SOURCE: Sierra Resource Group, Inc.

June 21, 2010 13:02 ET

Sierra Resource Group, Inc. Acquires Chloride Copper Mine Project in Arizona

KINGMAN, AZ--(Marketwire - June 21, 2010) -  Sierra Resource Group, Inc. (OTCBB: SIRG) announced today that it has acquired 80% interest in the Chloride Copper Mine located in Arizona.

The Chloride Copper Mine property consists of 37 unpatented lode mining claims and 12 millsite claims. It is located 24km northwest of Kingman, in the Wallapai District, Mohave County, Arizona. The open pit mine and the existing SXEW 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.

The NI43-101 Report estimates that Chloride Copper Mine contains an indicated resource of 2.22 million tons grading 0.625% TCu (total copper) at a cut-off grade of 0.03% TCu and 10 ft. minimum vertical thickness (27.5 million pounds of copper).

About Sierra Resource Group Inc.

Sierra Resource Group, Inc. 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.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements in this release that are forward-looking statements are based on current expectations and assumptions that are subject to known and unknown risks, uncertainties, or other factors which may cause actual results, performance, or achievements of the company to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Actual results could differ materially because of factors such as the effect of general economic and market conditions, entry into markets with vigorous competition, market acceptance of new products and services, continued acceptance of existing products and services, technological shifts, and delays in product development and related product release schedules, any of which may cause revenues and income to fall short of anticipated levels. All information in this release is as of the date of this release. The company undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in the company's expectations.

Contact Information

  • Contact :
    Sierra Resource Group Inc.
    Mr. Wayne Briant
    Investor Relations Division