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I have been through lots of mines in the Bradshaws but nothing as dangerous as the Dunkrk. There are about a thousand or more in the Bradshaws! I would never venture into something that is clearly that dangerous even if I had brought my scuba tank! One wrong step and you could fall 2 miles down! LOL Too funny!
So the lower Dunkirk floods = are they going to supply the miners with scuba tanks and protective suits because that water is toxic?
Looks like they are going to have to build an evaporation pond and that requires the good old APP! See you guys in a year or two!
Sierra Resource Group DTC Deposit Chill lifted
Date : 08/23/2012 @ 2:00PM
Source : PR Newswire
Stock : (SIRG)
Quote : 0.009 0.0007 (8.43%) @ 3:53PM
Sierra Resource Group DTC Deposit Chill lifted
Sierra Resource Grou (OTCBB:SIRG)
Sierra Resource Group, Inc. (OTCBB: SIRG) (the "Company" or "Sierra") announced today that the Depository Trust & Clearing Corporation has advised Sierra that the Depository Trust Company has determined to lift the Deposit Chill on the Company's stock and has resumed accepting deposits of the Company's stock for depository and book-entry transfer services.
"We are pleased with this determination and know our shareholders will be too," said J. Rod Martin, Chief Executive Officer of Sierra.
About the company:
Sierra Resource Group Inc. (OTC Bulletin Board: SIRG) is a U.S based exploration and mining company committed to the exploration, discovery and development of gold, silver, copper and other mineral resources. Sierra's primary asset is 80% ownership of the Chloride Copper Mine located near Kingman Arizona. Sierra has reached an agreement to purchase half of the minority interest taking its overall ownership to 90%. The technical report, NI43-101, by Scott Wilson Roscoe Postle Associates March 10, 2006, estimates the Chloride Copper Mine contains 27,000,000 pounds of copper. The company is looking to expand throughout the Americas in the near future.
Sierra plans to use open pit mining and plans to reopen the existing SX/EW plant on site with the maximum capability of producing up to 5,400,000 pounds of Copper Cathode per year. The existing SX/EW Plant On-Site is environmentally friendly, cost effective and a quick production process according to an article published by the Copper Development Association in August 2001.
The Chloride Copper Mine deposit is hosted by Late Tertiary conglomerates and, to a lesser extent, by Quaternary alluvium and Cretaceous granitic rocks. Copper mineralization at Chloride Copper Mine is in the form of mineralized lenses contained within a paleochannel approximately a few thousand feet long and up to 750 feet wide. The source of copper at Chloride Copper Mine is interpreted to be the low grade porphyry-type copper mineralization at Alum Wash, about 3.5 miles northeast of the Chloride Copper Mine deposit. The mineralization is characterized by dark blue to black rock similar to the Exotica deposit, a satellite of the huge Chuquicamata copper deposit in Chile.
Sierra's management and Board of Directors consist of expert geologists, mining professionals and experienced business people.
FOR INFORMATION CONTACT:Sierra Resource Group, Inc.Ph. 702.462.7285For more information visit our website: www.sierragroupinc.comJ. Rod Martin CEOinfo@sierragroupinc.com
Well it is a fact that insiders like Rod and the BOD members along with other early investors are holding some 70,000,000 shares and therefore they are not being traded and are not part of the float.
Other companies have zero insiders invested in their company so it is important since 70,000,000 is a significant number of shares and shows the faith and commitment they have in SIRG.
I am hoping the next PR reveals they have been able to negotiate a deal to buy that additional 90 acres for expansion.
I know Stonehouse was chomping at the bit to test drill the areas south of the pit and prove up more reserves.
SIRG has 3 goals when production begins.
1. Release Michael Rowland to find an acquisition or JV.
2. Hire an IR firm.
3. Test drill south of the pit.
2013 is going to be an exciting year for SIRG shareholders.
Clearly there is a false fixation on the Asher notes that are not due until Feb of 2013. But claims of more dilution make good negative fodder for those who continue to attempt to bring SIRG down.
The fact that SIRG is forced to accept unfavorable terms such as higher interest rates to continue their goal of re-opening the mine just proves their commitment to continuing the progress of moving forward to bringing the mine into production in early 2013.
Don't understand the reluctance to invest in SIRG, as many people could have bought SIRG at .002 or less several times and tripled their money. Sad to waste so much time for nothing.
It's not too late, SIRG remains under the radar and under valued but that will be changing, we can already see how fast SIRG can move, just look at today!
What do you think SIRG's pps will leap to when the funding details are released? based on SIRG's sudden SURGE today?
Welcome to the SIRG ship.
8/23/
Class A Common stock: 440,000,000 shares authorized
Class A Common stock: 347,833,085 shares outstanding
Class A Common stock: 70,000,000 held by insiders and long term
Class A Common stock: 51,485,000 restricted
Class A Common stock: 226,348,085 freely tradable (float)
Because the Azurite is on private land they can start there with only a few permits.
BUT they cannot pump the toxic water out of that flooded shaft without permits and they have 2 options.
Get the road widened enough so they can bring in a pumper truck and pump it out. It will be hauled to a Hazmat disposal site (expensive) and they will need a permit to haul a toxic substance over public roads and my need a permit to even pump it out. God forbid any toxic water gets spilled on the ground and seeps into it!
The other option is to build an evaporation pond, line it, install monitors and pump the water there. They will need an APP permit and that can take years!
I hope Chaffee is up to this kind of operation. He has never developed an underground mine (gave up on the Silver Cord that has been sitting there for 11 months now).
