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It wasn't 2004. Tumi closed up Cinco Minas at the beginning of 2006.
The Company also conducted a geological survey and drill program on the Cinco Minas Property in early 2005. Results were received in May 2005. Based on the results, the Company determined to cease further work on the Cinco Minas Property in 2005. As a result, in fiscal 2005 the Company recorded a write-off of $2,926,030 of acquisition and exploration costs, reflecting the abandonment of the Cinco Minas Property.
SRGE buyout is from the same guy that is predicting Microsoft will buy TAGG. It doesn't sound very credible to me. But here is some info on Sierra. Yes that is right Sierra is a dude named Guy. The stuff from SRGE just keeps getting more bizarre. Read the disclaimer on the Sierra blog.
Thanks to the diligent work of nodummy and samsamsamiam Sierra has been exposed.
Looks like "Sierra" of Sierra World Equity aka Guy Leitch used to post on the IHUB before he was suspended. He had a special interest in AAPT back in May of 2012
The price of gold has nothing to do with the mining conditions. Also, if you read the report you would see that:
Additionally, a review of an underground high-grade mining option gave resource numbers too low to be of interest to the Company, particularly when having to deal with a large number of historic open stopes.
What you fail to recognize is Tumi Resources hired Behre Dolbear to do a analysis of Cinco Minas and from the B-D report decided to abandon the project:
Cinco Minas
After a thorough technical evaluation, including three separate drill programs and a comprehensive economic review
of the Cinco Minas property, the Company has decided to withdraw from the option agreement with Minera San Jorge
S.A. de C.V. Although a resource was established for Cinco Minas, the results of a scoping study previously
undertaken by Behre Dolbear indicated a very high strip ratio for an open pit mining operation, such indication having
been confirmed by in-house studies performed by the Company’s technical consultants. Additionally, a review of an
underground high-grade mining option gave resource numbers too low to be of interest to the Company, particularly
when having to deal with a large number of historic open stopes. In summary, a combination of a very high strip ratio
for an open pit, underground open stopes, make the Cinco Minas property unattractive to the Company from an economic prospective. To meet the
Company’s exploration goals, a project must also be able to reach “advanced project status” quickly and cost
effectively. Neither the open pit nor the underground options meet the standard for operational size and economic
potential. Accordingly, the Company wrote-off $2,903,371 in acquisition and exploration costs.
But Duvernoi Capital Investments exists only in SRGE press releases and can't be found elsewhere. The same for Quixstone Investments, Inc. also only found in SRGE press releases. Extremely unusual but not for SRGE.
Just like no one can produce any work or education history for The Phantom CEO Michael Davies.
Nothing SRGE does can be verified.
Everything about SRGE is shrouded in mystery.
IG
Jason Gerteisen had very little to do with AMWI. He was installed by the powers that be, because he was easy to manipulate.
Just look at his background and you will know he wasn't CEO material.
Here is part of a post by nodummy, if investing in pennys you might want to follow ND and the DD that is done on the Fraud Research board.
Here is a very important lesson in pink sheet stocks.
The CEO is rarely the person that controls the shell. Penny stock CEO's are often just puppets being told what to do by the people that really control the shell. Sometimes like in the case of SRGE they are just made up characters.
Most pink sheets stocks are actually controlled by people in the background that are not signing the corporate actions as the CEO. These people are usually the ones that control the debt, control the voting rights through majority share ownership (sometimes through preferred shares), or own the shell, but have chosen to hide in the background where they will draw lesson attention especially if the shell is being used for insider enrichment or security's fraud.
Did anyone take the time to read the letter from Carrillo Huettal - SRGE Attorney.
Before anyone gets all giddy about the filing:
SRGE — Attorney Letter with Respect to Current Information!
http://www.otcmarkets.com/financialReportViewer?symbol=SRGE&id=93319
(a) We have assumed that (i) all information in all documents reviewed by us is true and correct, (ii)
all signatures on all documents reviewed by us are genuine, (iii) all documents submitted to us as originals are true and complete, (iv) all documents submitted to us as copies are true and
complete copies of the originals thereof, and (v) each natural person signing any document
reviewed by us had the legal capacity to do so.
(b) We have made no independent investigation as to the accuracy or completeness of any factual
matters contained in the records, documents and certificates that we have reviewed in connection
with the foregoing opinion.
