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SUGO Security Details
Share Structure
Market Value $888,960 a/o Oct 01, 2012
Shares Outstanding 1,481,600,538 a/o Jul 13, 2012
Authorized Shares 2,500,000,000 a/o Mar 12, 2012
Clearly someone has never opened a business and SIRG is a new company building a business in the copper mining industry.
Even kids know that to open a lemonade stand you need money to buy cups, lemonade, a pitcher, make a sign, a tablecloth, borrow a table etc. The kid probably borrows the money from his parents but SIRG doesn't have any parents so it has to borrow it from the best source it can find.
As long as there is a JV between WSRA and GDSM both companies and their CEOs are open for discussion.
No proof what that $50K went for and if the buyer was give the GDSM Preferred Series E Convertible shares then there is a very serious problem when he tries to convert them.
Remember GDSM gave WSRA permission as part of the JV funding to sell those 40,000,000 GDSM Series E shares to raise $400,000.
The check went to WSRA and not to GDSM!
Marc probably does after he took a ton of GDSM shares last Oct-Dec and dumped them into the run to .034. We know he finally paid off that old federal tax lien.
GDSM also remains committed to the financial support of the Azurite mine.
Chaffee is just leaving the door open hoping for a miracle that Marc will produce this time.
Committed doesn't cut it and we know Marc's word is good for $hit! Remember last Dec when he PR'd that GDSM would uplist and an NI 43-101 would be produced?
Still nothing from Mr. Transparent about that Aug. 16 amendment on the Series E shares conversion change!
No need to apologize, we will see who is right down the road.
I asked where Marc is going to get the $100K due Oct 20th for the JV on the GC and GS JV.
Waiting for your answer.
Read this and then explain why WSRA is searching for private investors and will do a private Joint Venture.
No problem, SIRG shareholders are all capable of reading and they were probably just covering their a$$. Hebb still has not provided proof and since he lost his home to foreclosure in 2009 they might have a problem locating him and his wife, Marie.
But you did post that there was a paid pump on SIRG and are responsible for writing and submitting that post!
WHERE IS THE PROOF FOR THAT POST THAT THERE WAS A PAID PUMP ON SIRG?
There is nothing that states that a JV was signed between WSRA and GDSM to develop the Azurite mine.
Further the 40,000,000 Series E Preferred Convertible shares that GDSM gave to WSRA in 2009 are questionable as to their even being legal. GDSM was only authorized to issue 5,000,000 Series E shares. This can be verified by reading the Florida amendment filings.
Further, Marc filed on Aug. 16th to change the conversion rate from 1-1 to 15-1 and GDSM does not have sufficient A/S shares to cover the conversion of any of the Series E conversions.
Why do you think Paradiso is refusing to sign the attorney letter and GDSM continues to have the YIELD sign which which will become a STOP sign soon?
Court move won’t hit state mining
Clinton-era roadless rule stands; Colorado exception in place
By Gary Harmon
Tuesday, October 2, 2012
A decision by the U.S. Supreme Court on Monday not to hear arguments about the national roadless rule gave environmental groups a long-fought victory and a case of heartburn the size of the North Fork coal-mining district.
The Colorado Mining Association, which suffered a setback in the case, meanwhile said Colorado’s unique position would allow mining to continue. Other industries, such as the ski industry, also will continue to operate in the state under the Colorado rule.
The high court allowed to stand a rule adopted in 2001, during the waning days of the Clinton administration, that prohibited development on about 60 million acres of national forest lands.
Colorado was one of two states to insist on drafting its own rule, which was approved in July by Agriculture Secretary Tom Vilsack.
The high court’s action “validates one of America’s most important and popular land conservation policies,” Jane Danowitz of the Pew Environment Group said. “Without the national standard of protection the rule provides, millions of acres of America’s last pristine national forests could be lost to logging and other industrial development.”
The Colorado Mining Association and state of Wyoming, however, sought the intervention of the high court, calling the national roadless rule “a sweeping usurpation of the authority vested solely in Congress to designate lands as wilderness.”