Another company recently hired several mine engineering companies to assist them through the permit process nightmares! Remember Jenkins and Stoddard cannot be used and they will need to hire real Arizona registered geologists and engineers to get those permits.
Those guys can charge $125 an hour or more - big bucks needed to develop any mining operation.
After they file an application with the ADEQ, they are charged $125 an hour by ADEQ to review their application. Any modifications will cost you 30 days and another could of grand!
I said over $900,000,000 as an estimate since no details of the exact amount of shares Jason dumped are available because GDSM is a pinkie.
And he could have sold those 31+M shares for over .03 and banked even more.
All those details must be revealed in an audited filing to uplist and that is one reason I am saying they will never uplist.
Tons of dirty laundry they will not risk exposing to their shareholders.
What if Paul and Mark split 100,000,000 of those 135,000,000 shares and dumped them at .03? that would be a cool $3,000,000 that the shareholders donated to their lifestyle! You think they want shareholders to know how many shares they got and dumped??
The BS about uplifting - like the NI-43-101 being prepared are pure BS to snare innocent people into buying stock in this failed wannabe miner.
GDSM insiders should at least own some of GDSM's A, B, C, D, and E shares!
Even old Jenkins owns 50,000,000 shares of WSRA and sits on the BOD of GDSM - just a minor conflict of interest!
There is no "if" about needing a USFS permit to bulldoze a USFS trail into a road! Just give them a call if you have questions.
Further, they will need a permit to drive any over-weight vehicles over that USFS road/trail.
Remember the claim is surrounded by the Prescott National Forest and that is federal public land and used by many hikers, bikers, cross country skiers, snowmobile riders, etc. Can you even imagine one of their trucks going out of control and hitting one of them?
And you just don't walk into the building permit department and tell them "hey I wanna fix up an old cabin". You apply for the proper permits and wait for them to give their OK.
Thanks for providing those details on the GDSM new mining adventure.
What I find totally amazing is that WSRA is asking that GDSM pay $4,500,000 for ONE HALF (1/2) of the mine placing its value at $9,000,000.
Now the Whartons bought that mine in Feb of 2006 and they have just been sitting for 6 and 1/2 years on a gold mine? That makes no sense at all.
Why didn't they hire a company like WSRA years ago to develop it and pay them a royalty? Why has it been sitting there for over 6 years, just flooded and abandoned with billions of gold in it? Who in their right mind would sit on a gold mine for over 6 years when they could have become millionaires?
Now I find this most interesting and confusing!
Yavapai County has the property assessed at $329,300! WOW have they been under paying taxes all these years? - Tax Area Code 2011 Taxes Billed 140 $2,491
What are you talking about? Cooper had over 31M shares.
31,000,000 shares times .03 is $930,000,000.
Where are you getting $29 a share from? Simple math try using a calculator.
Will we ever know how many of those 135,000,000 shares that were issued from Oct-Dec were given to Paul and Marc for their years of serving as officers.
Since their Financial Disclosure Statement shows there are NO BENEFICIAL SHAREHOLDERS, insiders own zilch of GDSM.
Are we expected to believe that Paul and Marc served as officers for all those years without being paid a salary and didn't grab the lion's share of those 135,000,000 shares?
Yes the SIRG DTCC release from the Chill was lifted on Aug 14th as announced in the 10Q released by SIRG. Do you think they would file false information in their 10Q and risk another chill?
NEWS - Sierra Resource Group DTC Deposit Chill lifted
Alert
Sierra Resource Grou (OTCBB:SIRG)
PR Newswire
Today : Thursday 23 August 2012
Sierra Resource Group, Inc. (OTCBB: SIRG) announced today that the Depository Trust & Clearing Corporation has advised Sierra that the Depository Trust Company has determined to lift the Deposit Chill on the Company's stock and has resumed accepting deposits of the Company's stock for depository and book-entry transfer services.
"We are pleased with this determination and know our shareholders will be too," said J. Rod Martin, Chief Executive Officer of Sierra.
When I bought SIRG shares through Just2Trade they previously required a call-in order so I called and asked them why they were not allowing online trades. I told them the DTCC chill had been lifted on Aug. 14th. They put me on hold for about 5 minutes and then broker apologized and said they needed to update their system and to go ahead and I could place my order online.
I did with no problem.
My other account is with SOGO Trade who clears through Pension and I was not able to buy shares in it previously. I just checked and I can now buy shares with no problem.
Looks like I will need to sell some other stocks to buy more SIRG now that the Chill is gone!
Appears TDA needs to get their act together.
Just as the DTCC chill list you referred to that is maintained by BigBlake1 needed to be updated as it is not a govenment issued list. He told me that normally companies issue a PR about being released from the chill or Global Lock but we all know that SIRG has a CEO who very rarely releases PRs.
On or about January 2012, the Depository Trust & Clearing Corporation (“DTC”) suspended post-trade settlement services (known as “Global Lock” or “Chill”) for our securities. Upon our inquiry, the compliance department at the DTC advised us that the Global Lock had been instituted due to their uncertainty about the valid issuance of shares of our company held in street name under their nominee Cede & Co. Our management subsequently provided documentation necessary to lift the Global Lock, and on August 14, 2012, the DTC advised us that they had resumed accepting deposits of the Company’s stock for depository and book-entry transfer services.
GDSM is on the down and down!
Where are the 5 gal bucket test results that Chaffee said would be given to GDSM after the first 2 weeks in August??
Where is the Q.P. who Marc said would be doing an NI 43-101? LOL!
Where is the registered accounting firm that will be filing for their uplist to a "big" board? They can't even stay current to stay clean on the pinks!
Where is that overdue Financial Disclosure Statement? What are the hiding now?
