VANCOUVER, May 8, 2013 /CNW/ - SIERRA IRON ORE CORP (the "Company") is pleased to announce the results of assays of samples taken and sent for laboratory testing. Two of the samples yielded greater than 55% Fe content. The 3rd sample from the Mazomique property requires further testing.
The assays were carried out at the in-house analytical laboratory of Trafigura in Manzanilla, Colima, Mexico. Trafigura is a leading international commodities and logistics company with worldwide interests in mining and mineral development.
"We are encouraged about the results from the iron ore samples," says Wally Boguski, President and CEO. "Achieving greater than 55% Fe content provides the company with a basis for developing strategic options for the development and production for the company's properties."
Each of the samples consisted of 6kgs of iron-bearing material composited along lengths of 200 feet (61m) in magnetite pods and lenses of up to 15 metres in thickness. Although the iron properties are several kilometers apart, they possess a common style of mineralization characterized by magnetite and hematite-rich bodies occurring in skarn developed near the contact of Cretaceous limestone and younger intrusive of either granodiorite or monzonite stocks and batholiths. Further comparative samples are pending.
The company is pleased to announce that it will also grant 682,580 company Stock Options to various directors, officers and consultants, with an exercise price of $0.40 cents per common share, for up to five years. The options will been granted in accordance with the terms of its 10-per-cent rolling stock option plan approved on December 7, 2010, and the policies of the TSX Venture Exchange.
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.
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 by management
SOURCE: Sierra Iron Ore Corporation
For further information:
contact Corey Safran, Investor Relations, at 609-228-0595, or by email at [email protected].