Great Plains Metals Corp. press release
Clarification of the Igor Option Agreement and Drilling Progress
TSXV - TSX Venture Exchange · Gold · Copper · Molybdenum · Rare Earth Elements · Uranium · Canada
CALGARY, Jan. 30 /CNW/ - Sienna Gold Inc. (SGP.V TSX Venture Exchange) wishes to announce that it decided to adopt parallel option 2, of the Matrix Sienna contract, in regards to the Igor property, on January 6, 2006. The contract between Matrix and Sienna contains parallel options. In option 1 the Company could increase its position with scheduled payments of $150,000 every six months to acquire 5% each time to a maximum interest of 80% and subsequently purchase the remaining 20% for $7,000,000. In parallel option 2, the Company can acquire a 100% interest in the property at any time on or before June 30, 2007 for $7,000,000. All dollar amounts are in US dollars. The Company retains the right to acquire the remaining 40% of the property on or before June 30, 2007 for $7,000,000 and within thirty days of acquiring 100% of the property, the Company can also acquire the NSR for $2,000,000. The Company is continuing the first phase of its drilling program and is presently drilling the sixth hole in a ten hole program previously announced. Upon review of the results of this program details of future exploration programs will be determined. The Company also wishes to announce that the firm of Ernst & Young have been appointed as auditors. Sienna Gold Inc. continues to explore in Peru for precious and base metals, its major project is IGOR which continues to hold management's attention and exploration direction.
The TSX Venture Exchange has neither approved nor disapproved of the information contained herein. Statements in this press release regarding the Company's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
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