LOL!!! I didn't think anyone was still using "Sierra" (I mean Guy Leitch who used to post on the IHUB before he was suspended - thanks nodummy) to validate anything.
The big buyout because Sierra says it is true - unbelievable.
SATURDAY, OCTOBER 27, 2012
After Buyout By Southern Copper Corporation (SCCO) Southridge Enterprises (SRGE) To Uplist And Open At $1.50 Minimum believes Sierra World Equity Review
MONDAY, OCTOBER 22, 2012
Microsoft (MSFT) To Purchase TagLikeMe (TAGG)
Did we ever get work and education history of The Phantom CEO Michael Davies? I did hear he was working on a big vodka deal. I just had a idea I bet Michael Davies has a Ph.D from Phoenix University in Creative Fictional Writing.
How about contact information on the fake financing companies Quixstone Investments, Inc. and Duvernoi Capital Investments Inc. I hear that since they aren't located in the US they have decided the newfangled interweb thing is just to nuts to use. Also since not US based they didn't register anywhere.
Isn't it extremely odd that Alex Smid also uses fake financing companies that have no footprint.
a super-premium luxury Vodka producer Alex Smid, announced today the completion of a $12.5 million financing led by QWAS Capital Corp.
I missed most of the Friday news - how did MoMo's guaranteed buyout go? I am sure like all SRGE prediction it went smoothly and there was a surge in the SRGE stock.
What? There was no buyout - I can't believe it - I saw it posted on the SRGE board so it must be true. Oh, wait it will happen next week.
I heard that SRGE was going to Buy Barrick Gold next week.
And now for your entertainment:
SRGE - other excuses for going dark
Quote:
The JV would have required an 8K if SRGE had been current right? This 35% partner, imo, is possibly the reason why they went dark. Had this JV partner's identity become public knowledge, the stock may have sky rocketed and had a profound effect upon their business plans which seem to include the stock buy back.
Please no more HUGE, GREAT, FANTASTIC NEWS for SRGE. SRGE was RED after the news Friday.
Fantastic financial numbers for SRGE and the market yawned (although I did a analysis that shows the revenue of $3.14 million from 9000 tons of ore was impossible - being sent to SEC).
It looks more good news for SRGE and it will be triple zeroes. LOLOL!!!
IG
SRGE doesn't own anything but a computer to put out bogus press releases. Heck they are too lazy to put together a realistic financial report - they just did a copy and paste of the press releases.
Actually, they don't want to own anything they just want to do a pump and dump to fleece investors.
IG
Actually, no I didn't I was showing that it was impossible to get revenues of $3.14 million from 9000 tons or ore which was actually tailings and a much lower grade.
I used 100% recovery and as I pointed out the best recovery by Goldcorp to one of their mines in Mexico was only 61%. So if you use that and the equipment Goldcorp has is state of the art as opposed to what is at Cinco Minas - the gold number is now $1.04 million. Due to the processing mining companies report revenues from gold only. If you look at the Goldcorp mine (Los Filos - The largest gold mine in Mexico), when reporting their financial data they mined and sold 334,900 ounces of gold. Goldcorp reported revenue from the mine of $522 million. They sold the Gold @ $1,553/ounce so 334,900 x 1553 = $520,099,700.
It is because Silver is mined as a by-product. Though much more plentiful than gold, it’s rarely found in nuggets or thick veins the way that gold is. In fact, 70% of silver production is as a by-product of other types of mining.
This highlights that much of the challenge with mining and marketing silver lies in this tendency to be a by-product. Quite often the mining company is geared up to handle a specific substance, most often gold or copper. Because of this, they look for a market to take the silver off their hands, freeing them to be able to concentrate on what they know and do best.
Actually, due to the way gold is processed the by-products reduce the earnings from a mine. With the Los Filos mine they have By-product cash costs (US$/oz) = $463.
So the real revenue from the mine is actually $1553/ounce - $463/ounce = $1090/ounce.
Basically, the $3.14 million from 9000 tons makes no sense. You would need a gold grade of 5.95 grams/ton and have 100% recovery and no by-product costs.
Also, if you check the Barrick Gold's Second Quarter Mine Statistics, you will see that they also only report Gold and worth noting the average gold grade at the Goldstrike mine is 0.163 grams/ton. Which makes the SRGE press release claim of 268 grams/ton ridiculous and as fraudulent as the Financial reports released.
