---

UNITED STATESSECURITIES
AND EXCHANGE COMMISSIONWashington, D.C. 20549

FORM 10-Q

[ X ] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
  EXCHANGE ACT OF 1934

For the quarterly period ended FEBRUARY 28, 2009

[ ] TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT

For the transition period from _____to _______

Commission file number: 333-146675

SIERRA VENTURES,
INC.(Exact name of small business issuer in its charter)

|Wyoming                                                              | 26-0665441                          
|-------------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation or
      organization) | (I.R.S. Employer Identification No.)
|                                                                     |                                     
|1685 H Street, No. 155                                               |                                     
|Blaine, Washington                                                   | 98230                               
|(Address of principal executive offices)                             | (Zip Code)                          

Issuers telephone number: (888) 755-9766

Securities Registered Under Section 12(b) of the Exchange Act:
None

Securities Registered Under Section 12(g) of the Exchange Act:Common Stock, $0.001 par value
  (Title of class)

Indicate by check mark whether the issuer (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Exchange Act during the past
  12 months (or for such shorter period that the registrant was required to file
  such reports), and (2) has been subject to such filing requirements for the
  past 90 days. Yes [ x ] No [ ]

Indicate by check mark whether the registrant is a shell company
  (as defined in Rule 12b-2 of the Exchange Act). Yes [ x ] No [ ]

Indicate by check mark whether the registrant is a large
accelerated filer, a non-accelerated filer or a smaller reporting company.

|Large accelerated filer [ ] | Accelerated filer [ ]          
|--------------------------- | -------------------------------
|Non-accelerated filer [ x ] | Smaller reporting company [ x ]

State the number of shares outstanding of each of the issuers
classes of common equity, as of the latest practicable date: 6,900,000 shares
of Common Stock net of 2,000,000 shares that are subject to rescission as of
April 05, 2009.

Transitional Small Business Format. Yes [ ] No [ x ]

PART I  FINANCIAL INFORMATION

Item 1. Financial Statements

---

|SIERRA VENTURES, INC.                          
|-----------------------------------------------
|(An Exploration Stage Company)                 
|                                               
|BALANCE SHEETS                                 
|FEBRUARY 28, 2009                              
|(With comparative figures at February 29, 2008)

|                                                                      |   | Unaudited    |   |   | Unaudited    |   |   | Restated           |  
|--------------------------------------------------------------------- | - | ------------ | - | - | ------------ | - | - | ------------------ | -
|                                                                      |   | February 28, |   |   | February 29, |   |   | Audited            |  
|                                                                      |   | 2009         |   |   | 2008         |   |   | May
      31, 2008 |  
|ASSETS                                                                |   |              |   |   |              |   |   |                    |  
|CURRENT ASSETS                                                        |   |              |   |   |              |   |   |                    |  
|Cash                                                                  | $ | 12,363       |   | $ | 6,450        |   | $ | $ 67,116           |  
|TOTAL ASSETS                                                          |   | 12,363       |   |   | 6,450        |   |   | 67,116             |  
|LIABILITIES AND STOCKHOLDERS
      EQUITY (DEFICIT)                  |   |              |   |   |              |   |  
|CURRENT LIABILITIES                                                   |   |              |   |   |              |   |   |                    |  
|Accounts payable
      and accrued liabilities                        |   | 1,300        |   |   | 1,000        |   |   | 4,034              |  
|Shareholder advances                                                  |   | 0            |   |   | 10,000       |   |   | 10,000             |  
|Total Current Liabilities                                             |   | 1,300        |   |   | 11,000       |   |   | 14,034             |  
|Common
      Stock subject to rescission (Note 5)                     |   | 100,000      |   |   | -            |   |   | 100,000            |  
|Total
      Liabilities                                               |   | 101,300      |   |   | 11,000       |   |   | 114,034            |  
|STOCKHOLDERS EQUITY (DEFICIT )                                       |   |              |   |   |              |   |   |                    |  
|Common stock
      - 500,000,000 shares authorized, par value $0.001, |   |              |   |   |              |   |  
|6,900,000 shares issued
      and outstanding net of 2,000,000        |   |              |   |   |              |   |   |                    |  
|shares
      subject to rescission                                    |   | 6,900        |   |   | 6,900        |   |   | 6,900              |  
|Additional paid-in capital                                            |   | 8,250        |   |   | 8,250        |   |   | 8 250              |  
|Other Comprehensive Loss                                              |   | 59           |   |   | 59           |   |   | 59                 |  
|Deficit
      accumulated during the exploration stage                |   | (104,146     | ) |   | (19,759      | ) |   | (62,127            | )
|Total stockholders equity (deficit)                                  |   | (88,937      | ) |   | (4,550       | ) |   | (46,918            | )
|Total
      Liabilities and Stockholders Equity                      | $ | 12,363       |   | $ | $6,450       |   | $ | 67,116             |  

The accompanying notes are an integral part of these financial
  statements

---

|SIERRA VENTURES, INC.                                                              
|-----------------------------------------------------------------------------------
|(An Exploration Stage Company)                                                     
|                                                                                   
|STATEMENTS OF OPERATIONS                                                           
|FOR THE QUARTER and NINE MONTH PERIODS ENDED FEBRUARY
      28, 2009               
|(With comparative figures for the period ended February
      29, 2008) (Unaudited)

|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   | Cumulative  |  
|------------------------------------------- | - | ------------ | - | - | ------------ | - | - | ------------ | - | - | ------------ | - | - | ----------- | -
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   | results of  |  
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   | operations  |  
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   | October 19, |  
|                                            |   | Three        |   |   | Three        |   |   |              |   |   |              |   |   | 2006        |  
|                                            |   | Months       |   |   | Months       |   |   | Nine Months  |   |   | Nine Months  |   |   | (inception) |  
|                                            |   | Ended        |   |   | Ended        |   |   | Ended        |   |   | Ended        |   |   | to February |  
|                                            |   | February 28, |   |   | February 29, |   |   | February 28, |   |   | February 29, |   |   | 28, 2009    |  
|                                            |   | 2009         |   |   | 2008         |   |   | 2009         |   |   | 2008         |   |   |             |  
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|EXPENSES                                    |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|Professional fees                           | $ | 11,352       |   | $ | 1,000        |   | $ | 14,988       |   | $ | 4,000        |   | $ | 23,288      |  
|Communications                              |   | 2,190        |   |   | 1,434        |   |   | 6,783        |   |   | 4,007        |   |   | 15,530      |  
|Office                                      |   | 5,034        |   |   | 1,763        |   |   | 9,614        |   |   | 4,691        |   |   | 19,975      |  
|Travel, entertainment & public relations    |   | 3,182        |   |   | -            |   |   | 6,174        |   |   | 1,195        |   |   | 10,743      |  
|Exploration of resource property            |   | -            |   |   | -            |   |   | -            |   |   | -            |   |   | 30,000      |  
|Transfer agent                              |   | 460          |   |   | -            |   |   | 4,460        |   |   | -            |   |   | 4,460       |  
|Contributed administrative support (note 2) |   | -            |   |   | -            |   |   | -            |   |   | 50           |   |   | 150         |  
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|Total expenses                              |   | 22,218       |   |   | 4,197        |   |   | 42,019       |   |   | 13,943       |   |   | 104,146     |  
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|NET LOSS FOR THE PERIOD                     |   | (22,218      | ) |   | (4,197       | ) |   | (42,019      | ) |   | (13,943      | ) |   | (104,146    | )
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|BASIC AND DILUTED LOSS PER                  |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|COMMON SHARE                                | $ | (0.003       | ) | $ | (0.000       | ) | $ | (0.006       | ) | $ | (0.002       | ) |   |             |  
|                                            |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|WEIGHTED AVERAGE NUMBER OF                  |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|BASIC AND DILUTED COMMON                    |   |              |   |   |              |   |   |              |   |   |              |   |   |             |  
|SHARES
      OUTSTANDING                    |   | 6,900,000    |   |   | 6,900,000    |   |   | 6,900,000    |   |   | 6,900,000    |   |   |             |  

