Siga Resources Inc

March 12, 2012 08:00 ET

Siga Resources Inc Announces Production Planning Phase for Lucky Thirteen Gold-Gravel Project

CARSON CITY, NEVADA--(Marketwire - March 12, 2012) - Siga Resources Inc ( (OTCBB:SGAE) Siga Resources President Ed Morrow is pleased to announce that the Lucky Thirteen Gold/Gravel deposit Near Hope, BC has reached the production planning stage.

Siga's 2011, $400,000 bulk mining test program, which mined and tested over 8,000 cubic yards of raw gravels provided data indicating that production is warranted and economically feasible.

Siga has initiated planning activities toward that end which within the next few weeks will provide;

  • Final capital costs of the gravel processing and screening plant and related facilities.
  • Bids for haulage road specification and design,
  • Proposals from appropriate labs for black sand concentrate analysis to determine the most efficient gold recovery process,
  • A formal mining plan,
  • Marketing contacts and preliminary agreements for aggregate sales to local and regional consumers.

The Lucky Thirteen Property contains more than 20 million tons of placer gravels, providing more that 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 that can result in initial production within a 6 to 8 month time frame.

Siga is eagerly looking forward to ground breaking in a short time with production projected in summer of 2012.

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.

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