SOURCE: Siga Resources Inc

Siga Resources Inc

September 12, 2011 09:15 ET

Lucky Thirteen Placer Project - Metallurgical Update

SOUTH LAKE TAHOE, CA--(Marketwire - Sep 12, 2011) - Siga Resources Inc (OTCBB: SGAE) is pleased to report that the Lucky Thirteen bulk sampling program continues toward its conclusion on target and within the planned budget. The contractor has reported a substantial increase in the amount of visible gold as the testing has progressed to the west portion of the property.

The analysis and metallurgical study portion of the project has been initiated. Placer concentrate samples, produced discreetly from each 5 foot level in the test pits are continuing to show free gold. These multi-hundred pound samples are stored on site and representative portions are being sent for initial assay, as generated.

Five separate concentrate samples were recently run over a production scale vibrating table, to test the ability to separate the visible free gold from the black sands. This test proved that the majority of free gold is separable by wet gravity methods and also generated composite samples which are designed to determine if precious metals values exist in the inner structures of the crystalline black sands and ultimately to determine if additional processing will add to the project economics. Analysis of the heads, middlings and tails of the shaker table test are currently underway.

Siga has also initiated gravel characterization tests on the property. The gravels potentially generated from placer mining are believed to be very saleable in the construction and decorative aggregate markets, and can be produced and marketed under agreements between Siga and other gravel owners on the property.

The Lucky Thirteen property is 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.

Siga continues to seek and review projects meeting the goals of the business plan, and which offer similar short time to positive revenue as the Lucky Thirteen Placer does.

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.

Contact Information

  • Contacts:

    Email: Email Contact
    Ed Morrow
    530 577 4141

    Robert Malasek
    760 607 8268