Environmental organizations declared the Colorado rule weak because under it, the Forest Service has allowed expansion of the West Elk Mine near Somerset by 1,700 acres.
Under the national rule, the expansion would have been prohibited.
The nonprofit legal organization Earthjustice last month began an administrative battle to halt Arch Coal Inc.‘s plan to build 6 1/2 miles of road and 48 drilling pads in the Sunset roadless area to install a system to capture methane from the mine expansion.
The Theodore Roosevelt Conservation Partnership called the decision by the high court a “victory for sportsmen.”
Prove that a JV for the Azurite mine was signed! Why did Chaffee not state that it had been?
I feel Marc is currently chasing a merger with IMGR, something Mr. Chaffee probably is not aware of.
All will be revealed in a few days and if GDSM fails to make the $100,000 payment on Oct 20th the GC/GS JV will be in default. That would be the third JV default with GDSM.
I do wonder where Marc is going to get that $100,000??
I think that is a great idea as there are many more toxic funders besides Asher.
NBRI issued this 8k july 13, 2012
Unregistered Sale of Equity Securities, Financial Statements and Exhibits
Item 3.02 Unregistered Sales of Equity Securities
Effective July 11, 2012, the Registrant issued a $550,000 Promissory Note ("the Note") to JMJ Financial. The Principal Sum due to the Lender shall be prorated based on the consideration actually paid by the Lender, plus an approximate 10% Original Issue Discount ("OID") that is prorated based on the consideration actually paid by the Lender as well as any other interest or fees, such that the Registrant is only required to repay the amount funded and the Registrant is not required to repay any unfunded portion of the Note.
The Note has a maturity date of twelve (12) months from the Effective Date. If the Note is repaid within ninety (90) days of the Effective Date, the interest rate shall be zero percent (0%). Should the Note still be outstanding after 90 days, a one-time 5% interest rate will be applied. In addition, the Lender has the right, at any time 90 days after the Effective Date, at its election, to convert all or part of the outstanding and unpaid Principal Sum and accrued interest (and any other fees) into shares of fully paid and non-assessable shares of common stock of the Registrant. The Conversion Price is the lesser of $0.10 or 70% of the average of the two lowest closing prices in the 25 trading days previous to the conversion.
The initial consideration received as of the date of this report is $100,000.
The Note referred to above (and the shares of common stock underlying them) is exempt from registration pursuant to Section 4(2) of the Securities Act of 1933, as amended.
The above described executed Note is attached hereto and incorporated by reference as Exhibit 10.1.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
10.1 Twelve Month Convertible Promissory Note with JMJ Financial dated July 11, 2012
There remains no proof that the Brian Hebb debt is legitimate. It appears that he has been given extra time to prove that debt however that debt is likely tied into this lawsuit and that Hebb is a liar and a fraud.
Still waiting for proof that there was a paid pump on SIRG.
Provide proof that there was a claim made of funding.
It has been posted that term sheet funding is likely available with a permit contingency. When the permits are approved/transferred, the details will be revealed. We know that Rod turned down another funding offer so on that basis it can be assumed that he already had funding secured or he would not have turned down any funding offer!
The JV for the GC and GS remains intact unless Marc defaults on the $100,000 due Oct. 20th.
No JV agreement for the Azurite was contracted for.
I guess Mr. Chaffee didn't get around to uploading his shareholder Update.
Shareholders Update
For the Period Ending
September 30, 2012
The following is a brief overview of the current status of Western Sierra Mining for the period ending September 30, 2012. This summary of the period should be viewed in conjunction with the previous reports filed with the Pink Sheets, press releases, the December 31 report to shareholders, SEC filings and previous shareholder updates.
During the third quarter of 2012 we have continued to expand our relationship with current and potential Joint Venture Partners and have completed the acquisition of the Azurite mine in Central Arizona.
