Sierra Resource Group Nears Completion of Permitting Processes and Looks to Process Ore Stockpiles
KINGMAN, Ariz., May 23, 2013 /PRNewswire/ -- Sierra Resource Group, Inc. (OTCBB: SIRG) (the "Company" or "Sierra") continues the process of permitting mining operations at its Chloride Copper Mine near Kingman, Arizona. The United States Department of the Interior's Bureau of Land Management (the "BLM") has accepted Sierra's revised Mine Plan of Operation as Technically Complete. The Company is addressing the BLM's comments on its Environmental Assessment report, in accordance with the National Environmental Policy Act ("NEPA"). The Company also believes that its Aquifer Protection Permit is nearing completion with Arizona Department of Environmental Quality and that all other needed permits are underway or have been finalized.
Walter "Buzz" Todd III, BLM Geologist, said: "BLM has already accepted Sierra's Mining Plan of Operation as technically complete, and the NEPA Process is fully underway. Sierra throughout this process has been very interactive, smooth and cooperative."
"Permitting is always a long, drawn out but critically important process. The BLM and Arizona's State Agencies have worked diligently and very closely with Sierra to keep the process as streamlined and productive as possible. We are delighted to be nearing the end of this phase of the project," said J. Rod Martin, the Company's Chief Executive Officer.
The Company has also entered into preliminary discussions regarding a possible tolling agreement whereby the Company's readily available ore at the Chloride Copper Mine, already stockpiled, would be processed off-site. Special permits would be required, which the Company is presently exploring. "If a deal like this can be put together, Sierra could effectively be positively cash flowing much quicker than originally planned," said Mr. Martin.
About Sierra Resource Group Inc.
Sierra Resource Group Inc. (OTC Bulletin Board: SIRG) is a U.S based exploration and mining company committed to the exploration, discovery and development of gold, silver, copper and other mineral resources. Sierra's primary asset was 90% ownership of the Chloride Copper Mine (the "Mine") located near Kingman Arizona. Now after acquiring the remaining 10% minority interest, Sierra owns 100% of the Mine. The technical report, NI43-101, by Scott Wilson Roscoe Postle Associates March 10, 2006, estimates the Chloride Copper Mine contains 27,000,000 pounds of copper.
Sierra plans to use open pit mining and plans to reopen the existing SX/EW plant on site with a maximum capability of producing up to 5,400,000 pounds of Copper Cathode per year.
Sierra's Management and Board of Directors consist of expert geologists, mining professionals and experienced business people.
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Sierra Resource Group, Inc.
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J. Rod Martin CEO
Safe Harbor Statement under the Private Litigation Reform Act of 1995. Forward-looking statements in this document 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. Forward-looking 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, the Company's inexperience in operating internationally, and difficulty managing rapid growth. At this time, there can be no assurance that the Company will successfully complete the permitting processes referred to in this press release, enter into any tolling agreement, obtain special permits, or obtain the financing it needs to execute its plans. 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, 2012, the Company's Quarterly Report on Form 10-Q for the period ending March 31, 2013, and the Company's Reports Form 8-K, all as 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 any of the information described herein.
SOURCE Sierra Resource Group, Inc.