The accompanying notes are an integral part of these financial
  statements

---

|SIERRA VENTURES, INC.                                                
|---------------------------------------------------------------------
|(An Exploration Stage Company)                                       
|                                                                     
|INTERIM STATEMENT OF STOCKHOLDERS EQUITY (DEFICIT)                  
|Cumulative from inception October 19, 2006 to February
      28, 2009
|(Unaudited)                                                          

|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   | Deficit     |   |   |         |  
|------------------------------------- |  | ------------ |  | - | ------- |  | - | ------------- |  | - | ----------- | - | - | ----------- | - | - | ------- | -
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   | Accumulated |   |   |         |  
|                                      |  |              |  |   |         |  |   | Additional    |  |   | Other       |   |   | During the  |   |   |         |  
|                                      |  | (Note 4)     |  |   | Paid-in |  |   | Comprehensive |  |   | Exploration |   |   |             |  
|                                      |  | Common Stock |  |   | Capital |  |   | Loss          |  |   | Stage       |   |   | Total       |  
|                                      |  | Number of    |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|                                      |  | shares o/s   |  |   | Amount  |  |   |               |  |   |             |   |   |             |   |   |         |  
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Common Shares issued for cash         |  | 6,900,000    |  | $ | 6,900   |  | $ | 8,100         |  | $ | -           |   | $ | -           |   |   | 15,000  |  
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Currency Exchange Loss                |  | -            |  |   | -       |  |   | -             |  |   | (2          | ) |   | -           |   |   | (2      | )
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Contributed Administrative Support &  |  | -            |  |   | -       |  |   | 100           |  |   | -           |   |   | -           |   |   | 100     |  
|other services rendered by officers   |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Net loss for the year ended           |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|May 31, 2007                          |  | -            |  |   | -       |  |   |               |  |   | -           |   |   | (5,816      | ) |   | (5,816  | )
|Balance, Year End,
      May 31, 2007 |  | 6,900,000    |  |   | 6,900   |  |   | 8,200         |  |   | (2          | ) |   | (5,816      | ) |   | 9,282   |  
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Common shares issued for cash         |  | -            |  |   | -       |  |   | -             |  |   | -           |   |   | -           |   |   | -       |  
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Contributed Administrative Support &  |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|other services rendered by officers   |  | -            |  |   | -       |  |   | 50            |  |   | -           |   |   | -           |   |   | 50      |  
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Currency exchange gain                |  | -            |  |   | -       |  |   | -             |  |   | 61          |   |   | -           |   |   | 61      |  
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Net loss for the year ended           |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|May
      31, 2008                    |  | -            |  |   | -       |  |   | -             |  |   | -           |   |   | (56,311     | ) |   | (56,311 | )
|Balance, May 31, 2008                 |  | 6,900,000    |  |   | 6,900   |  |   | 8,250         |  |   | 59          |   |   | (62,127     | ) |   | (46,918 | )
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Net loss for the nine month period    |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|ended February 28,
      2009         |  | -            |  |   | -       |  |   | -             |  |   | -           |   |   | (42,019     | ) |   | (42,019 | )
|                                      |  |              |  |   |         |  |   |               |  |   |             |   |   |             |   |   |         |  
|Balance, February
      28, 2009      |  | 6,900,000    |  | $ | 6,900   |  | $ | 8,250         |  | $ | 59          |   | $ | (104,146    | ) | $ | (88,937 | )

The accompanying notes are an integral part of these financial
  statements

---

|SIERRA VENTURES, INC.                                                  
|-----------------------------------------------------------------------
|(An Exploration Stage Company)                                         
|                                                                       
|STATEMENTS OF CASH FLOWS                                               
|FOR THE QUARTER ENDED FEBRUARY 28, 2009                                
|(With comparative figures for the period ended February
      29, 2008)
|Unaudited                                                              

|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   | Cumulative     |  
|--------------------------------------------------------- | - | ------------ | - | - | ------------ | - |  | ------------ | - | - | ------------ | - | - | -------------- | -
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   | results of     |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   | operations     |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   | from October   |  
|                                                          |   | Three Months |   |   | Three Months |   |  | Nine Months  |   |   | Nine Months  |   |   | 19, 2006       |  
|                                                          |   | Ended        |   |   | Ended        |   |  | Ended        |   |   | Ended        |   |   | (inception) to |  
|                                                          |   | February 28, |   |   | February 29, |   |  | February 28, |   |   | February 29, |   |   | February 28,   |  
|                                                          |   | 2009         |   |   | 2008         |   |  | 2009         |   |   | 2008         |   |   | 2009           |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|CASH FLOWS FROM OPERATING ACTIVITIES                      |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|Net loss for the period                                   | $ | (22,218      | ) | $ | (4,197       | ) |  | (42,019      | ) |   | (13,943      | ) | $ | (104,146       | )
|Adjustments to reconcile net loss
      to net cash       |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|provided by operating activities                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|- contributed services
      by an officer (note 2)       |   | -            |   |   | --           |   |  | -            |   |   | 50           |   |   | 150            |  
|- other comprehensive loss                                |   | -            |   |   | (7           | ) |  | -            |   |   | 61           |   |   | 59             |  
|Changes in operating assets and
      liabilities         |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|Increase (decrease) in accounts
      payable and accrued |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|liabilities                                               |   | (1,000       | ) |   | (1,000       | ) |  | (12,734      | ) |   | (2,000       | ) |   | 1,300          |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|NET CASH PROVIDED IN OPERATING                            |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|ACTIVITIES                                                |   | (23,218      | ) |   | (5,204       | ) |  | (54,753      | ) |   | (15,832      | ) |   | (102,637       | )
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|CASH FLOWS FROM FINANCING ACTIVITIES                      |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|Advance from shareholder                                  |   | -            |   |   | 10,000       |   |  | -            |   |   | 10,000       |   |   | -              |  
|Proceeds from issuance of common stock                    |   | -            |   |   | -            |   |  | -            |   |   | -            |   |   | 15,000         |  
|Proceeds from issuance of common
      stock subject to   |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|rescission                                                |   | -            |   |   | -            |   |  | -            |   |   | -            |   |   | 100,000        |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|NET CASH PROVIDED BY FINANCING                            |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|ACTIVITIES                                                |   | (23,218      | ) |   | 10,000       |   |  | (54,753      | ) |   | 10,000       |   |   | 115,000        |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|NET INCREASE (DECREASE) IN CASH                           |   | (23,218      | ) |   | 4,796        |   |  | (54,753      | ) |   | (5,832       | ) |   | 12,363         |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|CASH, BEGINNING OF PERIOD                                 |   | 35,580       |   |   | 1,654        |   |  | 67,116       |   |   | 12,282       |   |   | -              |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|CASH, END OF PERIOD                                       | $ | 12,363       |   | $ | 6,450        |   |  | 12,363       |   | $ | 6,450        |   | $ | 12,363         |  
|                                                          |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|Non-cash financing activities                             |   |              |   |   |              |   |  |              |   |   |              |   |   |                |  
|Paid in capital from contributed
      services           |   | -            |   |   | -            |   |  | -            |   |   | 50           |   |   | 150            |  

The accompanying notes are an integral part of these financial
  statements

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

Note 1  Nature of Operations

Sierra Ventures, Inc. (the Company) was incorporated
  under the laws of the State of Wyoming on October 19, 2006. The Company is a
  start-up, exploration stage corporation which has an option agreement (Option
  to Purchase and Royalty Agreement) with Jiujiang Gao Feng Mining Industry
  Limited Company (Jiujiang) granting the Company the exclusive right
  and option to acquire 25% of the right, title and interest in the Zhangjiafan
  Gold Mining property situated in Dexing City, Jiangxi Province, China.

The Company is an exploration stage company as defined
  in the Securities and Exchange Commission Industry Guide 7, and is subject to
  compliance with Statement of Financial Accounting Standards No. 7 (SFAS No.
  7), Accounting and Reporting by Development Stage Companies. The Company
  is devoting its resources to establishing the new business, and its planned
  operations have not yet commenced, accordingly, no revenues have been earned
  during the period from October 19, 2006 (date of inception) to February 28,
  2009.

Note 2  Basis of Presentation and Going Concern

The condensed financial statements presented herein have been
  prepared by the Company in accordance with the accounting policies in its audited
  financial statements for the period October 19, 2006 (inception) through May
  31, 2009 as filed in its Form S-1 registration statement dated February 27,
  2009, effective on March 05, 2009 and should be read in conjunction with the
  notes thereto.

In the opinion of management, all adjustments (consisting only
  of normal recurring adjustments) which are necessary to provide a fair presentation
  of operating results for the interim period presented have been made. The results
  of operations for the periods presented are not necessarily indicative of the
  results to be expected for the year.

Interim financial data presented herein are unaudited.

The Companys accounting and reporting policies conform
  to accounting principles generally accepted in the United States of America
  applicable to exploration stage enterprises.

The functional currency is the United States dollar, and the
  financial statements are presented in United States dollars.

The Companys financial statements at February 28, 2009
  and for the period October 19, 2006 (inception) through February 28, 2009 have
  been prepared on a going concern basis, which contemplates the realization of
  assets and settlement of liabilities and commitments in the normal course of
  business. The Company incurred a loss of $104,146 for the period from October
  19, 2006 (inception) through February 28, 2009. In addition, the Company has
  not generated any revenues and no revenues are anticipated until we begin removing
  and selling gold from our optioned mineral property, and there is no assurance
  that a commercially viable deposit exists on the mineral claims that we may
  have under option.

