TORONTO, March 16, 2009 (GLOBE NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) today announced that the February gold production yielded over 70 troy ounces of gold. The equipment used on the property had to be shut down from February 21 until March 10 for repairs.
The company has entered into two new joint venture agreements in the Zimmi region of Sierra Leone. The properties are reported to have great potential for diamonds. In addition, visible gold has been noted in the black sands on the water's edge on one of the properties. Operations are planned to commence next week.
Doug Evans, CEO of Sierra Gold, commented: "We are pleased to expand our operations to the diamond sector of Sierra Leone. This area is well known for coloured diamonds including canary yellow stones. The country is well known throughout the world for the size and quality of its diamonds and we hope to take advantage of this opportunity."
Sierra Leone is a major exporter of diamonds and is recognized internationally for its high percentage of large, gem quality diamonds. The country's major source of hard currency has come from the sale of diamonds. Sierra Leone became famous worldwide after the discovery of the Star of Sierra Leone, a magnificent 969 carat diamond. In 2002, a 1440 carat diamond was discovered, which later sold in Belgium for approximately US$75 million. The country had produced many of the largest alluvial diamonds ever discovered.
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.