Symbol:-TSXV.NAA
Symbol:-OTC- SIOCF
VANCOUVER,
Oct. 9, 2013 /CNW/ - Sierra
Iron Ore Corporation (TSXV Symbol: NAA) (OTCQX: SIOCF)
(the "Company") is pleased to provide an update on
the legal action in conjunction with "Aztec Zinc de Mexico S.A. de
C.V" against a neighboring company that owns and operates a mine on
adjacent property to the Mazomique property that is located south
of the El Creston property.
The legal action taken against the neighboring
company has been filed in Mexico
and proceedings have begun. The case is advancing through the
courts and is currently in the discovery stage. As part of the
discovery stage, court appointed officials, including the judge
assigned to the case and a 3rd party independent
geologist, visited the Mazomique property at the end of September.
The purpose of the visit was to survey the property and to
investigate the Company's legal claim that our neighbor acted
unlawfully by crossing onto the Mazomique property. The legal
action claims that the neighboring company illegally crossed the
property lines and had been operating and extracting iron ore from
the Mazomique property for resale into the market.
The legal action initiated by Sierra Iron Ore is intended to financially
collect from the defendant the value of the iron ore that was
illegally removed from the Mazomique property. Additionally, the
legal action is also seeking criminal charges against the
principals of the neighboring company and any other parties
responsible for this alleged criminal act. The presentation of
evidence is expected within the next 30 days.
On June 18, 2012,
the company announced that it has entered into an agreement (the
"Mazomique Agreement") with Aztec Zinc de Mexico S.A. de C.V. (the
"Owner"), an arm's-length party, to acquire up to an 80% interest
in a highly prospective iron ore property (the "Mazomique
Property") comprising of one concession covering an area of
3,055.27 ha near the northeast boundary of Sinaloa and Chihuahua states.
"We continue to vigorously pursue a legal and
financial remedy and will aggressively defend and protect the
company's assets," stated Wally
Boguski, President and CEO. "We look forward to advancing
our case through the court system so that we can get closer to a
verdict which we expect will be favorable for our company."
About Sierra Iron
Ore
Sierra 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 as well as
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.
Wally Boguski,
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 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