Western Sierra Mining Announces Acquisition of Mining Properties in Arizona
Western Sierra Mining Corp. (Pink Sheets: WSRA – News) officially announced to shareholders today that the Company has successfully executed a definitive material agreement with GoldRiver Exploration, Inc, whereby Western Sierra has acquired exclusive mining rights to eight ore bearing properties in the Bradshaw Mountain region of Central Arizona.
The recently finalized acquisition includes noted properties with extensive mining histories and precious metal ore bodies that are geologically well documented, including The Sun Gold Group, The Big Chief Group, The Oro Cache Mine, The Eagle Mine and The Treasure Gulch Mine. Based on historic geologic assessments, collective proven gold reserves for the properties are estimated at 100,000 ounces (Au) with probable reserves of 400,000 ounces (Au), in additional to proven and probable reserves of silver totaling approximately 1,000,000 (Ag).
Together with the completion of this acquisition and the recent engagement of PCAOB member accounting firm of Moore & Associates, Western Sierra management is working to value the mine group acquisition for accounting and reporting purposes in accordance with Generally Accepted Account Principals (GAAP) and industry norms. It is anticipated that this valuation information will be completed and released to shareholders within the next week.
Michael Chaffee, CEO & President of Western Sierra Mining, commented, “We are thrilled to have formalized this transaction that will, when valuation calculations are completed, undoubtedly provide significant per share value to WSRA shareholders, significantly improve the Company’s balance sheet and provide management with meaningful short-term production possibilities to propel the company into revenue generating status.” He continued, “With the initial stake hold firmly in place, management will begin planning for preliminary exploration in the 3rd quarter while continuing to evaluate other properties that will expand total proven and probable reserves.”
About Western Sierra Mining Corp
Western Sierra Mining is an aggressive gold and silver exploration and mining company focused on the historic mining districts of the Bradshaw mountains of Arizona with additional areas of interest within Nevada, Oregon and Mexico. Current projects include the SunGold, Oro Cache, and the Big Chief mining group, all of which have demonstrated high-grade mineralization with previous histories of production. Western Sierra’s Management intends to continue to acquire attractive gold and silver properties in Arizona, Nevada and Mexico and to identify the character and size of our potential deposits. Long-term Company goals are to create maximum shareholder value by continuing to build a strong base of properties and advance these projects toward production or entering into joint-ventures with other Junior mining companies.
Safe Harbor
This press release contains statements, which may constitute “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Western Sierra Mining Corp., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.