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

These conditions raise substantial doubt as to the Companys
  ability to continue as a going concern. Managements plans to support the
  Company in its operations and to maintain its business strategy is to raise
  funds through public offerings and to rely on officers and directors to perform
  essential functions with minimal compensation. If the Company does not raise
  all of the money it needs from public offerings, it will have to find alternative
  sources, such as a second public offering, a private placement of securities,
  or loans from its officers, directors or others. If the Company requires additional
  cash and cant raise it, it will either have to suspend operations until
  the cash is raised, or cease business entirely.

The accompanying financial statements do not include any adjustments
  related to the recoverability and classification of assets or the amounts and
  classifications of liabilities that might be necessary should the Company be
  unable to continue as a going concern.

Note 3  Summary of Significant Accounting Policies

Cash and cash equivalents

For purposes of the statement of cash flows, the Company considers
  all highly liquid investments purchased with an original maturity of three months
  or less to be cash equivalents.

Mining exploration costs

In accordance with Securities and Exchange Commission Industry
  Guide 7, the Company charges mineral property acquisition costs and exploration
  costs to operations as incurred.

When it has been determined that a mineral property can be economically
  developed as a result of establishing proven and probable reserves, the costs
  incurred to develop such property are capitalized. The capitalized costs will
  be amortized using the units-of-production method over the estimated life of
  the probable reserve.

The beneficial owner holds the right to the claims which give
  him or his designated agent the right to mine and recover all of the metals
  contained within the surface boundaries of the lease vertically downward. In
  the event he were to grant another deed which is subsequently registered prior
  to the Companys deed, the third party would obtain good title and the
  Company would have nothing.

Reclamation costs

Exploration of mineral resources in China is governed by the
  Mineral Resources Law of 1986, as amended on January 1, 1997, and the Implementation
  Rules for the Mineral Resources Law, effective March 26, 1994. On February 12,
  1998, the State Council issued three sets of regulations, which, together with
  the mineral resources law and implementation rules are referred to as the Mineral
  Resources Law. The regulations are (i) Regulation for Registering to Explore
  Mineral Resources Using the Block System; (ii) Regulation for Registering to
  Mine Mineral Resources; and (iii) Regulation for Transferring Exploration and
  Exploration Rights.

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

The basic laws and policies for environmental protection in
  China are the Environmental Protection Law, the Environmental Impact Assessment
  Law and the Mineral Resources Law. The State Administration of Environmental
  Protection and its provincial counterparts are responsible for the supervision,
  implementation and enforcement of environmental protection laws and regulations.
  Provincial governments also have the power to issue implementing rules and policies
  in relation to environmental protection in their respective jurisdictions. Applicants
  for exploration rights must submit environmental impact assessments and those
  projects that fail to meet environmental protection standards will not be granted
  licenses.

After exploration, the licensee must perform water and soil
  maintenance and take steps towards environmental protection. After the exploration
  rights have expired or the concessionaire stops mining during the permit period
  and the mineral resources have not been fully developed, the concessionaire
  must perform water and soil maintenance, land recovery and environmental protection
  in compliance with the original development scheme or must pay the costs of
  land recovery and environmental protection. After closing, the mining enterprises
  shall perform water and soil maintenance, land recovery and environmental protection
  in compliance with mine closure approval reports, or must pay the costs of land
  recovery and environmental protection.

Penalties for breaching the Environmental Protection Law include
  a warning, payment of a penalty calculated on the damage incurred, or payment
  of a fine. When an entity fails to adopt preventative measures or control facilities
  that meet the requirements of the enacted environmental protection standards,
  it is subject to suspension of production or operations and for payment of a
  fine. Material violations of environmental laws and regulations causing property
  damage or casualties may result in criminal liabilities.

It is difficult to estimate the full costs of the compliance
  with the Environmental Protection Law since the full nature and extent of our
  proposed activities cannot be determined until the Company starts operations.
  The Company will record a liability for the estimated costs to reclaim the mined
  land by recording charges to production costs for each unit of gold mined over
  the life of the mine. The amount to be charged will be based on managements
  estimate of reclamation costs to be incurred. The accrued liability will be
  reduced as reclamation expenditures are made. Certain reclamation work will
  be performed concurrently with mining and these expenditures are charged to
  operations as incurred.

Use of estimates

In preparing financial statements, management makes estimates
  and assumptions that affect the reported amounts of assets and liabilities in
  the balance sheet and revenues and expenses in the statement of operations.
  Actual results could differ from those estimates.

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

Fair value of financial instruments and derivative financial
  instruments

The carrying amounts of cash and current liabilities approximate
  fair value due to the short maturity of these items. These fair value estimates
  are subjective in nature and involve uncertainties and matters of significant
  judgment, and, therefore, cannot be determined with precision. Changes in assumptions
  could significantly affect these estimates. The Company does not hold or issue
  financial instruments for trading purposes, nor does it utilize derivative instruments
  in the management of foreign exchange, commodity price, or interest rate market
  risks.

Income taxes

The Company has adopted SFAS no 109, Accounting for
  Income Taxesas of inception. The Company recognizes deferred tax
  assets and liabilities based on differences between the financial reporting
  and tax bases of assets and liabilities using the enacted tax rates and laws
  that are expected to be in effect when the differences are expected to be recovered.
  The Company provides a valuation allowance for deferred tax assets for which
  it does not consider realization of such assets to be more likely than not.

Basic and diluted net loss per share

The Company computes net income (loss) per share in accordance
  with SFAS No. 128 Earnings per Share. The basic net loss
  per common share is computed by dividing the net loss by the weighted average
  number of common shares outstanding. Diluted net loss per share gives effect
  to all dilutive potential common shares outstanding during the period using
  the as if converted basis. For the period October 19, 2006 (inception)
  through February 28, 2009, there were no potential dilutive securities.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company
  to concentrations of credit risk, consist of cash and cash equivalents. The
  Company places its cash with high quality financial institutions and at times
  may exceed the FDIC $100,000 insurance limit.

Special purpose entities

The Company does not have any off-balance sheet financing
  activities.

Impairment or Disposal of Long-Lived Assets

In August 2001, FASB issued Statement No. 144, Accounting
  for the Impairment or Disposal of Long-Lived Assets (FAS 144).
  FAS 144 clarifies the accounting for the impairment of long-lived assets and
  for long-lived assets to be disposed of, including the disposal of business
  segments and major lines of business. Long-lived assets are reviewed when facts
  and circumstances indicate that the carrying value of the asset may not be recoverable.
  When necessary, impaired assets are written down to their estimated fair value
  based on the best information available.

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

Stock Based Compensation

The Company accounts for its stock-based compensation in accordance
  with SFAS No. 123R, Share-Based Payment, an Amendment of FASB Statement
  No. 123. The Company recognizes in the statement of operations the grant-date
  fair value of stock options and other equity-based compensation issued to employees
  and non-employees. The Company did not grant any new employee options and no
  options were cancelled or exercised during the period October 19, 2006 through
  February 28, 2009. As of February 28, 2009, there were no options outstanding.

Business segments

SFAS No. 131 Disclosures About Segments of an Enterprise
  and Related Information establishes standards for the way that public
  companies report information about operating segments in annual financial statements
  and requires reporting of selected information about operating segments in interim
  financial statements issued to the public. It also establishes standards for
  disclosures regarding products and services, geographic areas and major customers.
  The Company has evaluated the requirements of SFAS No. 131, and has determined
  that it is not applicable.

Start-up expenses

The Company has adopted Statement of Position No. 98-5, Reporting
  the Costs of Start-up Activities, which requires that costs associated
  with start-up activities be expensed as incurred. Accordingly, startup costs
  associated with the Companys formation have been included in the Companys
  general and administrative expenses for the period from October 19, 2006 (date
  of inception) through February 28, 2009.

Foreign currency translation

The Companys functional and reporting currency is the
  United States dollar. The financial statements of the Company are translated
  to United States dollars in accordance with SFAS No., 52, Foreign Currency
  Translation. Monetary assets and liabilities denominated in foreign
  currencies are translated using the exchange rate prevailing at the balance
  sheet date. Gains and losses arising on translation or settlement of foreign
  currency denominated transactions or balances are included in the determination
  of income.

Recently issued accounting pronouncements

In December 2008, the FASB issued SFAS No. 141 (Revised 2008),
  Business Combinations.The objective of this statement will
  significantly change the accounting for business combinations. Under Statement
  141R, an acquiring entity will be required to recognize all the assets acquired
  and liabilities assumed in a transaction at the acquisition date fair value
  with limited exceptions. Statement 141 applies prospectively to business combinations
  for which the acquisition date is on or after the beginning of the first annual
  reporting period beginning on or after December 15, 2009. The Company does not
  expect the adoption of SFAS No. 141R to have a material impact on the consolidated
  financial statements.

