SOURCE: Siga Resources Inc

Siga Resources Inc

December 06, 2011 08:30 ET

Siga Resources Provides Lucky Thirteen Progress

CARSON CITY, NV--(Marketwire - Dec 6, 2011) - Siga Resources Inc (OTCBB: SGAE) is pleased to provide an update on the significance of the recently received analyses and additional studies from the bulk sampling at Lucky Thirteen.

The bulk sampling program occupied much of late summer. Siga and its partner spent approximately $400,000 on the preparation, execution, reclamation, and the technical consultants and assay laboratories involved with the project.

Concentrate production from the gravel wash plant is measured between 6 and 15 pounds per cubic yard processed. The gold in the concentrate is very fine and in flake form, the larger sizes running approx .4 mm x .3mm in size. Smaller and more numerous particles are half or less of the flakes. Testing has established that gravity methods, e.g. vibrating tables, can produce a secondary concentrate which runs between 1 and 3 ounces per ton. Further study on size separation by screening also showed the finest screen fractions have the highest gold grades. Further work on screening, we believe, will lead to a final technique or process to reduce the volume handled by the final refining procedure, enhancing overall recovery and costs.

Siga will report results of these studies when completed.

The use of the gravels that will be washed to produce gold has always been an important consideration for the Lucky Thirteen. Gravel Testing on a pit run basis has shown that the gravels are generally acceptable for the concrete and other aggregate markets. The data shows that the gravel occurs naturally in sizes which can be screened to produce commonly needed fractions without crushing. Oversize rock (over a foot or so) is minimal. The LA abrasion test shows the rock is strong and resistant enough to use in concrete. Plans for pursuing the gravel aspect of the Lucky Thirteen revenue stream are underway.

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
    530 577 4141

    Robert Malasek
    760 607 8268