Sierra Resource Group Acquires Financing Commitment to Start the Permitting Process at its Mine Site

KINGMAN, Ariz., Feb. 4, 2011 /PRNewswire/ -- Sierra Resource Group, Inc. has acquired a financing commitment, which the Company believes will enable it to begin the permitting process that is necessary prior to bringing the mine back into production. The Company is waiting for bids from a number of engineering firms. It expects to engage the winning bidder in the near future.

"We are pleased to have secured the financing needed for the permitting process," said Patrick Champney, Chief Executive Officer. "This is an important step. We still must obtain sufficient funding to actually begin mine operations after acquiring the necessary permits."

Sierra Resource Group, Inc. owns an 80% interest in the Chloride Copper Mine. The Chloride Copper Mine property consists of 37 unpatented lode mining claims and 12 mill site claims. It is located 24km northwest of Kingman, in the Wallapai District, Mohave County, Arizona. The open pit mine and the existing SX/EW processing plant operated at the site from 1995 before being idled in 1996 due to low copper prices.

The Chloride Copper Mine deposit is hosted by Late Tertiary conglomerates and, to a lesser extent, by Quaternary alluvium and Cretaceous granitic rocks. Copper mineralization at Chloride Copper Mine is in the form of mineralized lenses contained within a paleochannel approximately a few thousand feet long and up to 750 feet wide. The source of copper at Chloride Copper Mine is interpreted to be the low grade porphyry-type copper mineralization at Alum Wash, about 3.5 miles northeast of the Chloride Copper Mine deposit. The mineralization is characterized by dark blue to black rock similar to the Exotica deposit, a satellite of the huge Chuquicamata copper deposit in Chile.

About SierraResourceGroup, Inc.

SIERRA RESOURCE GROUP, INC. (OTC 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. The Company 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 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. 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. 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.

SOURCE Sierra Resource Group, Inc.