House Passes Funding for Electric Vehicles Research

Sierra Resource Group Inc. (OTCBB: SIRG) reports as the Senate struggles with energy legislation this week, one of the few fixes with bipartisan support is a bill that would invest billions in putting electric cars and trucks on the road. This is great news for the base metal industry, specifically copper.

The bill, as approved by the Committee on Energy and Natural Resources, would provide approximately $4 billion for electric vehicles. If passed and put into effect, $1.5 billion will be used to help link the electric vehicles to the nation’s electric grid. The proposal includes $2 billion in funding that would place 400,000 electric cars on the road within the next three years.

"Republicans and Democrats agree that electrifying our cars and trucks is the single best way to reduce our dependence on oil. Our goal should be to electrify half our cars and trucks within 20 years, which would reduce our dependence on petroleum products by about a third," said Sen. Lamar Alexander (R-TN).

China currently produces 20 million electric scooters a year and plans to shift that infrastructure to cars in coming years. In addition, Denmark and Israel are among other countries that have chosen to focus on electric cars.

Lithium batteries used in electric cars, as well as, the national infrastructure needed to charge these vehicles will increase the use of copper over current industry estimates.

Sierra Resource Group is situated to take full advantage of the increase in demand. We believe Copper prices will continue to rise in order to meet this growing demand. Our goal at Sierra Resource Group is to have our Chloride Copper mine in production by early 2011.

Sierra Resource Group Inc. (SIRG) is the owner and operator of 80% of the Chloride Copper Mine. The Chloride Copper Mine property consists of 37 unpatented lode mining claims and 12 mill-site claims and is located 24km northwest of Kingman, in the Wallapai District, Mohave County, Arizona.