Norton....Should be enough to attract a bit of attention from the industry....Jim

JPS02...Good thoughts and questions...

2)"Compensation for Risk: The potential Chinese customer will want to be compensated for the opportunity cost/ return on the money they will put up to fund the mining and get the metals to China. Will this mean that SRSR will have to sell the metals to them at a price lower than the market?"

No, the off takes that I have seen are structured to sell at market price with a guarateed floor price so that the miner can always supply at a profit - at least not at a loss.

3)"Transportation of Metals: Will the risk transfer be FOB shipping point or destination?"

Too soo to tell - workable arrangements will prevail.

5)"Instead of or in addition to a Chinese customer, could we possibly have a North American (less transportation risk), European or other customer who would be interested in an off-take agreement also?"

Yes, maybe even an American concern. It is just that the Chinese are the most aggressive buyers now of these minerals.

Remember this is only an assumption on my part. There may be another type of funding that only Scott is aware of at this time. Count on a lot of revelations to come....Jim

LARGEST NORTH AMERICAN NIOBIUM DEPOSIT

I have been going over the PR's and have come to an astonishing conclusion. There should be no big surprises in the NI43-101 as all the data that will be used in the calculations have all been given to us over the last few months. The company was very prudent in not laying it out too clearly as the gigantic scope of the 2 world class deposits are almost unbelievable.

Information given:

1.) Zone D:

deposit averaging .43% niobium over a area of 76,259 sq mts X 200 mts deep = 15,250,000 cu mts. X 2.8 tonnes/cu mtr. = 42,700,000 tonnes of resource X .43% Ni/tonne = 183,610 tonnes of Niobium X 2204.6 lbs/tonne = 404,786,606 lbs. of Niobium

2.) SE Zones:

Estimated 170,000,000 tonnes of .35% Niobium = 595,000 tonnes Ni X 2204.6 lbs/tonne = 1,311,737,000 lbs. Niobium

I don't expect to see any of the 1.3 BILLION - that's BILLION , folks - in the NI43-101 that is soon to come out, but I have rethought the Zone D info and have concluded that we just may see an indicated resource that is close to the 404 million lb. figure.

In summary:

Zone D - 404,786,606 lbs. Ni
SE Area -1,311,737,000 lbs. Ni

TOTAL anticipated resource: 1,716,523,606 lbs. Niobium

For all of you gold bugs, let me put this 1.7 billion lb figure into a more relatable amount. Let's use gold at $925/oz, Niobium at $20/lb and i'll convert the Niobium into a gold equivalent.

$20 X 1,716,523,606 = $34,330,472,120 Div by $925/oz. = 37,114,024 ounces of gold.

Conclusion: SRSR's 1.7 billion lbs. of niobium is equivalent to a gold deposit of 37.1 million ounces

I think that it is fairly evident that we have a world class deposit at lake Nemegosenda. The D Zone will be highlited in the soon to be released NI43-101 and could be in the vincinity of 400 million lbs. of niobium. That would give D Zone a present market value of approximately 8 BILLION DOLLARS.

Now, the title to this post now needs to be justified. Let's compare the only other significant Niobium miners in North America:

Commerce Resources: Not in production yet.

Resource of 43,958,530 lbs. Niobium

Taseko: Canadian (B.C.) Miner - not in production yet.

Resource of 496,035,000 lbs. Niobium

Iamgold: Niobec mine in Quebec and is the only and largest producer of niobium in North America. It is one of 3 of the world's largest Niobium producers in the world.

Resource of 303,793,880 lbs. Niobium

Sarissa Resources - 1.7 BILLION lbs Niobium
Taseko .5 Billion lbs Niobium
Iamgold .3 Billion lbs Niobium
Commerce Resources .043 Billion lbs.

D Zone alone will place SRSR as #2 deposit in North America. Think that there aren't a lot of eyes from the industry on this play and the upcoming NI report?! I can guarantee that this play is no secret in the industry and the potential here as a future niobium resource is monumental. Don't even need to talk price here as the PPS will work out to a fair market value as time and advances are made on this world class property. If your oin the fence, now is a good time to buy. The price is only headed north - way north!...All the best...Jim

silicon.....I was of the inclination as gofor was concerning the JV with a company like Iamgold. My discussions with mgt. gave me the impression that they were not going in that direction now. They feel with the property and expertise they have acquired (Cheriton, Hawke, and keevil), SRSR will take this play all the way to mining without a partner. I believe that they view a partner as a deterent to quick results as bigger concerns take forever to accomplish the necessary tasks on the road to mining.

