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Sierra Announces Expected Delay In Filing Annual Financial Statements

Sierra Announces Expected Delay In Filing Annual Financial Statements

TORONTO, ONTARIO -- (MARKET WIRE) -- 03/30/07 -- Sierra Minerals Inc. ("Sierra" or the "Company")(TSX: SIM) reports that it has been delayed in filing its annual financial statements, annual Management Discussion & Analysis related thereto and its Annual Information Form, for the year ended December 31, 2006 by the required filing date under applicable Canadian securities laws, namely April 2, 2007. The delay is attributable to a combination of reasons arising from the completion of a reverse take-over of Granmin Malaysia Ltd., a private corporation (the "Subsidiary"), in September 2006, which are as follows: (i) the year-end change from March 31 to December 31; (ii) the shift in the nature of the Company's business from being an exploring company to becoming a producing company; (iii) the implementation of internal control aimed at bringing the Subsidiary to the Company's level of reporting requirements; and (iv) regulatory changes related to the listing of the Company's common shares on the Toronto Stock Exchange on September 26, 2006, requiring the filing of audited annual financials within 90 days, as opposed to 120 days in previous years.

Sierra is working with its auditors to complete the audit of the Company's financial statements as soon as possible. The Company anticipates that it will be in a position to file its annual financial statements and related annual filings by May 31, 2007. Until its annual financial statements and related annual filings are filed, the Company intends to satisfy the requirements of the "alternate information guidelines" described in CSA Staff Notice 57-603 (the "Policy"), including issuing by-weekly default status reports.

As a result of this delay, Sierra management has asked the Ontario Securities Commission, the British Columbia Securities Commission, the Alberta Securities Commission and the Autorite des Marches Financiers to put in place a management cease trade order (the "MCTO") covering all persons who are directors, officers or insiders of the Company or who have been directors, officers or insiders of Sierra during the period that the financial statements are being prepared. Pursuant to the Policy, if the Company's annual financial statements and related annual filings are not filed by May 31, 2007, one or all of the Ontario Securities Commission, the British Columbia Securities Commission, the Alberta Securities Commission or the Autorite des marches financiers may impose an issuer cease trade order against Sierra.

The Company does not believe that it will be affected by this aspect of the Policy because it anticipates that it will be in a position to file its annual financial statements and related annual filings no later than May 31, 2007. The MCTO will remain in place until two full business days following receipt by the commissions of all filings that the Company is required to make pursuant to applicable Canadian securities laws.

About Sierra

Sierra is a precious metals producing company focused on acquiring and developing advanced stage gold and silver deposits that have a likelihood of realizing near-term production. The Company's primary focus is Mexico although it is actively reviewing opportunities throughout the Americas. Sierra is committed to company-wide environmental and corporate social responsibility best practices.

FORWARD-LOOKING STATEMENTS

Certain statements contained in this press release and in certain documents incorporated by reference into this press release constitute forward-looking statements. The use of any of the words "anticipate", "continue", "estimate", "expect", "may", "will", "project", "should", "believe" and "confident" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Sierra believes that the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in, or incorporated by reference into, this press release should not be unduly relied upon. These statements speak only as of the date of this press release. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contacts:
Sierra Minerals Inc.
Martin J. Walter
President & CEO
(416) 363-8147
(416) 599-4959 (FAX)
Email: [email protected]
Website: www.sierraminerals.ca

Sierra Minerals Inc.
Keith Piggott
Chairman and Director General Granmin SA de CV
52 6622111 958
Mexico Mine site: 52 63231 85011
Email: [email protected]

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