SOURCE: Siga Resources Inc

June 05, 2012 06:00 ET

Siga Provides Status on Anticipated Closing of the American Hill Acquisition to Control Over 20 Million Tons of Placer Gravel

CARSON CITY, NV--(Marketwire - Jun 5, 2012) - Siga Resources Inc ( (OTCBB: SGAE)

Siga confirms its focus on closing the previously announced purchase of the American Hill Aggregates Ltd assets connected to the Lucky Thirteen Project. The American Hill acquisition is in addition to the placer gold rights already controlled by Siga under a 5 year purchase agreement. The parties involved fully expect the closing to be forthcoming and are mutually cooperating in extending the time for the closing. Siga appreciates the cooperation and patience of its stakeholders while the company completes its funding.

Control of the nearly 20 million tons of placer gravels owned by American Hill gives Siga more than a 20 year mine life at planned rates of production of approximately 500,000 raw short tons per year. Siga has permits and plans in place and anticipates being in production within six to eight months after breaking ground to produce gold and begin tapping into the nearly fourteen billion dollar aggregates industry.

This property consolidation provides the basis for long term and profitable operations, potentially producing gold and premium gravels for more than 20 years.

Siga continues to invite submissions of advanced precious metals exploration or development projects for consideration by Siga and its joint venture affiliates in both North and South America.

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 "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:
    Edwin Morrow
    530 577 4141

    Robert Malasec
    Chief Financial Officer
    760 607 8268