RE: Takeover - RejectedManagement of Sierra and members of the Strategic Review Committee ofthe Board of Directors met with the management of Treasury Metals Inc.("Treasury") and reviewed the merits of the proposal put forth byTreasury (see news release dated February 2, 2009). The Board ofDirectors reports that it has unanimously rejected the proposal asinadequate and determined that the proposal is not fair from afinancial point of view to the shareholders of Sierra or in the bestinterests of Sierra.
Gammon Gold just announced they want to steal Capital Gold for .76/share - they are producing gold for less than 260$/oz with 800000oz P&P and 200m O/S