My next question was how in the world are you going to fund a multi multi million dollar mining evolution with only 100,000,000 shares left in the treasury. The answer was there are more ways to fund our program without diluting the stock than a JV.

Either they plan on selling the property after proving up the SE zones or they got an off take agreement lined up with a buyer who desperately wants our Niobium and REEs - Can you say Chinese!....Jim

Threw-er-back...Thanks for the reply. looks like the stock is starting to reflect its inherent value....Jim

I goofed - so did MeJeff!

In the past all of SRSR's tonnage was in tons, but in checking the PR from February, the 2.8 meters is quoted in metric (tonnes) which would change the value of my calculation and MeJeff's to a higher value since we each used 2,000 lbs/ton when metric conversion is 2,204.6 lbs./tonne. I will restate what the company anticipates from the drilling program.

76,250 sq meters X 200 meters deep = 15,250,000 cu meters X 2.8 meters/tonne = 42,700,000 tonnes X .0043(Ni/tonne) X 2204.6 lbs/tonnes = 404,786,606 lbs. Niobium in D Zone.
This is an improvement over the original 188,000,000 lb. from the old data.

Using $20/lb. we arrive at a value of $8,095,732,120 for D Zone. Again, I don't want too get to excited until the NI43-101 comes out.....Jim

MeJeff....You are a man after my own heart.

Your calculations are right on the nuts! 367,000,000 lbs of Ni is an accurate conclusion from using the figures stated in the last PR and using 2.8 cu tons/meter (The weights have been quoted in "tons" not in metric "Tonnes" so the conversion to pounds would be 2000lbs/ton).

I used about a third of the anticipated outcome because of the very rigid and confining criteria on producing the National instrument imposed on the attending qualified person. If the indicated comes out to any where near the 367,000,000 lbs (183,500 tons) of Ni, I will be pleasantly surprised.

Important to note the salient features from the last PR:

The company is on schedule to produce an N.I. 43-101 mineral resource report. With our work to date, we expect the results of our evaluation to accomplish a number of objectives, including:

-- Materially increase the reported historical resource and;
-- Establish that the Nemegosenda mineral resources represent one of the
larger mineral niobium resources in North America and;
-- Outline the potential mineralized area within the South East Zone.

SRSR expects to increase the historic resource. The historic resource is 188,000,000 lbs of Ni (20,000,000 tons of .47%). Your estimation may be closer than mine will be if the company is right about the present drilling data being significant enough to increase the historic figures. I am always very guarded before getting the contracted geologists final report. Rather take the conservative road and be pleasantly surprised. I will be disappointed if we don't at least beat the 188,000,000 lb. historic value.

I am even more excited about the last expectation from the company from the work produced to date - outlining the potential mineralized area within the South East Zone. As excited as I was last year about the D Zone, I am 4 X as pumped about this find. We could be looking at a resource that exceeds a BILLION pounds of Niobium (170,000,000 tons @.35% Ni). The REEs, by the by, are presumed to be another big factor there. All good my friend and keep up the good work. That's the way to work over the info given us in PR's! The PR data can be backed up by the data from the drill reports and past work done on the property....

.....All the best...Jim

outsider.....Good to have you on board. I hope that you have done your own DD on this and have made the purchase decision based upon more thasn just my post. I believe that you have made a good purchase, but only results will see if we are both right...Good luck...Jim

Norton...Good to hear from you. I am ready for the ride. I am also a "cheerleader" and don't mind admitting it. The glass is mostly full on this one!...Jim

konastitch....Thanks and concur with your thoughts.

I am amazed at how a company like Converge that has a jv with us on a unproven gold property, a second unproven property just acquired, the hope of more acquisitions of well picked over gold properties, and a management team that doesn't have one person with any mining experience can have its stock appreciate like it has discovered a 10 million ounce deposit.

