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[Ferro-alloys.com] Sierra Iron Ore Corporation (the "Company") wishes to announce that it has closed the first tranche of the previously announced non-brokered private placement and has issued 3.357.700 units at a price of $0.40 per unit, for gross proceeds of $1,343,080. Each unit consists of one common share and one-half share purchase warrant. Each full warrant will be exercisable to purchase one additional common share of the Company for 24 months from closing, at a price of $0.55 per share.

 

Finder's fees of $57,846.40 will be paid in cash to qualified parties. All securities issued have a hold period expiring October 29, 2013.

 The net proceeds will provide working capital and continued funding of the company's exploration and development field work program which would include a preliminary pilot testing plant operation for the purpose of testing zones at the El Crestoniron ore property.

The Company further looks to raise an additional $656,920.00 under the same terms as described above, which is expected to occur on or about July 31, 2013.