PRESCOTT, Ariz., May 12, 2011 (GLOBE NEWSWIRE) -- 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