I looked at the stock at 2.5 cents and wouldn't touch it then. I like it even less at 25 cents. SRSR is involved with them for one reason - financing the exploration of our property that involves no dilution to us. I like our deal with them - I just don't like Converge as an investment....Jim

dmbao...It is true that the D zone most probably will prove up in excess of 200,000,000 lbs of Ni ultimately, but not on this drilling. I am guesstimating that with the placement of the 9 drill holes, only about 60% of the D zone will be accounted for. I may be wrong (hope I am) and that old data from the areas not covered by the present drilling can be included, but 60% would be a great start to our program. Quality mining work takes time and qualified reserves are the name of the game now.

At this time, there is only one person that knows the answer to this and that is the outside geologoist working on the data. I doubt that he will do anything that would jeopardize his standing in the community. He will play it conservative. just my take...Jim

tony...thanks....I have not talked with Scott nor do I anticipate a need to. I can follow what is happening without disturbing his valuable time. He needs to be dealing with the important issues that involve moving SRSR ahead in the development stage of the company. If I have questions that need answers, Merle is the guy i talk with....Jim

Old friends,

Good to be back. I have been and still am very busy, but would like to share my observations this am with you folks since its been almost a year. My posting time is limited, but will try and contribute when I can. Still fully investing and adding when I can. This investment just keeps getting better with time.

Looks like we are about to break out into a new trading range. I think that the NI43-101 will give us about 60% of the D zone. I don't know how much that will move the price, but what I suspect is coming after that will really move the pps.

What I am about to tell you is what I strongly suspect is going down, but certainly have no direct knowledge nor have been privy to any insider info. It is all based upon observable public info and the questions I asked to Merle that could not be answered. After 43 years investing in this industry, you get a strong sense of what is going down by following certain subtle but reliable indicators. I have deduced what I am about to tell you from my observations of how Scott has been directing the company, the addition of Alan Hawks, some good information that pops up on the board (most wouldn't realize its importance), conversations with Merle, and studying all the past geological work done on the property.

The big issue that I have been wrestling with is how will SRSR get to the next stage without either severe dilution of the stock or giving up at least 70% of the property to a large, well capitalized miner in the form of a joint venture. Without the dreaded reverse split, there is no way that another 100,000,000 shares left in SRSR treasury will fund a mining operation. Scott will not dilute the stock nor is he willing to give up a majority of this world class deposit to another concern. Big miners are not known for efficient and timely job completion. He also is not willing to give up the control to another miner.

Scott is a real mastermind when it comes to getting the job done on a shoestring. I am amazed at what he has accomplished on very minimal dilution. We are at 741,000,000 shares now and he started in Dec of 07 with 726,000,000. There is no salaries and very little admin expense. The little bit of stock used went into drilling the D zone.

So what is my conclusion to all of this? Simply this, don't expect a JV with another company. Don't expect a reverse split. Scott will never allow this company to be swallowed up by a big - well healed miner nor will he fall prey to the tricks of most Pinkie scams, i.e. a R/S. This company is Scott's legacy and his way to earn his place as a Keevil in the mining community. Alan Hawks not only brings a wealth of geological and mining experience and expertise to the table, but more importantly, he brings significant Chinese contacts with him as he has spent years in China as a miner. Someone who had attended the show in Toronto mentioned that Alan was in the process of contacting a number of his Chinese connections. Couple that with China's overwhelming demand for steel and REEs - even in a world recession/depression - and I believe that we have the answer as to how the company will move ahead.

After the NI43-101 is completed, they will next announce an agreement made with a Chinese concern. All the funding for more drilling on the D zone and extensive drilling on the SE area will be from the Chinese - no dilution. This extensive drilling stage may take 2-3 years, but will provide a measured/proven reserve most likely exceeding $25 billion at todays mineral prices (thanks OntaREEo for the great chart). The Chinese concern will also set us up with a Chinese lendor for plant, equipment, and other costs to bring the resource to market.

