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March 27, 2013 /PRNewswire/ - SIERRA IRON ORE CORP (the "Company") is pleased to provide an update on the legal action against PARADOX GLOBAL RESOURCES, SA DE CV
("Paradox") that owns and operates an iron ore mine on the adjacent property to the recently optioned Mazomique property that is located south of the El Creston property.
As previously announced on
January 8, 2013, the legal action claims that
Paradox has illegally crossed the property lines and has been operating and extracting iron ore from the Mazomique property for resale into the market. The legal action initiated by
Sierra Iron Ore has successfully resulted in the termination of any further mining operations conducted by Paradox on the Mazomique property.
The Company is also in discussions with several interested parties to evaluate the ore resource that was illegally removed from the Mazomique property in order to determine the existence of an economic material zone that can be mined for production in the very near term.
"Samples from the Mazomique zone are being analyzed to confirm that the ore meets the standard for immediate sale into the global markets and support the criminal motive by Paradox to conduct the theft of the ore resource," stated
Wally Boguski, President and CEO. "We continue to vigorously pursue all legal remedies and will aggressively defend and protect the company's assets. We are working with the local court and government authorities at the state and federal levels and expect full cooperation with a favorable resolution to our legal claim."
About Sierra Iron OreSierra Iron Ore is a growth focused mineral exploration company creating value through the exploration and development of the El Creston property located in the Sinaloa State of Mexico. The company has a continual fieldwork program at the El Creston Property that is comprised of drilling, mapping, sampling and planning for further property development. Roads have been built and upgraded and equipment has been mobilized for further developing the known magnetite zones identified by recent exploration work.
Sierra Iron Ore also has 100% ownership of the Tom Cat property which is located 200 kilometres east-northeast of
Vancouver within the historic
Aspen Grove copper camp. The company is currently conducting an exploration program of geological mapping and sampling program as a prelude to a planned diamond drill program.
On behalf of The Board of Directors of Sierra Iron Ore Corporation.Paul Lee, DirectorThis news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Sierra Iron Ore Corp. which may cause actual results, performance or achievements of Sierra Iron Ore Corporation to be materially different from the results, performance or expectation implied by these forward looking statements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release, which has been prepared by management
SOURCE Sierra Iron Ore Corporation