TORONTO, June 4, 2007 (PRIME NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP)(Frankfurt:JYB) commissioned geologist Alieu Madhi to do a report on the potential gold reserves of the Pampana North property. The report estimates the gold reserves to be just over 936,000 ounces. At US$659.10 /ounce (May 31 second London fix price), the value of gold reserves is US$616,917,600.
Madhi's report is based on extensive bulk sampling work completed by the National Diamond Mining Corporation (NDMC), a Sierra Leone government-operated mining company. He combined figures from U.S. mining engineer Mike Manke's report with work done by NDMC to calculate the gold reserves.
Mr. Madhi (BSc,MSc) holds degrees in Geology and Engineering Geology from England. He worked as Chief Geologist for NDMC on several of their projects. For over 30 years, he has consulted for numerous government and international mining companies.
The company will continue its comprehensive bulk-sampling to corroborate Madhi's and Manke's reports. The estimated gold values do not include the gold hard rock potential for the property nor the potential for precious metals and diamonds, which the company is presently investigating.
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.