Where did the $50,000 come from for the Azurite DP?
All hype and fluff and nothing ever followed through on. Do any of you remember back in 2010 when Paul Lovito, Marc's brother touted uplisting - gee that is a long time coming and pure hype!
Does Chaffee know that he needs a permit and approval from USFS to touch that ATV trail and convert it into a road? I sure hope so but at least the local contractors will know and won't touch it without permits.
Seems very strange that there are NO BENEFICIAL SHAREHOLDERS in GDSM stock. CEO, BOD members, not one of them has enough faith in GDSM to put their money at risk! That would sure concern me!
Even Jason Cooper sold his 31+MILLION shares during the run-up in the first quarter. He could have banked some $900,000,000 of investor's money.
Do you know which old debt those 25,000,000 GDSM shares were dumped to settle? GDSM owes $67,219 in Accounts payable (past due bills).
There are 3 debts of concern to GDSM shareholders.
There are 2 notes, one for $65,000 and another for $223,320. No known dates, interest rate or due date and the holder of the notes is not identified.
There is the the $526,625 Libility from discontinued operations (ye old failed produce company) That note has been reduced from $551,615 so if that is the "old debt" that the shares were sold to reduce, then GDSM has miles to go and will need to continue to dump shares until they have to raise the A/S as there are not sufficient shares available to settle that debt.
That sir is a HUGE deal and raising the A/S is something Marc promised not to do. Will he find another option?
Then there is the $100,000 due on Oct 20th to continue the JV with WSRA to fund the development of the Gold Crown (Chaffee's property) and the Gold Star BLM claims.
With ZERO revenues over the past 3 years and an ugly track record of failures, GDSM will not be able to borrow and money but will need to try to scam some private investor to part with their money. But that investor should demand proof of gold reserves done by an independent 3rd party and not accept a report done by Jenkins who is under investigation by the AZDOTR.
The acquisition terms and the many companies involved does not make much sense to me. Something in the latest filing that I find interesting...
Quote:The Company has obtained documentation from Medina Property Group, Inc. releasing the Company’s obligation on the promissory note dated March 22, 2010. The Company has recognized the resulting Forgiveness of Debt Income as of June 30, 2012.
http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8784707 Page. 15
Why would Medina forgive the debt note of $360,000 that was acqired from the purchase of the mine?
----------------------------------------------
Why don't you read the 10Q again and maybe you will find a clue? But why not give Jorge a call and ask him since you appear to find it relevant?
FACT: MPG forgave $360,000
Stonehouse forgave $106,000
Appears SIRG has been able to negotiate a lot of forgiveness during the last quarter!
SIRG shall deliver warrants granting MPG or its assignees the right to purchase 20,000,000 shares of Class A Common Stock of SIRG at an exercise price of $0.27 per share with an expiration date of ten (10) years following the signing of a definitive purchase agreement.
Why set that warrant exercise price at .27?
I think you are right - they received a permit to remove 50 5 gal buckets of surface dirt and gravel from the Gold Crown.
No motorized equipment was allowed on the Arizona State Trust Land lease and they had to carry those 25 buckets to their vehicle parked off the lease. Heat, rain and maybe some smoke from the Gladiator fire must have made that task nearly impossible since they never finished it, collecting only half the buckets - a half-assed job for sure!
And that lease was transferred to Chaffee buy himself, but GDSM was paying for the testing on Chaffee's personal lease. I just don't understand how that can be legal! How can WSRA include a lease that they don't own in a JV with GDSM?
Can someone please explain that?
On June 30, 2012, Chaffee released a Shareholders Update that was everything but transparent. He NEVER revealed that he owned the Gold Crown but babbled on about nothing.
That Caveat Emptor is very strange since QWTR filed their 10Q on Aug. 20, 2012 making them current. Must be something else brewing.
Yes, Asher dumped their last last convertible note and no other notes are due until 2013 by which time they will be paid off after the permits are approved and the funds finally released.
SIRG is not in default in the payment of principal, interest, asking or purchase fund installment or other default with respect to any indebtedness. No notes are due until 2013 so there can be no more conversions until that time. However they will be paid off prior to that time.
Rod has done an excellent job at navigating through the many problems involved in building a company and a junior mining company has additional hurdles to jump due to the long and complicated permitting process. Anytime a company is forced to deal with government agencies, there are always unexpected delays and additional expenses. It is part of the cost of starting a business.
It is impossible for any small start-up company to build their company without some dilution.
SIRG has an excellent share structure for a sub-penny approaching production at their 80% owned copper mine.
Authorized: 440,000,000
Issued and Outstanding: 343,695,154
Restricted: 51,485,000 & Insiders 70,000,000 = 121,485,000
Float = 222,210,154
That small float is getting tighter and tighter as SIRG investors continue to accumulate and hold shares.
On March 9, 2012, former Director James Stonehouse and the Company entered in to a settlement agreement and general release of claims whereby all debt of approximately $106,000 owed by the Company to Mr. Stonehouse were satisfied in exchange for 250,000 options at an exercise price of $0.05 per share.
Below is a map showing the 90 acre section 27 that SIRG is in negotiations to purchase. They are already planning to expand their project. The areas in gold on the map are BLM property.
This is important and again Stonehouse plays an important role in the development of SIRG. He knows the mine very well and knows there is more ore that will be proven by test drilling the areas south of the pit. He knows that the per share price of SIRG will far exceed .05 a share, his option exercise price.
Just in case you haven't noticed lately, Arizona is TOUGH with a tough governor!
That is wonderful for companies that are gold miners.
The only thing those two R.I. bozoes ever mined was investor's wallets.
