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I get more concerned every day a PR is not released. If you look at last year there were already two PR's (so-called material changes). The first one was on January 5, 2009.
Sierra Gold Corporation Announces Beginning of Gold Production for New Mining Season
TORONTO, Jan. 5, 2009 (GLOBE NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) (Frankfurt:JYB) today announced that gold production has finally begun after an unusually long rainy season. The first two weeks of production during the month of December have yielded over 11/2 kilos of gold. A variety of small diamonds were also present in the processed gravel......
The second was on february 25.....
TORONTO, Feb. 25, 2009 (GLOBE NEWSWIRE) -- Sierra Gold Corporation (Pink Sheets:SGCP) today announced that the January gold production from one of its sites yielded over 50 troy ounces of gold. Thirty-five tons of gravel have been extracted from another site and is currently being processed. Initial extraction numbers have demonstrated encouraging values, which will be reported upon completion..........
Both of these PR's included production numbers. I refuse to believe there has been no production to report. It is the middle of March and this management team has not kept shareholders current.
When reading the January 5, 2009 PR they acknowledge an unusually long rainy season yet they began operations in December. This year we get a FR during the second week of February admonishing shareholders, acknowledging the start of production, and failing to report and production numbers. I think it is reasonable to wonder what the hell is going on with this management team?
was that a 9 million buy @ .0028? or did I see that incorrectly?
Thanks doog! Watch sgcp closely this morning because there is huge buzz and momo. This stock exploded to the .008-.009 range in November and it may be heating up again. Good luck to all of you!
sgcp .0031 x .0032 I hope some of you participated!
you know what time it is!!!!!
Anyone have the rally monkey?
sgcp .0024x.0025 possible breakout today. There has been a large amount of short interest there and they may be scurrying today if volume comes in.
Thanks Sagan. I was just on PS and it looks like our next peek at the O/S will be at the end of June. Thanks for the help.
From the field report dated May 14, 2009
•Sierra Gold Corporation has filed paper work for upgrade on pink sheets this includes year end financials, O/S and A/S.
Bikeguy or anyone else: What happened with this filing? Has anyone been told by management why the upgrade never happened (yet)? Thanks in advance.
From January 9, 2009 field report:
•In order to secure and expand our long term presence in the mining sector, Sierra Gold Corp. outstanding shares have increased to 372 million. Proceeds were used for property acquisitions and operating expenses. We feel this will position Sierra Gold Corp for success now and in the future by continually securing long term agreements on desirable mining concessions.
I would love to see an update like this on the next field report. At least we would know the O/S and be able to make informed buying/selling decisions.
I'm sure there were some emails sent that were rude. What about the legitimate questions, i.e. production numbers, the increased A/S, and etc. that were properly written in business form? In my opinion management needs to put that information out. Chiding your shareholders in a field report is not polite. Just share the information, good or bad, in a current timeframe. If he has an issue with the way an email is written he should address that in an email....not to all shareholders.
One Shareholder's rebuttal to today's admonishment by management:
While I am sure you have received numerous letters/emails from concerned shareholders you did make public your contact information. Of course you will receive more letters when the stock is tanking and you are mum for a long time. It is not unreasonable for a shareholder (a.k.a. owner of the company) to request current information as it relates to his/her investment. Many shareholders requested current information on several subjects and are still waiting for answers so
To the management of SGC
We simply want to be informed with current information regarding the company. Why have there been no production numbers given to us? We are nearing the end of February and the mining season is nearly half over. Is that an unreasonable request in your opinion? Is the experienced operator in Sierra Leone operating equipment and training workers? Does this question upset you? Why did you double the A/S and are any of the new shares issued? Why would an investor need to know that? Right? Many of us have been here for several years and have a kinship with your company. We believe when the whole story is told there will be a human and financial benefit to the people of Sierra Leone and a good return on our investments. A little more effort in communicating processes and results would go a long way toward making your shareholders happy. Having said that I am offended with the slap toward your investors today. It is not our fault that your communications are lacking the details required to make good investment-related decisions. You heard the frustration of prior letter writers now hear the disappointment of this shareholder. You can do better.
