SOURCE: Siga Resources Inc

Siga Resources Inc

September 20, 2011 09:15 ET

Siga Resources Acquires Montauban Gold Tailings Claims

CARSON CITY, NV--(Marketwire - Sep 20, 2011) - (OTCBB: SGAE)

Mr. Edwin Morrow, President of Siga Resources Inc, is pleased to announce the acquisition of the Montauban Gold Tailings Claims in Quebec, Canada. The tailings deposits are from the previous production of the Montauban lead-zinc-silver deposit.

Under the terms of the agreement, Siga has acquired the tailings for the issuance of 10,000,000 shares of restricted common stock of Siga Resources at a deemed value of $2.00 per share. Siga has also granted a 1.5% Net Smelter Royalty to the seller, Laguna Finance of Zurich, Switzerland.

The property is located within walking distance of the village of Montauban les Mines, about 75 miles west of Quebec City, Quebec, Canada.

A report by Jean Depatie, BA, MSc, Senior Economic Geologist dated February 1982 filed with the Ministiere de L'Energie et des Resources, Gouvernment du Quebec, said, "The total estimated tonnage of tailings sampled is about 400,000 short tons. The results of analysis show average gold values of 0.0416 ounces per ton, silver values of 2.72 ounces per ton, and zinc values ranging from 0.36% to 2.64%."

The report makes it obvious that the tailings had a comprehensive drilling program of 169 holes comprising over 200 samples to delineate this tonnage and define the gold and silver values of this deposit.

Siga Resources will be conducting verification testing and metallurgical studies to develop the recovery method to maximize the recovery of these metals. Siga plans permitting of the production of these tailings and will announce a start for production when it is determined.

About Siga Resources Inc, founded in 2007, is incorporated in Nevada. 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 is conducting an evaluation program on the Lucky Thirteen Placer Project near Hope, BC.

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
    President
    530 577 4141


    Robert Malasek
    CFO
    760 607 8268