SUGO HAS NO GOLD - IT HAS NO MINING CLAIMS - all it has is a mountain of toxic convertible notes and 2 hungry officers who failed to produce any permits or funding for SUGO.
CORRECT "So Mercator did not buy the mine in 2008 or 2009 because the MINE WAS NOT FOR SALE"
I have shown/proven that the mine was for sale twice. Since you claim Mercator passed on an opportunity to buy it, then the burden of proof is on you. Please provide proof that the mine was for sale in 2008-2009 and that Mercator had the opportunity to buy it. All know facts show that the mine was only for sale twice, once in 1999 and again in 2010.
Prove it or drop it! Further it is not relevant that Mercator did not buy the mine.
The NI 43-101 was prepared in March 2006 by Roscoe Postle Associates Inc. estimating the copper reserve at the mine. The ore reserves were proven by independent 3rd party extensive drill testing.
Perhaps you could explain why Stonehouse had BehrDolbear do a report on the mine in 2007 and again in 2008 to keep the NI 43-101 report active and valid.
If the mine was for sale as you falsely claim, then why did Stonehouse pay Western States Engineering (WSE) to create a Start-up Plan for the mine?
Pre-production capital will be approximately $2.601 million with crushing and working capital. This assumes that mining will be using leased mining equipment and a lease origination cost of $400,000 is included in the Capital Budget. It also assumes that crushing and agglomeration equipment will be leased and is amortized over the life of the operation and a lease origination cost of $200,000 is included for this equipment.
Operating cost will be approximately $1.06 per pound of copper produced, including project administrative costs and indirects.
Ore will be mined and fed directly onto a screen with 1” mesh. Oversize material will be fed to a portable jaw crusher in open circuit. The screen undersize and crusher discharge will be fed directly to a rotary agglomerator where sulfuric acid will be used as the binder. The ore will discharge to a stockpile by conveyor and will be acid cured for ten days prior to transferring to the leach heap by truck.
The Emerald Isle Mine is a fully developed oxidized copper ore body with complete solvent extraction and electro-winning plants. The copper deposit is classified as an exotic oxide copper where the copper mineral Tenorite acts a cement binding fragments in basal pediment conglomerate. The geological reserve (proven, probable and possible) is 2.6 million tons grading 0.56% copper in-situ. The project also has 1.2 million tons of tailings grading 0.22% copper. The proven and probable reserve at the site, including tailings hosts 22.3 million pounds of copper using a 70% recovery factor in year one, 10% in year two and 5% in year three. The mining method used is open pit and the stripping ratio is 1.3:1, waste to ore. The project is currently on care and maintenance. The first two years of stripping will be minimal since the pit hosts approximately 860,000 tons of pre-stripped ore, the bulk of which has already been drilled and blasted, ready for mining.
Of the 22.3 million pounds of recoverable copper, 15 million pounds is considered to be ‘easily recoverable’ and includes approximately 5 million pounds contained in tailings. The processing plants are designed to produce 8,000 pounds of premium grade cathode copper per day, grading 99.99% purity. Approximately 75% of the equipment required to expand the plant capacity to 15,000 pounds per day has been purchased and is on site, ready for installation. The cost of this expansion is included in the Capital Cost Section of this study.
The Emerald Isle ore body hosts approximately 15 million pounds of easily recoverable copper in ore in the fully developed pit. The operation will commence by mining pre-stripped ore in the pit bottom, using the 825 series mine plans which contemplate the mining of 900,000 tons without major push-backs in the pit. The 825 mine plan is included in the section titled ‘Mine Plans’. Year One and Two will focus on mining 586,000 tons in the pit bottom which has zero stripping, has already been drilled, blasted and acidified. The availability of this ore will significantly decrease operating costs during the first two years of operations.
At approximately mid-Year Two, the limited push-backs in the 825 Mine Plan will commence to expose additional ore without significant stripping costs. Upon completion of the 825 Mine Plan, the mining will shift to the $1.05 pit with stripping ratio increasing to 3:1, waste to ore, exposing approximately 1.5 million additional tons of ore, depending on future prices.
Ore will be mined, crushed, agglomerated, acid cured and trucked to the existing 150,000 square feet heap leach pad. During the life of the project, the pad will be expanded to 350,000 square feet area to accommodate the remaining ore. Oxidized copper contained in the ore will be leached using a dilute solution of sulfuric acid, containing approximately 10 grams of sulfuric acid per liter of solution.
The acid reacts with the copper in the rock to produce a soluble copper sulfate which discharges to a lined collection ditch and runs to a pregnant leach solution (PLS) pond. This pond feeds the Solvent Extraction Plant. The copper is extracted using a commercial organic reagent in a kerosene organic solvent at approximately 7% reagent. This step is followed by a stripping step whereby the loaded organic is stripped using strong acid from the Electro-winning Plant. The Solvent Extraction step increases copper concentration from 1.5 grams of copper per liter in the PLS to 34 grams per liter in strong electrolyte.
The rich electrolyte is then pumped to the Electro-winning Plant where copper is electroplated from solution to form 99.99% pure copper cathode as the final product. Copper is stripped manually from stainless steel starter sheets, stacked, weighed and banded for shipment. For each pound of copper produced in electro-winning, 1.5 pounds of sulfuric acid is regenerated for subsequent use in leaching. This technology is proven and widely used with 30% of world copper production being generated in this way.
The Emerald Isle Mine was originally operated as a joint venture between the United States Bureau of Mines and El Paso Natural Gas as an ‘in-situ leach’ experiment, one of the first conducted in the United States.