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

In December 2008, the FASB issued SFAS No. 160, Non-controlling
  Interests in Consolidated Financial Statements-An Amendment of ARB No. 51".The objective of this statement is to establish new accounting and reporting
  standards for the Non-controlling interest in a subsidiary and for the deconsolidation
  of a subsidiary.. Statement 160 is effective for fiscal years, and interim periods
  within those fiscal years, beginning on or after December 15, 2009. The Company
  does not expect the adoption of SFAS No. 160 to have a material impact on the
  consolidated financial statements.

In March 2009, the FASB issued Statement of Financial Accounting
  Standards (SFAS) No. 161, Disclosures about Derivative Instruments
  and Hedging Activities, an amendment of FASB Statement No. 133,which requires
  additional disclosures about the objectives of the derivative instruments and
  hedging activities, the method of accounting for such instruments under SFAS
  No. 133 and its related interpretations, and a tabular disclosure of the effects
  of such instruments and related hedged items on our financial position, financial
  performance, and cash flows. The Company does not expect the adoption of SFAS
  No. 161 to have a material impact on the consolidated financial statements.

In May 2009, FASB issued SFASB No.162, The Hierarchy
  of Generally Accepted Accounting Principles. The pronouncement mandates
  the GAAP hierarchy reside in the accounting literature as opposed to the audit
  literature. This has the practical impact of elevating FASB Statements of Financial
  Accounting Concepts in the GAAP hierarchy. The Company does not believe this
  pronouncement will impact its financial statements.

In May 2009, FASB issued SFASB No. 163, Accounting for
  Financial Guarantee Insurance Contracts-an interpretation of FASB Statement
  No. 60. The scope of the statement is limited to financial guarantee insurance
  (and reinsurance) contracts. The pronouncement is effective for fiscal years
  beginning after December 31, 2009. The Company does not believe this pronouncement
  will impact its financial statements.

Note 4  Common stock transactions

Activity for the period October 19, 2006 (date of inception)
  to May 31, 2008

On October 31, 2006 the Company received $6,000 from its
  founder for 6,000,000 shares of the Companys common stock subscribed for
  at $0.001 on October 31, 2006.

On November 30, 2006 the Company received $9,000 for 900,000
  shares of the Companys common stock subscribed for at $0.01 in a private
  placement dated November 01, 2006.

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

During April and May, 2008, the Company received $100,000
  for 2,000,000 shares of the Companys common stock subscribed for at a
  price of $0.05 per share through its SB-2 registration statement dated October
  11, 2008. See also Note 5.

Note 5  Common Stock Subject to Rescission

During April and May, 2008, the Company received $100,000
  in share subscriptions for 2,000,000 common shares at a price of $0.05 per
  share subscribed for under the Companys SB-2 IPO registration statement.
  In addition, between December, 2008 and May, 2009, the selling shareholders
  as indicated in the SB-2 sold 900,000 shares to a total of five new shareholders.
  All of the 2,900,000 shares issued or resold were sold prior to the declaration
  of an effective date for the Companys SB-2 registration statement filed
  on October 11, 2008 under the mistaken assumption that the registration statement
  had become effective through the passage of time. All of the subscribers have
  been informed of this situation. Each has been kept apprised that rather than
  unilaterally completing a rescission of the sold shares we were proceeding with
  a rescission offering to give them each the opportunity to rescind or not rescind
  their purchase of shares sold by the Company or by certain shareholders between
  December, 2007 and May, 2008. This was done by letter on August 29, 2008 in
  which we provided a reference to the filed documents on EDGAR. Following each
  amendment to our S-1 filing we have provided an update by letter or e-mail indicating
  that the new filing was an update based on comments made by the Securities and
  Exchange Commission as part of the ongoing review of the registration statement.
  Therefore, Sierra is prepared to refund part or all associated monies and will
  cancel part or all associated common shares that are rescinded.

As a result, the Company has made a rescission offering to
  the subscribers and the selling shareholders to refund their monies with interest
  if so requested under an S-1 Rescission Offering registration statement. These
  shares of common stock may be subject to rescission by the shareholder because
  of the Company's failure to comply with securities laws. Rescission rights for
  individual stockholders vary, based upon the laws of the states in which the
  stockholders reside. Common stock that is subject to rescission is recorded
  separately from stockholders' deficiency in the Company's balance sheet. As
  the statute of limitations expire in the respective states, such amounts are
  reclassified to stockholders' deficiency.

Accounting Series Release (ASR) No. 268 and Emerging
  Issues Task Force (EITF) Topic D-98 require that stock subject to
  rescission or redemption requirements outside the control of the Company to
  be classified outside of permanent equity. The exercise of the rescission right
  is at the holders discretion, but exercise of that right may depend in
  part on the fair value of the Companys common stock, which is outside
  of the Companys and the holders control. Consequently, common stock
  subject to rescission is classified as temporary equity.

On February 27, 2009, under an S-1 rescission offering registration
  statement the Company offered to rescind a total of 2,900,000 shares of common
  stock sold by Sierra or the selling shareholders under its October, 2008 SB-2
  registration statement. These shares represented all of the SB-2 shares the
  Company issued (2,000,000) and the shares (900,000) sold by the selling shareholders
  for which a purchaser could claim a rescission right. The rescission offer was
  intended to address the Companys rescission liability relating to its
  federal and state securities laws compliance issues by allowing the holders
  of the shares covered by the rescission offer to rescind the underlying securities
  transactions and sell those securities back to the Company or recover damages,
  as the case may be.

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

The S-1 rescission offering became effective on March 05, 2009
  and will close on April 06, 2009. Our President, Ian Jackson, has entered into
  an escrow agreement with Sierra and Harcourt Chan, lawyers, of Shanghai, China
  to fund the offering. A copy of the agreement is attached to our registration
  statement as Exhibit 99.5 Escrow Agreement. Under the terms of the
  escrow agreement, Mr. Jackson has placed in trust the sum of $160,000 to
  fund the rescission of up to 2,900,000 common shares at a price of $0.05
  per share plus applicable interest to any Shareholder electing to accept the
  rescission offer.

Note 6  Commitments

Under the terms of the Option to Purchase and Royalty Agreement,
  discussed in Note 1, the Company must incur exploration expenditures on the
  property in the minimum amount of $20,000 on or before May 31, 2009 and
  an additional $40,000 for aggregate minimum exploration expenses of $60,000
  on or before May 31, 2009. The Company is in compliance with the term of the
  Agreement as of February 28, 2009. The Company will issue 1,000,000 shares of
  common stock to Jiujiang upon completion of a phase I exploration program as
  recommended by a competent geologist. The Company will pay to Jiujiang an annual
  royalty equal to three percent (3%) of net smelter returns. If the results of
  Phase 1 are unfavorable, the Company will terminate the option agreement and
  will not be obligated to make any subsequent payments,

Sierra has the right to acquire an additional 26% of the right,
  title and interest in the property by the payment of $25,000 and by incurring
  an additional $100,000 in exploration expenditures on the property on or
  before May 31, 2010.

Note 7  Income taxes

The Company has losses carried forward for income tax purposes.
  There are no current or deferred income tax expenses for the period October
  19, 2006 through February 28, 2009 due to the Companys loss position.
  The Company has fully reserved for any benefits of these losses. Realization
  of the future tax benefits related to the deferred tax assets is dependent on
  the Companys ability to generate taxable income within the net operating
  loss carry-forward period.

Note 8  Certain significant risks and uncertainties

The Company is subject to the consideration and risks of operating
  in the PRC. The economy of China differs significantly from the economies of
  "western" industrialized nations in such respects as structure, level of development,
  gross national product, growth rate, capital reinvestment, resource allocation,
  self-sufficiency, rate of inflation and balance of payments position, among
  others. Only recently has the government encouraged substantial private economic
  activities. The Chinese economy has experienced significant growth in the past
  several years, but such growth has been uneven among various sectors of the
  economy and geographic regions. Actions by the government to control inflation
  have significantly restrained economic expansion in the recent past. Similar
  actions by the PRC government in the future could have a significant adverse
  effect on economic conditions in China.

---

|SIERRA VENTURES, INC.         
|------------------------------
|(An Exploration Stage Company)
|                              
|Notes to Financial Statements 
|February 28, 2009  Unaudited 

Many laws and regulations dealing with economic matters in
  general and foreign investment in particular have been enacted in the PRC. However,
  the PRC still does not have a comprehensive system of laws, and enforcement
  of existing laws may be uncertain and sporadic.

