TORONTO, Sept. 4, 2007 (PRIME NEWSWIRE) -- Sierra Gold Corporation (Other OTC:SGCP.PK - News) has just received gold assay results from SGS Laboratories in Toronto, Canada. The company collected samples in June of 2007 from a newly discovered river flat area of the Pampana North. The gold grade averaged over 12 grams per ton, which is a higher gold grade than the gold grades found in both Madhi and Manke's reports.
Geologist Alieu Madhi's report on the potential gold values for the Pampana North property was based on .93 grams per ton. He estimated the gold reserves to be just over 936,000 ounces. Madhi's report is based on extensive bulk sampling work completed by the National Diamond Mining Corporation work done by U.S. mining engineer, Mike Manke. Sierra Gold's recent assays are over 12 times higher than those found in Madhi's report. Mr. Manke's report classified the Pampana North concession as a larger grade placer deposit as defined by the U.S. Bureau of Mines.
Sierra Gold's geological team will require further investigation and exploration to define the gold value and develop the property.
Increased demand, world political instability, and the weakness of the U.S. dollar are major contributing factors to the 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 harbor 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.
No comments:
Post a Comment