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I know SRK Consulting very well. But, the don't help mining companies with SEC filings - they don't do that type of consulting.
The information you posted is accurate.
IG
PS If you had read the Goldcorp financials you would have seen that the All In costs were $1200/oz.
Without knowing the accounting methods used there is no way to find the exact cash costs but there is NO HIDING the All In Costs.
The Goldcorp All In cost numbers mesh nicely with the following report.
A complete breakdown of costs, an all-in cost figure, courtesy of CIBC, shows cash operating costs pegged at $700 an ounce, sustaining capital, construction capital, discovery costs and overhead at $600. Add in $200 for taxes and you get US$1500.00 as the replacement cost for an ounce of gold. Using the all-in figure provides a more accurate and definitive picture of actual mining cost and profit. Also, according to CIBC World Markets, the sustainable number gold miners need is $1,700/oz. As I write this gold is trading at $1726.00/oz.
It’s obvious that its very expensive to operate a gold mine and it’s not going to get any cheaper. The reasons behind flat-lining gold production, and record cash and all-in costs, are numerous:
Production declines in mature mining areas
Slower than expected ramp-ups of output
Development time up
The entire resource extraction industry suffers from a lack of skilled people
Extreme weather
Labor strikes
Protests
Who did you speak with at SRK Consulting? What is the extension for the person you discussed SRGE.
I will call them tomorrow.
I actually know the company pretty well - but I have never known them to help with SEC filings - they just don't do that type of consulting.
IG
Are they as Legit as Mathers Research, Quixstone Investments, Inc. and Duvernoi Capital Investments Inc.
So Magna isn't helping SRGE with the uplisting - what more lies from SRGE press releases.
IG
quikfix
Tuesday, November 27, 2012 12:16:03 AM
Re: MoMoRaptor post# 30257
I SPOKE TO DIRECTOR OF PUBLIC REGISTRY OF MINING.
At 8:25PM Eastern Time today, I had an interesting conversation with Mr. Armando Cárdenas Bravo, Director del Registro Público de Minería y Derechos Mineros (Mexican Govt, Director of Public Registry of Mining) who mentioned that he has in fact seen "parliamentary documents" (as he mentioned) circulating on the internet regarding Southridge concessions that were emailed to him in the past that were FALSE.
I've been told our JV partner has been there with their own team of geologist for quite some time.
Looks like Wednesday the day. Or this week sometime.
MoMoRaptor
Saturday, December 22, 2012 12:53:55
I GIVE YOU MY WORD THAT JV/BUYOUT IS GOING TO HAPPEN NEXT WEEK BUD!!! LOAD UP NOW AND LET'S GET RICH TOGETHER!!!!!
Once, when has Sierra ever been right. Oh, it must have been the Microsoft buyout of TAGG LOLOL!!! - SWEET or maybe
Yamana Gold (AUY) To Joint Venture With Southridge Enterprises (SRGE) In Cinco Minas & Gran Cabrera Properties Predicts Sierra
My day wouldn't be complete without a reference to Sierra to validate some nonsense rumor about SRGE. Did you read the following before posting?
DISCLAIMER
This blog is for fictional and entertainment purposes only!...All materials presented on this web site are not to be regarded as investment advice and are only offered for fictional and entertainment purposes. The accuracy, information or completeness of the picks posted on this blog is for fictional and entertainment purposes only!... Sierra, Adam and Johnny and all other characters ever mentioned and presented by the publisher in this blog are fictional characters and all posts in the blog should be construed as being for fictional and entertainment purposes only!
Kinross Buyout - LMAO!!! No Way - Where is the 8-K?
This rumor will be the same fools gold as was Goldcorp and SCCO.
MoMoRaptor
Saturday, December 22, 2012 12:53:55 PM
Re: SEC26 post# 90710
I GIVE YOU MY WORD THAT JV/BUYOUT IS GOING TO HAPPEN NEXT WEEK BUD!!! LOAD UP NOW AND LET'S GET RICH TOGETHER!!!!!
Except for the FACT that Bandera is in the Mexican Ministry of Economy's database and SRGE is nowhere to be found - now that is verifiable credibility.
Nothing credible comes from BGL
I think it is Southern Coal and Minerals - stock symbol = SCAM.
IG
Is that right - nothing wrong??? Let's see, SRGE went dark 2 years ago, SRGE hasn't filed any audited financials since 2007 and the TA has been gagged.