The Company's primary sources of revenues and cash flows will
  be derived from its business operations in the PRC. The PRC economy has, for
  many years, been a centrally-planned economy, operating on the basis of annual,
  five-year and ten-year state plans adopted by central PRC governmental authorities,
  which set out national production and development targets. The PRC government
  has been pursuing economic reforms since it first adopted its "open-door" policy
  in 1978. There is no assurance that the government will continue to pursue economic
  reforms or that there will not be any significant change in its economic or
  other policies, particularly in the event of a change in the political leadership
  of, or the political, economic or social conditions in China. There is also
  no assurance that the Company will not be adversely affected by any such change
  in governmental policies or any unfavorable change in the political, economic
  or social conditions, the laws or regulations, or the rate or method of taxation
  in the PRC.

As many of the economic reforms which have been or are being
  implemented by the PRC government are unprecedented or experimental, they may
  be subject to adjustment or refinement, which may have adverse effects on the
  Company. Further, through state plans and other economic and fiscal measures
  such as the leverage of exchange rate, it remains possible for the PRC government
  to exert significant influence on the PRC economy.

Note 9  Related party transactions

Officers contributed administrative services to the Company
  for most periods to February 28, 2009. The time and effort was recorded in the
  accompanying financial statements based on the prevailing rates for such efforts,
  which equaled $50 per hour based on the level of services performed. The
  services are reported as contributed administrative support with a corresponding
  entry to additional paid-in capital.

The Company issued a total of 6,000,000 shares of its restricted
  common stock to its director for $6,000 ($0.001 per share) as founder
  shares. (Note 4).

An officer of the Company advanced $10,000 to the Company
  to cover expenses. The advance did not have a due date was not interest bearing;
  it was repaid in the first quarter.

---

2

Item 2. Managements Discussion and Analysis or Plan of
Operation.

Cautionary Statement Regarding Forward-Looking
Statements

This quarterly report contains forward-looking statements as
that term is defined in the Private Securities Litigation Reform Act of 1995.
These statements relate to future events or our future financial performance.
Some discussions in this report may contain forward-looking statements that
involve risk and uncertainty. A number of important factors could cause our
actual results to differ materially from those expressed in any forward-looking
statements made by us in this report. Forward-looking statements are often
identified by words like: believe, expect, estimate, anticipate,
intend, project and similar expressions or words which, by their nature,
refer to future events.

In some cases, you can also identify forward-looking statements
by terminology such as may, will, should, plans, predicts, potential
or continue or the negative of these terms or other comparable terminology.
These statements are only predictions and involve known and unknown risks,
uncertainties and other factors, including the risks in the section entitled
"Risks" on page 5, that may cause our or our industry's actual results, levels
of activity, performance or achievements to be materially different from any
future results, levels of activity, performance or achievements expressed or
implied by these forward-looking statements.

Although we believe that the expectations reflected in the
forward-looking statements are reasonable, we cannot guarantee future results,
levels of activity or achievements. Except as required by applicable law,
including the securities laws of the United States, we do not intend to update
any of the forward-looking statements to conform these statements to actual
results.

General Information

Our financial statements are stated in United States Dollars
(USD or US$) and are prepared in accordance with United States Generally
Accepted Accounting Principles. All references to "common shares" refer to the
common shares in our capital stock.

As used in this annual report, the terms "we", "us", "our", and
"Sierra" mean Sierra Ventures, Inc., unless otherwise indicated.

Sierra is an exploration stage company. There is no assurance
that commercially viable mineral deposits exist on the mineral property that we
have under option. Further exploration will be required before a final
evaluation as to the economic and legal feasibility of the claim is
determined.

Glossary of Exploration Terms

The following terms, when used in this report, have the
respective meanings specified below:

|Development   | Preparation of a mineral deposit for commercial
      production, including installation of plant and machinery and construction
      of all related facilities. The development of a mineral deposit can
      onlybe made after a commercially viable mineral deposit, a reserve,
      has been appropriately evaluated as economically and legally feasible. 
|------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|              |                                                                                                                                                                                                                                                                                                                                                                   
|Diamond drill | A type of rotary drill in which the cutting is done by
      abrasion rather than percussion. The cutting bit is set with diamonds and
      is attached to the end of long hollow rods through which water is pumped
      to the cutting face. The drill cuts a core of rock, which is recovered in
      long cylindrical sections an inch or more in diameter.
|              |                                                                                                                                                                                                                                                                                                                                                                   
|Exploration   | Prospecting, trenching, mapping, sampling, geochemistry,
      geophysics, diamond drilling and other work involved in searching for
      mineral bodies.                                                                                                                                                                                                        
|              |                                                                                                                                                                                                                                                                                                                                                                   
|Geochemistry  | Broadly defined as all parts
        of geology that involve chemical changes or narrowly defined as the distribution
        of the elements in the earths crust; the distribution and migration
        of the individual elements in the various parts of the earth.                                                                                          

---

3

|Geology         | The science that deals with the
        history of the earth and its life especially as recorded in the rocks;
        a chronological account of the events in the earths history.                                                                                                                                                       
|--------------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|                |                                                                                                                                                                                                                                                                                                                                            
|Geophysics      | The science of the earth with
        respect to its structure, components and development.                                                                                                                                                                                                                                                
|                |                                                                                                                                                                                                                                                                                                                                            
|Mineral         | A naturally occurring inorganic
        element or compound having an orderly internal structure, characteristic
        chemical composition, crystal form and physical properties.                                                                                                                                                       
|                |                                                                                                                                                                                                                                                                                                                                            
|Mineral Reserve | A mineral reserve is that part
        of a mineral deposit which could be economically and legally extracted
        or produced at the time of the reserve determination.                                                                                                                                                                
|                |                                                                                                                                                                                                                                                                                                                                            
|Mineralization  | Rock containing an undetermined
        amount of minerals or metals.                                                                                                                                                                                                                                                                      
|                |                                                                                                                                                                                                                                                                                                                                            
|Oxide           | Mineralized rock in which some
        of the original minerals, usually sulphide, have been oxidized. Oxidation
        tends to make the mineral more porous and permits a more complete permeation
        of cyanide solutions so that minute particles of gold in the interior
        of the minerals will be more readily dissolved.

Foreign Currency and Exchange Rates

Dollar costs of Sierras property acquisition and planned
exploration costs are in Chinese Yuan or Renminbi (RMB). For purposes of
consistency and to express United States Dollars throughout this report, Chinese
currency has been converted into United States currency at the rate of US $1.00
being approximately equal to RMB 7.50 or RMB 1.00 being approximately equal to
US $0.133 which is the approximate average exchange rate during recent months
and which is consistent with the incorporated financial statements.

|                                                                                                                                                                                                                                                                                                            
|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|THE FOLLOWING ANALYSIS OF THE RESULTS OF OPERATIONS
      AND FINANCIAL CONDITION OF THE CORPORATION FOR THE PERIOD ENDING
      FEBRUARY 28, 2009 SHOULD BE READ IN CONJUNCTION WITH THE
      CORPORATIONS FINANCIAL STATEMENTS, INCLUDING THE NOTES THERETO
      CONTAINED ELSEWHERE IN THIS FORM 10-Q.

Overview

We were incorporated in the State of Wyoming on October 19,
2006 as Sierra Ventures, Inc. and established a fiscal year end of May 31. Our
statutory registered agent's office is located at 1620 Central Avenue, Suite
202, Cheyenne, Wyoming 82001 and our business office is located at 1685 H
Street, No. 155, Blaine, Washington 98230. Our telephone number is (888)
755-9766. There have been no material reclassifications, mergers, consolidations
or purchases or sales of any significant amount of assets not in the ordinary
course of business since the date of incorporation. We are a start-up,
exploration stage company engaged in the search for gold and related minerals.
There is no assurance that a commercially viable mineral deposit, a reserve,
exists in our claim or can be shown to exist until sufficient and appropriate
exploration is done and a comprehensive evaluation of such work concludes
economic and legal feasibility.

On March 22, 2007, we optioned a 25 percent interest in a gold
exploration and mining property referred to as the Zhangjiafan Mining Property
located in Jiangxi Province, Peoples Republic of China by entering into an
Option To Purchase And Royalty Agreement with Jiujiang Gao Feng Mining Industry
Limited Company of Jiangxi City, Jiangxi Province, the beneficial owner of the
property, an arms-length Chinese corporation. The option allows us to acquire an
interest in the property by making certain expenditures and carrying out
exploration work.

Under the terms of the agreement, Jiujiang granted to Sierra
the right to acquire 25% of the right, title and interest of Jiujiang in the
property, subject to its receiving annual payments and a royalty, in accordance
with the terms of the agreement.

---

4

To date we have advanced $30,000 for the implementation of
phase I of the planned exploration program which commenced on March 25; field
work is expected to be completed in mid-April but a report on the results of the
work is not expected until July, 2009. We have not spent any money on research
and development activities. Information about the claims was presented to Mr.
Jackson for review without any contractual obligations.