Again, this is my conclusion based on putting all the pieces together. When announced that they have signed an off take agreement with a concern that will fund the drilling, finance the mining, and guarantee a buying source of the minerals mined at market price with a minimum price guarantee, the pps will spike very high. I wouldn't be surprised to see it go between .50 - $1.00 on heavy volume (market cap of $400,000,000 - 750,000,000 would not be out of line).

The initial NI43-101 that should be out any day will establish $2-$3 billion in defined reserves, but the off take agreement that I believe will go down next will verify the "blue sky" of what we have in the rest of the property. That kind of
verification demands a share price that is more in line with the third party outside financial commitment made. It is going to get wild very soon. Big volume and large swings will be common place, but the real prize will be in the final conclusion of a Scott Keevil built senior Niobium/REE producer. We are there in 5-7 years, but with each year getting better than the last. All opinions here based on a lot of due diligence.....AMHO....Good to be back....Jim

Thanks Spark......Is there anything that I should know that may be new these past 11 months with the exception of confirming our instincts about another monster deposit in the SE sector. This comprises Zones A,B,E,F, & G that I did a lot of study on before the Hawk report. The estimated 170 million tons of pay dirt in the Se Zone dwarfs our already world class Zone D deposit of 20 million tons. More importantly than my being pleased, Scott, allan, and Co. are ecstatic about the Se potential. The additional wild card is the REE's. SRSR's potential may well exceed $25 billion at todays mineral prices......Outside of this small development, what's new?....Jim

tr....Always been here in spirit - just little time to post etc...SRSR just keeps getting better!...Jim

chuck.....not sure - think it is legal though...LOL

Heh bro Jim.....I just stepped out for a smoke and have only been gone for about a year. Anything new?...Your other brother Jim

Hi folks.....Most certainly here, watching, and preparing for a lot of good news and many developments. We got a real good base of DD completed and until new developments arrive, I will be spending time with my day job and family.

It takes super patience to endure the time it will take to progress as an exploration company with NI43-101 qualified reserves. Now awaiting AF's and uplisting for the next step in our maturation process. Drilling this summer for phase I will be monumental, but just don't expect an overnight transition. We are in one of the most demanding of industries. Success will come in its own time and at a high expenditure of patience, time, and effort, so try and stay laid back. Enjoy the process with confidence and resolve.....Jim

PS Going after the Nemegosenda lake trout in 2009. Got tackle, will travel!

Mooj...."IMO, this may help you out, until SRSR releases AFs, this stock will not up-list?"

That has got to be one of the most profound and astonishing revelations that I have witnessed on this board. I thank you for your very astute due diligence in regards to SRSR.

You mean to say that we haven't uplisted yet? Yes, I guess that you are right again. Sorry, I forgot - no AF's - no uplist....Love...Jimmy

nds..."We might see some americanbulls.com followers tomorrow morning. They had a buy-if recommendation for the close yesterday"

Now I wonder what this "buy-if" stuff is all about. I got a message for American Bulls - Buy if you got any sense and want to establish yourselves in a real good long term play.....Have a good one...Jim

glG..... " wonder how long it will take to uplist to wherever once the AF's are ready?"

The only 2 companies that I have had experience with in uplisting from Pinks was Piedmont Mining and Nova Gold. I don't remember the time frames as i wasn't paying attention to their uplisting process at the time.

Piedmont went to the OTCBB and Nova went directly to the AMEX. I suspect that Nova had more expense and a longer application process. I don't believe that there was a waiting period for Piedmont - just audited financials, exchange, and SEC approvals. I remember that they needed a sponsoring broker who submitted the app. Once that was accomplished, I believe that it was a few months.....I don't know if Scott has secured a sponsoring broker as yet, but I'm sure he will PR it when time is right.

glg...."I'm sorry, but Anyone who does Not believe in this property and this team now is just not very smart..."

But isn't Scott in this to scam us pinkie holders out of our money? I thought the guy's picture looked a little shady and just what kind of a family could a man like that come from? ROTF....

Since Scott has taken over this comapny, I have not had one regret in my investment nor one criticism of Scott's leadership. The PR today really is another homerun and assurance that this man, this team is an out and out winner.....Jim

PS Question from my new love Moojer.."Where are the audited financials that I don't really care about?"

thegoodlifeGeo..."The way that they will pick to start mining operations will be the one that makes the most economical and viable sense to do. The do have this adit to explore that is already 580' into the heart of this zone and and if they can safely and economically explore this option they will, if not they will not..."

