Sierra Gold Corporation began ordering equipment for the mining of gold in the late Winter/early Spring season on its Pampana River property in Sierra Leone.
Sierra Gold owns the mining rights of Northern Star Resources Ltd, from Sierra Leone. The 40 sq/km property is located on the North Pampana River and south of the Sula Mountains which is one of the richest mining rivers in Sierra Leone. The government has granted the company a two year exploration license.
Michael Manke reported in the mid 1990’s gold grades of .12 oz/ton taken from the auriferous gravel in the Pampana Channel and its flanking flats and terraces. Recent large bulk sampling work in 2005 indicated gravel depths more than double those previously reported and significant gold values in the overburden. Considering the previous, resource potential could be in excess of $500,000,000; however no guarantees can be made regarding potential profits.
Based on a report from Sierra Gold’s geological consultant, Hendrik Veldhuyzen, the company plans to raise $2.5 million for a test mining program. In addition to the exploration and development, the company plans to satisfy the requirements necessary to qualify and move the NASDAQ market.
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