And on 12/06/2012 SRGE did a Mass Dilution by increasing the A/S by 50% (500,000,000 shares).
SRGE issues a press release to say they are going to issue a press release but they go quiet about the A/S increase until it has been posted on iHub.
But, you are correct all of SRGE's transgressions have been well documented.
Heck, SRGE can't produce any evidence to verify the Phantom CEO exists - I guarantee it will be shown that he doesn't exist.
IG
If you had read the Goldcorp financials you would have seen that the All In costs were $1200/oz.
Without knowing the accounting methods used there is no way to find the exact cash costs but there is NO HIDING the All In Costs.
The Goldcorp All In cost numbers mesh nicely with the following report.
A complete breakdown of costs, an all-in cost figure, courtesy of CIBC, shows cash operating costs pegged at $700 an ounce, sustaining capital, construction capital, discovery costs and overhead at $600. Add in $200 for taxes and you get US$1500.00 as the replacement cost for an ounce of gold. Using the all-in figure provides a more accurate and definitive picture of actual mining cost and profit. Also, according to CIBC World Markets, the sustainable number gold miners need is $1,700/oz. As I write this gold is trading at $1726.00/oz.
It’s obvious that its very expensive to operate a gold mine and it’s not going to get any cheaper. The reasons behind flat-lining gold production, and record cash and all-in costs, are numerous:
Production declines in mature mining areas
Slower than expected ramp-ups of output
Development time up
The entire resource extraction industry suffers from a lack of skilled people
Extreme weather
Labor strikes
Protests
Cash costs are also a function of the accounting department and what they include and exclude. From, http://www.mineweb.com/mineweb/content/en/mineweb-gold-analysis?oid=158127&sn=Detail You can see that these costs are increasing:
Gold mine cash costs jumped 19% in H1 2012
While global gold mine production was at best flat in the first half of 2012, average total cash costs jumped 19% to a new high of $727 per ounce.
A complete breakdown of costs, an all-in cost figure, courtesy of CIBC, shows cash operating costs pegged at $700 an ounce, sustaining capital, construction capital, discovery costs and overhead at $600. Add in $200 for taxes and you get US$1500.00 as the replacement cost for an ounce of gold. Using the all-in figure provides a more accurate and definitive picture of actual mining cost and profit. Also, according to CIBC World Markets, the sustainable number gold miners need is $1,700/oz. As I write this gold is trading at $1726.00/oz.
It’s obvious that its very expensive to operate a gold mine and it’s not going to get any cheaper. The reasons behind flat-lining gold production, and record cash and all-in costs, are numerous:
Production declines in mature mining areas
Slower than expected ramp-ups of output
Development time up
The entire resource extraction industry suffers from a lack of skilled people
Extreme weather
Labor strikes
Protests
As I stated Goldcorp's Peñasquito mine in Mexico has a cash cost of $847/ounce.
Is that mine in South Africa - I don't think so - plus Goldcorp is a Tier 1 mining company.
Plus, the Cash Cost IS NOT the ALL In Cost - which is even more as you have to take interest etc into account.
Cash Cost may include smelting, refining, and any byproduct benefit, but it generally excludes taxes, exploration and depletion expenses, depreciation, and financing.
IG
PS where are the cash cost from SRGE - guess they forgot to include that in their financial statement.
Now, this is funny - you posted from http://www.sgm.gob.mx/index.php?option=com_content&task=view&id=23&seccion=Acerca&Itemid=41&lang=english
Did you take the time to realize the translation was off:
What is SGM?
Organization
The Mexican Geological Survey (SGM) is a decentralized public organism of the Federal Government with self juridical personality and patrimony, regulated by the Mining Law under the sector of the General Mining Coordination of the Economy Secretariat.
Qué es el SGM?
Organización
El Servicio Geológico Mexicano (SGM) es un organismo público descentralizado del Gobierno Federal con personalidad jurídica y patrimonio propios, regido por la Ley Minera y adscrito sectorialmente a la Secretaría de Economía a través de la Coordinación General de Minería.
Complete speculation - but it is amusing that you think SRGE is in production - PROOF???
I didn't say that we all know they were both on the properties , one for exploration the other for production.
Where did you get those numbers - as I can show you Goldcorp numbers from the Peñasquito mine where they have cash costs of $847.
But, all these numbers are accounting numbers and each company will deal with them differently. It depends on how you treat depreciation, interest..... etc and slick accountants all do it a little different.