Economy, safety, and viability are the buzz words for the process - you are correct, sir. The adit was sunk in the 1950's for the purpose of extracting bulk samples, which Gulf Minerals did. They found thru a metallurical processing program that they were able to extract 90% + niobium from the samples taken. I believe that Scott mentioned something in the neighborhood of 94-95% with better technology.

More importantly, we can now use the adit for our own bulk sample program in defining those other little gems in the resource (REEEEEEEEEEE's) and test for grade and processability.

brotherjims..."would be a lot safer than a tunnel and they would be able to get more out faster than digging through a tunnel."

You got that right - that's why mom always liked you best!....Other brother Jim

Piecemaker..."pparently the report shows the nobium starting at 600' down. That's a lot of scraping. But, I don't know enough about mining to know the most efficient way of extracting the minerals. This adit could be one door to use to get the operation started."

Read the report again. The niobium resource "goes" to a depth of 600'. That is the extent of the resource. I am not sure where it begins, but i'll bet that an open pit operation will be seriously considered.

norel..."In reviewing todays PR, this paragraph needs to be reviewed very closly as one could read between the lines and conclude that the end of the adit is close enough to the niobium core and could possibly be mined from within the adit as it is dry and ready to be rehabitalized. Is this a possibility????? Any comments on this thought??"

No way in hell! The adit was created for the convenient and very conclusive extraction of materials for sampling with no future potential for the start of mining. The mining process will be an altogether different animal.

I suspect that the mining process may even be open pit as I don't think that there is much over burden to scrape away and the costs and safety factors associated with open pit mining are considerably more advantagess than tunnelling.

The big advantage to the accessable adit is that we can get new samples all the way down to the depth of the adit - confirm the 1950's samplings and test for more REEEEEE's. I'll bet that the little trip that Lorne is taking this week to the property is about the adit and samples and not trolling for the elusive Nemegosenda Lake Trout....Jim

marketphile....Think the chances of hitting our bids today are not very good...ROTF...Jim

tglG... "hope everyone bought more yesterday who was able to..."

No, I'm waiting for .015..LOL

Spark...Right and you're welcome!

Leigh01..."Junior Mining plays are different. SRSR could get a J/V and everything would change overnight. I've seen it happen before"

Certainly true! These plays are really atypical - especially the junior exploration plays like SRSR. The biggest gains are made during the "proving up" process of reserves and defining the extent of the resource. We are just getting to that process now.

Not an over night deal, but the momentum can change on a dime with a surpise announcement, a better than expected drill result, etc. Looking forward to the summer program and the Fall results!

moojer...."I was not the "ONE" counting on the AFs. I was the one not counting on the AFs...see all my posts. According to my review, there were posters counting on the AFs. Check your posts!"

Mooj, I've missed you - miss me? Here are a few posts of yours that clearly display that you have NO interest in the audited financials. I am going to give you your second people mark because I think you are a woman and I believe that I am falling in love with you..... your Jimmy


Posted by: moojer Date: Saturday, May 31, 2008 2:41:45 PM
In reply to: goofydrego who wrote msg# 19639 Post # of 20746

As a shareholder, I do care when the Audited Financials come out. IMO, sooner the better!

Posted by: moojer Date: Friday, May 30, 2008 9:21:13 PM
In reply to: None Post # of 20746

I am also sure that no "audited" financial statements have been published. It has been six weeks since the PR? I reviewed the FSs, IMO, it should not take this long to issue them?

Posted by: moojer Date: Friday, May 30, 2008 8:22:31 PM
In reply to: None Post # of 20746

Just looked on the SRSR (company) website. Still no audited financial statements published.

Posted by: moojer Date: Wednesday, May 28, 2008 9:08:59 PM
In reply to: uncommoncents who wrote msg# 19389 Post # of 20746

"....Shareholders are waiting on the audit report. IMO, not sure why it has not been issued by now. Shareholders are still waiting on the up-listing! As a shareholder, I am STILL waiting! Time is ticking!"