The Azurite Mine
During the second and third quarters of 2012, we completed the acquisition of the Azurite hardrock gold, silver and copper mine and the private property on which it exists.
The Azurite project is located approximately 14 miles south of Prescott, Arizona and within the Senator Mining District.
The Azurite Mine, also known as Lower Davis Dunkirk, is comprised of 86 patented acres contained in 6 original patented claims. The Mine consists of 6000 feet of underground workings, together with numerous surface excavations, dumps, and road infrastructure. An old mill site with water is present and usable for future milling.
The Company is in the initial phases of re-opening the mine and upgrading the access roads and driving new roads that will expose additional areas of the main vein structures.
That project should be completed during the first week in October. We will then initiate a small sampling program looking to confirm the work done earlier in the year and prepare for a final mine development plan and submit that plan to any required agencies in the State of Arizona for review.
The Azurite mine will require approximately $1 million dollars to bring it to a full production status. The Company will make available to qualified investors an opportunity to participate in the mines development through a private Joint Venture
relationship. Details will be provided upon written request.
Gold Basin
We have continued to work closely with Pine Creek mining to re-open the Gold Basin placer mine. We have recently completed additional fencing and earth control barriers at the request of the U.S. Forest Service. We are looking at a variety of possibilities to Joint Venture the project with Pine Creek as an operating partner or as the mine operator for an outside or private developer.
Outside and Independent Evaluations for Other
Under a private contract, Western completed a preliminary evaluation of the Castle Springs property. We have been notified that the client, a foreign developer has elected not to pursue the project. The main reason given was their concerns relative to the possible lengthy permitting process now in place on Federal lands. The results of that fairly extensive exploration work was positive and with the new and additional data we derived from that work we are proceeding to continue look for either a financial partner or for a direct sale of the property.
Gold Star/Gold Crown/GDSM
Western continues to work closely with GDSM for the development of the Gold Star properties as they pursue the necessary funding. GDSM also remains committed to the financial support of the Azurite mine. In addition, we have made available to GDSM
additional mining properties for their consideration which they are currently evaluating.
GDSM is currently setting their priorities and communicates with Western as to their progress.
Current Exploration
During this period, we have been looking to expand certain claim sites and have been doing the necessary work to evaluate the cost/rewards attributable to that effort. We will reserve disclosing those specific properties until we have either filed the necessary paper work or decided against going forward.
We are now concentrating on the acquisition of additional private properties to add to our reserve inventory as opposed to properties under Federal lease.
In our last report, we referred to our continuing exploration. Part of that work provided information to make an intelligent decision on Azurite.
We have continued our first look at the Silver Cord underground mine completing basic power and lighting installations. Work there has been limited during the period primarily due to our commitment to other projects and more recently the weather.
Ongoing and New Projects
Western continues to work with individuals and corporations that have expressed an interest in purchasing mines currently in the inventory of the Company. Several proposals have been rejected for a variety of reasons. We are also negotiating with a number of potential J.V. partners in an effort to initiate a project that would lead to a long term production program.
We also continue to work with potential corporate and private investors who are looking to becoming involved with the mining industry and needing an independent evaluation of the proposed transaction or the property itself.
We get many inquiries for our services in the outside and independent property evaluation of our business. However, revenues are extremely small since most of the projects being presented either have little merit; problems with ownership documentation or because of environmental and permitting issues make the project uneconomical.
GEAR International.
In the third quarter of 2011, certain shareholders of Western entered into a stock purchase agreement that if completed would have provided GEAR a controlling interest in Western. GEAR failed to fund the transaction. Late in the first quarter of 2012, a new
agreement was reached with certain shareholders that would again provide GEAR a controlling interest in the Company. After many promises and assurances, GEAR again defaulted on that agreement as well.
Those shareholders involved are now looking closely at the circumstances surrounding the promises and stipulations made during both the first and second contract negotiations by both GEAR and certain associated parties and evaluating their legal options.
