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Shareholders Update
For the Period Ending
June 30th, 2011
The following is a brief overview of the current status of Western Sierra Mining for the period ending June 30th, 2011 This summary of the period should be viewed in conjunction with the previous reports filed with the Pink Sheets, press releases, SEC filings and previous shareholder updates.
A Brief Overview
During the second quarter of 2011, we have basically continued our exploration efforts in Central Arizona primarily for placer and hardrock gold. We have filed for new claims at the Table Mesa site with Gold Tech Engineering and continue to look for Joint Venture partners to further the exploration and long term development efforts of the Company
To some extent, our exploration activities have been driven by potential Joint Venture partners. However, a major portion of these investigations for others have proven to be of little value to either the investing group or Western. It is a time consuming task to perform even the most peripheral evaluation of either a placer or hardrock property. While this service does not produce a valued revenue stream, it does provide us with contacts for potential financial partners and possible future production or property development opportunities.
Western has been able to expand its exploration program for 2011 for its own account and looks forward to the future development or outright sale of the new additions to its inventory.
Our priorities continue to be orientated toward production. There are several potential scenarios currently in the negotiation phase to develop our own properties as well as working with others as a JV partner.
2nd Quarter Milestones
• Continuing exploration activities in Central Arizona
• Acquired the Table Mesa Property
• Received State exploration approval for its 480 acre land lease in Skull Valley Arizona
• Entered into new agreements with Pine Creek Mining to assist in the management of the Gold Basin placer mine.
• Continued the developed of the initial proposals to tie the Goldwater, Eagle and Big Chief properties to a single geological identity.
• Completed the construction of a portable extraction plant suitable for testing small placer properties.
• Signed an agreement with Extractive Technologies becoming a Joint Venture partner in the development of the Silver Cord silver mine.
• Completed initial testing of 600+ acres of private land adjacent to our state property in Skull Valley, Arizona, Final report in preparation.
Gold Basin
Western continues its active interest in the Gold Basin mine. The mine is now in partial production with Pine Creek Mining (the current owners) issuing a mining contract with a private contractor. Western provides assistance to PCM in mine oversight, security and continued efforts to expand the current operating permits.
In addition, at the request of PCM, Western has entered into a contract to generate a NI 43-101 report on the property. Work was nearing completion as of June 30th, 2011.
Current Exploration
In May 2008, Western concluded an agreement with Gold River Exploration wherein the Company acquired several mining claims located in the Bradshaw Mountains in Central Arizona. In an effort to develop these various properties, we continue to search for joint venture partners, investors, and outright sales to generate the capital required to develop the mines for production.
In addition to this effort, Western is working closely with Gold River Exploration to develop several other mining properties held by Gold River. These properties are currently undeveloped and un-permitted, potentially large gold and silver deposits with historical production, located in the Western United States.
Gold River is also supporting Westerns efforts to locate and develop several mining properties suitable for the application of high grading techniques to recover both gold and silver. During the next 6 months, we will concentrate on evaluating properties under the control or administration of Western such as Big Chief and Eagle.
While we believe continued exploration necessary to our business development model, production is essential to improving the capital value of the Company and providing for our long
Ongoing and New Projects
We continue to work with our close associates like Gold Coast, Gold River Exploration, Enviroxtract (EVXA) and VHGI Gold to provide access to new large scale mining targets. While the outcome of these evaluations will eventually become public, Western does not comment directly on the progress being made on any of the individual property development programs.
Western has taken an active role in effecting the sale of the Silver Cord mine. In May, the original mine development agreement with the new owners was modified so that Western could participate in the development of the mine as a JV partner. The Silver Cord is a historically producing silver/gold under ground mine with some 800 feet of developed tunnel. We have completed a small scale initial sampling program with results showing good values of both gold and silver.
We are currently bidding several outside mining contracts the largest of which appears to be the gold recovery project at Weaver Creek. The project would call for us to move some 1 million cubic yards of dirt and process that portion which has the best likely hood of carrying commercial values of placer gold. The project could take 3 years to complete. Contract negotiations are ongoing. While the outcome is currently uncertain, we have confidence in our ability to perform the required work at the lowest possible price. The project is awaiting a final decision from the investor group.
Western continues to work with individuals and corporations that have expressed an interest in purchasing mines currently in the inventory of the Company. Several proposals have been rejected for a variety of reasons. We are also negotiating with a number of potential J.V. partners in an effort to initiate a project that would lead to a long term production program.
We also continue to work with potential corporate and private investors who are looking to becoming involved with the mining industry and needing an independent evaluation of the proposed transaction.
We get many inquiries for our services in this portion of our business. However, revenues are extremely small since most of the projects being presented either have little merit, problems with ownership documentation or because of environmental and permitting issues, become uneconomical.
Reporting Status
Our financial and corporate reporting will continue to be filed at Pink Sheets.com as will any significant press releases for the present time.
As always, should you require any additional information or have any questions, you may contact the office between the hours of 7:00 AM to 7:00 PM, MST Monday through Friday. We will do our best to return your calls.
WESTERN SIERRA MINING
Statement for Forward-Looking Information
Certain information set forth herein contains “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, exploration efforts, financing needs, plans or intentions relating to acquisitions by the Company and other information that is not historical information. The word “estimates,” “expects,” “anticipates,” “forecast,” “plans,” “intends,” “believes” and variations of such words or similar expressions are intended to identify forward-looking statements.
The Company’ forward-looking statements are based upon the Company’s current expectations and various assumptions. The Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties, but there can be no assurances that management’s expectations, beliefs, and projections will result or be achieved or accomplished. The Company’s forward-looking statements, apply only as of the date made.
