Sierra Gold Corporation Receives Positive Gold Assay Results From SGS Laboratories
Posted on: Tuesday, 20 February 2007, 18:00 CST
TORONTO, Canada, Feb. 20, 2007 (PRIME NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) has just received gold assay results from its December 2006 bulk sampling program from SGS Laboratories in Toronto, Canada. Samples were taken from two separate pits. Assay results for gold were approximately .9oz/ton (26 grams) and .2oz/ton (6 grams) respectively.
Geologist Alieu Madhi's report on the potential gold values for the Pampana North property was based on .0329 oz/ton. The most recent gold grades are at least six times higher than those reported by Mr. Madhi. Additionally, the property's potential gold value of $588 million reported in the December 12, 2006 news release was based on gold price of $626.50 per ounce. Yesterday's gold price (second London fixing) was $670.75 per ounce.
Sierra Gold's geological team will require further investigation and exploration to define the gold value and develop the property. The program will also include the hard rock portion of the property.
Gold prices surged to a seven month high yesterday to $670.75. Increased demand, world political instability, and the weakness of the U.S. dollar are major contributing factors to this continue rise in gold prices.
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: No assurance can be given that past or similar results of precious metal mining will be indicative of future results. 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@invstrategi www.sierragoldcorp.com
Source: PrimeNewswire
Related Articles
- Sierra Gold Corp. Announces March Gold Production From Joint Venture Property
- RSM Gold-Silver Exploration Drilling Results at Dixie-Comstock Property Churchill County, Nevada
- Gravity West Received 2007 Soil Sample Results for the Gin Property in Northern BC
- Golden Hope Mines' Bulk Sample Program at Bellechasse Property Yields High Grade Gold Results
- Cash Minerals to Host Conference Call to Discuss Drill Results From Igor Uranium Property
- Nirek Announces 19.41 Grams/Ton of Gold Results From Gosselin Vein Property
- Gold Crest Mines Inc. Reports on Golden Dyke Exploration Results
- Amerix Reports Strong Gold Results at Ouro Roxo Gold Project, Brazil
- Aurizon Receives Positive Gold Results From Its Kipawa Property
- Audit Result on Environmental Protection Along Qinghai-Tibet Railway Released
 |
 |
User Comments (0)
RSS Feeds