CALGARY, ALBERTA--(Marketwire - March 24, 2011) - Sienna Gold Inc. ("Sienna" or the "Corporation") (TSX VENTURE:SGP) (BVLAC:SGP) announces that it has completed its previously announced private placement financing of US $7,000,000. This financing was completed entirely in Peru and Colombia, with the lead broker being Grupo Privado de Inversiones - Valores S.A., Sociedad Agente de Bolsa (GPI Valores SAB). The Corporation issued 17,500,000 units at US$0.40 per unit, with each unit consisting of one common share and one common share purchase warrant. Each warrant entitles the holder to subscribe for one additional share for CDN$0.60 for a period of one year from closing. Proceeds will be used for further exploration work on the Corporation's Igor project in Peru and for general working capital. Sienna paid commissions of $459,300 and issued 1,135,750 broker warrants, each of which will entitle the holder to subscribe for one additional unit at the issue price for a period of one year from closing. All securities issued pursuant to this placement are restricted from trading until July 25, 2011.

Sienna Gold Inc. is a gold exploration company with property interests in Peru. Its key prospect is the Igor Mine Project, a formerly producing mine that the Corporation plans to explore further.