Symbol:-TSX-V:NAA
OTCQX:SIOCF
VANCOUVER,
March 27, 2013 /CNW/ - 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
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 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,
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