PRESCOTT, Ariz., May 3, 2011 (GLOBE NEWSWIRE) -- Western Sierra Mining Corp., (Pink Sheets:WSRA) announced today that it will begin the initial phase of development at the Big Chief mine located in Central Arizona.
The Big Chief is composed of several unpatented claims situated in the Hassayampa Mining District approximately 12 miles south of Prescott, Arizona. Most historical production from the Big Chief occurred during the late 1890s with some sporadic production thereafter. The property is mainly an underground gold deposit with some surface exposures and carries small amounts of silver.
Western will begin a geological evaluation of the mine with the intent of expanding the current claim block. We will first take samples from the existing outcrops and trenches to confirm the previous exploration work. After applying for a small exploration permit, we intend to open the existing tunnels and sample the existing shafts in an effort to further define the present existing ore body.
During this brief exploration period we intend to construct a Plan of Operation to be submitted to the U.S. Forestry Service for review as we expand the program to include our initial pre-production intent.
The Big Chief Mine is a part of the Gold River Mine Group acquired by the Company in 2008. The Gold River Mine Group has a total of 88,000 oz. proven/probable/indicated gold reserves and 755,000 oz. of proven/probable/indicated silver reserves. At $1,200/oz. gold and $30/oz. silver, the gold reserves total $70,000,000 and the silver reserves total $9,000,000.
Has WSRA completed their POO and submitted to the US Forest Services? That PR was over 6 months ago.
But then WSRA acquired the Big Chief Mine in 2008 and that is over 3 yrs. ago.
But then The Big Chief Mine has been SOLD! The asking price was $1.8 million.
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