Reporting Status
Our financial and corporate reporting will continue to be filed at Pink Sheets.com as will any significant press releases for the present time.
As always, should you require any additional information or have any questions, you may contact the office between the hours of 7:00 AM to 7:00 PM, MST Monday through Friday. We are currently spending a large amount of time in the field but will do our best
to return your calls.
Because of the large volume of calls, callers without caller ID are no longer answered.
Statement for Forward-Looking Information
Certain information set forth herein contains “forward-looking statements” within the meaning of the federal securities
laws.
Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events, future revenues or performance, capital expenditures, exploration efforts, financing needs, plans or intentions relating to acquisitions by the Company and other information that is not historical information.
The word “estimates,” “expects,” “anticipates,” “forecast,” “plans,” “intends,” “believes” and variations of such words or similar expressions are intended to identify forward-looking statements.
The Company’ forward-looking statements are based upon the Company’s current expectations and various assumptions. The
Company’s expectations, beliefs and projections are expressed in good faith and are believed by the Company to have a reasonable basis, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties, but there can be no assurances that management’s expectations, beliefs, and projections will result or be achieved or accomplished. The Company’s forward-looking statements, apply only as of the date made.
$165,000 worth of Compensation for LBGO, 31 email promoters including: Winning Penny Stock Picks, Galaxy LLC, Penny Stock Pick Alert!, Penny Stock Money Train, etc.
The Tangiers note is from 2011 and for $18,750 - peanut shells in the context of the $187,500,000 worth of copper at the Chloride Mine!
Got anything new or current to discuss?
Mr. Chaffee will publish the Shareholder's Update for the Period Ending Sept. 30, 2012 later today.
Tangiers is just as bad as Asher.
On February 2, 2012,NBRI entered into two Convertible Promissory Note Agreements with Tangiers Investors LP, pursuant to which the Company received an aggregate of $100,000 ($50,000 per Note) as a loan from Tangiers.
The first Note has a term of six (6) months, and the second Note has a term of twelve (12) months. Each Note accrues interest at a rate equal to 9.9% per year, and is convertible into common stock, in whole or in part, at any time and from time to time before maturity at the option of the holder at a fixed price of $0.08 per share.
As further consideration, Tangiers shall be entitled to 500,000 5-year warrants exercisable at $0.13. The Notes further specify that there shall be no penalty for prepayment. The beneficial conversion feature resulting from the discounted conversion price compared to market price was valued on the date of grant to be $78,296 on the note, and $21,704 on the warrants. The warrants were valued using the Black-Scholes valuation model. This value was recorded as a discount on debt and offset to additional paid in capital. Amortization of the discount was $61,345 for the six months ended June 30, 2012.
On March 15, 2012, NBRI entered into two Convertible Promissory Note Agreement with Tangiers Investors LP, ("Tangiers") pursuant to which the Company received an aggregate of $75,000 ($37,500 per Note) as a loan from Tangiers.
The first Note has a term of six (6) months, and the second Note has a term of twelve (12) months. Each Note accrues interest at a rate equal to 9.9% per year, and is convertible into common stock, in whole or in part, at any time and from time to time before maturity at the option of the holder at a fixed price of $0.09 per share. As further consideration, Tangiers shall be entitled to 500,000 5-year warrants exercisable at $0.09. The Notes further specify that there shall be no penalty for prepayment. The beneficial conversion feature resulting from the discounted conversion price compared to market price was valued on the date of grant to be $34,896 on the note, and $40,104 on the warrants. The warrants were valued using the Black-Scholes valuation model. This value was recorded as a discount on debt and offset to additional paid in capital. Amortization of the discount was $32,919 for the six months ended June 30, 2012.
On May 16, 2012, the Company entered into a Convertible Promissory Note Agreement with Tangiers Investors LP, ("Tangiers") pursuant to which the Company received $50,000 as a loan from Tangiers.