Location, Access and Infrastructure:
The Emerald Isle mine is located in northwestern Arizona approximately 15 miles northwest of Kingman. It is reached by following Highway 93 northwest from Kingman and then turning east just south of the town of Santa Claus and following a gravel road to the mine.
The Project is fully developed for operation. Approximately $2.6 million have been expended to date on the development of the mine, processing facilities and infrastructure. Prior to restart of operations, additional capital of $676,000 will be required to complete rehabilitation of existing facilities to ‘like new’ condition and to expand the existing solvent extraction and electro-winning plants to produce 15,000 pounds per day of cathode copper. This estimate assumes that the project will be mined by a contract miner who will receive a fixed payment per ton of material mined and that this contractor will furnish the required equipment for mining at his cost. Currently, the project has installed approximately 200,000 Ft2 of lined leach pad, lined PLS collection pond, a lined raffinate pond, solvent extraction and electro-winning plants, office, shop, warehouse and laboratory.
Prior to restarting operations, the company plans to connect to the local power grid to reduce the cost of electricity and simplify plant operations. Ample water is available for operations. The company has right-of-way permits to three water wells and also leases another from which water is currently available. This lease may be renewed in perpetuity.
Property Ownership/Legal:
The Emerald Isle property consists of 7 unpatented lode claims and 15 mill-site claims and 3 well site claims in sections 22 and 27, Townships 23N, R18W, Wallipai District, Mohave County, Arizona (Figure 1). The total area owned by SGV Resources at the Emerald Isle property amounts to approximately 154 acres.
There are no royalties or other residual interests to any third parties.
History:
The Emerald Isle mining operation was originally developed as a quasi-Joint Venture between the U.S. Bureau of Mines (U.S.B.M.) and the mining division of El Paso Natural Gas.
The government underwrote the development of the project to expand its background in the leaching of oxide copper ores. It was thought that the operation would more than pay for the study, which it did. It operated successfully until 1973, when the Bureau determined that its research objectives had been achieved. In addition to extensive acid leach tests, it had conducted a number of in-situ leaching tests and was satisfied with the results. It assigned its interest in the project to El Paso and testing continued privately.
El Paso drilled the bottom of the pit with a ‘tight pattern’ and blasted the exposed ore. Recovery wells were drilled and in-situ leaching was conducted for a short period until operations ceased in early 1974. The project was shut down due to high costs associated with the production of copper precipitate and subsequent treatment and refining charges.
The Emerald Isle Mine was purchased outright in 1980 by TSC Enterprises from El Paso Mining and Milling. SGV Resources purchased the mine and plants from Western Consolidated Resources (formerly TSC Enterprises) for a combination of cash and stock in 2004.
During its ownership of the property, TSC Enterprises modified the processing technology, including heap leaching, solvent extraction and electro-winning to produce cathode copper. Construction was completed in 1995 and the project operated successfully until early 1996 at which time copper prices declined to the point where it was not making a significant return. The project was shut down to conserve the reserves until the price of copper improved.
The U.S. Bureau of Mines reports indicate that a total of 1,400,000 tons were mined grading 1.0% copper during its ownership of the property. They reported copper recovery of 80% which correlates with the copper grade and tonnage of the tailings pile. An additional 235,000 pounds of copper as cathode copper was produced by TSC Enterprises following completion of the SX/EW plants.
The tailings produced by El Paso/U.S. Bureau of Mines are stored on site and contain 0.2% copper, or four pounds of copper per ton of tailings. SGV plans to re-process these tailings early in the operation to recover approximately 5.0 million pounds of copper through agitation leaching and decantation of solutions followed by mixing with pregnant solutions from the leach heaps.
Geology and Mineralization:
The Emerald Isle copper deposit is located in the Sacramento Valley, half a mile from the west face of the Cerbat Range. Its geologic setting is an alluvium covered, gradually sloping pediment. The relief is low and undulating due to protruding bedrock and erosional dissection. This dissection, which is recent, is caused by ephemeral stream action commencing on the slopes of the Cerbat Range at the alluvium-bedrock contact and winding west and southwest into the Sacramento Valley.
The alluvium in the vicinity of the mine represents older alluvium, as does the bulk of the detrital apron flanking the range.
The terrace beds and dissected portions of the apron reveal poorly sorted, mixed deposits of angular to sub-angular sand, pebbles, cobbles and boulder (up to 15 ft), representing all the rock units in the Cerbat Range. Crude stratification exists in some places, but the bulk of the apron flanking the range is largely mixed and unconsolidated.
The alluvial veneer at the Emerald Isle deposit has been consolidated by mineralizing solutions to form the blanket of copper mineralization. The salts and clays eroded from the Ithaca Peak porphyry alteration halo surely contributed to the bonding of this detrital material. The U.S. Bureau of Mines refers to the mineralized portion of the consolidated veneer at Emerald Isle Mine (“EIM”) as the Gila Conglomerate, while everything above it is referred to as alluvium.
The source of the EIM mineralization is the low grade porphyry type mineralization at the head of Alum Wash, 1-1/2 miles NE of the deposit. Tenorite (CuO) is common and minor cuprite (Cu2O) and dioptase (CuSiO2(OH)2 have been identified. The copper mineralization occurs in fractures and as an interstitial cementing medium along with fine sand and clay. Oxides of iron and
manganese are also frequently found in many fractures. All of the copper mineralization is secondary and the ore body is considered to be “exotic” in nature.
The most obvious structural feature at the mine site is the Emerald Isle fault. The fault is normal and has a vertical displacement of about 105 feet and an unknown horizontal displacement. The fault is arcuate to the west. In the NE corner of the pit, the strike is N60E, while on the south side of the pit near an old adit, the strike is N10E. The dip varies from -45 degrees West to -70 degrees West. The fault is young since both the pediment and overlying alluvium are faulted.
