KINGMAN, Ariz., Jan. 28, 2011 /PRNewswire/ -- Sierra Resource Group, Inc. (the "Company") has learned that certain rumors are circulating about its relationship with a Bolivian mining concern. In order to dispel these rumors, the Company confirmed that it signed a letter of intent with Kony Minera S.A. on December 15, 2010. The letter set forth the general terms of a potential joint venture regarding an alluvial gold placer mining project near Santa Cruz, Bolivia.
There can be no assurance that a definitive joint venture agreement will be signed. The Company is currently awaiting bids from a Bolivian based geologist and expects to start the evaluation process when it receives funding for the testing. The Company has 360 days from the date of the letter of intent to complete the evaluation process. If a definitive joint venture agreement is signed, the Company would be responsible for all capital expenditure to put the mine into production.
"It is not Sierra Resource Group's policy to comment on market rumors about company matters," said Patrick Champney, CEO of the Company. "However, these rumors have been so persistent that we wanted to set the record straight. The Company will always release information concerning acquisitions and other material events in a timely manner, when it enters into definitive agreements."
Mr. Champney continued: "We advise investors to rely only upon publicly available information concerning definitive material events as disclosed in our filings made with the United States Securities and Exchange Commission or in official press releases issued by the Company, in order to assess the value of an investment in the Company. Investors should always perform their own analysis and also consult their financial advisors prior to making any investment decision."
SIERRA RESOURCE GROUP, INC. (BULLETIN BOARD: SIRG) is U.S. based junior exploration and mining company committed to the exploration, discovery and development of copper, gold, silver, and other mineral resources. Sierra Resource Group, Inc. holds mining rights and mineral concessions in Arizona and is looking to expand throughout the Americas in the near future. We are committed to exploring responsibly, maintaining environmentally friendly policies while impacting the local economy in an exponentially positive manner that will allow our shareholders to take pride in their investment.
For more information, please, visit our web site http://www.sierraresgroup.com/.
Safe Harbor Statement under the Private Litigation Reform Act of 1995. Forward-looking statements in this release do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. You can anticipate that actual results will be different due to the inherent uncertainty of estimates, forecasts and projections may be better or worse than projected. Such statements may relate, among other things to expected financial and operating results and the Company's ability to achieve its goals, plans and objectives. The risks and uncertainties that may affect forward-looking statements include among others: the Company's limited operating history, the speculative nature of the Company's planned operations, difficulty in developing new projects, difficulty gaining necessary governmental approvals, the Company's lack of market research and marketing organization, inexperience in operating internationally, and difficulty managing rapid growth. For a more detailed discussion of the risks and uncertainties of Sierra Resource Group's business, please refer to the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2009, the Company's Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2010, June 30, 2010, and September 30, 2010, respectively, and the Company's Reports on Form 8-K filed with the Securities and Exchange Commission, and as subsequently amended. The company assumes no obligation to update any forward-looking statement contained in this press release or with respect to the announcements described herein.
Contact: Sierra Resource Group, Inc., 1-702-462-7285
Sierra Resource Group, Inc.
CONTACT: Sierra Resource Group, Inc., +1-702-462-7285
Web Site: http://www.sierraresgroup.com/
