KINGMAN, Ariz., May 31, 2013 /PRNewswire/ -- Sierra Resource Group, Inc. (OTCBB: SIRG) (the "Company" or "Sierra") has become aware that an outdated, technically incomplete, draft version of its Mining Plan of Operation (MPO), as well as an old investor presentation, may have been circulated via the Internet. The Company did not authorize the release of this information, and investors are cautioned not to rely on any of the information contained in the outdated MPO or investor presentation.
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"This version is so incomplete that it is virtually useless to anyone and can only serve to confuse the investing public. In assessing the value of an investment in our Company, investors should rely only on publicly available information contained in our SEC filings and our official press releases," said J. Rod Martin, Chief Executive Officer of Sierra.
Mr. Martin also asked shareholders and investors to refrain from contacting Federal and State Permitting Officials, engineering firms and other Company vendors. "Excessive phone calls distract these officials from their important work and may delay the processing of our permit applications," Mr. Martin said. "Investors should not rely on any information except as disclosed in our SEC filings and press releases. We understand the need to be informed. As we near the end of the permitting process and look forward to re-opening the Chloride Copper Mine, we are redoubling our efforts to keep all shareholders and interested parties informed of our progress and achievements."
Sierra's policies prohibit Company personnel from disseminating material, non-public information or tips relating to the Company or any of its subsidiaries, or any information that might affect the market, in order to comply with SEC insider trading regulations. Company personnel are also prohibited from engaging in short-term or speculative transactions involving the Company's securities.
About Sierra Resource Group Inc.
Sierra Resource Group Inc. (OTCBB: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.
FOR INFORMATION CONTACT:
Sierra Resource Group, Inc.
Ph. 702.462.7285
For more information visit our website:
www.sierragroupinc.com
J. Rod Martin CEO
[email protected]
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 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.
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