Gao Fenglin, Senior Engineer, Jiangxi Geological Engineering
Group Company, Jiujiang Branch, authored the Report of Exploration at the
Zhangjiafan Gold Property dated March 23, 2007 (the Report), in which his
firm recommends a two-phase exploration program to properly evaluate the
potential of the property. Gao Fenglin graduated from Gan-Zhou Geosciences
Institute with the educational equivalency of a U.S. designated geological
engineer and has practiced as an exploration geologist for over 20 years.

Our Proposed Exploration Program  Plan of Operation

Our business plan is to proceed with the initial exploration of
the Zhangjiafan property to determine if there are commercially exploitable
deposits of gold and silver. Gao Fenglin, Senior Engineer, recommended a
two-phase exploration program to properly evaluate the potential of the
property. We must conduct exploration to determine if gold exists on the
property and if any gold which is found can be economically extracted and
profitably processed.

We do not claim to have any ores or reserves whatsoever at this
time on our optioned property.

We have retained the services of the Jiujiang Geological
Engineering Group Company and Gao Fenglin to complete the first phase of the
work program and to complete and assess the results of the program.

Phase I Exploration Program

We must conduct exploration to determine if gold exists on the
property and if any which is found can be economically extracted and profitably
processed. Initially, we will run a grid over the entire property and review
maps of the results of any past reported geological and geochemical programs
correlating all past information to our grid; then we will complete a geological
survey to evaluate certain specific targets previously identified.

Over the next four months we intend to complete the first phase
of the exploration plan. If our initial exploration efforts are favourable we
intend to proceed with longer term exploration.

Phase 1 began by establishing a base line grid with 25-meter
stations and cross lines run every 50 meters for 100 meters each side of the
baseline. We will then relate previous ground and airborne electromagnetic
surveys over the grid. Samples taken from various locations will be tested for
traces of gold, silver, lead, copper, zinc, iron and other metals; however, our
primary focus is the search for gold. We will then compare relative
concentrations of gold, silver, lead and other indicator metals in samples so
the results from different samples can be compared in a more precise manner and
plotted on a map to evaluate their significance.

Phase II will not be carried out until later in 2009 or 2010
and will be contingent upon favourable results from phase I and specific
recommendations in the resulting report. Specifics of the work to be carried out
have not yet been determined and will be delineated as recommendations in the
reporting of the results of phase I. The second phase may require up to six
weeks work and may cost up to $200,000 in total (Sierras portion being $50,000)
comprised of wages, fees, camp, equipment rental, trenching, diamond drilling,
assays and related. Four months may be required for analysis and the preparation
of a report and evaluation on the work accomplished.

Although it may appear that phase II merely continues phase I,
such is not entirely the case. The work is phased in such a manner as to allow
decision points to ensure that future work has a value and will provide better
or additional information as to the viability of the claims. By utilizing a
multi-phase work program,

---

5

at the end of each phase a decision can be made as to whether
the phase has provided the necessary information to increase the viability of
the project. If the information obtained as a result of any phase indicates that
there is no increased probability of finding an economically viable deposit at
the end of the project, a determination would be made that the work should cease
at that point. This is a standard procedure in the industry prior to the
commitment of additional funding to move a project forward to the next phase of
exploration and/or development.

Employees

Initially, we intend to use the services of subcontractors for
manual labour exploration work and an engineer or geologist to manage the
exploration program. Our only employee will be Ian Jackson our senior officer
and director.

At present, we have no employees, other than Mr. Jackson; he
does not have an employment agreement with us. We presently do not have pension,
health, annuity, insurance, stock options, profit sharing or similar benefit
plans; however, we may adopt such plans in the future. There are presently no
personal benefits available to employees.

We intend to hire geologists, engineers and excavation
subcontractors on an as needed basis. In regards to phase I of the planned
exploration program, we have retained Gao Fenglin as senior geological
consultant.

Offices

Our offices are located at 1685 H Street, No. 155, Blaine,
Washington 98230. Currently, these facilities are provided to us by Ian Jackson,
a director and officer, without charge, but such arrangement may be cancelled at
anytime without notice. Specific direct expenses incurred such as telephone and
secretarial services are charged back to Sierra at cost.

Risks

At present we do not know if the claims contain commercially
exploitable reserves of gold or any other valuable mineral. Additionally, the
proposed expenditures to be made by us in the exploration of the claims may not
result in the discovery of commercial quantities of ore. Problems such as
unusual or unexpected formations and other unanticipated conditions are involved
in mineral exploration and often result in unsuccessful exploration efforts. In
such a case, we would be unable to complete our business plan.

In order to complete future phases of our proposed exploration
program we will need to raise additional funding. Even if the first phase of our
exploration program is deemed to be successful there is no guarantee that we
will be able to raise any additional capital in order to finance future phases.

The Vendor holds the mining rights to the claims which thereby
gives him or his designated agent, the rights to mine and recover all of the
minerals contained within the surface boundaries of the lease continued
vertically downward. In the event Livgard were to grant another deed which is
subsequently registered prior to our deed, the third party would obtain good
title and we would have nothing.

Livgard has granted an option to Osprey to allow us to explore,
mine and recover any minerals on the claims. As with the preceding, if he were
to grant an option to another party, that party would be able to enter the
claims, carry out certain work commitments and earn right and title to the
claims; we would have little recourse as we would be harmed, would not own any
claims and would have to cease operations. However, in either event, Livgard
would be liable to us for monetary damages for breach of the agreement. The
extent of that liability would be for our out of pocket costs for expenditures
on the claims, if any, in addition to any lost opportunity costs if the claims
proved to be of value in the future. The agreement does not specifically
reference these risks or the recourse. Although we would have recourse against
the vendor in the situations described, there is a question as to whether that
recourse would have specific value.

---

6

Finally, even if our exploration program is successful we may
not be able to obtain commercial production. If our exploration is successful
and commercial quantities of ore are discovered we will require a significant
amount of additional funds to place the claims into commercial production.

Results of Operations

Sierra was incorporated on October 19, 2006; comparative
periods for the three and nine months ended February 28, 2009, February 29, 2008
and October 19, 2006 (inception) through February 28, 2009 are presented in the
following discussion.

Since inception, we have used our common stock to raise money
for our optioned acquisition and for corporate expenses. Net cash provided by
financing activities (less offering costs) from inception on October 19, 2006 to
February 28, 2009 was $125,000 ($115,000 as a result of proceeds received from
sales of our common stock and $10,000 as an advance from a related party which
has been repaid).

The Corporation did not generate any revenues from operations
for the quarter ended February 28, 2009 nor for the similar quarter in 2008. To
date, we have not generated any revenues from our exploration business.

REVENUES

REVENUE  Gross revenue for the current quarter and nine month
period and the quarter and nine month period ended February 29, 2008 was $0. To
date, we have not generated any revenues.

COMMON STOCK  Net cash provided by financing activities during
the quarter and nine months ended February 28, 2009 was $0 (nil) as compared to
$0 (nil) received for the quarter and nine months ended February 29, 2008 and
$115,000 received for the period from inception on April 11, 2006 through to and
including February 28, 2009. No options or warrants were issued to issue shares
at a later date in the most recent quarter.

During April and May, 2008 the Company received $100,000 in
share subscriptions for 2,000,000 common shares at a price of $0.05 per share
subscribed for under the Companys SB-2. In addition, between December, 2007 and
May, 2008 the selling shareholders as indicated in the SB-2 offering sold
900,000 shares to a total of five new shareholders. All of the 2,900,000 shares
issued or resold were sold prior to the declaration of an effective date for the
Companys SB-2 registration statement filed on October 11, 2007 under the
mistaken assumption that the registration statement had become effective through
the passage of time. All of the subscribers have been informed of this
situation. Each has been kept apprised that rather than unilaterally completing
a rescission of the sold shares we were proceeding with a rescission offering to
give them each the opportunity to rescind or not rescind their purchase of
shares sold by the Company or by certain shareholders between December, 2007 and
May, 2008. This was done by letter on August 29, 2008 in which we provided a
reference to the filed documents on EDGAR. Following each amendment to our S-1
filing we have provided an update by letter or e-mail indicating that the new
filing was an update based on comments made by the Securities and Exchange
Commission as part of the ongoing review of the registration statement.
Therefore, Sierra is prepared to refund part or all associated monies and will
cancel part or all associated common shares that are rescinded.