The Note has a term of six (6) months, accrues interest at a rate equal to 9.9% per year, and is convertible into common stock, in whole or in part, at any time and from time to time before maturity at the option of the holder at a fixed price of $0.06 per share. As further consideration, Tangiers shall be entitled to 150,000 5-year warrants exercisable at $0.07. The Note further specifies that there shall be no penalty for prepayment. The beneficial conversion feature resulting from the discounted conversion price compared to market price was valued on the date of grant to be $16,241 on the note, and $9,393 on the warrants. The warrants were valued using the Black-Scholes valuation model. This value was recorded as a discount on debt and offset to additional paid in capital. Amortization of the discount was $6,269 for the six months ended June 30, 2012.
On May 30, 2012, the Company entered into a Convertible Promissory Note Agreement with Tangiers Investors LP, ("Tangiers") pursuant to which the Company received $25,000 as a loan from Tangiers.
The Note has a term of six (6) months, accrues interest at a rate equal to 9.9% per year, and is convertible into common stock, in whole or in part, at any time and from time to time before maturity at the option of the holder at a fixed price of $0.06 per share. As further consideration, Tangiers shall be entitled to 150,000 5-year warrants exercisable at $0.06. The Note further specifies that there shall be no penalty for prepayment. The beneficial conversion feature resulting from the discounted conversion price compared to market price was valued on the date of grant to be $10,988 on the note, and $9,380 on the warrants. The warrants were valued using the Black-Scholes valuation model. This value was recorded as a discount on debt and offset to additional paid in capital. Amortization of the discount was $3,432 for the six months ended June 30, 2012.
Table of Contents
On June 19, 2012, the Company entered into a Convertible Promissory Note Agreement with Tangiers Investors LP, ("Tangiers") pursuant to which the Company received $100,000 as a loan from Tangiers. The Note has a term of twelve (12) months, accrues interest at a rate equal to 7% per year, and is convertible into common stock, in whole or in part, at any time and from time to time before maturity at the option of the holder at the lesser of 7 cents or the undiscounted VWAP price on the day prior to conversion, with a floor price of 2 cents.
As further consideration, Tangiers shall be entitled to 750,000 5-year warrants exercisable at $0.07, and 750,000 5-year warrants exercisable at $0.14. The Note further specifies that there shall be no penalty for prepayment. The beneficial conversion feature resulting from the discounted conversion price compared to market price was valued on the date of grant to be $58,048 on the note, and $41,952 on the warrants. The warrants were valued using the Black-Scholes valuation model. This value was recorded as a discount on debt and offset to additional paid in capital. Amortization of the discount was $3,836 for the six months ended June 30, 2012.
So, we can see a clear pattern emerging. Tangiers has gone from accepting fixed conversion rates for shares, to a free-floating formula known as VWAP, or volume weighted average price, with a bottom range set at .02. Tangiers has lost faith in this company in as much as they will not commit to a fixed price on conversion shares because they dont lose money on their financing, they convert shares and make money. They not not holding NBRI shares as an investment, thats for other people to decide if it is wise, or not.
Now cross check the pps of the Tangiers shares vs. average trading range of NBRI in the same period.
In Feb. they got their shares at .08 - NBRI range was .13
In March they got their shares at .09 - NBRI range fell to .11
In May they got .06 shares - NBRI range now around .08
Two weeks later in May they got more at .06 - NBRI range still .08
Question - is there a connection between BONZ and LBGO or do they just share the same office space?
Bonanza Goldfields Corp.
2415 East Camelback Road
Suite 700
Phoenix, AZ 85016
Liberty Gold Corp.
2415 East Camelback Road
Suite 700
Phoenix, AZ 85016
COPPER HITS $3.78
Oct 01, 2012 (Dow Jones Commodities News via Comtex) --
--Comex December copper recently trades up 2.65 cents, or 0.7%, at $3.7845 a pound
--Retreat in U.S. dollar, upbeat U.S. manufacturing report send copper higher
--Weak China manufacturing data has limited impact; markets there closed for holiday
By Matt Day
NEW YORK--Copper futures gained Monday, as a retreat in the U.S. Dollar and upbeat U.S. manufacturing data outweighed the latest sign of economic struggle in the world's top metals consumer.