IG
WRONG Again tradingfunds! You need to read the following posts that exposes all of this nonsense:
terry_mathews
Saturday, October 27, 2012 2:07:08 PM
Re: stervc post# 47799
Does SRGE have any significant FTD's? Not according to the FTD reporting out of the SEC.
http://www.sec.gov/foia/docs/failsdata.htm
You are not confusing FTD's with short volume again are you? Since both reports are created from EXACTLY the same document, the accuracy of one is totally related to the accuracy of the other and Ameritrade would be providing that info. Now if Ameritrade is claiming they are sitting on massive FTD's and they are not being reported to the markets, I suggest you pick up that phone and turn them in.
as for that other issue, I hear ya loud and clear. funny how I have been reporting companies to the SEC for many years now and from what I can attest to, I have never harmed a good company by my actions but I have definitely had frauds shut down after assisting in exposing them. Personally, I don't really see that as a bad thing.
As for my latest memo, I have received a personal response from one of those on distribution (i.e. not a form response) acknowledging both receipt and the concern.
Before you state great news you need to finish your analysis. Like I have done several times to show just how fraudulent the SRGE press releases are and based on fiction not fact.
SRGE-> Cinco Minas property->GREAT READ/FACT->
SRGE Cinco Minas property was mined between 1922 and 1928 and reported 1,083,000 tonnes of ore averaging 3.17 g/t gold and 476 g/t silver. This equates to 97,364 oz. of gold and 15,095,915 oz. of silver."
In fiscal 2012, the Company processed over 9,000 tons of ore and recorded revenues of $3.14 Million.
LOLOL!!!
Yup!! Misinformation is weak imo. Just check Stervc's DD sticky for FACTS!! :))
Interesting. you claim that SRGE was totally up front about the buyback program. Investors here however have proven that they were totally out in left field on how it would be executed.
Posts on a daily basis attributed the stock volume to the buy back program. If the shares are/were restricted clearly that was not the case and therefore investors here completely misunderstood the buyback announcements. Do you agree or disagree? Were you not one making those claims and thus one fooled by the company's announcement?
The announcements started in Nov. 2011 and in Sept. 2012 the press release claimed a total of 444M shares had been purchased in this buy back program. As I have pointed out, SRGE claims 400M of the 444M were executed in private sales of restricted shares and executed at a time that left the O/S at 800M. Tell me then how the O/S is 545M shares if both the O/S claims and the buyback claims are both true.
By my count, 444M - 400M = 44M shares. 800M O/S - 44M = 756M shares and not 545M shares. Is this the same type of creative accounting that SRGE used when disclosing their revenues/COGS?
Simple math seems to confuse these clowns running SRGE. Either that or they can't keep their stories straight which is typical in a fraud case.
Feel free to explain thru the buyback contradictions between the PR's and the financial disclosures
Does the plant actually exist?
IG
In looking at the unaudited Q today I found several discrepancies. But I wouldn't expect much more from the press release copy and paste Quarterly Report. Here you go and many more to come:
The Company is based in Dallas, TX, and remains partially in the ethanol
industry, but is in the process of completely divesting from all ethanol assets and interests due to severe economic challenges in
the alternative energy markets.
. Its continuation as a going
concern is dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain
additional financing or refinancing as may be required, to develop a commercially viable ethanol production facility or a
mineral producing property to ultimately establish sustained profitable operations.
You mean the huge spike SRGE had today because of the HUGE news that is believed on this board.
Last I checked it is still RED today LMAO!!!
Not many fell for a unaudited Q that wasn't submitted to the SEC. It is just a copy and paste of the press releases - nothing more.
IG
Now this is pretty funny - the SRGE press releases don't include a name of the company providing the financing because they got busted on the Quixstone Investments, Inc. and Duvernoi Capital Investments Inc.
They just say
the Company entered into a Letter of Intent ("LOI") for a $1.2 million USD funding commitment.
Let's be more precise. SRGE filed a unaudited Q that has not been filed with the SEC. It is just a copy and paste of the press releases.
Same old SRGE - INVESTOR BEWARE
IG
It is unaudited and not filed with the SEC it is just a copy and paste of the press releases - No Big Deal.
IG
BGL isn't doing a pump and dump as is SRGE.
IG
Unaudited financials not filed with the SEC mean nothing. Simply a regurgitation of the press releases.
