Sierra Iron Options Mazomique Iron Ore Concession
18 Junio 2012 - 2:00PM
PR Newswire (Canada)
TSXV.NAA OTC- SIOCF VANCOUVER, June 18, 2012 /CNW/ - SIERRA IRON
ORE CORPORATION (the "Company") is pleased to announce that it has
entered into an agreement (the "Mazomique Agreement") with Aztec
Zinc de Mexico S.A. de C.V. (the "Owner"), an arm's-length party,
to acquire up to an 80% interest in a highly prospective iron ore
property (the "Mazomique Property") comprising of one concession
covering an area of 3,055.27 ha near the northeast boundary of
Sinaloa and Chihuahua states. The Mazomique property has excellent
infrastructure to transport drill equipment and heavy machinery
with an existing 25km partly sealed and all weather gravel road
from the city of Choix. In order to earn its 80% interest, the
Company is required to pay the Owner a total cash amount of
USD$100,000 in stages: $10,000 upon execution, $20,000 on or before
6-months after regulatory approval; $20,000 on or before 12-months
after regulatory approval, $20,000 on or before 18-months after
regulatory approval and $30,000 on or before 24-months after
regulatory approval. In addition, a total of 14,500,000 shares must
be issued to the Owner in stages: i) 2,000,000 shares no
later than 5-days after regulatory approval; ii) 2,000,000 shares
6-months after regulatory approval; and iii) 10, 500,000 shares on
or before the earliest of the expenditure of $2,000,000 on work
programs over three years, the presentation of a positive
feasibility study and the commencement of commercial iron-ore
production on the Mazomique Property. This acquisition remains
subject to regulatory approval which will, in turn be subject to
shareholder approval. The Mazomique Agreement will be put to
shareholders for a vote at the Company's upcoming Annual General
Meeting scheduled for July 9, 2012. "We are very excited at the
prospect of acquiring the Mazomique Property," stated Wally
Boguski, CEO and President. "The proximity to an operating mine and
existing infrastructure will mean that our company will now have
the potential for two near term operating iron ore mines in the
region." There will be no finder's fees paid. About Mazomique The
Mazomique concession encloses and surrounds the El Rosario iron
mine currently being operated by Paradox Global Resources S.A. de
C.V. Paradox regularly exports a reported 20 to 30 thousand
metric tons of iron ore per month to overseas markets. The iron
mineralization at El Rosario consists primarily of magnetite and
hematite enclosed ore at the periphery of a skarn zone developed at
the contact between limestone and Tertiary granodiorite. Recent
rock chip geochemistry survey suggests a western extension of the
El Rosario iron mineralization into the Mazomique concession. 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 iron ore mineral zones identified by
recent exploration work. Mr. Ruben Verzosa, P. Eng., a Qualified
Person (QP) as defined by NI 43-101 has approved the geological
content of this Press Release. 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. Sierra Iron Ore
Corporation CONTACT: Corey Safran, Investor Relations, at
609-228-0595, or by emailat corey@sierrairon.com.
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