There did seem to be an angry tone in that shareholder admonishment. Maybe they should "gag" their email accounts to match the TA.
We are still waiting for some communication from the company regarding production. A field report stated that production had begun but we don't know the scale as of today. This information should be coming by the end of the month. Good luck
Wade, your points regarding funding from the CC sale is the exact reason I thought dilution occured. Another poster with L2 made some solid points so I am back to assuming short covering caused the spike. This stock really makes you shake your head sometimes. As I stated in an earlier post I think the O/S is still under 1 billion. Does your group agree with this assumption? I am hoping the 1 billion added to the A/S is not needed and eventually cancelled. Take care.
Thank you for that explanation. I did not see erg's report yesterday and it looks like I stand corrected. I am glad to have been mistaken. I really need to quit being cheap and get L2. I am hoping the O/S stays under 1 billion.
eye, I am wondering if that 20 million+ t-trade was a block or several smaller trades. Certainly could have been short covering if there were multiple trades reported on a form t. If it was a block then the dreaded d is back.
I just looked at the volume from yesterday and I think there was diution. The t-trade of about 24 million shares is the basis of my opinion. I am hoping these shares came from the original 1 billion A/S. By selling 24 million shares the company would have $50,400.00 for operations.
In my opinion this tells us that the CC sale is not imminent. If it was SGC would wait for a spike to sell the shares. It will be interesting to see if the dilution continues or if 20 million shares was enough to cover expenses for awhile. If SGC is having a cash flow problem they may have had no choice other than sell shares even if the CC approval is close. If this is the case then we may have finally seen the end of dilution.
I am holding here and will not add shares due to the increase in the A/S. I am thinking the O/S is still slightly under or at 1 billion shares and SGC will not go over that number if at all possible. My hope is that mining will solve their cash flow issue in the short term and the CC program will allow them to operate longer term without further dilution. Maybe even cancel the 1 billion A/S that were recently added. Is that reasonable? Take care and good luck.
A little dd on shorting pinksheets stocks.
Short selling is an effective trading strategy that can be employed to hedge the risk of a loss on an off-setting position or to speculate on an equity's price movement. In essence, short selling entails selling a stock that you do not own. An investor does this by borrowing the stock and immediately selling it in the market. If the price of the stock goes down, the investor makes a profit by purchasing the shares and delivering them to the individual from which they initially borrowed them. The profit arises from the difference between the stock's price at the time it was borrowed and the price at which it was subsequently purchased.
In regards to pink sheet and over-the-counter (OTC) listed securities, short selling is allowed. An OTC security is one that is not traded on a formal exchange such as the New York Stock Exchange or the American Stock Exchange. OTC securities are often quoted on the OTC Bulletin Board (OTCBB). Pink sheet securities are very similar to OTC securities in that they are not listed on exchanges, but are quoted on a daily publication issued by the National Quotation Bureau. However, pink sheet securities carry much more risk because they do not require the companies to register with the SEC or stay current in their financial statements.
Although short selling is allowed on these securities, it is not without its problems. Short selling on OTC is extremely risky because these securities are often very thinly traded, which makes them very illiquid. This illiquidity can prove hazardous if an investor needs to cover an increasingly unprofitable short position. If the volume is very low, covering the position may become a very unlikely prospect. Another problem that has arisen with short selling in OTC securities is the use of pump and dump schemes. These schemes are done by con artists who use internet message boards and SPAM emails to heavily promote a thinly traded stock in which they have long positions. When this happens, the result is often a high spike in the price of the stock, followed by a fall. However, the initial spike will devastate any investor with a short position. These schemes often use OTC stocks because they are relatively unknown when compared to exchange traded stocks.
http://www.investopedia.com/ask/answers/06/otcpinksheetshortselling.asp
I didn't see that. That would be the short covering I guess.