The most actively traded copper contract, for December delivery, recently traded up 2.65 cents, or 0.7% at $3.7845 a pound on the Comex division of the New York Mercantile Exchange. Futures rose as high as $3.798 a pound, the highest intraday price in more than one week.
Manufacturing activity in the U.S. returned to growth in September, according to a report released Monday by the Institute for Supply Management. Copper is used in a wide range of industrial applications, and such data are widely seen as indicators of likely demand for the metal.
ISM's U.S. manufacturing index stood at 51.5 in September, up from 49.6 in August. Readings above 50 indicate expansion.
Copper's gains also came as the euro advanced against the U.S. dollar. Better than expected euro-zone economic data, as well as the continued pressure from the Federal Reserve's latest round of bond buying, weighed on the U.S. currency. That gave a boost to dollar-denominated copper by making the futures appear cheaper for buyers using other currencies.
The currency tailwind helped copper erase losses seen overnight after the news that China's official gauge of manufacturing activity showed the sector contracted for a second consecutive month in September. The purchasing managers' index stood at 49.8 in September, from 49.2 in August. HSBC's separate reading showed a similar trend. Its index for September showed 47.9, compared with 47.6 in August.
Worries about the health of top consumer China have kept pressure on copper prices this year. The slower pace of growth has left traders watching for hints that Beijing would take steps to prop up economic activity. The country taken some steps to free up cash for lending, and approved some infrastructure projects.
"There is little good news from China at present," analysts with Commerzbank said in a note, adding that the PMI released Monday "again proved a disappointment."
Chinese markets were closed Monday for the start of a week-long holiday. That, analysts say, could limit copper trading.
-Write to Matt Day at matt.day@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
It will not take GDSM private but will just merge IGMR into GDSM.
BONZ production cannot start without all the permits and a Feasibility Study is required for the start of the permitting process. A Bankable Feasibility Study will also be required to get funding.
Here is an example of a Feasibility Study.
http://rosemontcopper.com/augusta-announces-2012-feasibility-study-update-results.html
A dose of reality is required here.
Where is BONZ in the permitting process? Is there a Feasibility Study and if so where can it be found?
BONZ with a market value of over $16,000,000 is over valued for a junior explorer without proven reserves.
Everyone will agree that SIRG has given us an exciting ride from .0015 to .0119 with times we thought our SIRG ship was in danger but Rod has navigated those rough waters and the SIRG ship is sailing along smoothly.
With MARCUM, the new accounting firm, and the new CFO all previous Admin issues should be in the rear view mirror with calm open seas ahead!
Mining Bald Mountain for precious metals not worth the environmental risk, Portland speaker says
By Seth Koenig, BDN Staff
Posted Sept. 27, 2012, at 6:19 p.m.
Courtesy of NRCM
PORTLAND, Maine — A Canadian environmentalist and mining expert said Thursday there’s almost no way Bald Mountain can be mined without polluting nearby water, potentially for thousands of years.
Ramsey Hart of MiningWatch Canada was tapped as the keynote speaker for the Natural Resources Council of Maine’s annual meeting Thursday night in Portland. In an interview beforehand with the Bangor Daily News, Hart and NRCM scientist Nick Bennett decried as dangerous a new state law aimed at loosening up a regulatory environment that has essentially stonewalled metallic mineral mining in Maine for more than two decades.
In response, the chairman of the state Legislature’s natural resources committee argued that the metallic mining law was carefully written to protect the environment — a goal state Sen. Tom Saviello, R-Wilton, said can be accomplished without suppressing business interests.
“Before us is the possibility of revitalizing an industry that dates back to the 1800s, an industry that could potentially create hundreds of jobs in a county that desperately needs jobs, pumping millions of sorely needed dollars into our state’s economy,” Saviello said in a Thursday statement, in part. “This can be done with critical environmental protections in place.”
