WSRA..keep an eye:
Company Website;
westernsierramining.com
Current O/S from Pinksheets
pinksheets.com
27M Float
300M A/S
250M O/S
Most recent news:
Western Sierra (OTC WSRA) Joint Venture Funding for Ore Cache Mine Development
PRESCOTT, AZ -- (Marketwire) -- 05/11/09 -- Western Sierra Mining Corp., (PINKSHEETS: WSRA) announced today that it has received initial funding of $50,000.00 for its joint venture on the Oro Cache hard rock gold property. These initial funds do not involve any dilution to WSRA shareholders and represent the first installment of the total joint venture funding commitment of $1,000,000.00 to $1,400,000.00 be received over the next twelve months. This funding will allow the initiation of the Phase I goals of improving access to the main portal and the filing of exploration permits with the U.S. Forest Service. It will also allow commencement of a pre-production testing program for the Oro Cache hard rock gold property and preliminary design work on the gold recovery plant.
Michael Chaffee, CEO and President of Western Sierra Mining, commented, "We are very pleased to be able to commence this joint-venture with Gold Coast Mining Corp. These initial funds will allow us to make significant progress toward production of the proven gold reserves at the Oro Cache Mine. With a current portfolio of over $1,000,000,000.00 in proven, probable and indicated reserves in property, projects and leases we hope to be able to announce more progress during the second quarter of 2009. We are committed to transitioning WSRA to a revenue-producing gold production company as quickly as possible to enhance shareholder value." Potential development partners or shareholders may request more information by contacting the company directly, registering at kitco.com or by emailing a request to wsragold@yahoo.com.
About Western Sierra Mining Corp.
Western Sierra Mining is an aggressive gold and silver exploration and mining company that has been in the exploration mode for the past four years. Incorporated in Utah in 1907, we have a heritage of over 100 years in gold and silver mining and exploration. Focused on the historic mining districts of the Bradshaw mountains of Arizona, with additional areas of interest within Nevada and Mexico, our current projects include the SunGold, Oro Cache, and the Big Chief Mines, all of which have demonstrated high-grade mineralization with previous histories of production.
Long-term company goals are to create maximum shareholder value by continuing to build a strong base of properties and advance these projects toward production. For more information on Western Sierra Mining please go to westernsierramining.com.
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Western Sierra is primarily a production and project development company and does not rely heavily on the costly aspects of exploration
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Properties
Recently completed initial objectives in the acquisition of eight mining claims in the Bradshaw Mountains of Arizona. They are: The Sun Gold Group, The Big Chief Group, The Oro Cache Mine, The Eagle Mine and The Treasure Gulch Mine. Total reported gold reserves for this group are approximately 500,000 oz of gold and 900,000 oz of silver as follows: 100,000 oz Au proven, 400,000 oz Au probable/indicated and 550,000 oz Ag proven and 350,000 oz Ag probable/indicated. Additionally, we have entered into a lease/purchase option contract for the Gold Basin Mine with total reported gold reserves of approximately 150,000 oz Au proven and 400,000 oz Au probable/indicated.
These core mines with an aggregate of over 1,000,000 ounces of gold and approximately 900,000 ounces of silver form the foundation of our Phase One Operational Plan to transition Western Sierra from an acquisition and exploration company to a revenue based gold and silver production company, with an eventual eye towards a senior exchange listing for our company's shares.
Our Phase I Development Plan is to commence and enhance gold mining simultaneously on the Gold Basin, Gold River and Blue Bell/ Desoto properties as one overall mining project.
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News
11/14/08 Western Sierra Mining Corp (OTC WSRA) Updates Investors On Mines in Excess of $1,000,000,000 in Total Reserves ...
11/10/08 Western Sierra (OTC WSRA) Completes Initial Excavation And Releases Preliminary Production Numbers ...
10/30/08 Western Sierra Begins Pre-Production Testing of Gold Basin Mine
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Personnel
Michael M. Chaffee, President, Director, CEO
Mr. Michael Chaffee is the President and C.E.O. of Western Sierra Mining. He has over 30 years of mining experience and extensive work history in the Senior Management of public companies, as well as tremendous education, certifications, and connections to draw upon for the benefit of Western Sierra's endeavors.
Dennis Atkins, Chief Financial Officer, Director
Mr. Atkins is the Chief Financial Officer and a Director of Western Sierra Mining. He is a Certified Public Accountant with over fifteen years experience in public accounting, specializing in the audits of publicly traded companies.
Robert B. Garcia, Director, Technology Development
Mr. Garcia serves as a Director of Western Sierra, and spearheads technology development for the company. He has been a developer, owner and operator of numerous mines and mining companies, and actively consults for several mining and precious metal industries
Cline B. Johnson III, Vice-President, COO, Director
Mr. Johnson is responsible for all operations of Western. He has over 20 years of experience in mining and construction both nationally and internationally. He has owned and operated his own construction company in California for over 10 years and has significant expertise in placer gold operations including initial site mobilization, construction and on-going operations.