But, either $520 or $847 is a significant amount of the net profit.
My point of bringing these numbers up was to show the DD by stervc when doing a valuation is off by a significant amount.
Also, from my previous posts on the cash costs - they rising to a significant amount that makes gold mining not as easy as some think.
IG
From previous post - I am not certain why you don't understand the following but one more time!!!
This is pretty easy to understand:
First it was the Mexican mining Site, can not trust it because the companies pay to put their info up. So YOU said its only respected if its a govt site such as a gob, .mx etc. Now that's not even good enough make up your mind, show me the one that would satisfy you????
This is pretty easy to understand:
First it was the Mexican mining Site, can not trust it because the companies pay to put their info up. So YOU said its only respected if its a govt site such as a gob, .mx etc. Now that's not even good enough make up your mind, show me the one that would satisfy you????
I CHOOSE TO BELIEVE THE "DD" PRESENTED BY stervc
Mexican Mining Center (MMC) has SRGE Listed as an Active Operational Mine:
http://www.mexicominingcenter.com/explorationcompanys.php?id=s
http://www.mexicominingcenter.com/explorationcompanydetalle.php?company=Southridge%20Minerals%20Inc.
Companies that the MMC listed that’s within 50 km from where SRGE is operating:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=79842426
http://www.mexicominingcenter.com/mapa99.php?id=1016
http://www.mexicominingcenter.com/mapa99.php?id=1015
Credibility About SRGE’s Law Firm is; Carrillo Huettel LLP:
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=79539910
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=79530566
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=79539990
How about a screenshot - what coordinates were you using - lots of unanswered questions.
WRONG satellite view show Cinco Minas Clean no jungle - no bushes.
Again, this link has no value as far as DD is concerned. You have given a link to the Mexican Geological Services. The Ministry of Economy is what governs the mining industry.
Here is a example that will make it clear - if you go to: http://portalweb.sgm.gob.mx/economia/en/mexico-mining/list-of-proyects/339-lista-de-proyectos-mineros-en-mexico.html
On page 4 you will find:
Cinco Minas & Gran Cabrera Au, Ag Exploration Jalisco Bandera Gold Ltd Canada
Cinco Minas & Gran Cabrera Au, Ag Production Jalisco Southridge Minerals Inc USA
The numbers you have posted are not accurate.
According to the World Gold Council, the average cost of mining gold is about $240 per oz. These costs will vary depending on the location of the gold and the methods needed to extract it.
In Mexico it was determined to he around $330
If confirmed on paper please post them. I took the numbers straight off the photoshopped documents and it is very odd that SRGE is nowhere to be found on the Mexican Ministry of Economy database.
It was updated as of 07/31/2012 - now when does SRGE claim ownership LMAO!!!
It seems they have claimed ownership since 2010 - but you are saying that the database is out of date by 2 years - no way. BUSTED Again!
IG
Again, there is a lack of understanding the fundamentals of Gold mining:
$800-$900 to process an ounce of gold was hilarious
$1200 Marginal Production Cost for Gold Miners Forecast by Expert
Harmony Gold CEO, Graham Briggs, agrees with Cutifani saying, from Harmony's perspective, the all-in cost to pull an ounce of gold out of the ground is around $1,250. This figure includes everything from the cost of the Harmony head office to maintenance and its exploration program which is why it is higher than the $958/oz cash operating cost figure reported by the miner at its half year results on Monday.
Similar figures cropped up in a conversation with IAMGold CEO, Steve Letwin, who told Mineweb, that a floor has developed in and around the $1,400 - $1,450 level as a result of increased costs across the industry.
"I think you hit peak gold three or four years ago. You cannot find the large deposits any more. Most of it being lower grade and in more remote locations, so it's going to be difficult for anybody to produce gold at less than $1,200/oz in terms of new discoveries," he said.
