SOURCE: Siga Resources Inc

December 03, 2011 02:59 ET

Siga Resources Announces Lucky Thirteen Placer Progress

CARSON CITY, NV--(Marketwire - Dec 3, 2011) - Siga Resources Inc (OTCBB: SGAE) is pleased to announce that it has now received all the raw results from the 9 bulk test pits completed in late summer and fall on the Lucky Thirteen property. More than 8,000 cubic yards were excavated and processed during the program, generating approximately 50,000 pounds of gold bearing black sands. With the raw assays in hand, Siga is modeling the tested area, and via metallurgical studies, determining an appropriate method to upgrade the wash plant concentrates and recover the fine flake gold inherent to the deposit. While too early to precisely predict production grades, Siga expects to see production levels for alone in the range of $25 to $50 per cubic yard at current price levels.

During the testing, Siga has also qualified the gravels as acceptable for the concrete and other aggregate markets, and plans for pursuing and enhancing this aspect of the Lucky Thirteen revenue stream are underway.

Siga will report on the ongoing feasibility study in the near future.

Siga Resources Inc, founded in 2007, 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 continues to seek and review projects meeting the goals of its business plan, and encourages submittals of projects which offer potential short time frames to production, similar to the Lucky Thirteen Placer in Hope, BC.

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