Posted by: moojer Date: Saturday, May 24, 2008 8:34:58 PM
In reply to: A deleted message Post # of 20746

Just checked again...no audit report. no up-listing and most importantly, no JV?

.... There are NO audited financial statements. There is no Joint Venture. There is no "bankable" study!

Posted by: moojer Date: Saturday, May 24, 2008 3:49:37 PM
In reply to: Howardhaftel who wrote msg# 19138 Post # of 20747

Too my knowledge, there is NO audit report, there is NO up-listing and there is NO JV? Hopefully, I am wrong!

Posted by: moojer Date: Thursday, May 22, 2008 8:01:42 PM
In reply to: jim6103 who wrote msg# 18924 Post # of 20747

Please note that the Year-End financial statement is NOT AUDITED!

A crass, but compelling reason why Scott Keevil would never be involved in stockholder fraud.

We have had many discussions on this forum concerning Scott Keevil's family honor and great mining tradition as an explanation for his assumed honesty and straightforwardness. I would like to look at a very practical and succinct reason for Scott to remain steadfastly honest and far from any hint of stockholder fraud......$3.5 Billion of future personal assets.

Scott's father is the very wealthy and well-respected Norman B. Keevil, COB and majority shareholder of Teck Cominco. I estimate his stock to be worth around $11,000,000,000 - maybe a bit more. Scott is one of 3 offspring of Norman and will most probably be in line to inherit 1/3 of his estate. That would be in the neighborhood of $3.5 billion.

Now let's say that old Scott has ideas of pulling a fast one on the shareholders and pulls off another Bre X style mining fraud. Scott gets caught, prosecuted, and sent for a few years vacation in a penal institution.

Since this was fraud, the SRSR corporate vail would not protect Scott from stockholder damage suits. The stockholders would have recourse to place a lien on any future income - including inherintance funds.

Morality and ethics aside, would this not be a very practical and compelling reason for Scott to reamin steadfastly honest in his dealings as our CEO? .....Jim

PS....My pardons to Scott and his family for this most crass example, but I am sick of hearing the scam crowd shouting pinky fraud. Crass, but true - believe that $3.5 Billion would even keep Atilla the Hun in check - LOL...

mytvsbroke...."One co., symbol-GORO has two brothers (60 years exp.) in charge. The stock ran from $3.27 to $6.10 and pulled back."

The company that you mention is going to be a real winner - one of my favorites and yes, it is down after a good move. SRSR is not unusual in this market as most junior miners have not made the gains that the more senior miners have experienced. This tier of companies will also have its time in the spot light.

I make no short term predictions as I am no trader and really don't care to be. I still have 90% of my position, which is my core and looking for a good entry point to get back in with my short term money. To me it's not a game, just good business and 43 years in the market.

I believe that we have a solid foundation now with the new addition of Hawke and am elated to see the old guard (Beneditto) leaving. I believe that his leaving was a condition when Scott came aboard - they waited a sufficient period of time so that old Ben would save face. My opinion is and was that he was not an asset to the company and could have been a liabilty. My confidance in the company will be complete with the AF's and an uplist. The JV or off take will be the icing on the cake....Jim

Rawnoc...
"Under the terms of the agreement, Sarissa has purchased a 100% interest in the Nemegosenda property for $380,000 Canadian -- payable over a four-year period -- and 2% royalty concessions on all mineral and/or metal production from the property. Sarissa Resources, however, retained the right to repurchase 1.5% of the royalty concessions at any time in the future for a predetermined price."

http://biz.yahoo.com/iw/080117/0349729.html


That's the $4.7 billion asset they acquired....for $70,000 payments a year by a cash-starved subpenny pink?

I know if I was sitting on a $4.7 billion asset, I'd be able to find better paying terms than this. :)"

You are very uniformed and don't really know much about the mining business. I challenge you to go and find a better deal for a mining property with no NI43-101 qualified reserves. The land owners get 50% of the market value of this property (I can prove market value of Lake Nemegosenda property) in 4 years and millions in royalties from net smelters fees.

I challenge you to find a better deal or prove this deal is one sided. Ball in your court big mouth!

