Western Sierra Confirms New Joint Venture Agreement to Operate the Silver Cord Mine
May 12 2011 - 8:30AM
Western Sierra Mining Corp. (Pink Sheets:WSRA) confirmed today that
it has reached a new agreement with Extractive Technologies Inc.,
the owners of the Silver Cord mine located in central Arizona.
Under the original agreement (February 22, 2011), Western was
only to assist Extractive Technologies in the development of the
Silver Cord. Under the new agreement, the two companies will work
as Joint Venture partners.
Western will provide, under contract, a variety of mining
services including permitting, both underground and surface
exploration, mine engineering, geology and tunnel rehab in
preparation for an extensive sampling program. Extractive
Technologies Inc. will provide the required funding. If the current
schedule can be adhered to, Western expects to begin the initial
work prior to June 30th, 2011.
In addition to the direct cost of the project, Western will
receive a portion of the net smelter returns (NSR) for both the
gold and silver produced from the Silver Cord.
The Silver Cord claims are located in the Black Canyon Mining
District on the east side of Turkey Creek in Yavapai County,
Arizona. In September of 2010, initial small sampling results
showed better than ½ ounce gold and in excess of 85 ounces
silver/ton taken from the 910 feet of developed tunnel. The Silver
Cord is a historically producing silver and gold property.
Western will initially continue with its evaluation of the hard
rock portions of the claim blocks, but will provide some geological
review and sampling of the placer claim in Turkey Creek.
About Western Sierra Mining Corp.
Western Sierra Mining is an aggressive gold and silver
exploration and mining company focused on the historic mining
districts of the Bradshaw Mountains of Arizona with additional
areas of interest in Nevada and Mexico.
Statement Concerning Forward-Looking Information
Certain information set forth herein contains "forward-looking
statements" within the meaning of the federal securities
laws. The word "estimates," "expects," "anticipates,"
"forecast," "plans," "intends," "believes" and variations of such
words or similar expressions are intended to identify
forward-looking statements.
The Company's expectations, beliefs and projections are
expressed in good faith and are believed by the Company to have a
reasonable basis, but there can be no assurances that management's
expectations, beliefs, and projections will be achieved or
accomplished.
CONTACT: For purchase or additional information:
Mr. Michael Chaffee
928-680-5513
Mr. Dennis Atkins
405-330-8395
Western Sierra Resource (CE) (USOTC:WSRC)
Historical Stock Chart
From Nov 2024 to Dec 2024
Western Sierra Resource (CE) (USOTC:WSRC)
Historical Stock Chart
From Dec 2023 to Dec 2024