Hanging in the balance are as many as 700 jobs, creating an estimated $600 million in annual payroll and $120 million in state and local taxes. That’s what Canadian timber company J.D. Irving Ltd., which requested the new law, claims it will create if it moves forward with a 500-acre mining site centered on Bald Mountain in Aroostook County.
Also hanging in the balance, Hart argued, is the health of the area groundwater as well as the Fish River chain of lakes, the last spot in Maine where brook trout are unencumbered by invasive species such as smallmouth bass.
Hart said the explosives used to blast open Bald Mountain for mining would release the sulfide entombed in the rock, which would be carried into area water bodies as sulfuric acid by rainwater and runoff. The toxins also would be injected into the groundwater by the process.
Saviello said the new law considers and protects water quality.
“The metallic mining law sets forth the strongest of protections and continues to uphold our state’s strict environmental laws,” the Wilton Republican said. “Before a permit to develop a mine can be issued, an applicant must demonstrate that ‘the mining operations will not unreasonably adversely affect existing uses, air quality, water quality or other natural resources.’”
Saviello, who also is chairman of the Legislature’s Regulatory Fairness and Reform Committee, said the law states that any discharges to groundwater outside the mining area must meet clean drinking water standards — or be as clean as the water is today — and that any contamination of surface water would be prohibited.
He also said the mining company would be required to monitor area water quality for at least 30 years after mining ceased.
But Bennett said there’s too much wiggle room in the law, which he notes seems to allow groundwater contamination within the “mining area,” but doesn’t define what that is.
With Department of Environmental Protection consultants slated to draft the exact rules needed to implement the new law, Bennett said too much of the legislation is open to interpretation.
“They didn’t say how far away you’re allowed to pollute, so it’s not clear if you’re allowed to pollute half a mile away, or a quarter-mile away,” Bennett said. “The more groundwater you allow to be polluted, the less likely you will be able to control that polluted groundwater from spreading. If the DEP allows [groundwater] 50 feet away to be polluted, that may already be too much. It may be impossible to control at that point.”
Hart added that keeping mining companies on the hook for water testing for an additional 30 years may not be enough, either.
“Unlike other industrial facilities, when you stop mining, the problems don’t stop at a sulfide mining site,” he said. “These mine wastes will continue to generate acid mine drainage, or risk generating it, for hundreds if not thousands of years.”
Bennett pointed to the case of the Callahan Mine in Brooksville, which was mined from 1968 until 1972, and has cost Maine taxpayers $23 million thus far in environmental remediation work.
“The largest part of the cleanup hasn’t been completed yet, and it’s 40 years later,” Bennett said.
“Ramsey was telling us that there are Roman mines that are still leaking acid, and obviously those were smaller mines than what we’re talking about here [at Bald Mountain].”
But bringing up cases like the Callahan Mine when discussing modern mining operations is unfair, Saviello said.
“Of course, mines that were constructed and operated before current environmental laws and regulations have a mixed environmental record,” he stated. “But today’s operations are a far cry from facilities first opened in the 1800s and operated up until the 1980s such as the Callahan mine. Rigorous environmental laws, requirements for reclamation and closure planning and advanced water treatment technology combine to offer the opportunity to mine in a safe, responsible manner.
“In addition to the requirement that an applicant prepare an operations, closure and environmental protection plan before the mine is permitted, the applicant must provide financial assurance that the mine will be reclaimed and closed without spending taxpayer money,” Saviello said.
Bennett said he’s still looking for an example of a mine closed in the United States that did not leave behind environmental damage or cost taxpayers money.
He said a recent report compared pollution estimates prepared by mining companies beforehand with the actual amount of water contamination found once an operation was constructed.
“About 75 percent violated water quality standards,” he said. “The mining industry has a very strong history of predicting things they can’t do. Maybe they’re saying those things in good faith, and they really believe they’ll be able to adequately treat all of the water coming away from the site. But this shows they usually can’t.”
