Overview

Sierra Gold Corporation is engaged in the exploration and development of gold and diamond properties in West Africa. Sierra Gold Corporation owns the mining rights of Northern Star Resources Ltd, a Sierra Leone incorporated gold and diamond mining company. The rights include a secured 40 sq/km prime mining concession located on the North Pampana River which is one of Sierra Leone's richest known alluvial gold mining rivers.

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Investment Highlights

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Recent Developments

Sierra Gold Corporation announced on March 13 that it had received assay results from its December 2006 bulk-sampling program from SGS Laboratories in Toronto, Canada which confirmed the presence of rare earth metals with encouraging results. Sample concentrates were taken from two separate pits. Assay results that proved more interesting were Zirconium and Neodymium with grades of over 10 grams (.35 oz) per ton. More specific analysis will be required to determine the exact grades.

Zirconium is classified as a rare earth metal. More than 90% of zirconium metal production is consumed by commercial nuclear power generation, a rapidly expanding sector needed to meet increasing global energy demands. It is also used by the chemical industry for piping in corrosive environments. The jewelery industry uses Zirconium to produce low cost diamond substitutes.

Neodymium is another rare earth metal that is used for coloring glass and enamels. It is also used in the strongest permanent magnets known.

Sierra Gold's geological team has recently returned to the Pampana North property to investigate and further explore the presence of precious metals. The team is planning a program to more clearly define and develop the property in the areas tested that have given the most encouraging results, which will include a drill program in conjunction with trenching for the hard rock portion of the property.

The value of the gold reserves is estimated at $588,404,000 and with 79,031,973 shares outstanding, the gold reserves have a per share value of $7.42 before calculating the costs of extraction. The value of the gold reserves does not include any diamond potential.

Because the company needs to do more extensive testing to determine the value of the potential rare earth metals, the value per share of $7.42 given on December 13, 2006 only pertains to the placer gold deposits on the property.

Sierra Gold is engaged in the exploration and development of gold and diamond properties in West Africa. The company will continue to conduct extensive research and development of high quality mineral exploration projects.

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Property

Sierra Gold Corporation is a Nevada State USA company that owns the mining rights of Northern Star Resources Ltd, a Sierra Leone incorporated gold and diamond mining company. The rights include a secured 40 sq/km prime mining concession with a government issued two year exploration license. The property is located on the North Pampana River which is one of Sierra Leone’s richest known alluvial gold mining rivers. The property lies south of the Sula Mountains approximately 120 km east of the Capital City of Freetown in the Greenstone belt of Sierra Leone.

A report completed by the mining engineer Michael Manke on the property in the mid 1990’s indicated gold grades of .12 oz/ton taken from the auriferous gravel in the Pampana Channel and it’s flanking flats and terraces. The original study of the resource potential indicated a possible resource of 500,000 ounces. Recent large bulk sampling work done in the Winter and Spring of 2005 indicate gravel depths more than double those previously reported and significant gold values, 2.62 gm/ton (.092 oz/ton) in the overburden. Given the above information the resource potential could be in excess of $ 500,000,000 with significant areas of the property yet to be explored. No assurances can be made that such potential may be reached or profits realized.

A more recent 43-101 report (competent persons report) completed by the company's geological consultant Hendrik Veldhuyzen in April 2006 stated the property was one of merit and detailed an ongoing exploration and development plan.

It is the aim of Sierra Gold Corporation to raise exploration and development capital on the Pink Sheets to expand the resource and complete a test mining program while completing the process to move the company to the NASDAQ market. To complete this process Sierra Gold aims to raise the $ 2,500,000 to complete the expanded exploration and development program. The company also plans to satisfy the requirements necessary to qualify for the NASDAQ market.

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About Sierra Leone

Sierra Leone is a major exporter of diamonds and is recognized internationally for the outstanding size and quality of its diamonds. Sierra Leone's production is characterized by a high proportion of top-quality gem diamonds. Sierra Leone became famous worldwide after the discovery of the Star of Sierra Leone, a magnificent 969 carat diamond. In 2002, a 1440 carat, gem quality diamond was discovered in Kono which was later sold in Belgium for $75 million.