An unseen major structural feature in the area is the Sacramento Fault, which, according to projections from the nearby Chloride Mining District, must lie about 2,000 feel west of the pit. It is a normal fault with an estimated vertical displacement of 3,165 feet and a horizontal displacement of 1,830 feet.
Reserves:
The quantity of material blasted at the bottom of the pit by El Paso amounted to 586,000 tons grading 0.56% copper. There has been little copper removed by in-situ leaching since 1974 and the blasted reserve remains virtually intact. The restart of operations at the Emerald Isle Mine is predicated on the readily available copper in the blasted pit bottom, supplemented by pre-stripped reserves in other areas of the fully developed pit as outlined in the 825 series of mine plans, attached. These reserves host an estimated 11 million pounds of recoverable copper.
Following completion of the 825 pit, a second series of plans based on a $1.05 copper price will be activated, which will entail a major push back on the west/southwest side of the pit to expose another 978,231 tons of copper ore grading 0.67% copper. This material is exposed presently in the west face of the open pit and extends to the west of the pit where it is covered by approximately 125 ft of overburden.
A complete block model of the ore body has been completed using the Meds Mine Modeling software. The plan includes 781,310 tons of primary waste and another 322,151 tons of waste in waste dumps that will have to be relocated, for total waste handling of 1,103,461 tons. The final strip ratio is 1.13:1, waste to ore. However, a good portion of the material to be re-located is low grade ore which will probably be relocated to the existing leach pads in years three and four.
A low grade stockpile also exists on surface containing approximately 400,000 tons with a grade of 0.35% copper. This will be the last block of material to be processed. Approximately half of this block of ore is within the waste calculation mentioned above, and will go the leach heap for processing.
Lastly, an additional resource of copper contained on the property is present in the 1.4 million tons of tailings from the El Paso/USBM. Back calculating the ore mined and the copper recovery (80%), the tailings contain a grade of approximately 0.20 % copper, or 4 pounds of copper per ton of material. Since this ore was previously ground to minus 100 mesh, the remaining copper will be easily recoverable in an agitated acid leach. A minimum of 4.5 million pounds of copper is recoverable from these tailings at minimal cost.
2.0 Permitting
The Emerald Isle mine is presently permitted and with the presentation of updated plans can resume operation. The present status of permits is outlined below:
Aquifer Protection Permit #P-101846 (ADEQ) issued June 4, 1993 for life of the project
Air Quality pending Class II Source (ADEQ) filed Dec.5, 1995, amended December 21, 1995
ADEQ-Mining Plan of Operations MPO 388-K-03 issued Dec., 1988, Life of Mine Revised October 15, 1993
Notice of Restart
ADEQ Air Quality (pending) Dec. 5, 1995 (most probably not required)
ADEQ APP Dec. 22, 1995
BLM Dec. 5, 1995
NPDES Storm water runoff discharge AZR00B094 issued April 4, 1996 (US E.P.A.)
Initial meetings with the Arizona Department of Environmental Quality Director and the Bureau of Land Management have confirmed that the ADEQ Permit #P-101846 is still valid and active and the Department would only require a Notice of Re-start.
The BLM has requested a similar notice and a reclamation bond in the amount of approximately $350,000 be posted prior to start-up. It is the intent of the company to furnish a modified Operations Plan to the BLM and request confirmation of the bond amount in writing.
3.0 Project Design Criteria
3.1. Mining
3.1.1 Ore Mining Rate 15,000 tons/week
3.1.2 Waste Mining Rate, Yr One Zero
3.1.3 Waste Mining Rate, Life of Mine 19,500 tons/week
3.1.4 Stripping Ratio, Life of Mine 1.3:1
3.1.5 Ore Grade, Life of Mine 0.56% Copper
3.1.6 Pounds of Copper to Pads 168,000 pounds/week
3.1.7 Loading Cat 992 Loaders, Excavator
3.1.8 Haulage End Dump Trucks, 55 ton
3.2 Leaching
3.2.1 Pads
3.2.1.1 Size, Initial 150,000 square feet
3.2.1.2 Size, Final 450,000 square feet
3.2.1.3 Liner 60 ml HDPE
3.2.1.4 Raffinate Pond Size 200,000 gallons
3.2.2 Raffinate Flow Rate to Pads 1,000 gallons/minute
3.2.3 Application Rate 0.0066 gal/ft2/minute
3.2.4 Distribution Drip Emitters
3.2.5 Acid Grade in Raffinate 8.0 grams/liter
3.2.6 PLS Pond
3.3.6.1 Size 200,000 gallons
3.3.6.2 Liner 2 x 80 ml HDPE 3.2.6.3 Leak Detection Geofabric Inter-liner
3.2.7 PLS Return from Pads 900 gallons/minute
3.2.8 Copper Content in PLS 1.6 grams/liter
3.2.9 60 Day Recovery 85%
3.3 Solvent Extraction Plant
3.3.1 Extractors 2, Single Pass
3.3.2 Strippers 1
3.3.3 Reagent AcorgaM5640 or
Hinkle LIX 984
3.3.4 Diluents Kerosene 170 ES
3.3.5 Reagent Strength 7%
3.3.6 PLS Flow Rate to SX 900 gallons/minute
3.3.7 Grade of Pregnant Leach Solution 1.6 grams/liter copper
3.3.8 Recovery in Solvent Extraction 95%
3.3.9 Copper to Electrolyte 16,468 Pounds/Day
3.4 Electro-winning
3.4.1 Strong Electrolyte Grade 44 grams/liter Copper
3.4.2 Weak Electrolyte Grade 34 grams/liter Copper
3.4.3 Electro-winning Cells
3.4.3.1 Number 16
3.4.3.2 Size 46”Wx56.5D x 156”L
3.4.3.3 Construction Material Polymer Concrete
3.4.4 Cathodes per Cell 34 x 316 Stainless
3.4.5 Anodes per Cell 35 x Lead Calcium
3.4.6 Electrolyte Flow rate 0.04-0.07gpm/ft2 Cathode Area
3.4.7 Rectifier 1
3.4.7.1 Volts 40
3.4.7.2 Amps 26,000
3.4.7.3 Current Density, A/ft2 24.2
3.4.7.4 Current Efficiency 90%
3.4.8 Power Supply Commercial Grid
3.4.9 Cathode Lift Equipment 5 ton Overhead Crane
3.4.10 Plating Cycle 7 days
3.4.11 Copper Stripping Manual
3.4.12 Production Rate 15,000 pounds/day
3.4.13 Cathode Quality 99.998% Copper
3.4.14 Cathode Weight, lbs. 100 (per side)
4.0 Process Description
This section offers a narrative description of the process and plant facilities necessary to carry out the objectives of the project.
