Siga Resources Inc
OTC Bulletin Board : SGAE

March 13, 2012 08:00 ET

Siga Resources Completes Purchase Agreement with American Hill Aggregates on Lucky Thirteen Placer

CARSON CITY, NEVADA--(Marketwire - March 13, 2012) - Siga Resources Inc ( (OTCBB:SGAE) President and CEO, Edwin Morrow announced today that Siga has successfully negotiated an agreement for the purchase of American Hill Aggregates LTD interest in Lot 57, which underlies a portion of its Lucky Thirteen Placer Claim. Siga expects to close the purchase no later than the end of April 2012.

Siga spent $400,000 for its bulk mining test program which mined and tested over 8,000 cubic yards. The results clearly indicated that the acquisition is warranted, which led to successful negotiations with American Hill.

The acquisition 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 tons per year. Siga has permits and plans in place and anticipates to be in production within a 6 to 8 month time frame.

Mr. Morrow said "this acquisition consolidates all titles and mining rights on Lucky Thirteen under Siga's ownership. This milestone provides for long term planning and profitable operations producing both gold and premium gravels continuously for more than 20 years. Siga is eagerly looking forward to ground breaking in a short time with production projected in summer of 2012".

About Siga Resources

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 inherent to the minerals and mining industry.

Contact Information

  • Siga Resources Inc.
    Edwin Morrow
    President and Director
    530 577 4141

    Siga Resources Inc.
    Robert Malasec
    Chief Financial Officer and Director
    760 607 8268