Not a big deal about what I expect from SRGE. Means nothing.
IG
SRGE becoming current and filing today. It is interesting that on 04-12-2011 SRGE announced the exact same thing - here you go and Newbie Investors Beware - Holy Cow here we go again.
(Marketwire - 04/12/11) - Southridge Enterprises Inc. ("Southridge" or the "Company") is pleased to announce today that it has initiated the process of submitting its application for the OTC Disclosure and News Service on OTC Markets. Mr. Michael Davies, President of the Company said, "We are pleased to announce that we will be submitting our application for the OTC Disclosure and News Service on the OTC Markets no later than April 25, 2011. We have completed our Financial Statements for FY 2009 and FY 2010 and our Disclosure Statement for Filing on www.OTCMarkets.com website and expect to have our listing status moved to 'Current Information' by May 1, 2011."The steps taken by Southridge to upgrade the OTC Markets status will provide shareholders with complete transparency on all information regarding Company's business and financial conditions.
How is it private investors when both companies are incorporated (Quixstone Investments, Inc. and Duvernoi Capital Investments Inc.)
That pretty much shoots down your argument. They don't have to be public companies to provide funding but if they are incorporated they would have a footprint.
Also, this is the same tactic Alex Smid has always used - see vodka post:
a super-premium luxury Vodka producer Alex Smid, announced today the completion of a $12.5 million financing led by QWAS Capital Corp.
By filings coming out today, I am assuming it will be in a press release.
I thought the uplisting was going to happen today.
Amazing - LOLOL!!!
IG
So you are saying the rumor is true because a guy that post about SRGE all the time says it is true on another forum LOLOL!!!
Friday, October 26, 2012 9:23:49 AM
Re: fh6282 post# 47077
Post # of 47085
The SCCO rumor has 2 legs..SierraWorldEquity and SRGE Director Alfonso's uncle Senator Hector bein best buddies with SCCO CEO/President!! One leg might be slightly more crooked than the other! lol
INVESTORS BEWARE!!! Fake Buyout Rumors - Sierra Exposed. The buyout rumors are bogus. Southern Copper would never be involved with a non-reporting company that went dark over 18 months ago and HASN'T FILED WITH THE SEC SINCE 2008. Many thanks to nodummy and samsamsamiam for real DD and bringing lightness unto the darkness that is SRGE. Everyday another layer of the onion is peeled away and the more SRGE stinks and smells like a pump and dump. Head over to the Fraud Research Board and read about SRGE and Sierra.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=19670&srchyr=2012&SearchStr=sierra
Thanks to the diligent work of nodummy and samsamsamiam Sierra has been exposed.
Looks like "Sierra" of Sierra World Equity aka Guy Leitch used to post on the IHUB before he was suspended. He had a special interest in AAPT back in May of 2012
Re: "Sierra" Identified!
By xxxxx@sbcglobal.net.1 month 1 day ago.Permalink
.
You know how Sierra is always talking about the All American Pet Food? I googled "Guy" and this is what came up..He wrote to the company trying to get their products!!!!!!!They are the same person!!!!!
To 'Guy Leitch' From: Joel Margulies (joelm@aapbrands.com) Sent: Sun 5/06/12 9:53 AM To: 'Guy Leitch' (gleitch@live.com)
The man behind "Sierra" - I did mention it was most likely a man given the photo of "Sierra" was a Porno Star.
Or a fan? or diversion? when did he start tweeting?
Domain Name: SIERRAWORLDEQUITYREVIEW.COM
Created on..............: 2012-07-24 03:45:14 GMT
Expires on..............: 2013-07-24 03:45:14 GMT
Last modified on........: 2012-07-24 03:45:15 GMT
Registrant Info: (FAST-18679964)
Guy Leitch
Guy Leitch
828 N GARDEN STREET
Bellingham, Washington 98225
United States
Phone: +1.3607789086
Fax..:
Email: gleitch@live.com
Last modified: 2012-07-24 03:45:14 GMT
Administrative Info: (FAST-18679964)
Guy Leitch
Guy Leitch
828 N GARDEN STREET
Bellingham, Washington 98225
United States
Phone: +1.3607789086
Fax..:
Email: gleitch@live.com
Last modified: 2012-07-24 03:45:14 GMT
Will the guaranteed buyout this week happen - no way.
