April Field Report
(special thanks to CancunCharlie for spotting it first)
MINING
During the period of late March to present Sierra Gold produced 104 oz. of gold from all sources despite dredge downtime due to mechanical issues and numerous fuel shortages. The company continues to stockpile black sands from all operations for future processing. This processing is expected to commence in late June 2012. The process employs advanced recovery technologies including that of nano gold recovery and has the capability of operating throughout the rainy season.
In keeping with the selective concession expansion goals, a further 4 properties were acquired in April. The aim of these acquisitions is to be able to continue some operations during the rainy season.
Also during this period the company paid its annual SEC listing fee as well as renewing all its mining and dredging licenses.
AGRICULTURE
The harvest from the 2011/12 season is complete and production increased in excess of 30% over the previous year. The company will sell a portion of this year’s production to partially offset costs related to annual fees on its 50 year lease as well as this years planting.
In March an additional tractor was purchased from the Ministry of Agriculture, subsequently refurbished and is now in operation. This acquisition gives the company dedicated equipment on both sides of the river that divides the property. This will provide further efficiencies with a view of increasing yields.
At present, Sierra Gold Corp is in discussions with two separate parties who are interested in entering into an agreement to expand useage and development of the current leases. Should a developmental agreement be reached, it would be beneficial to both Sierra Gold shareholders and the Sierra Leone land owners and local population.
CARBON CREDITS
Despite the current weakness in the Carbon Credit markets, Sierra Gold Corp continues to pursue its interests. The seeds from its Kira trees which had successful plantings are being harvested and nursed. When these subsequent seedlings are ready, they will be replanted for the ongoing development of this project. The company aims to develop this project internally for future carbon credit and/or lumber sales.
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