FIELD REPORT!!!!!!
Field report December 2, 2010
Before updating on the current status of operations, I would like to address an issue that has caused numerous inquiries from shareholders and interested parties.
Africa Review recently published an article dated December 2, 2010 regarding the oil and mining industries in Sierra Leone. The author of this article was incredibly inflammatory in his comments in regards to Sierra Gold Corporation. Firstly, let me assure you that there is no potential agreement worth billions of dollars currently being discussed or about to be signed between Sierra Gold Corporation and the government of Sierra Leone. The author of this article has never contacted me or Doug Evans to corroborate these comments which are apparently attributed to John Momohs in an editorial published in the Concord Times of Sierra Leone. For those of you that regularly read the field reports and press releases posted on our website, you will recognize these quotes taken from the last press release. These quotes are in and of themselves accurate, but the authors claim implying that Sierra Gold Corporation is a diamond mining company disguised as a gold mining company is totally unfounded and bordering on liable. It is obvious the author, Tamba Jean-Matthew failed to do a thorough investigation of these so called claims. We find his article both insulting and inaccurate. Attempts to email the writer demanding proof of such allegations were unsuccessful. We are currently in consultation with our legal team regarding possible legal action against these false claims and will update you on our next steps.
As anyone who has followed the ongoing endeavors of SGC is aware, the company takes great pride in all aspects of its operations in Sierra Leone. For the record SGCP has provided food (via the farming project), medicine, infrastructure work (local administrators) and funding for education. In all of our operations the local population benefits and receives a percentage from all of our operations.
We are also committed to establishing a carbon credit project that will truly benefit Sierra Leone not only by employing locals and growing new forestation but also by building a thriving industry imbedded in Sierra Leone..
Now on to the Field Report
Mining
The first dredge has been positioned in the water and operations are commencing. The second dredge will be in place and operational by mid December with the balance of dredges scheduled to be in operations by the first of the New Year. Our head of dredging has opted to forego a trip out of the country over the holiday season in order to coordinate the operations. Doug Evans, Chairman and CEO will be in Sierra Leone until the middle of December He is committed to enhancing his relationships with the various paramount chiefs and their chiefdoms as landowners and partners in the ongoing mining projects.
Agriculture
The harvesting of the rice and sorghum crop has begun for this season.
Carbon Credits
We have moved ahead positively and retained the services of a new carbon credit consultant who is more suitably aligned with our future goals for the company. The work has begun internally to continue the development of the carbon offset initiatives in Sierra Leone. The Company has conducted work to establish the benefits of a project for the sale of carbon offsets from its leased lands to the regulated or the voluntary markets in Europe and North America, respectively. In particularly, we have investigated the project development options, offered to us from the different types of Forestry-related methodologies of different protocols for the purpose of creating a carbon business plan that will permit the sale of ex ante carbon credits. Priority was given to begin drafting a project with high potential of success, while eliminating the need for large development costs. This was achieved by using as a template, a Project Development Document created and approved by the UNFCCC for afforestation of degraded lands in China. We anticipate completion of draft PDD by early January.
In addition, field work has been undertaken in Sierra Leone to assess the growth potential of Kiri trees imported as cuttings from Australia. Our preliminary results show poor transplant survival rates, presumably owing to a transit period of 10-12 days which we believe is excessive and deleterious to the survival of plants exacerbated by a lack of water. However on a positive note, of those cuttings that have survived, qualitative analyses suggests that the growth of Kiri trees in Sierra Leone can resemble published fast growth rates for Australia for Kiri trees.
John Semachko Jr.
President
Sierra Gold Corp
