Sierra Announces Close of Debt Settlement

NEWS RELEASE

October 21, 2015 Symbol:-TSX-V:VR OTCQX: SIOCF SIERRA ANNOUNCES CLOSE OF DEBT SETTLEMENT

Vancouver, BC – Sierra Iron Ore Corporation (the “Company”) is pleased to announce that is has closed the previously announced debt settlement and has issued 334,000 common shares (“Shares”) to creditors, at a deemed value of $0.50 per Share, to settle debts aggregating CDN$167,000.

All securities issued have a hold period expiring February 21, 2016.

On behalf of the Board of Directors of Sierra Iron Ore Corporation.

Wally E Boguski, President, CEO, Director

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 Corporation 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.

CANADA USA 13236 Cliffstone Court #1021 – 100 Easy Street Lake Country BC V4V 2R1 Carefree, AZ 85377 Tel: 250-766-1517 Tel: 480-575-1220 Fax: 250-766-1839 Fax: 480-488-3492

www.sierrairon.com [email protected]