SOURCE: Siga Resources Inc

July 11, 2011 06:15 ET

Siga Resources Successfully Negotiates New Favorable Terms on Big Bear Mining Claims in San Bernardino County, California

SOUTH LAKE TAHOE, CA--(Marketwire - Jul 11, 2011) - Siga Resources Inc (http://sigaresourcesinc.com) (OTCBB: SGAE) President and CEO Edwin Morrow announced today that Siga has successfully renegotiated its previously announced acquisition of the Big Bear Mining Claims group in San Bernardino County, California, as announced June 16, 2011. Siga will now conduct an initial sampling and mapping program (the "Work Program") to verify the significant gold and silver mineralization of the Big Bear Claim group, as indicated in previous reports supplied to the Company by Montana Mining Corporation ("MMC"), the vendor of the property.

Upon completion of this initial Work Program, Siga has the right to acquire the property by issuing the following shares:

1. Issue MMC 3,000,000 shares upon completion of the Work Program if Siga feels the work program successfully indicates the gold and silver occurrences were significant enough to proceed with further geological work

2. Issue a further 2,500,000 shares upon 1 Million oz of gold proven by accepted geological methods

3. Issue a further 2,500,000 shares upon 2 Million oz of gold proven by accepted geological methods

4. Issue a further 1,500,000 shares upon 2.5 Million oz of gold proven by accepted geological methods

5. Issue a further 1,500,000 shares upon 3 Million oz of gold proven by accepted geological methods

The Company plans to commence the Work Program by August 15, 2011.

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 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 platinum group elements. Siga has initiated mobilization 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 year's 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, 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 are planned to start by August 15.

Valolo Gold Exploration claim-Fiji
Siga controls a 100% interest in the Valolo Gold Claim located in the Republic of Fiji. Valolo is the project that Siga was founded to explore.

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

  • Contacts:

    Edwin Morrow
    President
    530 577 4141

    Robert Malasec
    Chief Financial Officer
    760 607 8268
    Email: Email Contact