Since the democratic elections in 2002, Sierra Leone has seen a large resurgence in economic development with European, Asian and North American corporations establishing or reestablishing their presence in the Industrial, Finance, Resource and Technology sectors of business. From a resource point of view, the country is rich in iron ore, gold, diamonds, bauxite, titanium and chromite ore. Companies such as Godwana Exploration, Sierra Rutile, Stanton Mining, Branch Energy, Rex Mining, Mano River Resources, Pacific-Betts and African Diamonds to name a few have spent millions dollars in exploration and development in the resource sector. As well, Sierra Leone has a rich forestry and fishing industry and recently the government has issued off shore oil exploration licenses to a number of corporations. Prior to the war Sierra Leone had a vibrant tourist industry based on 400 km of shoreline with pristine beaches, dive sites, off and onshore fishing and animal reserves. The government is actively encouraging the redevelopment of this sector of the economy.

The World Bank and International Monetary Fund have provided significant funding to rebuild the infrastructure in areas of power and water, sanitation, roads, and housing to name a few. As well many non-government organizations (NGO's) from the US, Europe and around the world have been providing a multitude of services including but not limited to medical support, education, water and sewage improvement, housing development and small business support among others. Recently the EU Union has built a large complex in Freetown and the US government is in the process of completing and relocating It's new Embassy for West Africa in Freetown.
 

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Recent News and Press Releases

Research Report On Emergent Gold Company Published (Tue, Mar 13)

Sierra Gold Corporation's Bulk Sampling Program Consistently Shows More Than Double the Depths of Gold Pay Gravel (Tue, Mar 13)

Sierra Gold Corporation Confirms the Presence of Rare Earth Metals With Encouraging Results (Wed, Feb 28)

Sierra Gold Corporation Receives Positive Gold Assay Results From SGS Laboratories (Tue, Feb 20)

Sierra Gold Corporation Confirms the Presence of Platinum Group Metals With Encouraging Results (Wed, Feb 14)

Sierra Gold Corporation Plans More Aggressive Bulk Sampling for Diamonds On Pampana North Property (Tue, Feb 6)

Platinum Group Metals and Other Precious Metals Discovered On Sierra Gold Corporation's Property (Mon, Jan 29)
 

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Management

Douglas Evans - Chairman and CEO

Mr. Evans (BA,MBA) spent 25 years in the Canadian Forces as a pilot and staff officer to the Minister of National Defense. Since his retirement from military service, he has served as president and director of a number of public and private companies involved in their financing and development in the mining and technology sectors for the past 17 years.

James Spence Stewart – Director and Secretary

Mr. Stewart (BA, LLB,QC) is an attorney who has worked 20 years as litigation counsel, 10 years as civil and criminal counsel to the Attorney General of Ontario and Canada; 5 years as Secretary & General Counsel to a large development firm, and was appointed to the Queen’s Counsel.

Dinesh Parakh - Director

Dinesh Parakh BA; Master of Arts(International Relations) and Juris Doctor(law). For the last several years, he has worked for the United Nations in South Africa as a program officer for the World Food Program and as a program specialist for the Development Program. His expertise is in policy development and analysis, project management, legal analysis and financial operations.

Bill Boberg - Director of Exploration and Geology

Geologist Bill Boberg will serve as Director of Exploration and Geology. He brings 35 years of experience in investigating, assessing and developing a wide variety of mineral resources in a broad range of geologic environment in western North America and Africa.

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Contacts

503-192 Jarvis St.
Toronto, ONT M5B 2J9
CAN
Phone Canada: +1 416 200-6966
Sierra Leone Phone: +232 76 768 175

Contact: Doug Evans
Email: dougevans@sierragoldcorp.com

Web Site:
http://www.sierragoldcorp.com

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FORWARD LOOKING STATEMENTS

This report includes forward-looking statements that reflect Sierra Gold Corp. current expectations about its future results, performance, prospects and opportunities. Sierra Gold Corp. has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "we are confident" or similar expressions. These forward-looking statements are based on information currently available and are subject to a number of risks, uncertainties and other factors that could cause Sierra Gold Corp.'s actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers, and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.

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