LEWISTON, ID / ACCESSWIRE / January 9, 2015 / Sidney Resources Corporation (SDRC) (SDRC) today announced that it has executed an agreement with Leland Minerals, LLC (LELM) of Spokane, WA, to acquire the exclusive rights for a 5 year period with an exclusive option for an additional 5 years to develop, explore and produce mineral revenue on three private patented claims and two unpatented claims located on property owned by LELM and to process the existing tailings piles located on the property. The property is located in the famous Warren Mining District located north of McCall, Idaho. Based upon the economic feasibility SDRC will remove an estimated 2000 tons of tailings for refining within 9 months. SDRC has issued 1,000,000 shares of its common stock as partial consideration for this acquisition in addition to a $60,000.00 cash payment. If and when the property begins production, the Corporation will also pay a 3% net smelter return revenue interest.
Gregg Lindner, the CEO and President of the Corporation stated "We completed extensive historical research regarding gold and silver production of these private patented claims and believe we have identified a project with limited capital risk but with a significant upside potential for our shareholders. We intend to commence our due diligence immediately and if things go as expected, to begin development activities, including possibly drilling to re-enter the old structure that is located on the property."
About Sidney Resources Corporation:
The Company is continuing its focus on the evaluation, acquisition, exploration and development of mineral resource properties.
For further information, please visit the Company's www.sidneyresourcescorporation.com or contact:
Dan Hally, Secretary/Treasurer and VP of Finance
Phone: (509) 552-9858
info@sidneyresourcescorporation.com
Gregg Lindner, CEO and President
Phone: (414) 379-7210
info@sidneyresourcescorporation.com
Safe Harbor Forward-Looking Statements
To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, future collaboration agreements, the success of the Company's development, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking, and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.
SOURCE: Sidney Resources Corporation