As a result, the Company has made a rescission offering to the
subscribers and the selling shareholders to refund their monies with interest if
so requested under its S-1 Rescission Offering registration statement which
became effective on March 05 and will close on April 06, 2009. These shares of
common stock may be subject to rescission by the shareholder because of the
Company's failure to comply with securities laws. Rescission rights for
individual stockholders vary, based upon the laws of the states in which the
stockholders reside. Common stock that is subject to rescission is recorded
separately from stockholders' deficiency in the Company's balance sheet. As the
statute of limitations expire in the respective states, such amounts are
reclassified to stockholders' deficiency.

---

7

EXPENSES

Expense Item
    For the quarter ended
      February 28, 2009
    For the quarter ended
      February 29, 2008
    For the nine months ended
      February 28, 2009
    For the nine months ended
      February 29, 2008
    Feb. 11, 2005 (Inception) thru
      February 28, 2009Mineral property
      exploring
    $ 0
    $ 0
    $ 0
    $ 0
    $
      30,000Professional fees
    11,352
    1,000
    14,988
    4,000
    23,288Communications
    2,190
    1,434
    6,783
    4,007
    15,530Office
    5,034
    1,763
    9,614
    4,691
    19,975Travel, meals
      & entertain
    3,182
    -
    6,174
    1,195
    10,743Transfer agency
      services
    460
    -
    4,460
    -
    4,460Other costs and
      services
    -
    -
    -
    50
    150TOTAL
    $ 22,218
    $ 4,197
    $ 42,019
    $ 13,943
    $ 104,146


SUMMARY  Total expenses were $22,218 in the quarter ended
  February 28, 2009 and $4,197 for the comparative period last year. For the nine
  month periods ended February 28, 2009 and February 29, 2008, the comparative
  values were $42,019 and $13,943 respectively. A total of $104,146 in expenses
  has been incurred since inception on October 19, 2006 through February 28, 2009
  which costs have and will vary from quarter to quarter based on the level of
  corporate activity, exploration operations and capital raising. Costs in the
  most recently completed quarter increased relative to the similar period last
  year as we commenced our business plan and filed a registration statement with
  the S.E.C. regarding the rescission offering of shares sold or resold prior
  to the effective date of our SB-2 registration statement. These costs can be
  subdivided into the following categories:

PROFESSIONAL FEES: Sierra incurred $11,352 in professional fees
for the quarter ended on February 28, 2009 and $1,000 for the comparative period
last year. For the nine month periods ended February 28, 2009 and February 29,
2008 the comparative values were $14,988 and $4,000 respectively. From inception
to October 19, 2006, we have incurred $23,288 in professional fees mainly on
legal and accounting matters. This cost category varies depending on legal and
accounting requirements.

COMPENSATION: No compensation costs were incurred for the
quarters or nine month periods ended February 28, 2009 or 2008 and no direct
compensation costs have been incurred since inception.

COMMUNICATIONS EXPENSES: $2,190 in communications costs were
incurred in the most recent quarter which ended on February 28, 2009 while
$1,434 was incurred for the comparative period last year. For the nine month
periods ended February 28, 2009 and February 29, 2008 the comparative values
were $6,783 and $4,007 respectively. For the period October 19, 2006 (inception)
through February 28, 2009 a total of $15,530 has been spent on communication
costs related to our business. Communications costs rose in the quarter and nine
months under review as a result of lengthy and frequent communications with
persons, representatives and corporations in China.

OFFICE EXPENSES: $5,034 in office costs were incurred in the
most recent quarter which ended on February 28, 2009 while $1,763 was incurred
during the comparative period last year. For the nine month periods ended
February 28, 2009 and February 29, 2008 the comparative values were $9,614 and
$4,691 respectively. For the period October 19, 2006 (inception) through
February 28, 2009 a total of $19,975 has been spent on office related
expenses.

TRAVEL, ENTERTAINMENT AND MEAL EXPENSES: $3,182 in travel,
entertainment and meal costs were incurred in the most recent quarter which
ended on February 28, 2009 and $0 (nil) was incurred for the comparative period
last year. For the nine month periods ended February 28, 2009 and February 29,
2008 the comparative values were $6,174 and $1,195 respectively. For the period
October 19, 2006 (inception) through February 28, 2009 a total of $10,743 has
been spent on this category.

---

8

CONTRIBUTED EXPENSES: $0 in contributed expenses (for
contributed administrative costs) were incurred for the quarters or nine month
periods ended February 28, 2009 and 2008. A total of $150 has been incurred from
inception on October 19, 2006 to February 28, 2009. All contributed expenses are
reported as contributed costs with a corresponding credit to additional paid-in
capital.

EXPLORATION OF RESOURCE PROPERTIES: We did not spend anything
on the exploration of our resource properties for the quarters or nine month
periods ended February 28, 2009 or 2008. A total of $30,000 has been incurred
from inception on October 19, 2006 to February 28, 2009 for this expense item.
We advanced the funds to our joint venture partner in China prior to the end of
the last fiscal year but Jiujiang agreed to hold off on the exploration program
until such time as we had completed our rescission filing with the SEC and we
had established an effective date for the offering. Subsequent to the end of the
quarter under review Jiujiang commenced the first phase of the exploration with
the field work expected to be completed prior to the end of April, 2009.
Expenses in this category will vary depending on our exploration activities and
acquisitions.

TRANSFER AGENT FEES AND RELATED EXPENSES: $460 was paid to our
transfer agent in the quarter and $4,460 was paid for the nine months under
review. No such expense was incurred for the similar quarter or nine month
periods in 2008. A total of $4,460 has been incurred from inception on October
19, 2006 to February 28, 2009 for transfer agent fees and related expenses.

OTHER GENERAL AND ADMINISTRATIVE COSTS: No other costs were
incurred in the current quarter or nine month period under review or during the
comparative periods last year. From October 19, 2006 (inception) through
February 28, 2009 Sierra has spent a total of $0 on other or miscellaneous
expenses or services

NET CASH USED IN OPERATING ACTIVITIES: For the three month
period ended on February 28, 2009, $23,218 in net cash was used and for the
quarter ended February 29, 2008 a total of $5,204 was used. For the nine month
periods ended February 28, 2009 and February 29, 2008 the comparative values
were $54,753 and $15,832 respectively. $102,637 in net cash has been used since
inception on October 19, 2006 through February 28, 2009.

INCOME TAX PROVISION: As a result of operating losses, there
has been no provision for the payment of income taxes to date in 2008  2009 or
from the date of inception.

During the current quarter under review, Sierra did not sell
any shares of its common stock. As of the date of this report Sierra has
6,900,000 common shares issued and outstanding net of 2,000,000 shares of stock
that are subject to rescission.

Sierra continues to carefully control its expenses and overall
costs as it moves its business development plan forward. Sierra does not have
any employees and engages personnel through outside consulting contracts or
agreements or other such arrangements, including for legal, accounting and
technical consultants.

Plan of Operation

Sierra believes we can satisfy our cash requirements for the
current fiscal year end of May 31, 2009 with available cash on hand. As of
February 28, 2009, we had a deficit of $88,937 in unallocated working
capital.

For the balance of the current fiscal year to May 31, 2009 we
will concentrate our efforts on completing the closing on our S-1 rescission
offering registration statement and commencing the phase I work program on our
optioned mineral property. Following industry trends and demands, we are also
considering the acquisition of other properties and projects of merit. In either
situation, a new public offering would be needed and completed during a
subsequent period.

---

9

If it turns out that we have not raised enough money to
complete a secondary exploration program we will try to raise the funds from a
new public offering, a private placement, loans or the establishment of a joint
venture whereby a third party would pay the costs associated with phase II and
we would retain a carried interest. At the present time, we have not made any
plans to raise additional funds and there is no assurance that we would be able
to raise money in the future.

Presently, our revenues are not sufficient to meet operating
and capital expenses. We have incurred operating losses since inception, and
this is likely to continue through fiscal 2008  2009. Management projects that
we will require up to $130,000 to fund ongoing operating expenses and working
capital requirements for the next twelve months, broken down as follows:

Operating expenses
    $35,000Phase II
      exploration program
    50,000Working Capital
    45,000Total
    $130,000


As at February 28, 2009, we had a working capital deficit of
$66,719. We do not anticipate that we will be able to satisfy any of these
funding requirements internally until we significantly increase our
revenues.

Due to the uncertainty of our ability to meet our current
operating and capital expenses, in their report on the annual financial
statements for the year ended May 31, 2008, our independent auditors included an
explanatory paragraph regarding concerns about our ability to continue as a
going concern. Our financial statements contain additional notes describing the
circumstances that lead to this disclosure by our independent auditors.

There is substantial doubt about our ability to continue as a
going concern as the continuation of our business is dependent upon obtaining
further financing. Our issuance of additional equity securities could result in
a significant dilution in the equity interests of our current stockholders.
Obtaining commercial loans, assuming those loans would be available, will
increase our liabilities and future cash commitments.

