Press Release Source: Western Sierra Mining Corp.
WESTERN SIERRA (OTC WSRA) SEEKS JOINT VENTURE PARTNER FOR BLUE BELL MINE; UPGRADES TO REAL TIME LEVEL II TRADING AND RELEASES APRIL 2009 UPDATES FOR GOLD RIVER AND GOLD BASIN
April 21, 2009
Prescott, AZ - Western Sierra Mining Corp., (OTC: WSRA - News) announced today that a Consulting Geologist/Mining Engineer for WSRA has completed a historical summary of the claims comprising the recently acquired Blue Bell and De Soto mining lease. Based on preliminary analysis the company is actively seeking a joint venture partner to develop, mine, and extract copper, gold, and silver values from ore amenable to surface mining methods as well as the potential extraction of commercial grade copper that has leached into the now water filled underground mine shaft. WSRA has a two year mining lease on the property, as well as an option to purchase the property outright. Potential development partners or shareholders may request a full copy of the BlueBell report by contacting the company directly, registering at http://www.kitco.com/leadgen/companies/westernsierra/ or by emailing a request to wsragold@yahoo.com and inserting "Bluebell Executive Summary" into the subject line.
Additionally, the current price of gold has increased the value of our proven, probable and indicated reserves and made the potential outcomes of the business models for such projects as Sun Gold and Gold Basin more profitable. As we search for financial partners for the development of specific mines, these influences have aided negotiations and we hope to be able to announce some of these new relationships during the second quarter of 2009. The following includes excerpts from an interim report prepared for the Board of Directors detailing the current status of certain projects, and should be viewed in conjunction with the previous reports filed with the Pink Sheets, press releases, SEC filings and previous shareholder updates:
Gold River
In May 2008, Western concluded an agreement with GoldRiver Exploration wherein the Company acquired several mining claims located in the Bradshaw Mountains in Central Arizona. With over $400,000,000 in proven, probable and indicate reserves the transaction added some $20 million to the net worth of the Company. In an effort to develop these various properties, we have or are in the process of negotiating either lease option or joint venture agreements with several private and public organizations and/or junior mining companies.
Gold Basin
During this operating period, Western completed its evaluation of the Gold Basin mine as well as a mine development plan. We have completed preliminary production runs at the site, and continue to negotiate with several parties for the expansion funds necessary to get into a commercial production mode, and will announce any developments as they materialize. The Gold Basin Mine has in excess of 500,000 ounces of proven, probable and indicated Gold Reserves, with potential gross profit margins of approximately 50%. The Gold Basin Placer Project is viewed as one of the best placer projects in Arizona, from the standpoint of proven reserves through exhaustive testing, ore tenor, location and logistics, water availability and year around climate.
WSRA Reporting and Trading Status
WSRA is now quoted as Real Time Level II on the Pink Sheets. Investors are able to electronically access market makers' buy and sell quotations, aiding for better executions and simpler electronic trading through participating broker dealers.
"Over the past year the company has expended considerable resources to update filings and financial information with both the SEC and the pink sheets to increase investor transparency and as a prerequisite to various joint venture and financing proposals that we are currently evaluating and exploring. Additionally, Western had filed an initial application for the OTCBB, but after evaluating substantial costs associated with providing follow up documentation regarding historical mining data we have elected to withdraw this application, maintain our Pink Sheet trading status and concentrate our available capital on pursuing commercial mining operations", stated Michael Chaffee, CEO. "Quite simply, we intend to focus our resources on attempting to bring gold out of the ground as quickly as possible. At the point that we have achieved substantial mining revenues we intend to reexamine upgrading our stock listing, be it OTCBB, NASDAQ or any other feasible senior exchange listing. As always, should you require any additional information or have any questions, you may contact the office between the hours of 6:00 AM to 6:00 PM, MST Monday through Friday. We will do our best to return your calls."
About Western Sierra Mining Corp.
Western Sierra Mining is an aggressive gold and silver exploration and mining company that has been in the exploration mode for the past four years. Incorporated in Utah in 1907, we have a heritage of over 100 years in gold and silver mining and exploration. The company has over 1100 shareholders with an active and independent seven member Board of Directors featuring a Chairman who is the former CFO for Nabisco Foods, European Division. Focused on the historic mining districts of the Bradshaw mountains of Arizona, with additional areas of interest within Nevada and Mexico, our current projects include the SunGold, Oro Cache, and the Big Chief mining group, all of which have demonstrated high-grade mineralization with previous histories of production. Long-term company goals are to create maximum shareholder value by continuing to build a strong base of properties and advance these projects toward production. For more information on Western Sierra Mining please go to http://www.westernsierramining.com.
Safe Harbor
This press release contains statements, which may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of Western Sierra Mining Corp., and members of its management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward looking -statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.