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Summarized information about the 3 mines follows:
1. Gold Basin
“The Gold Basin Placer Project is viewed as one of the best placer projects in Arizona, from the standpoint of proven reserves through exhaustive testing, ore tenor, location and logistics, water availability and year around climate.”
Description and Location: The Gold Basin claims are located on 332 acres in central Arizona, within the Hassayampa River Basin, some 20 miles south of Prescott, Arizona. The claims are near paved Arizona State Highway 89 and fully accessible using an unpaved forest service road to the site.
Ore Quality and Volume: Over $750,000 has been spent on extensive surface and drill testing, bulk sampling and assays over the past 15 years. The claims contain at least 17-24 million tons of processable head ore. Proven, possible and indicated reserves shown from Nebeker and other reported data exceed $400 million at $750 per ounce gold. Much of the ground with the same or similar geology has not yet been tested.
Plan of Operations: The program is divided into two phases. Using equipment that currently exists on site, Western will initially operate a small scale 20 yard plant. A second plant will be constructed to expand future operations to 40 to 50 yards per hour and will run simultaneously.
Mine Reserves and Financial Projections (Phase 1):
Yearly Cash Flow $2.0 million**
Margins 50%
Reserves oz. Gold: 150,000 oz proven / 400,000 oz probable-indicated
Reserves $ Gold: $112 million proven / $300 million probable-indicated
Mine Life 20 (+) years
** - Note: Productivity of the Gold Basin Mine may be increased by 100% in less than 12 months with the use of the existing cash flow and Western plans to do so.
2. Gold River
Description and Location: On May 5, 2008, the Company acquired the Gold River Mine Group consisting of eight mines including the SunGold, Big Chief Group (4 mines), Oro Cache, Eagle and Treasure Gulch. The mines are located southeast of Prescott , Arizona in the Bradshaw Mountains .
Ore Quality and Volume: The mines have a total of 102,000 oz. proven gold reserves, 593,000 oz. proven silver reserves, 423,000 oz. probable/indicated gold reserves and 362,000 oz. probable/indicated silver reserves. At $800/oz. gold and $12/oz. silver, the proven gold reserves total $81,000,000, the proven silver reserves total $8,000,000, the probable/indicated gold reserves total $358,000,000 and the probable/indicated silver reserves total $6,000,000.
Plan of Operations: Western intends to process the hard rock ore coming from the Sun Gold, Oro Cache and the other mines owned by Western located in a central mill site to be located on portion of the 550 acre Blue Bell property referenced below. As with Gold Basin , the project is divided into two phases. Phase one will construct a hard rock pilot plant on the patented property. Phase two will expand the plant and significantly increase production.
Mine Reserves and Financial Projections (Phase 1)
Yearly Cash Flow $7.9 million
Margins 60%
Reserves oz. Gold: 102,000 oz proven / 423,000 oz probable-indicated
Silver: 593,000 oz proven / 362,000 oz probable-indicated
Reserves $ Gold: $82 million proven / $358 million probable-indicated
Silver : $8 million proven / $6 million probable-indicated
Mine Life Many years
*- Note: Western has full ownership of the Sun Gold Mine and also another 7 mines of the Gold River Mine Group.
3. Blue Bell/DeSoto
Description and Location: On September 7, 2008, we entered into an agreement with the owners of the Blue Bell and De Soto mines located on the southeastern slopes of the Bradshaw Mountains in central Arizona . The agreement provides the Company a two-year lease with a fixed price option to purchase the property for $2,000,000.
Ore Quality and Volume: The combined properties have in excess of 550 acres of patented (free and clear) land. Both mines have previously produced gold, silver and copper. The Company intends to construct a small hard rock gold/silver recovery plant on this site to provide a central location for processing material from the SunGold and other mines it owns in the Gold River Mine Group. During the fourth quarter of 2008, the Company will begin an evaluation of the Blue Bell and De Soto mines. Although these mines were closed in the early 1940's, substantial geological information exists as well as production records. These geological reports, prepared during and since that period indicating various amounts of reserves of silver, copper and gold will enable the Company to make estimates as to any proven, probable or indicated reserves for these minerals.
4. General Notes:
Western has a variety of these relatively small but profitable mining opportunities in various stages of development, some ready for immediate production. They are designed to provide the Company with a depth of security to minimize the down side investment risk.
The business plan calls for the establishment of positive cash flow coming from some of the operations while simultaneously moving on to the next project. The Gold Basin project above provides the positive cash flow to ensure a positive outcome for the bottom line while the next project is being developed.
Western currently owns or controls the above listed properties. |
