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Western Sierra Resource Corporation Enters Negotiations for Acquisition of a Majority Stake in a 25,000 Acre Helium Production Project
Western Sierra Resource Corporation Enters Negotiations for Acquisition of a Majority Stake in a 25,000 Acre Helium Production Project.
About this update from Western Sierra Resource Corp.
[{"type":"text","content":"\n STEAMBOAT SPRINGS, Colo., July 08, 2021 (GLOBE NEWSWIRE) -- WESTERN SIERRA RESOURCE CORPORATION (OTC: WSRC) In keeping with the Company’s broad based natural resource development plan, which includes the implementation and beneficial use of the Company’s $40+ million in water assets for industrial hemp and affordable housing project now underway with GHG; and the Sage Hen Gold Reserve acquisition by way of its majority (70%) common stock ownership interest in Silver State Mining Group (SSMG) finalized and announced last week, WSRC is pleased to announce that it has entered into substantive negotiations with a third party exploration company to develop the 25,000 acre FCHPA Helium Project in the Four Corners Area. Based on information gathered from existing wells and utilizing proprietary methodologies for interpretation of 2D and 3D seismic data, it is anticipated that Helium-rich gas is present and recoverable to varying degrees within the property’s underlying five geological formations (strata). It is ultimately hoped that a Helium content of between 1% and 5% may be recoverable if the project is successful. If, in fact, Helium is present and recoverable in the quantities suggested by the data, and if 100% ownership of the Project may be acquired, the following preliminary range of projections may be possible: Estimated Economics Assumptions:  Lease Acquisition$1,250,000 Drill and Complete$1,500,000 Total Cost $2,750,000     Helium %Raw Gas (MCF)/MonthHelium Price/MCF Net BackPotential Net Revenue/Month1%100,000$320$234,000.001.5%100,000$320$351,000.002.0%100,000$320$468,000.002.5%100,000$320$585,000.003%100,000$320$702,000.004%100,000$320$936,000.005%100,000$320$1,170,000.00 These projections are to the 100% ownership. The Company expects these negotiations to be successful, however the FCHPA remains subject to prior sale or withdrawal at any time and for any reason. The right to replace this project with a similar helium-based project is reserved. WSRC will post specific FCHPA project detail on its website as contract negotiations are finalized. About Western Sierra Resource Corporation: Founded in 1907, Western Sierra Resource Corporation (a Utah corporation), has historically been a gold and silver mining company which continues to own several historic...