VANCOUVER, March 27, 2013 /CNW/ - SIERRA IRON ORE CORP (the "Company")
is pleased to provide an update on the legal action against PARADOX
GLOBAL RESOURCES, SA DE CV ("Paradox") that owns and operates an iron ore mine on the adjacent
property to the recently optioned Mazomique property that is located
south of the El Creston property.
As previously announced on January 8, 2013, the legal action claims that Paradox has illegally crossed the property lines and has been operating
and extracting iron ore from the Mazomique property for resale into the
market. The legal action initiated by Sierra Iron Ore has successfully
resulted in the termination of any further mining operations conducted
by Paradox on the Mazomique property.
The Company is also in discussions with several interested parties to
evaluate the ore resource that was illegally removed from the Mazomique
property in order to determine the existence of an economic material
zone that can be mined for production in the very near term.
"Samples from the Mazomique zone are being analyzed to confirm that the
ore meets the standard for immediate sale into the global markets and
support the criminal motive by Paradox to conduct the theft of the ore
resource," stated Wally Boguski, President and CEO. "We continue to
vigorously pursue all legal remedies and will aggressively defend and
protect the company's assets. We are working with the local court and
government authorities at the state and federal levels and expect full
cooperation with a favorable resolution to our legal claim."
About Sierra Iron Ore
Sierra Iron Ore is a growth focused mineral exploration company creating
value through the exploration and development of the El Creston
property located in the Sinaloa State of Mexico. The company has a
continual fieldwork program at the El Creston Property that is
comprised of drilling, mapping, sampling and planning for further
property development. Roads have been built and upgraded and equipment
has been mobilized for further developing the known magnetite zones
identified by recent exploration work.
Sierra Iron Ore also has 100% ownership of the Tom Cat property which is
located 200 kilometres east-northeast of Vancouver within the historic
Aspen Grove copper camp. The company is currently conducting an
exploration program of geological mapping and sampling program as a
prelude to a planned diamond drill program.
On behalf of The Board of Directors of Sierra Iron Ore Corporation.
Paul Lee, Director
This news release contains certain forward looking statements which
involve known and unknown risks, delays, and uncertainties not under
the control of Sierra Iron Ore Corp. which may cause actual results,
performance or achievements of Sierra Iron Ore Corporation to be
materially different from the results, performance or expectation
implied by these forward looking statements. Neither TSX Venture
Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this press release, which has been prepared
SOURCE: Sierra Iron Ore Corporation
For further information:
Corey Safran, Investor Relations, at 609-228-0595, or by email at firstname.lastname@example.org.