SOURCE: Siga Resources Inc

Siga Resources Inc

August 22, 2011 09:15 ET

Concentrate Samples Show Visible Gold at Lucky Thirteen

SOUTH LAKE TAHOE, CA--(Marketwire - Aug 22, 2011) - Siga Resources Inc (OTCBB: SGAE) is pleased to report from on site of the Lucky Thirteen Precious Metals Property that free gold has been observed in all concentrate samples recovered to date at Lucky Thirteen.

"The gold is in fine, flat flake form and is being recovered with the heavy black mineral sands which make up the majority of the recovered concentrate," says Edwin Morrow, CEO of Siga Resources. Mr. Morrow continues to say, "We are elated to report that this visible Gold confirms that the recovery system is working as designed."

Permits allowing for the processing of 420,000 cubic yards annually are in place. The processing of the placer gravels can be continuous after the initial program is completed. The processing of the gravels to recover the gold and platinum metals is permitted by the Government of British Columbia, Canada thru the Ministry of Natural Resources.

A 2007 independent Geologist's report summarized available data on historical sampling programs at the Lucky Thirteen property and estimated the reported area to contain approximately 250,000 ounces of gold in approximately 4 million cubic yards of sand and gravel. However, a later survey indentified an additional 8 million cubic yards of sand and gravel on the north portion of the Claim that has not been adequately tested at this time. The report documented that limited sampling had identified significant traces of Platinum group metals. Analysis of the black sand concentrates from current sampling is expected to quantify the Platinum values.

The Lucky Thirteen property near Hope, BC, is 168 ha (415 acres) in size. The targeted deposit covers an area of approximately 50 ha (124 acres) of the entire placer claim.

About Siga Resources Inc founded in 2007, is based in South Lake Tahoe, California. Siga is a mineral resource exploration and development company. Siga's strategy targets properties that have the potential for near term production and early positive cash flow. Siga's primary geographical interest is North and South America.

Siga currently has two active projects, the Lucky Thirteen Placer in British Columbia, and the Big Bear Gold Project in San Bernardino County, California.

About the Big Bear Mining Property
The Big Bear Mining Claims consists of 9 claims, making up approx 1440 acres in North eastern edge of the San Bernardino Mountains. The project area is known historically as the Blackhawk mining District and has been a previous producer of gold and silver. The area is believed to contain economically viable gold mineralization, particularly at the current metals prices. Anticipated total contained gold could be in the range of 2 to 3 million ounces. Field operations were initiated August 2, 2011 and phase 1 is expected to be completed before the end of September.

Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "could", "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release.

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Contact Information

  • Contacts:

    Siga Resources
    Ed Morrow
    530 577 4141

    Robert Malasek
    760 607 8268
    Email: Email Contact