James Irving, president of J.D. Irving Ltd., told a Fort Kent crowd in May he would not mine at Bald Mountain at the expense of the environment.
Hart said he worried that Irving might become unrealistically hopeful about his chances of isolating his mining operation from the environment once he sees how much gold, silver and copper is in the mountain.
“It’s plausible that after looking at this some more, that Irving would decide that it’s too risky, but there are a lot of folks in the industry who make claims and then become overly optimistic,” Hart said.
“The first thought that probably comes to mind [for mining company executives] is, ‘Gosh, look how much money can be made,’” he said. “Then, maybe, ‘Are there environmental risks?’ Then, ‘Can we mitigate those risks?’ and then, ‘How can we convince people that the benefits are worth the risks?’”
The merger between IGMR and GDSM will combine two nothing companies. Neither has any cash or revenues. IGMR owns some BLM claims between 2 wilderness ranges in Inyo Co. CA, both of which contain rare and endangered species. The chances of getting the necessary permits are slim and it will take millions of dollars.
The two companies can merge by GDSM giving IGMR some of those Series E Preferred Convertible shares that are as worthless as IGMR's claims which would be their contribution to the merger.
The Series E are convertible into common shares at 15 to 1 and GDSM does not have sufficient shares to cover the Series E shares already sold.
The first target for SIRG is Fair Market Value of .035. The next target is .05, the options exercise price for officers and BOD members.
Once SIRG goes into production the share price will be calculated by the EPS which should take SIRG to .10 or higher.
2013 should be an exciting year for SIRG. Michael Rowland has an employment contract to begin the search for a JV or acquisition on the day production starts. When he finds a suitable project for expansion then SIRG share price should double.
Also SIRG will be doing test drilling on the area south of the pit where they could find another 50M lbs of copper ore and that would double the price.
Lots to look forward to in 2013.
SIRG is under valued and under the radar. It is in the final permitting process to re-open the Chloride Copper Mine in NW AZ.
The Rizzo Report increased the reserves and they are higher than previously estimated. The existing ore below the current bench levels from 3695 to 3420 values known between 3420 and 3310 could add another 13 Mlbs. Many holes were abandoned with higher than cut-off grade Cu values in and around the existing pit. Their continuation at depth could prove additional resources. Based on the forgoing, it is safe to assume that the current known resources would provide a minimum of 50 Mlbs of ore; at 5Mlbs/annum, that would support a 10 year mine life.
http://www.sierragroupinc.com/wp-content/uploads/2012/05/L10-Chloride-Copper-Resource-Report.pdf
Authorized shares: 440,000,000
Total issued and outstanding: 347,833,085
Total restricted: 51,485,000
SIRG has built a new base in penny land and is posed for a break out. Fair Market value us .035, next target is .05 the options exercise price for officers and BOD members.
http://investorshub.advfn.com/Sierra-Resource-Group-Inc-SIRG-18443/
SIRG is under valued and under the radar. It is in the final permitting process to re-open the Chloride Copper Mine in NW AZ.
The Rizzo Report increased the reserves and they are higher than previously estimated. The existing ore below the current bench levels from 3695 to 3420 values known between 3420 and 3310 could add another 13 Mlbs. Many holes were abandoned with higher than cut-off grade Cu values in and around the existing pit. Their continuation at depth could prove additional resources. Based on the forgoing, it is safe to assume that the current known resources would provide a minimum of 50 Mlbs of ore; at 5Mlbs/annum, that would support a 10 year mine life.
http://www.sierragroupinc.com/wp-content/uploads/2012/05/L10-Chloride-Copper-Resource-Report.pdf
Authorized shares: 440,000,000
Total issued and outstanding: 347,833,085
Total restricted: 51,485,000
SIRG has built a new base in penny land and is posed for a break out.
http://investorshub.advfn.com/Sierra-Resource-Group-Inc-SIRG-18443/