Draconigena's Comments

For this quest line to pop up, I first had to do most of the quests in the upper part of the zone. These quests were most about dealing with the kobolds.

Got mine at the spawn point above K3 in Storm Peaks.

A common H/H breed. 

Luckily I had a stone ready to upgrade.

This thing looks just awesome. Hoping the drop rate isn't too bad, with the amount of collectors in my team.

I cannot seem to tag one: they despawn as soon as I come close. the cursor doesn't even change to the paw upon hovering over the pets.

something I miss?

Kalimdor and Eastern Kingdom have got an equal amount of digsites, which is 13. Kalimdor however has more sites overall above 450 skill level. So the chance for a fossil site to pop up (if we assume equal rates for all races) is hence higher in Eastern Kingdoms. (24 vs 19%)
Below the 450 skill level, the rate is the same(27%)

I have the feeling that the quest is a random something, or something only 1 player at a time can do.
I had done the quest chain before cata, and the L85 one before entering ZG. the chained hatchling gave a quest that rewarded me the pet. My GF who was in the same group, couldn't complete it however.