Siga Resources Inc.
OTC Bulletin Board : SGAE

July 14, 2011 09:15 ET

Siga Resources Receives Full Funding on Lucky 13 Precious Metals Bulk Sampling Work Program

SOUTH LAKE TAHOE, CALIFORNIA--(Marketwire - July 14, 2011) - Siga Resources Inc. ( (OTCBB:SGAE) President and CEO, Edwin Morrow announced today that the $400,000 required to fund the bulk sampling work program on the Lucky 13 Precious Metals Property located near Hope, British Columbia, has been advanced and fully funded. This initial payment is part of the $8,500,000 required under the Joint Venture Agreement with Big Rock Resources Inc. (1BR.F, ISIN CA0894851066, WKN A1JJYB which will allow the Company to take the project into full production.

All the required equipment is now on the property for completion of the bulk sampling work program. The Company will release assay results to its shareholders as soon as the results are available. The recovery equipment is designed not only to recover a very large portion of the Gold contained on the property but to recover a large portion of the Platinum Metals that previous sampling has discovered along with the Gold on the property.

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 general geographical interest is North and South America.

Siga has three precious metals properties in various stages of development.

Lucky Thirteen Placer Project - Hope, British Columbia.

Currently in a 50/50 Joint Venture With Big Rock Resources Inc. the Lucky Thirteen Placer claim is 168 ha (415 acre) in size. The project is located on the Union Bar on the Fraser River about 5 kilometers north of the town of Hope, British Columbia. The initial target area covers an approximately 50 ha (124 acres) portion of the entire placer claim. Historic minor production and testing indicates economic quantities of gold and possibly platainum group elements. Siga has initiated mobilization of of a washing and separation plant and excavation machinery which will be employed for bulk sample testing to determine recoverable grades and aid design of a larger production facility which could be in place before years end.

Big Bear Gold Claims, San Bernardino County, California

The Big Bear project, currently controlled under a Letter of Intent to acquire 100 percent of the property. It 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 North eastern 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 are planned to start in the next 90 days.

Valolo Gold Exploration Claim - Fiji

Siga controls a 100% interest in the Valolo Gold Claim located in the Republic of Fiji. The Valolo claim was acquired due to its location in a caldera environment in the Savura Volcanic rock group, which underlies the property. These volcanics are exposed along a wide axial zone of the Savura volcanic complex. The relevance of these rocks to the Valolo property is significant. Approximately 20 miles to the west of Valolo, in the same or a similar system, the Nasoata Gold Mine and other prospects have reported gold production in aggregate of over 1 million ounces between 1956 and 2002.

Siga's Additional Projects:

Siga is currently reviewing a variety of projects from Canada to South America to add to its stable of projects. Siga commonly employs joint ventures to provide the ability to participate in additional opportunities. Management feels this significantly enhances the odds of major success in this competitive environment. Siga invites submissions of advanced precious metals exploration or development projects for consideration by Siga and its joint venture affiliates.

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
    530 577 4141

    Siga Resources Inc.
    Robert Malasek
    Chief Financial Officer
    760 607 8268