In my opinion there has not been dilution. As you pointed out the volume has been so low that I think dilution would have been visible. I am not sure about the short covering. I think we had a 20 million share buy and shares were thin in the .0019-.0022 range. Tomorrow might provide a better indication whether the large purchase moved us up or if the shorts did cover. If we return to .0019 the shorts are still in control. Good luck.
Starship, there are many more longs out there that are frustrated. I don't post here often and I'm sure there are others like me. Those who have been around for a few years know frustration and may or may not admit it. I think cork and bikeguy get frustrated but they may have a different timeframe for this investment than you or me. I can see the potential of this stock if the company executes. It looks more to me like a 3-5 year wait for real recurring revenue to begin rolling in. Perhaps those who remain positive have that timeframe in mind. The CC's really could be a game changer here. Although I am frustrated I believe SGC's management regarding the CC program. That is why I remain engaged here. Good luck, you are not alone.
You are not the only frustrated long here star. I don't know about your .000 prediction but I agree with the rest of it. I guess your frustration, like mine, is borne of past experiences here for the last few years. I am afraid to say this feels like the same old sgcp...poor communication and lackluster results. This time there is the CC issue that keeps my attention. I am very disappointed with the performance of this stock and I too would like to know why we had such a late start to this mining season. I refuse to be critical of our management team because I know nothing about mining, but I think it is fair to question the execution of this company. Raising the a/s was the last straw for me and I will not add another share. It seems we are back at the dreaded "wait for the next PR" and "HOPEFULLY this will turn around. In the meantime we allowed ourselves to become "stucks" and wait for the CC's to come through. At least we have the CC's this time. I share your disappointment.
Below is the response I received from Grant Galloway. I think it is reasonable to assume that Sumitomo Bank is the potential buyer.
Hi Chad,
There are two projects : SL1 42K acres and SL2 70k acres.
For SL1 we completed the UNFCCC PDD back on Nov -19th. The World Bank and Sumitomo Bank are currently looking at the project to purchase.
SL2 is still in the early development stages .The plan is to sell SL1 and use the funds to develop SL2.
I f you have any further question feel free to get in touch .
Grant Galloway
Grant Galloway
www.GreenGiantVentureFund.com
World Bank (Carbon Finance) registered service providerUNFCCC (CDM Bazaar) registered service provider23°S, 43°W, Brazil
55-21-7124-8921
SKYPE: GrantFG
The oriental Paulownia is planted when a daughter is born. When she marries, the tree is harvested to create a musical instrument...........
Sumitomo Bank
I just received a response from Grant Galloway at Green Giant Venture Fund. We have confirmation of a second CC project.
Hi Chad,
There are two projects : SL1 42K acres and SL2 70k acres.
For SL1 we completed the UNFCCC PDD back on Nov -19th. The World Bank and Sumitomo Bank are currently looking at the project to purchase.
SL2 is still in the early development stages. The plan is to sell SL1 and use the funds to develop SL2.
If you have any further question feel free to get in touch .
Grant Galloway
Grant Galloway
www.GreenGiantVentureFund.com
World Bank (Carbon Finance) registered service providerUNFCCC (CDM Bazaar) registered service provider23°S, 43°W, Brazil
55-21-7124-8921
SKYPE: GrantFG
The oriental Paulownia is planted when a daughter is born. When she marries, the tree is harvested to create a musical instrument...........
--- On Wed, 1/13/10, Chad Laskowski <clasko10@yahoo.com> wrote:
From: Chad Laskowski <clasko10@yahoo.com>
Subject: Sierra Gold Corp Carbon Credits
To: gfg@greengiantventurefund.com
Date: Wednesday, January 13, 2010, 2:31 PM
Hello Mr. Galloway. I am a shareholder of Sierra Gold Corp and have been trying to learn more about your carbon credit program. I was looking on the Green Giant Venture Fund website and read throught the different phases of project development. I was wondering if you could tell me which phase Sierra Gold Corp's project is currently at? Also, if there is a second project could you tell me which phase that is currently at? Thank you very much for your time.