Sierra exposed coming in next post.
IG
I have heard this for a month - but it is still about the same price as it was a month ago.
Every week it is the same, last day to buy cheapies or buy SRGE cheap.
SOS
IG
NEWBIES BEWARE - Caveat Emptor with SRGE.
First, all of the so called DD has been shot down with facts not what is in some unsubstantiated press release.
New Investors - please ask the SRGE guys why they won't provide the work and education history for the Phantom CEO Michael Davies.
Also, ask about why the two financing companies, Quixstone Investments, Inc. and Duvernoi Capital Investments Inc. only exist in SRGE press releases.
Just check out SRGE on the Fraud Research Board.
http://investorshub.advfn.com/DD-Support-Board-and-Fraud-Research-Team-19670/
Check out what they think about the guy who did the DD here:
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=19670&srchyr=2012&SearchStr=stervc
When you read real DD about SRGE you will run not walk from even thinking about putting any money into this dog.
There is NOTHING about SRGE you can verify. Since 2008 all the information about SRGE is what has been done in press releases.
Just too much shady stuff connected with SRGE.
IG
Excellent post and very germane point to give some insight to the false buyout rumors.
One of the emails from SCCO about the SRGE "baseless rumor". Public companies say "no comment" when they cannot deny something (that is, they wouldn't deny the rumor if it were true); they don't say something this unequivocal unless the rumor was in fact baseless. Any other response would expose them to potential liability. So you can choose to believe the Sierra "for entertainment purposes only" nonsense or you can believe someone who is actually authorized to speak on behalf of the company in question.
And Sierra the stripper should know. Look at the DD on the Fraud Research Board about Sierra Equity Blog.
God I love the SRGE propaganda. But it makes the fallout even better when the SEC steps in to stop this nonsense.
IG
Some homework needs to be done. There is no grey market ALL companies listed on the TSX exchange have the same listing on OTCmarket.
How about the BIG RED STOP SIGN for SRGE.
Crooks let's see SRGE has a Phantom CEO Michael Davies that doesn't exist except on the SRGE site.
Oh, how about the FACT that SRGE went dark over 18 months ago hasn't filed anything since 2008.
And the 2 financing companies that only exist in press releases.
Also, it is curious as to the only information we know about SRGE is from press releases.
Conclusion SRGE is a scamming PUMP AND DUMP.
You need to head over to the Fraud Research board and see what they think of the SRGE scam.
http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=19670&srchyr=2012&SearchStr=SRGE
IG
The future of AMWI is exactly what it was for RICP. Another company will make a deal with the guys at AMWI and acquire all the company shares. Then they will do a reverse split and the stock you have in AMWI will be diluted to the point of it being worthless. That is the Readers Digest version.
if you take a look at RICP you will see that it is now Zyrox Mining International, Inc. (ZYRX).
AMWI is history.
IG
And you are basing this off of the Sierra Equity Blog - how many times has this site been shot down as being fake.
How desperate is SRGE to use this blog to promote it's stock?
Southern Copper is not going to buy a non-reporting company that hasn't filed with the SEC since 2008 and went dark over 18 months ago.
Head over the the Fraud Research Board and see what they think of Sierra and the buyout rumor. Here is a small sample: http://investorshub.advfn.com/boards/msgsearchbyboard.aspx?boardID=19670&srchyr=2012&SearchStr=sierra
But, the buyout was guaranteed for this week so we will see tomorrow if that and the uplisting happen LOLOL!!!
IG
This is based on press releases. SRGE doesn't file anything and hasn't in over 4 years. So the valuation is fantasy land numbers based on what is coming out in press releases. It is bad investment strategy to use press releases as your source of information.
When is SRGE going to file with the SEC - the uplisting is supposed to happen this week.
If Investors want solid DD go the fraud research board and see what they think of SRGE and the DD presented on this board.
IG
Excellent work. Great research - you have embarrassed me, I should have found that :)
IG
Is that so, in the last month SRGE has been a net loser. So, shareholder value is what is perceived from press releases.
Since SRGE went dark and doesn't file with the SEC how do you know anything about SRGE - you don't.
All investors know is what is fed them via press releases and forum posts.
Much like the fake buyout and the fake uplisting there is nothing real about SRGE.
The value of SRGE is what is imagined by hopeful investors.
Nothing is based on fact except that it is a obvious pump and dump.
IG