SOURCE: Siga Resources Inc

Siga Resources Inc

August 15, 2011 09:15 ET

Siga Resources Inc Updates Lucky Thirteen Project Progress

SOUTH LAKE TAHOE, CA--(Marketwire - Aug 15, 2011) - Siga Resources Inc (OTCBB: SGAE)

Siga's President and CEO, Mr. Edwin Morrow, is pleased to announce an update on the Lucky Thirteen precious metals property pre-production bulk sampling program. The program is now fully underway with a large volume of black sand concentrate being recovered by the test plant.

Mr. Morrow states, "I was personally on the project most of last week. The size and scale of the evaluation program is quite impressive. The equipment is working as designed, and has been fine tuned to maximize the recovery of the black sand concentrate which contains the gold and possibly platinum group metals. This project is very exciting, especially with the price of gold currently over $1700 per ounce. The recovery of concentrate we are realizing from the test plant exceeds our initial expectations."

The company will review the results, analyses and other data as received and will release overviews to its shareholders in an orderly fashion.

About the Lucky Thirteen Precious Metals Property

The Lucky Thirteen Placer Property is near Hope, BC is 168 ha (415 acres) in size. The targeted deposit covers an area of approximately 50 ha (124 acres) of the entire claim.

The Property is located 90 miles east of Vancouver, BC, Canada and is crossed by both the Trans-Canada Hwy and the Canadian Pacific Railway. An Independent Geologist report dated 2007 estimated the reported area to contain approximately 250,000 ounces of gold based on a summary of historical sampling programs at the Lucky Thirteen Placer Property. The summarized area was estimated to contain approximately 4 million cubic yards of sand and gravel. However, a survey indicates an additional 8 million cubic yards of sand and gravel at the Lucky Thirteen Placer Project that has not been tested at this time. Also in the report, the gravels were identified to have significant traces of Platinum group metals. Analysis of the black sand concentrates is expected to quantify the Platinum values.

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 primary geographical interest is North and South America.

Siga currently has two active projects, the Lucky Thirteen Placer in British Columbia, and the Big Bear Gold Project in San Bernardino County, California.

About the Big Bear Mining Property

The Big Bear project is 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 Northeastern 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 were initiated August 2, 2011 and phase 1 is expected to be completed before the end of September.

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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Contact Information

  • Contacts:

    Siga Resources
    Ed Morrow
    530 577 4141

    Robert Malasek
    760 607 8268