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Sienna Resources sizing up what it has got

Wednesday, November 16, 2016 7:54
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Pre-revenue minerals explorer Sienna Resources Inc (CVE:SIE) is still in the process of sizing up what it has got in terms of its mineral assets.

In its third quarter results, it revealed the company’s operating activities used cash of C$435,946 in the first nine months of 2016, compared to C$133,628 in the same period of last year.

The company ended September with C$57,383 in cash.

Management anticipates that operating activities will continue to require large amounts of cash until the company achieves profitable operations.

Sienna said it had spent C$240,501 in exploration expenditures thus far on its remaining claims at Grande-Vallée North aluminous clay prospect in Quebec, Canada.

The company intend to focus on the exploration and, if warranted, development of this property in the future. At this time additional funds need to be raised to take this project to the next stage, it told investors.

Meanwhile, as previously announced, the company has engaged GeoXplor to oversee the initial work program on the lithium brine assets in Clayton Valley, Nevada, that it bought in the first half of the year.

In the third quarter, the company made a loss of C$252,573, compared to a loss a year earlier of C$152,969.

Story by ProactiveInvestors


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