Spark....Thanks for the memory shaker....forgot I posted that...Jim

sea...."wwhy would Scott bring on someone to the BOD to discourage mining.

Agreement here! I believe that Scott has got Mr Hawke involved for a very good reason - Chinese off take agreement!

China wants what we have as they have a vested interest in what we got and the future it holds for their economic development. Look what the Chinese did with Caledonia mining - bought all their cobalt production for the first 5 years of mining thru off take agreements. Those boys are hungry for raw materials - insatiable need!

dmbao...."The value of the property purchase relative to the mineral value also raises some eyebrows but I don't know what would be typical, the 2% royalty is not trivial for not risk."

The price that SRSR agreed to pay the owner of the Nemegosenda property was a very fair and consistent price for mining properties in the very virgin stage that this property is indeed in. Please check on the market and what mining concerns are getting for claims that have no NI43-101 compliant reserves, no present drilling that can be utilized for reserve computations, and no lab samples that are any more recent than 1950's adit work.

Even if they had inferred recources of $5 Billion from recent drill work, do you know what a mining company would pay for the property? If the owner got 1% cash or stock, consider it a great deal for the owner ($50,000,000). What you people don't realize is the huge risk that is associated with getting the resource out of the ground, processed, and sold. Even before this mining process can begin, there is a miriad of very costly processes that must occur before even the thought of revenue can begin and to think that an inexperienced land owner is capable of this is utter folly:

1) Joint venture partnership or off take agreement secured.

2) Drilling - phase I - identifying the resource and grade.
Phase II - drilling for NI43-101 compliant reserves - establishing the quantity. Phase III (if needed) - extending the resource.

2) Pre and feasibility studies - cost analysis of the entire project, permitting, environmmental EPA issues, Shipping, financing analysis, native land claim issues, processing challenges, ect.

Tha actual mining process itself is and will be very delicate as the metallurical expertrise in the processing of niobium and REE's is not a piece of cake and is very involved.

So you are the land owner and you got niobium and other goodies down deep in your back 1800 acre wilderness fishing camp. It ain't worth a plug nickel to you like it is and to get it out of the ground is way over your head. So you get a company to pay you $385,000 - $96,250 a year for 4 years and 2% of all that is refined (net smelter fee), which could be as much as 2% of $5,000,000,000 over a say 20 year period - that's $5,000,000 per year for 20 years in your coverall pocket - and some of you folks think this isn't a good deal for the land owner. Get a life and get into reality! Check other mining deals and see how much minerals in the ground without reserve staus are going for and then come back here and report what a raw deal these landowners are getting.

This deal was fair for all parties and no eye brows should be raised from the money changing hands here. The miner is taking all the risk and the land owner is sitting with cash up front and a lottery payout of $100,000,000 over the life of the mine. Some lucky stiff just hit the jackpot!....Jim

Rawnoc...."No, if I were the CEO of a start up company sitting on a $5 billion mine, I would care less where the majority of the shares were."

Total issued and outstanding SRSR: 725,688,058 shares

Shares used for services/real est: 633,000,000

Authorized: 850,000,000

If I were the CEO with 30 mil of those 725 mil outstanding, I'd be very concerned where the majority was. Big mining would love to buy up a majority (425,000,001) of a $5 Billion + company for under $11.5 million!

curlyjoe...."I must admit that I was a bit disappointed in the Hawk report when I first read it. Still am, actually. I do not understand its' purpose. It was my understanding that the report would contain hard numbers as to the potential reserves. Numbers that were going to trump those of earlier reports. It did not do that. It was basically a very long background on the property and a geography lesson, along with confirmation that the earlier reports appear to be valid (which is nice), followed by recommendations and cost estimates going forward."

The Hawk report did exactly as advertised. Your assumptions were incorrect.


Posted by: jim6103 Date: Wednesday, March 26, 2008 12:41:08 PM
In reply to: LT_Matt who wrote msg# 10462 Post # of 19997

LT_Matt...."Sea: Do you have a link describing the Hawk Report and what is supposed to be in it?

