VANCOUVER, Oct. 9, 2013 /CNW/ - Sierra Iron Ore Corporation (TSXV Symbol: NAA) (OTCQX: SIOCF) (the "Company") is pleased to provide an update on the legal action in conjunction with
"Aztec Zinc de Mexico S.A. de C.V" against a neighboring company that
owns and operates a mine on adjacent property to the Mazomique property
that is located south of the El Creston property.
The legal action taken against the neighboring company has been filed in
Mexico and proceedings have begun. The case is advancing through the
courts and is currently in the discovery stage. As part of the
discovery stage, court appointed officials, including the judge
assigned to the case and a 3rd party independent geologist, visited the Mazomique property at the end
of September. The purpose of the visit was to survey the property and
to investigate the Company's legal claim that our neighbor acted
unlawfully by crossing onto the Mazomique property. The legal action
claims that the neighboring company illegally crossed the property
lines and had been operating and extracting iron ore from the Mazomique
property for resale into the market.
The legal action initiated by Sierra Iron Ore is intended to financially
collect from the defendant the value of the iron ore that was illegally
removed from the Mazomique property. Additionally, the legal action is
also seeking criminal charges against the principals of the neighboring
company and any other parties responsible for this alleged criminal
act. The presentation of evidence is expected within the next 30 days.
On June 18, 2012, the company announced that it has entered into an
agreement (the "Mazomique Agreement") with Aztec Zinc de Mexico S.A. de
C.V. (the "Owner"), an arm's-length party, to acquire up to an 80%
interest in a highly prospective iron ore property (the "Mazomique
Property") comprising of one concession covering an area of 3,055.27 ha
near the northeast boundary of Sinaloa and Chihuahua states.
"We continue to vigorously pursue a legal and financial remedy and will
aggressively defend and protect the company's assets," stated Wally
Boguski, President and CEO. "We look forward to advancing our case
through the court system so that we can get closer to a verdict which
we expect will be favorable for our company."
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 as well as
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.
Wally Boguski, 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:
For more information contact Corey Safran, Strategic Development, at 609-228-0595, or by email at email@example.com.