There are no assurances that we will be able to obtain further
funds required for continued operations. We are pursuing various financing
alternatives to meet immediate and long-term financial requirements. There can
be no assurance that additional financing will be available to us when needed
or, if available, that it could be obtained on commercially reasonable terms. If
we are not able to obtain the additional financing on a timely basis, we will
not be able to meet our obligations as they come due.

Liquidity and Capital Resources

As of end of the last quarter on February 28, 2009, we have yet
to generate any revenues.

Since inception, we have used our common stock and loans or
advances from our officers and directors to raise money for our optioned
acquisition and for corporate expenses. Net cash provided by financing
activities from inception on October 19, 2006 to February 28, 2009 was $125,000
as a result of gross proceeds received from sales of our common stock of
$115,000 (less offering costs), a $10,000 advance from a related party (repaid).
Proceeds of $100,000 from sales of common stock which were sold prior to an
effective date for our SB-2 registration statement are indicated on our balance
sheets as a contingent liability. We issued 6,000,000 shares of common stock
through a Section 4(2) offering in October, 2006 for cash consideration of
$6,000. We issued 900,000 shares of common stock through a Regulation D offering
in November, 2006 for cash consideration of $9,000 to a total of 5 placees.

As of February 28, 2009 our total assets consisting entirely of
cash and prepaid expenses amounted to $12,363 and total liabilities were
$101,300 including $100,000 related to the common stock that is subject to
rescission. Working capital stood at negative $88,937.

---

10

For the quarter ended February 28, 2009 the net loss was
$22,218 ($0.003 per share) and $42,019 ($0.006 per share) for the nine month
period. The losses per share were based on a weighted average of 6,900,000
common shares outstanding net of 2,000,000 shares that are subject to
rescission. The net loss from Inception to February 28, 2009 is $104,146.

Inflation / Currency Fluctuations

Inflation has not been a factor during the recent quarter ended
February 28, 2009. Inflation is moderately higher than it was during 2008 but
the actual rate of inflation is not material and is not considered a factor in
our contemplated capital expenditure program.

Item 3. Controls and Procedures

(a) Evaluation of Disclosure
Controls and Procedures.

We carried out an evaluation, under the
supervision and with the participation of our management, including our
principal executive officer and principal financial officer, of the
effectiveness of our disclosure controls and procedures (as defined in Rules
13a-15(e) and 15d-15(e) of the Exchange Act (defined below)). Based upon that
evaluation, our principal executive officer and principal financial officer
concluded that, as of the end of the period covered in this report, our
disclosure controls and procedures were effective to ensure that information
required to be disclosed in reports filed under the Securities Exchange Act of
1934, as amended (the "Exchange Act") is recorded, processed, summarized and
reported within the required time periods and is accumulated and communicated to
our management, including our principal executive officer and principal
financial officer, as appropriate to allow timely decisions regarding required
disclosure.

Our management, including our principal
executive officer and principal financial officer, does not expect that our
disclosure controls and procedures or our internal controls will prevent all
errors or fraud. A control system, no matter how well conceived and operated,
can provide only reasonable, not absolute, assurance that the objectives of the
control system are met. Further, the design of a control system must reflect the
fact that there are resource constraints and the benefits of controls must be
considered relative to their costs. Due to the inherent limitations in all
control systems, no evaluation of controls can provide absolute assurance that
all control issues and instances of fraud, if any, have been detected.
Accordingly, management believes that the financial statements included in this
report fairly present in all material respects our financial condition, results
of operations and cash flows for the periods presented.

(b) Changes in Internal
Controls.

During the quarter ended February 28,
2009, there were no changes in the Company's internal control over financial
reporting that have materially affected, or are reasonably likely to materially
affect, its internal control over financial reporting.

|                           
|---------------------------
|PART II  OTHER INFORMATION

Item 1. Legal Proceedings

The Corporation is and has not been party to any legal
proceedings in the quarter under review.

Item 2. Changes in Securities

Sierra had 8,900,000 shares of common stock issued and outstanding
  as of February 28 and April 14, 2009 including the 2,000,000 shares subject
  to rescission. Of these shares, approximately 6,000,000 shares are held by an
  affiliate of the Corporation; some of those shares can be resold in compliance
  with the limitations of Rule 144 as adopted by the Securities Act of 1933, as
  amended.

---

11

The issuances discussed under this section are exempted from
registration under Section 4(2) of the Securities Act, as provided. All
purchasers of our securities acquired the shares for investment purposes only
and all stock certificates reflect the appropriate legends as appropriate. No
underwriters were involved in connection with the sale of securities referred to
in this report.

Item 4. Submission of Matters to a Vote of Security
Holders

No matter has been submitted to a vote of security holders
during the preceeding quarter.

Item 5. Other Information

Use of Proceeds

Net cash provided by financing activities from inception on
October 19, 2006 to February 28, 2009 was $125,000 as a result of proceeds
received from sales of our common stock ($115,000) and a loan from an officer
and director ($10,000 - repaid). During that same period, the following table
indicates how the proceeds have been spent to date:

Professional Fees
    23,288Communications
      Expenses
    15,530Office Expenses
    19,975Travel,
      Entertainment and Meals
    10,743Exploration of
      Resource Property
    30,000Transfer Agent
    4,460Other Costs and
      Services
    150Total Use of Proceeds to February 28, 2009
    $104,146


Common Stock

During the quarter ended February 28, 2009, no shares of common
stock were issued. As of February 28, 2009 and April 09, 2009 there were
8,900,000 shares issued and outstanding of which 2,000,000 shares are subject to
rescission. See also page 6  Results of Operations / Revenue / Common
Stock.

During April and May, 2008 the Company received $100,000 in
share subscriptions for 2,000,000 common shares at a price of $0.05 per share
subscribed for under the Companys SB-2. In addition, between December, 2007 and
May, 2008 the selling shareholders as indicated in the SB-2 offering sold
900,000 shares to a total of five new shareholders. All of the 2,900,000 shares
issued or resold were sold prior to the declaration of an effective date for the
Companys SB-2 registration statement filed on October 11, 2007 under the
mistaken assumption that the registration statement had become effective through
the passage of time. All of the subscribers have been kept informed of this
situation and apprised that rather than unilaterally completing a rescission of
the sold shares we were proceeding with a rescission offering to give them each
the opportunity to rescind or not rescind their purchase of shares sold by the
Company or by certain shareholders between December, 2007 and May, 2008. This
was done by letter on August 29, 2008 in which we provided a reference to the
filed documents on EDGAR. Following each amendment to our S-1 filing we have
provided an update by letter or e-mail indicating that the new filing was an
update based on comments made by the SEC as part of the ongoing review of the
registration statement. Therefore, Sierra is prepared to refund part or all
associated monies and will cancel part or all associated common shares that are
rescinded.

As a result, on March 05, 2009 the Company has made a
rescission offering to the subscribers and the selling shareholders to refund
their monies with interest if so requested under its S-1 Rescission Offering
registration statement which will close on April 05, 2009. These shares of
common stock may be subject to rescission by the shareholder because of the
Company's failure to comply with securities laws. Rescission rights for
individual stockholders vary, based upon the laws of the states in which the
stockholders reside.

---

12

Common stock that is subject to rescission is recorded
separately from stockholders' deficiency in the Company's balance sheet. As the
statute of limitations expire in the respective states, such amounts are
reclassified to stockholders' deficiency.

Options

No options were granted during the quarter ended February 28,
2009.

Code of Ethics

The Board of Directors on March 22, 2007 adopted a formal
written Code of Business Conduct and Ethics and Compliance Program for all
officers, directors and senior employees. A copy of the Code of Business Conduct
and Ethics is available upon written request by any person without charge. To
obtain a copy, an interested party should contact our offices by telephone at
(888) 755-9766 or write to 1685 H Street, No. 155, Blaine, Washington 98230.

Web Site

Sierra does not maintain a Web site but has an e-mail address
at sierraventures@gmail.com.

Item 6. Exhibits and Reports on Form 8-K

Reports on Form 8-K filed during the quarter ended February 28,
2009: NONE

Exhibits

|31.1 | Certification
        of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
        Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|---- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------
|     |                                                                                                                                                                   
|31.2 | Certification
        of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
        Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|     |                                                                                                                                                                   
|32.1 | Certification
        of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
        Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|     |                                                                                                                                                                   
|32.2 | Certification
        of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted
        Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

|          
|----------
|SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.

Sierra Ventures, Inc.(Registrant)

| | Date: April 14, 2009                                                               
| | -----------------------------------------------------------------------------------
| |                                                                                    
| | BY:                                                                                
| |                                                                                    
| | Ian Jackson, President, Chief
      Executive Officer, Principal Executive Officer,
| |                                                                                    
| |                                                                                    

---