Sierra Resource Group, Inc. (SIRG.OB) Secures Financing Commitment to Begin Permitting at Chloride Copper Mine in Arizona

By @ibtimes on

Sierra Resource Group, www.sierraresgroup.com – the precious/base mineral exploration and mining company currently focused primarily on copper, gold and silver in Arizona, with a strategy to grow shareholder value through via future organic expansion in the Americas, reported acquisition of a financing commitment today, paving the way for permitting at the Chloride Copper Mine, in which SIRG owns an 80% interest.

CEO of SIRG, Patrick Champney, explained that the Company is now able to focus on funding for the subsequent mining operations, which shall take place once the permitting is complete, and went over the ongoing bidding process with several engineering firms, assuring the market and investors that engagement of the winning bidder was imminent.

Extremely good news for SIRG investors who have grown accustomed to being proud of the operational profile the Company is known for. A reputation for responsible exploration and carefully designed environmental approaches aren’t just a winning combination for the underlying ecosystems in which the Company operates, they also place SIRG at the forefront of an emerging market structure that has grown out of the demand for environmental sustainability.

Let’s take a look at the underlying logistics to see what makes the Chloride Copper Mine so special and such an exciting opportunity for investors:

• Existing open pit mine and solvent extraction/electrowinning-based copper processing plant on site were idled in 1996 due to low copper prices

• Total of 37 unpatented lode mining claims and 12 millsite claims

• Mineralization in the form of lenses at current deposit occur within a paleochannel 750 feet wide and several thousand feet long, characterized by rock similar to the Exotica deposit, one of the satellites of Chile’s massive Chuquicamata copper deposit

• Analysis of historical seismic survey data originally obtained by Arimetco, indicates a paleochannel south of the open pit equivalent to the one hosting the active deposit

• Deposit hosted by Late Tertiary, Quaternary alluvium and Cretaceous granitic material with the source interpreted to be the low grade porphyry-type mineralization evident 3.5 miles to the northeast at Alum Wash

With a clear future trend in commodities, most brilliantly expressed in precious and base metal prices, and an even clearer trend in raw global demand for copper with seemingly no limit, SIRG is well positioned to generate shareholder returns as 2011 heats up to be a year dominated by raw materials production.

Join the Discussion