4.1 Truck Loading (Leach Pad Haulage)
Empty haul trucks will be loaded by a front end loader, either Cat 988 or 992, from the pit.
Truck loading and heap building will be accomplished on the same schedule as the mine operations. Three 55 ton capacity trucks will work a three shift, five days per week schedule to haul 15,000 tons per week of ore to the leach pads.
We anticipates that only two of the three trucks will be required for the transfer of cured ore to the pads and one will be held in reserve as a spare.
4.2 Leach Heaps
Ore will be placed on existing and newly constructed leach pads. The new pads will have an impermeable plastic liner (60 mil HDPE) underlain by a graded and compacted base. Engineered fill will be necessary to level the site to provide proper drainage from the heaps to the pregnant solution pond.
Ore will be stacked five days a week at a rate of 15,000 tons per week. Ore will be stacked to a depth of 20 feet and assuming a bulk density of 100 lbs/ft3 will cover an area of 120 ft x 120 ft. The surface of stacked ore will be leveled by dozer. When a panel is completed, the ore will be irrigated with raffinate (barren leach solution) containing 9-10 grams of sulfuric acid per liter.
4.3 Heap Irrigation
Leach solution application will be based on a cell irrigation concept using drip emitters to minimize evaporation. A completed panel will measure approximately 120 feet across and will cover the full width of the pad. It is estimated that each panel will hold approximately two weeks of ore production, or 30,000 tons.
Raffinate solution containing 9-10 grams of sulfuric acid per liter will be applied to the ore. Leach solution application will be at the rate of 0.005 gallons per square foot per minute. It is most important to control flows to insure that optimal grade of copper is contained in the pregnant solutions which discharge from the heap to allow maximum copper production in solvent extraction and electro-winning segments of the process.
The plant is designed to process 1.6 grams of copper per liter of pregnant leach solution (“PLS”) at a discharge flow rate of 900 gallons per minute. The initial discharge from a new panel will be significantly higher grade than this, however, as the ore leaches over its 45 day leach cycle, grade in the PLS begins to decline lowering the average grade from the entire heap.
The project will have a number of panels leaching at the same time at various stages of their cycle. However, the objective is to carefully control the discharge grade to average 1.6 grams per liter of copper, the optimal design.
The ore will consume six pounds of sulfuric acid per pound of copper produced. The first 586,000 tons of ore to be mined from the pit is already blasted and has been acid exposed some years ago. It has been flooded for the last few years and we expect acid consumption to be significantly less during the first 18 months of the operation, and thus significantly improving operating costs during this period.
Leach solution will be pumped through a main header along the perimeter of the leach pad to lateral lines which distribute the solution to a series of drip emitters on each individual panel. The main header is installed as a permanent line designed to handle the maximum anticipated pressure and flow. The remainder of the application piping and drip emitter lines will be installed as a temporary system to be moved as new lifts are added to any individual panel. High density polyethylene (HDPE) pipe is used for irrigation piping. Primary leach line spacing is 25 feet apart. Drip emitters are spaced every four feet and cover the entire panel.
Pregnant leach solution (PLS) flows from the toe of the leach heap to a lined pond and will contain an average of 1.6 grams of copper per liter when the acid cure system commences operation. Approximately 0.3 grams per liter of copper is contained in the raffinate and is re-circulated to the heap. In the solvent extraction process, for each pound of copper extracted, 1.5 pounds of sulfuric acid is re-generated for re-use in leaching. The PLS becomes the feed to the solvent extraction plant. It flows to the plant by gravity at the rate of 900 gallons per minute.
4.4 Solvent Extraction
The solvent extraction plant operation concentrates copper values from the pregnant leach solution (PLS) containing approximately 1.6 grams of copper per liter into a high purity solution containing approximately 43 grams of copper per liter, known as strong electrolyte. This is the final product of solvent extraction and is the feed to the electro-winning plant.
The leach solution percolates through the leach heap and dissolves the copper as a soluble copper sulfate in water. The primary leaching of the copper will occur in the acid cure step in the mine prior to moving the ore to the pads. When the raffinate is then applied to the ore, it dissolves the copper and it discharges to the PLS pond. The impounded PLS flows by gravity to the extraction step of the solvent extraction plant. Following filtration, it is mixed with an organ oxime reagent suspended a kerosene at a ratio of one part PLS (aqueous) to one part organic. The organic contains a concentration of 6%-7% reagent in kerosene.
