Siga Resources Inc.
OTC Bulletin Board : SGAE

October 14, 2010 11:50 ET

Siga Resources Inc. (OTCBB:SGAE) Announces Acquisition of BC Placer Property

SOUTH LAKE TAHOE, CALIFORNIA--(Marketwire - Oct. 14, 2010) - Siga Resources, Inc. (OTCBB:SGAE) -

Edwin Morrow, President and CEO, is pleased to announce Siga has entered into a binding agreement to acquire up to an 80 percent interest in Touchstone Precious Metals Inc. ("Touchstone"). Touchstone has an agreement to acquire a 100 percent interest in the Lucky Thirteen placer claim located five kilometers north of Hope, British Columbia, Canada. The final agreement is expected to be completed within 60 days. Siga has agreed to fund $10,000,000Cdn to acquire the property and place the project in production. The financing includes an initial approx. $400,000 work program, which will commence immediately, and will take 60 days to complete. Once the work program is completed the project production design process will commence and the specified equipment will be put out tender. The mining permits and conversion of the Placer Claim to a Placer Lease will be put in motion as quickly as possible.

The Lucky Thirteen Placer claim is 168 ha (415 acre) in size. Near Hope, BC, the gravel bar is located on the north bank of the Fraser River. The targeted deposit covers an area of approximately 50 ha (124 acres) of the placer claim. Based on limited pass production records, the minable area of the gravel bar has a resource of 13,800 kg (444,000 oz) of gold. Recent testing on a 3.2 ha (8 Acre) area located at the south end of the gravel bar was estimated to contain a gold resource of 830 kg (26,600 oz). The test results also showed that the gravels contained commercial grades of platinum-palladium-rhodium.

About Siga Resources, Inc.

Siga Resources Inc. is a mineral resource exploration and development company holding a 100% interest in the Valolo Gold Claim located in the Republic of Fiji. Siga is targeting properties that have the potential for early positive cash flow. Siga is presently reviewing a number of precious metal properties that are near-to, or in production, located in North and South America. Siga, founded in 2007, is based in South Lake Tahoe, California.

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 and Director
    1-530 577-4141