Platinum Group Metals and Other Precious Metals Discovered On Sierra Gold Corporation's Property
Posted on: Monday, 29 January 2007, 09:00 CST
TORONTO, Jan. 29, 2007 (PRIME NEWSWIRE) -- U.S. Mining Engineer, Mike Manke, reported the presence of platinum group metals as well as other precious and rare earth metals from bulk samples tested as a result of geological work done on the Pampana North property. Sierra Gold (Pink Sheets:SGCP) has validated some of the findings of Mr. Manke from bulk samples tested at SGS Laboratories (Toronto,Canada) in 2005, which show the presence of platinum group metals. More samples collected in December, 2006 are presently being tested for a full spectrum analysis of precious metals by SGS Laboratories with results soon to be available.
Sierra Gold's geological team will return to the Pampana North property this week to investigate and further explore the presence of precious metals. The team will plan a program to more clearly define and develop the property, which will include a drill program in conjunction with trenching.
Because the company needs to do more extensive testing to determine the value of the potential precious metals, the value per share of $7.42 given on December 13, 2006 only pertains to the placer gold deposits on the property. The value of gold reserves is $588,404,000 and with 79,031,973 shares outstanding, the gold reserves have a per share value of $7.42 before calculating the costs of extraction.
Sierra Gold is engaged in the exploration and development of gold and diamond properties in West Africa. The company will continue to conduct extensive research and development of high quality mineral exploration projects.
Safe Harbor
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "pleased,""plan,""confident that,""believe,""expect," or "intent to" and similar conditional expressions are intended to identity forward-looking statements within the meaning of the Act and are subject to the safe harbour created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks in the company's SEC reports and filings.
This news release was distributed by PrimeNewswire, www.primenewswire.com
CONTACT: Sierra Gold Corporation Jeremy Hunt, Corporation Consultant (304) 523-3980 jhunt@invstrategies.com www.sierragoldcorp.com
Source: PrimeNewswire
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