TORONTO, June 18, 2008 (PRIME NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) today announced that newly hired geologist, Joseph Kamara, has begun work on the hard rock gold deposit in preparation for a drill program. Mr. Kamara, a seasoned West African geologist, will plan a program to further define and develop the hard rock gold reserves. The investigation will include trenching, geochemical surveys and geological mapping.
The hard rock gold reserves would be in addition to the estimated alluvial gold reserves of approximately 936,000 ounces based on prior work done.(website) At today's prices, the gold values would exceed US$800 million.
Sierra Gold's property contains a 400 meter (1200 foot) long gold bearing quartz vein system outlined in the 43-101 report that runs parallel to the Yirisen gold vein deposit reported in the literature from historical work done. The Yirisen gold vein system located in the Sula mountains is the largest known gold deposit in Sierra Leone. Historically the Pampana River and its tributaries have supported some of the richest alluvial gold workings both in the Sula mountains and in the country.
Doug Evans, CEO of Sierra Gold, commented: "The presence of a gold bearing quartz vein system could add substantial value to the project and to the company."
Sierra Gold is engaged in the exploration and development of gold and diamond properties in West Africa. The Birimian greenstone belt of West Africa has had a long history of gold mining and prospecting. The region has been one of the fastest gold producing areas worldwide. Sierra Leone's neighbours, Ghana and Mali, are the second and third largest gold producers in all of Africa.
Safe Harbor: No assurance can be given that past or similar results of precious metal mining will be indicative of future results. This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 (The "Act"). In particular, when used in the preceding of discussion, the words "pleased," "plan," "confident that," "believe," "expect," or "intent to" and similar conditional expressions are intended to identity forward-looking statements within the meaning of the Act and are subject to the safe harbor created by the Act. Such statements are subject to certain risks and uncertainties and actual results could differ materially from those expressed in any of the forward-looking statements. Such risks and uncertainties include, but are not limited to, market conditions, general acceptance of the company's products and technologies, competitive factors, the ability to successfully complete additional financings and other risks in the company's SEC reports and filings.