Sierra Resource Group, Inc.: Copper Reaches 3 Month High First Week of August Sierra Resource Group, Inc.: Copper Reaches 3 Month High First Week of August KINGMAN, AZ, Aug. 4, 2010 (Marketwire) --
KINGMAN, AZ -- (Marketwire) -- 08/04/10 -- Sierra Resource Group, Inc. (OTCBB: SIRG) is the owner and operator of 80% of the Chloride Copper Mine. The Chloride Copper Mine property consists of 37 unpatented lode mining claims and 12 mill-site claims and is located 24km northwest of Kingman, in the Wallapai District, Mohave County, Arizona.
The Chloride Copper Mine has an open pit mine and an existing SX/EW processing plant which operated in 1995 before being idled in 1996 due to low copper prices. With Copper prices now reaching new highs we expect the mine to continue operations in early 2011.
Copper reached a 3 month high in New York this week trading above $3.40 a pound, on speculation that China's government may cut back on Policies aimed at slowing economic growth. "Policy easing is likely to have a positive impact on activity in the construction sector," said Daniel Major, an analyst at RBS Global Banking & Markets in London. Construction accounts for a quarter of copper demand, according to the Copper Development Association (www.copper.org). (Full article: http://www.bloomberg.com/news/2010-08-02/copper-gains-to-three-month-high-in-lon don-wiping-out-this-year-s-decline.html)
Copper futures jumped 12 percent in July, the biggest monthly gain in a year, on speculation that the global recovery will be resilient. China is the world's largest copper user followed by the United States and Europe. Ivanhoe Mines Ltd. said copper will outperform gold because of Chinese demand and the nascent electric car industry. "We need more copper in the next 20 years than was mined in the last 110 years," Ivanhoe Chairman Robert Friedland said today at the Diggers and Dealers conference in Kalgoorlie, Western Australia. (Full article: http://www.bloomberg.com/news/2010-08-04/ivanhoe-s-friedland-says-copper-will-ou tperform-gold-on-chinese-demand.html)
According to The Gold Report, "Even if emerging economies' demands for copper were to falter, Jennings Capital Inc. Mining Research Analyst Peter Campbell sees plenty of polish on copper ahead. One big reason: Even a gradual climb out of recession will prompt North American and European manufacturers to replenish inventories as they begin restoring production to pre-crash levels. As for the copper companies themselves, he tells The Gold Report that some of the best bets lie with emerging producers that are prepared to augment diminishing supplies with new finds." (Full Article http://seekingalpha.com/article/155672-the-bullish-case-for-copper)
Sierra Resource Group, Inc.'s company management feels very excited about the company's timing in the market, and believes that demand will continue to rise so that the company will be in a position to capitalize on the price increases when its primary property, the Chloride Copper Project, is placed into production in early 2011.
About Sierra Resource Group, Inc.
Sierra Resource Group, Inc. is a U.S. based junior exploration and mining company which owns 80% of the Chloride Copper Mine in Arizona. The Chloride Copper Mine deposit has in excess of 27 million pounds of proven copper reserves. SIRG's President and CEO James Stonehouse stated his goal to place the Chloride Copper Project into production in early 2011.
Some of the statements contained herein may be forward-looking statements, which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital.
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Be Careful - Down in low .40's today. Another damn pumper scam. I got in at .56 yesterday - incredible - looks like another BGBR
Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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I'm here!! Whoo! lol, been pretty busy but try to stop in when i can. deleted my comment. was looking at BGBR instead of SIRG. but i'll take your word on the P&D.
-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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-------------------- All post are my opinion. Do your own DD. Who's clicking your buy/sell button!? Posts: 7800 | From: Virginia | Registered: May 2006
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Boo - it got down to .20 this morning! Now back to .35 glad I only bought 700 shares..... Should have goe to the Casino down here instead! Blackjack tables open Aug. 13th at 4 more Casino's in So. FL!
I was goig o buy ADSY - but bought this POS and of COURSE ADSY doubld yesterday...
Posts: 2793 | From: Coral Springs, FL, USA | Registered: Aug 2003
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