells all or substantially any of its assets, this
      Agreement shall not be terminated and Company agrees to ensure that the
      transferee or surviving company is bound by the provisions of this
      Agreement.

5.3 - Title to Information

On termination of this Agreement, or the retainer hereunder the
Consultant and Hazout shall immediately deliver to Silver Dragon all data,
documents, software, licenses or hardware in the Consultant’s and Hazout’s
possession or control which have been acquired or produced during the term of
this Agreement.

5 

SECTION 6 - INTERPRETATION AND ENFORCEMENT

6.1 - Notices

Any notice required to be given by any party under this
Agreement may be sufficiently given if delivered, couriered or faxed to the
parties as follows:

If to Silver Dragon, as follows:

Silver Dragon Inc. 
5160 Yonge
Street, Suite 803 
Toronto, Ontario M9N 6L9 

cc: Chair of the Compensation
Committee 

If to the Consultant, as follows:

Travellers International Inc. 
5160
Yonge Street, Suite 803 
Toronto, Ontario M9N 6L9 

If to Hazout, as follows:

Marc Hazout 
21 Scollard Street,
suite 704 
Toronto, Ontario M5R 1G1 

6.2 - Entire Agreement

This Agreement, constitutes the entire agreement between the
parties with respect to the subject matter hereof and cancels and supersedes any
prior understandings and agreements between the parties hereto with respect
thereto. There are no collateral representations, warranties, conditions,
undertakings or agreements, whether express or implied, between the parties
other than as expressly set forth in this Agreement.

6.3 - Amendments and Waivers 

No amendment to this Agreement shall be valid or binding unless
set forth in writing and duly executed by both of the parties hereto. No waiver
of any breach of any term or provision of this Agreement shall be effective or
binding unless made in writing and signed by the party purporting to give
same.

6.4 - Assignment

Neither party hereto may assign its or his rights or
obligations under this Agreement without the prior written consent of the other
party hereto. Subject thereto, this Agreement shall endure to the benefit of and
be binding upon the parties and their respective heirs, executors,
administrators, successors and permitted assigns.

6 

6.5 - Severability

If any provision of this Agreement is determined to be invalid
or unenforceable in whole or in part, such invalidity or unenforceability shall
attach only to such provision or part thereof and the remaining part of such
provision and all other provisions hereof shall continue in full force and
effect.

6.6 - Governing Law

This Agreement shall be governed and construed in accordance
with the laws of the Province of Ontario and the laws of Canada applicable in
the Province of Ontario. The parties hereto hereby attorn to the jurisdiction of
the Courts of the Province of Ontario in connection with any and all legal
disputes which arise hereunder.

6.7 - Survival

Sections 3.2, 3.3, 3.4, 3.5, 3.6 and 3.7 shall survive the
termination of this Agreement and shall continue in accordance with their terms

The parties have executed this Agreement effective as of the
date first noted above. 

SILVER DRAGON INC. 

By: /s/ Charles
McAlpine                                      

Director and 
Chair of Compensation Committee 

SILVER DRAGON LTD. 

By: /s/ Marc
Hazout                                                   

Director and CEO 

TRAVELLERS INTERNATIONAL INC. 

By: /s/ Marc
Hazout                                

Director and CEO 

	/s/ Monica Encinas                          
      	/s/ Marc
      Hazout                                       
	Signature of Witness 	Marc Hazout 

7

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