American Sierra Gold Corp. (OTCBB: AMNP) an independent gold exploration company headquartered in Reno, Nevada, recently provided an update on the Discovery Day Gold Project, a production-ready gold property in Northern California.
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As reported on October 23, 2009, American Sierra entered into an agreement to contribute $2,000,000 over a period of 2 years in order to obtain a 75% ownership interest in the Discovery Day Gold property. On December 8, 2009, American Sierra and its joint-venture partner finalized and closed the joint-venture agreement. The joint-venture operating company has now been formally established under the name Gold Run Enterprises, LLC and it is ready to initiate operations in the mine. To date American Sierra has contributed $275,000 towards the joint venture project. "We are very pleased to have concluded the necessary formalities to be able to begin operations at the Discovery Day Gold project. We are now ready to initiate the preparatory work to rehabilitate some of the past workings and to provide maintenance to our fully-permitted mill. We expect to initiate Phase 1 of our work program in January 2010, weather conditions allowing," commented Mr. Wayne Gruden, CEO of American Sierra. "We look forward to validating the exciting potential of the project. Our goal during the upcoming months will be developing near-term reserves for the mill and identifying new sources of ore immediately adjacent to the mill. If successful, we would expect to see the first production and revenue in 2010," added Mr. Gruden.
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