Sierra Announces Amended Payment Terms for JV Agreement with Emerald Lake
NEWS RELEASE
August 15, 2014 Symbol:-TSXV.NAA Symbol:-OTC- SIOCF SIERRA ANNOUNCES AMENDED PAYMENT TERMS FOR JV AGREEMENT WITH EMERALD LAKE
VANCOUVER, BC – Sierra Iron Ore Corporation (the “Company”) is pleased to announce that it has entered into an amended option agreement (the “Amended Option Agreement”) with Emerald Lake Development Corporation (“ELD”). The original terms of the option agreement (the “Option Agreement”) specified that the Company issue 3,000,000 common shares (“Shares”) within 5 days of TSXV approval; 3,000,000 Shares on or before 6-months after TSXV approval; and 3,000,000 Shares upon the earlier of the presentation to the parties of a positive feasibility study respecting the property, or the commencement of commercial production.
The re-negotiated terms of the Amended Option Agreement specify that the Company issue 2,608,000 Shares within 5 days of TSXV approval; and 6,392,000 Shares upon the earlier of the presentation to the parties of a positive feasibility study respecting the property, or the commencement of commercial production. The remaining terms of the Option Agreement remain in full force and effect.
The noted acquisition remains subject to TSXV approvals.
For more information please contact the Company at 250-766-1517, or by email at:
On behalf of The Board of Directors of Sierra Iron Ore Corporation.
Wally Boguski,
President/CEO
This 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.
CANADA USA 13236 Cliffstone Court #2 – 701 West Deer Valley Road Lake Country BC V4V 2R1 Phoenix, AZ 85027 Tel: 250-766-1517 Tel: 623-251-4443 Fax: 250-766-1839 Fax: 623-251-4878
www.sierrairon.com [email protected]