Sienna Gold Inc. announces proposed financing

    CALGARY, July 2 /CNW/ - Sienna Gold Inc. ("Sienna" or the "Corporation")
(TSXV - SGP) wishes to announce that it has undertaken a private placement
financing of up to $3,000,000 in both Canada and Peru. The Corporation is
offering units at $0.60 per unit, with each unit consisting of one common
share and one half of common share purchase warrant. Each warrant entitles the
holder to subscribe for one additional share for $0.80 for a period of one
year from closing. Proceeds will be used for further exploration work on the
Corporation's Igor project in Peru and for general working capital. Sienna
will pay commissions of up to 7% to brokers assisting in this private
placement. This financing is subject to regulatory approval.

    Sienna Gold Inc. is a gold exploration company with various property
interests in Peru. Its key prospect is the Igor Mine Project, a formerly
producing mine that the Corporation plans to explore further. The Corporation
also has interests in 2 other mineral exploration properties in Peru, both at
the early stages of exploration.

    The TSX Venture exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    %SEDAR: 00008773E

For further information:

For further information: John M. Rucci, President, Sienna Gold Inc.,
(403) 508-2061

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