Chad Laskowski
Here is some DD for those of us that know little about the carbon credit process. There are 7 phases. I just sent an email to Grant Galloway at Green Giant Venture fund asking which phase Sierra Gold Corp's project is currently at. I also asked which phase the second carbon credit program (SL2) is at if it exists. I will post a reply if/when received. Enjoyed this day!
http://www.greengiantventurefund.com/services
During our last run up this thing closed like Seabiscuit! Let's see if we go for another ride.
My favorite days are those when the monkey is shakin! Enjoy it longs!
Cork...I hope you have the rally monkey ready!!!!
I don't know how long you have been on this board but I have watched a lot in the past 2 years. There are some folks who, in my opinion, make excellent contributions to this board. Wade and Roberto happen to be two of them. Wade has met with Doug and forwards the information learned from his meetings to a member of this forum. He is (was) participating directly on this board and I consider him credible. Roberto took action and set up conference calls with Mr. Semachko and encouraged shareholders to participate. I admire him for taking the time to help other shareholders stay informed when most of us (myself included) would not.
Having said that....the tone toward these members last week turned negative and in my opinion their integrity was challenged. I made a post that was intended to voice my displeasure with this. We are all adults here and I would think "calling BS" or using other negative tones toward active members would not occur. This behavior encourages them to stop sharing their DD. I think we all agree it would be nice to read posts from investors who have spoken to SGC's leadership.
Finally, I do not personally know Wade or Roberto. In fact, Roberto called me out about a year ago for voicing concerns about SGC's share price while refusing to participate in the conference calls. Maybe he was right to call me out. All I know is I respect him for his efforts to set them up in the first place. I agree that SGC's shareholders are a team. Sometimes teammates have disagreements, but that doesn't mean they are BS-ers or liars. It means they have some information you want....and asking nicely would be the better choice. GL
Thank you for sharing this information. I appreciate you taking the time to post here. I hope a few bad apples don't spoil the cart on this site. Your efforts are appreciated by many of us. I am looking forward to reading your future posts as well. Have a great weekend.
I know what you are saying cork. Thanks for the message.
I hate to see posters attack the integrity of Wade and Roberto on this board. I have been here for two years and have received good information from both in that time. Wade has made an effort to give us information from his face to face meetings with CEO Evans. He was in contact via email with another member and those emails were posted. Roberto set up conference calls with John and allowed many investors to be involved. In my opinion both of these folks have been a benefit to this board through their efforts. If they say they talked to a member of SGC's leadership I believe them. If they choose to share any information they gained through these conversations, that's great. If not, it is their choice. I hope the recent negative posts do not discourage them from future posts. I, for one, trust their posts and appreciate their willingness to go the extra mile. I hope the attacks on their character stop. Thanks.
I would expect a PR when mining operations are fully underway. Last year we received a PR on January 5. I think we will see something within the next few weeks. Maybe a CC update will be included.
For those who don't know much about selling carbon credits (like me) here is a short article that lists 10 common questions for carbon credit buyers.
http://www.environmental-expert.com/resulteacharticle.aspx?cid=32082&codi=43557
Thank you for your response. I am not knowledgeable about the process of forward selling CC projects. (other than reading links on this site) I guess I trust SGC's leadership more than some other investors on this matter. If the company reports being in the process of forward selling CC's on a FR I believe it. If confirmation from a third party makes one feel better about his/her investment then I guess it is great news! Don't let the naysayers sway your convictions. You did your DD and invested. We have to support the leadership and give them time to execute. With the mining season starting, SL1 pending, and SL2 (maybe SL3)on the horizon this little company is poised to finally bring the returns our investments deserve. GL
Why is the information in Tosca's post great news? It seems to me that the email only clarifies the process. Did I miss something?
I definitely agree that this stock's recent behavior has somewhat mirrored the POG. I also agree that higher gold prices have put more eyes on the jr. mining sector. I would be thrilled to see higher gold prices result in a higher PPS. For whatever reason it hasn't in the past. Perhaps because we were recovering gold in small quantities? Maybe the issue you bring up will prevail into the future. That would cause many of us a lot less frustration.