Siga Resources Inc.
OTC Bulletin Board : SGAE

July 19, 2011 09:15 ET

Siga Resources Announces Joint Venture on Big Bear Mining Claims in San Bernardino County, California

SOUTH LAKE TAHOE, CALIFORNIA--(Marketwire - July 19, 2011) - Siga Resources Inc. (http://sigaresourcesinc.com) (OTCBB:SGAE) President and CEO, Edwin Morrow announced today the formation of a Joint Venture Agreement on the Big Bear Mining Claims located in San Bernardino County, California, with Bentley Fairview Resources Co. Ltd., of Ontario, Canada.

The Joint Venture Agreement calls for Bentley Fairview Resources to pay a total of $10,000,000 to earn a 50% interest in the Big Bear Mining Claims. Bentley Fairview Resources will pay Siga an initial $100,000 within 15 days and a further $100,000 within 60 days of the signing of the Joint Venture Agreement. The remaining $9,800,000 is to be paid as required by the Joint Venture over the course of two years to prove up the indicated gold resource and to develop the Big Bear Mining Claims to possible production.

Further information on the Joint Venture and on the Big Bear Mining Claims work program will be releases as the work program progresses.

The Big Bear Mining Claims are located near Lucerne Valley, CA and currently consists of 9 claims, making up approx 1440 acres (approx 2.25 square miles) The Big Bear Property is located on the 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 are planned to start in the next 90 days. Siga acquired the claims from Montana Mining Corporation of Washington State, USA.

About Siga Resources Inc

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 general geographical interest is North and South America.

Siga has three precious metals properties in various stages of development.

Lucky Thirteen Placer Project - Hope, British Columbia.

Currently in a 50/50 Joint Venture With Big Rock Resources Inc. the Lucky Thirteen Placer claim is 168 ha (415 acre) in size. The project is located on the Union Bar on the Fraser River about 5 kilometers north of the town of Hope, British Columbia. The initial target area covers an approximately 50 ha (124 acres) portion of the entire placer claim. Historic minor production and testing indicates economic quantities of gold and possibly platainum group elements. Siga has initiated mobilization of of a washing and separation plant and excavation machinery which will be employed for bulk sample testing to determine recoverable grades and aid design of a larger production facility which could be in place before years end.

Big Bear Mining Claims, San Bernardino County, California

The Big Bear Mining Claims are located near Lucerne Valley, CA and currently consists of 9 claims, making up approx 1440 acres (approx 2.25 square miles) The Big Bear Property is located on the 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 are planned to start in the next 90 days.

Valolo Gold Exploration Claim - Fiji

Siga controls a 100% interest in the Valolo Gold Claim located in the Republic of Fiji. The Valolo claim was acquired due to its location in a caldera environment in the Savura Volcanic rock group, which underlies the property. These volcanics are exposed along a wide axial zone of the Savura volcanic complex. The relevance of these rocks to the Valolo property is significant. Approximately 20 miles to the west of Valolo, in the same or a similar system, the Nasoata Gold Mine and other prospects have reported gold production in aggregate of over 1 million ounces between 1956 and 2002.

Siga's Additional Projects:

Siga is currently reviewing a variety of projects from Canada to South America to add to its stable of projects. Siga commonly employs joint ventures to provide the ability to participate in additional opportunities. Management feels this significantly enhances the odds of major success in this competitive environment. Siga invites submissions of advanced precious metals exploration or development projects for consideration by Siga and its joint venture affiliates.

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

  • Siga Resources Inc.
    Edwin Morrow
    President
    530 577 4141

    Siga Resources Inc.
    Robert Malasek
    Chief Financial Officer
    760 607 8268
    http://sigaresourcesinc.com