Western Sierra Resource Corporation (OTCMKTS: WSRC)

STEAMBOAT SPRINGS, CO, USA, May 11, 2022 /EINPresswire.com/ — WESTERN SIERRA RESOURCE CORPORATION (OTC: WSRC) announces that its FORM 10 registration statement filed on December 21, 2021 will be refiled pending the SEC’s response to its December 31, 2021 year-end audit. The Company commissioned a year-end PCAOB audit on January 17, 2022, which was filed on April 14, 2022. Completion of the year-end audit became a SEC condition of FORM 10 during the exam session. On the revised effective date, WSRC will become a full SEC filing company and begin filing Forms 10-K, 10-Q and 8-K.

WSRC Funding Update:

As of December 2021, WSRC has been negotiating a deal structure with a private capital source willing to finance the company’s operations through the monetization of WSRC’s land, water and mining assets, and fulfills due diligence requirements for this one. This agreement is slated for final review by May 16, 2022 and provides up to $25 million in proceeds to repay existing debt and provide sufficient working capital to fully fund the various development projects. the company over the next 12 months, without dilution for its shareholders. The specific terms of the transaction will be announced following the completion of the legal review.

Typically, a first seed round is expected within the next 45-60 days for $10 million in exchange for participation in future revenue generated from expanding and accelerating the company’s current efforts related to natural resources and using the company’s $60 million. + millions of appraised and audited assets.

Under the terms of the agreement, WSRC intends to:

1. Gradually use its terrestrial and aquatic assets for the cultivation of industrial hemp; manufacture of hemp-based building materials; and to initiate the development and subsequent construction of “green” affordable housing to help meet extraordinary pent-up demand.

2. Commence small but immediate processing and recovery of precious metals from tested aboveground material, and then move to larger, ongoing mining operations at the Sage Hen site. Analysis reports predict an average potential recovery rate of $30,000 per ton using proprietary and environmentally friendly processing technologies.

3. Fund the first of 12 helium production prospects, each governed by its own set of 3D seismic data and under varying terms and conditions of agreement.

4. Capitalize on the multiple (but related) revenue generation and asset expansion opportunities that are expected to result from the above-mentioned core projects as they mature and operational efficiencies are achieved. The scale of funding anticipates such an expansion.

About Western Sierra Resource Corporation:
Founded in 1907, Western Sierra Resource Corporation (a Utah company), has 114 years of history as a gold and silver mining company with projects in Arizona, Nevada, California and Mexico. WSRC currently has six precious metal reserves in Arizona. In 2014, the Company broadened its focus to include natural (and renewable) resources with its acquisition of water rights and associated infrastructure assets in Colorado for irrigation and industrial hemp cultivation; processing of hemp for the manufacture of various construction products; and for building affordable homes using hemp-based materials, among other beneficial uses. WSRC’s intention is to become a broad based resource company with high value, high revenue generating assets including precious metals, real estate, water, agriculture, helium and technology “green”.

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 anything that predicts, predicts, indicates or imply future results, performance. or achievements, and may contain the words “estimate”, “project”, “intend”, “expect”, “anticipate”, “plan”, “plan”, “expect”, “believe” , “probable”, “should”, “could”, “could”, “could” or similar words or expressions. These statements are not guarantees of future performance and are subject to risks and uncertainties that could cause the actual results and financial condition of the company to differ materially from those contained in these statements, which involve risks and uncertainties. , including those related to the company’s ability to grow. Actual results may differ materially from those anticipated and any report should not be considered as an indication of future performance. Potential risks and uncertainties include the Company’s operating history and resources, and all usual and customary economic, competitive and market conditions/risks.

WSRC
Western Sierra Resource Company
[email protected]
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