I hope you don't mind me responding to your above query, but I don't think that anyone had responded to you as yet. In a nutshell, the Hawk report is fairly well defined in an exerpt from the Feb 20 SRSR NR below:

"With existing, historical property data indicating approximately 20 million tons of 0.47% Nb2O5 (non-NI 43-101-compliant: Ontario Geological Survey study 34 by R.P Sage, published in 1987), the purpose of the preliminary assessment report (Hawk Report) is to evaluate the historical exploration work on the property conducted by Gulf Minerals Canada Limited and include an initial review of the original drill logs. The independent consultants (Hawk) will then make recommendations for future exploration assessment work that may be required in order to allow the company to have an NI 43-101 compliant resource estimate prepared."

I don't see anything from the company inregards to showing "numbers that were going to trump those of earlier reports". It is best to keep one's assumptions in line with official company communications as this has proved to be accurate in the past.....Jim

PS the report also had some new additions for those that cared to read it and compare to the old reports and data.

Posted by: jim6103 Date: Wednesday, May 21, 2008 1:00:00 PM
In reply to: None Post # of 20003

From the Hawk Report:

"At present, the richest and largest tonnages of niobium and apatite deposits are of residual type. Preferential weathering and dissolution of the carbonate host rocks, leaving behind more resistant apatite and pyrochlore mineralization, can lead to a 3 to 6 fold enrichment of the economic mineralization. In this process, the host rock is disintegrated into a soil horizon, which simplifies the extraction process."

I wonder if this process of weathering of the carbonate host rocks leading to a 3 to 6 fold enrichment of the economic mineralization has occured since the 1950's establishment of the .47% niobium. Could this process have enriched the resource?

"Numerous post-ore faults have been observed in the western margin of Zone D. Most notably, a northeast trending fault cuts off Zone D along its west edge. Right hand movement is suspected and drilling has yet to locate the Zone D extension."

Looks to me like Zone D is open on the western edge allowing for a drilling program to increase the resource in Zone D.

"Based on a comparison of the Dominion Gulf and OGS historical work done to date to the general literature available for carbonatite – alkaline complexes, the Nemegosenda deposit appears to be of the strata bound type. Consequently, the lateral and vertical extensions for the areas of mineralization could be extensive, particularly in the East Zone."

Appears as though the greater resource than Zone D could be located in the eastern boundary and the resource in Zone D is still open on the west edge. This is probably why Lorne says we have at least a $10 BILLION DOLLAR resource.

Tantalum prices and another example of tantalum to niobium ratio.


http://www.mndm.gov.on.ca/mndm/mines/resgeol/northeast/kirkland_lake/reports/2001/october_e.asp

"Channel samples were cut to a depth of about 4 cm and were about 4 cm wide. The entire channel sample material was sent for analysis. The drill core was sawn and half sent for analysis. Analytical work was done by XRAL Laboratories in Toronto using the x-ray fluorescence (XRF) technique. XRAL reported results in parts per million (ppm) tantalum (Ta) and niobium (Nb). Tantalum prices and grades within the industry are normally reported as tantalum pentoxide (Ta2O5), therefore all references to analytical results herein have been converted to percent Ta2O5 (1.22 times the Ta value). Prices and sales quantities of tantalum are normally referenced in terms of pounds (lb) of Ta2O5. For reference, 0.010% Ta2O5is equivalent to 0.22 pounds per metric ton. While spot tantalum prices have recently been quoted in the hundreds of dollars per pound, more realistic current prices are believed to be in the range of $US75 to $US50 per pound. Most tantalum concentrate is sold on long term contracts."


"The length weighted average of all the mineralized intersections in the North Dike is 0.035% Ta2O5 over an average 4.5 m. The length weighted average of all mineralized intersections in both dikes is 0.027% Ta2O5. Of particular note is that the tantalum to niobium ratio is very favourably between 2.5 and 3.0."

Commerce Resources ratio of niobium to tantalum is 5.6:1. This example from 2001 was the work of Platinova Resources on claims 75 km's east of Cochrane, Ontario. If SRSR finds the same ratio of niobium to tantalum, we could be looking at a tantalum resource of 125,000,000 lbs based upon a niobium resource of 376,000,000lbs......Good investing...Jim

PS At $50/lb that's another $6.25 Billion in resource value