Western Sierra Resource Corporation Provides Update on Progress to Become a Multi-Project Natural Resource Company

Rhea-AI Summary

Western Sierra Resource Corporation (OTC: WSRC) has announced significant updates regarding its financial and project developments. In August 2021, the company made cash principal reductions of $1,066,709.22 to creditors. Notably, WSRC acquired or contracted 875 acres for the Hayden HAIZ project, partnering with Global Hemp Group, involving a $40 million investment in water and infrastructure for hemp cultivation. Additionally, the company is advancing energy conservation technologies and the Sage Hen Mining Project, with $2.5 million allocated for further development. The Helium Joint Venture is expanding into oil and gas exploration.

Positive

• Completed cash principal reduction payments totaling $1,066,709.22 in August 2021.
• Acquired or contracted 875 acres of land for the Hayden HAIZ project with a $40 million investment in infrastructure.
• Advancing innovative energy conservation technologies with several licensing contracts pending.
• Funding commitment of $10 million for the Sage Hen Mining Project without issuing new shares.

Negative

• None.

STEAMBOAT SPRINGS, Colo., Sept. 21, 2021 (GLOBE NEWSWIRE) -- WESTERN SIERRA RESOURCE CORPORATION (OTC: WSRC) is pleased to provide the following corporate and project updates:

General Information:

• In August 2021, $1,066,709.22 in cash principal reduction payments were made to the Company’s creditors.
  
  
• The PCAOB registered accounting firm of BF Borgers CPA PC was engaged by the Company to audit its financial statements.
  
  
• Between June 15^th and September 20^th 2021, a total of $6,400,000.00 in land acquisitions have been closed, or are under “hard” non-refundable earnest money contract pending closing for development of the Hayden HAIZ project in collaboration with Global Hemp Group, Inc. Trading (CSE:GHG / OTC:GBHPF / FRA:GHG).   
  
  
• The Company has demonstrated its commitment to the continuing investment of time, energy and financial resources necessary to become a broad-based natural resource company with high value and high-income generating assets including water, precious metals, helium, energy production/conservation technologies, agriculture and real estate to the benefit of its shareholders.
  

PROJECT UPDATES:

Industrial Hemp/Water Rights
The Company has, in collaboration with Global Hemp Group, Inc., acquired or contracted on 875 acres of land in, and contiguous to, the Town of Hayden, Colorado on which to directly apply it’s $40+ million in water and infrastructure assets for the irrigation of organic hemp for processing and manufacture of carbon-sequestering products for construction of affordable homes. Planning and Engineering is underway for construction of processing and manufacturing facilities, (totaling 36,000 square feet) and affordable hemp-based homes.

MPG Energy Production/Conservation Technologies Project
The Company is, (by and through its Mystere Power Group, LLC (MPG) team), developing, testing, adapting, patenting, and actively marketing a number of disruptive and innovative technologies to reduce energy consumption in cooling and heating (HVAC) and refrigeration systems; effectively and non-chemically eliminate airborne pathogens in commercial buildings; generate clean energy using a turbine system for cost-effective off-grid power generation and utilizing air-water generation (AWG) technology to meet domestic water requirements. Several exciting licensing and end-user contracts are pending.

SSMG-Sage Hen Mining Project
As stated in prior announcements, the Company’s officers and directors have committed to funding the $10 million Sage Hen Mining Project without issuing any new shares. The next $2.5 million is scheduled to transfer from WSRC to SSMG within the next 30 days to allow completion of the permitting necessary for construction of the 100 ton per day pilot plant. The Company is in the process of acquiring additional acreage in the area for future expansion and projects. In order not to create unnecessary competition we will make claim locations public as soon as this process is completed. The enhanced microscopic recovery technologies employed by SSMG continue to demonstrate superior results.

Helium Project
The WSRC Helium Joint Venture has been expanded to also include conventional oil and natural gas exploration identified using proprietary and open source geological and geophysical data to identify areas with potentially significant oil and natural gas reserves. Several areas within the boundary of the Helium production project have been assessed as viable oil and gas prospects and are now under negotiation for drilling rights. The joint venture anticipates developing 3 to 6 projects per year beginning in 2022.

About Western Sierra Resource Corporation:
Founded in 1907, Western Sierra Resource Corporation (a Utah corporation), has 114-year history as gold and silver mining company with projects in Arizona, Nevada, California, and Mexico. WSRC currently owns six precious metal reserves in Arizona. In 2014 the Company broadened its vision to include natural (and renewable) resources with its acquisition of water rights and associated infrastructure assets in Colorado for purposes of irrigating and cultivating industrial hemp; processing hemp for manufacture of various building products; and for construction of affordable homes utilizing hemp-based materials—among other beneficial uses. Commercial, Industrial, and Agricultural land for these purposes has been recently acquired.

WSRC is not a subsidiary of any other company. WSRC and Global Hemp Group (GHG) have formed an association through a swap of Preferred Stock to utilize WSRC's $40+ million in Water and Infrastructure Assets and GHG's extensive experience with industrial hemp (and financial resources) in a collaborative effort to develop a Hemp Agro-Industrial Zone ("HAIZ") in Northwest Colorado.

Forward Looking Statements:
This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934. Such statements include any that may predict, forecast, indicate, or imply future results, performance. or achievements, and may contain the words “estimate”, “project”, “intend”, “forecast”, “anticipate”, “plan”, “planning”, “expect”, “believe”, “likely”, “should”, “could”, “would”, “may” or similar words or expressions. Such statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the company’s actual results and financial position to differ materially from those in such statements, which involve risks and uncertainties, including those relating to the Company’s ability to grow. Actual results may differ materially from those predicted and any reported should not be considered an indication of future performance. Potential risks and uncertainties include the Company’s operating history and resources, together with all usual and common economic, competitive, and equity market conditions / risks.

Contact:

Western Sierra Resource Corporation
westernsierraresource.com

Twitter | Facebook | LinkedIn
@WSRCorp

For Further Information Contact Western Sierra Resource Corporation
support@westernsierraresource.com 

FAQ

What were the recent financial reductions by Western Sierra Resource Corporation?

In August 2021, WSRC made cash principal reduction payments totaling $1,066,709.22 to its creditors.

What is the Hayden HAIZ project by WSRC?

The Hayden HAIZ project involves the acquisition of 875 acres for industrial hemp cultivation, supported by a $40 million investment in water and infrastructure.

What is the status of the Sage Hen Mining Project?

The Sage Hen Mining Project is moving forward with a $10 million funding commitment without issuing new shares, with $2.5 million set to transfer for permitting.

What energy technologies is WSRC developing?

WSRC is developing disruptive energy technologies aimed at reducing consumption in HVAC systems and generating clean energy.

How is WSRC expanding its Helium Joint Venture?

WSRC is expanding its Helium Joint Venture to include conventional oil and natural gas exploration, assessing viable prospects for drilling.