TORONTO, Aug. 15, 2008 (PRIME NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) today announced today that the company has completed the first phase of financing to meet its capital requirements to continue its mining program in Sierra Leone. These requirements include costs for mining licenses, purchase of equipment, salaries and operational expenses. The company also announces that it has settled its recent law suit.
The recent article, "Check This Area Out", dated September 26, 2007 published in "Stockhouse BullBoards", stated that "The Birimian trend (West Africa) is....currently the base for the fastest growing gold production and exploration area in the world." The author makes the analogy of West African gold production to that of the Carlin trend in the 1990s. He writes that if Nevada were a separate country it would rank within the top five countries in the world for gold production.
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.