God, I love it when Sierra is used to validate SRGE as being a real company. But, this wasn't so good from Sierra:
Financing In Place_Southern Copper Corporation (SCCO) To Move Forward On Southridge Enterprises (SRGE) Ventures Accurate Sierra
Southridge Enterprises (SRGE) & Southern Copper Corporation (SCCO)_Personal Relationships & How Business Works Ventures Sierra
After Buyout By Southern Copper Corporation (SCCO) Southridge Enterprises (SRGE) To Uplist And Open At $1.50 Minimum believes Sierra
Southridge Enterprises (SRGE) After Buyout To Move To Nasdaq Open At $2.50 Minimum Projects Sierra
Southridge Enterprises (SRGE) & Southern Copper Corporation (SCCO)_Personal Relationships & How Business Works Ventures Sierra
Microsoft (MSFT) Will Buyout TagLikeMe (TAGG)_Just You Watch And See Predicts
Imminent-Pfizer (PFE) buyout of Arena Pharmaceuticals (ARNA)-why both parties would WIN BIG says Sierra
After Buyout Medical Marijuana (MJNA) To Open At $2.40 And Move To $10 Area By Mid 2013 Predicts Sierra
Why Coca Cola (KO) Will Buyout Bebida Beverage (BBDA)_$1.6 Million in Revenue_Ventures Sierra
Don't you think it would be a good idea if SRGE got to $0.01 - heck with all the HUGE, Incredible News of $600 million buyout/JV and it is still a SUB-PENNY - LMAO!!!
$10 a share is where Srge is headed.
My question is have you ever been to a gold mine or know anything about mining? I am not being a smart ass but there many wrong assumptions about mining being posted as facts.
I need to post a brief tutorial on mining and then it might stop the posts that are based on fiction and myths.
I see the supposed DD on Cinco Minas valuation and Stervc assumes 100% recovery - Goldcorp with the best equipment in the world has only a combined 67% recovery in Mexico.
Plus, the all in cost of gold mining is between $800 and $900 per ounce and this is for Tier 1 companies the cost is even higher for Tier 2. Goldcorp benefits from economies of scale, their Peñasquito mine has a mill with a processing capacity of 130,000 tpd - just what do you think SRGE's all in costs will be - $900+
The list is almost endless of the mistakes being made with the Pro-SRGE DD.
IG
Blow up the mountain and process!
SRGE states they have owned the mining concessions at Cinco Minas since 2010 -
Southridge Minerals Secures $5,000,000 Financing to Fund the Cinco Minas Gold Property in Mexico
DALLAS, TX--(Marketwire - 12/14/10) - Southridge Enterprises Inc. is pleased to announce that Southridge Minerals, Inc., its wholly owned subsidiary today has executed an agreement with Quixstone Investments, Inc.
For those that haven't read the bandera NI 43-101 report. Here are few details you might find interesting.
However, even in light of these and other press releases touting the positive results during the program, the project was dropped by Tumi in a press release of May 18, 2005. It advised that a high strip ratio and too
long a time frame to achieve an advanced project status were the main factors in its decision. They determined that they could not establish a viable open pit or underground mining operation in the old workings.
So you say Bandera lies about everything but then you take this as gospel. Amazing - You can't have it both ways.
I am willing to bet those posting about the NI 43-101 report haven't read a word of the document.
IG
Again, with posts and nothing to verify your claims
SRGE own the mines..it is as clear as day to me! BGL own nada, zip, zero in Mexico
I believe you have been posting about institutional investors for months:
energy_wave
Saturday, September 22, 2012 11:29:08 PM
Re: None
I'd be watching SRGE real close if I were you. They just listed on the German exchange and the board of directors has acquired some very powerful and prestigious members. Rumors of institutional investors will start loading Monday as well as HUGE news is expected!!!
No problem at all - first you do know that this isn't the Ministry of Economy (which governs the mining industry) - what you provided is for the Geological Services - Oh No I-Glow has done it again!!!
Maybe you should have checked the B's and you would have found:
130 Cinco Minas & Gran Cabrera Au, Ag Exploration Jalisco Bandera Gold Ltd Canada
You know the leader for SRGE - MoMo has guaranteed that the buyout/JV is going to happen this coming week.
We will all soon find out - but I guarantee there will be a press release without any information that can be verified. But, the excuses are already being written - WON'T HAPPEN - NO BUYOUT/JV.
IG
How many public companies have a CEO without a Bio that can be verified??? The answer is NONE - unless they are a pump and dump like SRGE.
How about finding and posting just one real company that has a CEO that is a Phantom like SRGE has - I will be waiting.
IG
Pinned!
I GIVE YOU MY WORD THAT JV/BUYOUT IS GOING TO HAPPEN NEXT WEEK BUD!!!
Hilarious, first we know every step that Bill Gates took when building Microsoft. We know his high school, his college ...
Guess what - WE KNOW ABSOLUTELY NOTHING ABOUT MICHAEL DAVIES!! I guarantee he doesn't exist!
IG