The copper in the aqueous phase replaces two protons in the organic phase causing the copper to be transferred to the organic phase. The proton or acid is transferred to the copper stripped aqueous phase and is returned to the leach cycle as raffinate. Again, for each mole of copper extracted, 1.5 moles of sulfuric acid is re-generated. The copper extraction phase takes place in two parallel mixer-settler units. The organic and aqueous phases are separated by gravity in a settling tank and the organic is skimmed off into a launder and flows to a loaded organic holding tank. From this tank, it is pumped to the second stage of solvent extraction, the stripping circuit.
In the stripper mixer box, the loaded organic is mixed with a lean, acid rich electrolyte that comes from the electro-winning plant after copper has been electro-plated from the solution. In the stripping circuit, two protons from the electrolyte replace copper on the organic reagent and the copper transfers from the organic phase to the aqueous phase to re-generate rich electrolyte which is the feed to the electro-winning plant.
The rich electrolyte flows by gravity to a strong electrolyte tank where air is blown through the solution to remove entrained organic by frothing and skimming. Recovered organic is returned to the organic tank for re-use. The stripped organic is skimmed off the stripper settler and flows by gravity to the two extractors for re-use. The strong electrolyte is then pumped through an anthracite/garnet filter as a final cleansing stage before being pumped to the electro-winning plant for copper plating.
4.5 Electro-winning
The ‘polished’ electrolyte from filtration will feed an electrolyte surge tank. The rich electrolyte is combined with lean electrolyte return from the tank-house to form the re-circulating electrolyte or strong electrolyte feed to the electro-winning plant.
The strong electrolyte is pumped to the electro-winning plant and feeds equally to 16 polymer concrete electro-winning cells. Each cell contains 37 rolled lead-calcium anodes and 36 316-L stainless steel cathodes. Each cell is connected in series and the cathodes connected in parallel to a rectifier capable of maintaining 24 to 25 amps per square foot of cathode area. A voltage drop of 2.1 to 2.3 volts per cell is experienced. Cobalt sulfate levels of about 100 ppm will be maintained in the electrolyte to prevent excessive spalling of the lead anodes.
The leaching, solvent extraction and electro-winning process continue un-interrupted year round. Electro-deposition of copper is continuous and cathode growth to maturity is a seven day cycle.
At the end of the cycle, or once every seven days, the cathode is pulled from the cell using an overhead crane, taken to a stripping bay where the copper is removed from the stainless sheet as a sheet of copper weighing approximately 100 pounds and containing 99.998% purity. The cathode sheet is manually removed from the stainless sheet, falls to a transfer conveyor and is transported to a stacker. The copper sheets are stacked into bundles weighing approximately 3,000 pounds of copper per bundle, strapped, sampled and prepared for shipment. One cathode from each bundle is sampled to verify purity.
When a shipment of 48,000 pounds has been accumulated, the bundles are loaded onto a flatbed truck for shipment around the United States and abroad.
4.6 General Discussion
It is important to note that the Emerald Isle Project hosts a fully developed mine, leach pads, solvent extraction plant and electro-winning plant as well as required infrastructure to conduct the full operation. Prior to re-starting the project, the electro-winning plant will be expanded from 8,000 pounds of copper per day to 15,000 ppd. It is estimated that approximately six months will be required to fully prepare the Project for re-start.
The Emerald Isle Project is designed and constructed to Best Available Demonstrated Control Technology (BADCAT). All pads and ponds are lined and have leak detection for early warning in the event of leakage. The SX/EW plant is constructed with secondary containment as is the tank farm. Settlers are constructed of concrete with stainless steel liners as is the tank farm. All settlers and tanks have leak detection every four feet. The electro-winning cells are constructed of polymer concrete and sit on pedestals so that leakage is readily apparent. The electro-winning floor is contoured to a sump where any spilled solutions can be pumped back to the raffinate pond for re-circulation.
The Project has been permitted and with some minor modifications is ready for re-start. Its operating permit has been issued by the Arizona Department of Environmental Quality. Since it is not a point source for air bourne contaminants, an air quality permit is not required.
A new plan of Operations will be required to be filed with the Bureau of Land Management and a reclamation bond in the amount of $350,000 is anticipated prior to start of operations. This plan can be filed within the next 30 days.
Capital Budget
I. Electrical
I.1 Sub-station 350,000
I.2 Misc Electrical (Switches, etc.) 50,000
I.3 Power Connection 75,000
I.4 Power Deposit 50,000
I.5 Sub-Total Electrical $525,000
II. Leach and Solvent Extraction
II.1 New Raffinate Pumps x 2 30,000
II.2 New Tank Farm Pumps x 5 60,000
II.3 Raffinate Pond Expansion & Re-lining 150,000
II.4 PLS Pond Cleaning & Relining 100,000
II.5 4,000 Ft 4” HDPE Pipe 18,000
II.6 100 Yards Cement 6,500
II.7 100,000 Ft2 New Pad x $2.00/ft 200,000
II.8 Drip Emitters and Lines 40,000
II.9 Sparkle Filter (Used) 25,000
II.10 Plate and Frame Filter (Used) 10,000
II.11 8” HDPE Fusion Welder 7,000
II.12 HDPE Extrusion Welder 5,500
II.13 HDPE Seam Welder 8,000
II.14 5 kwh Portable Generator 4,000
II.15 New Extractor & Settler 85,000
II.15 Sub-Total Leach and Solvent Extraction $ 749,000
III. Electro-winning
III.1 New Rectifier & Bus Connection 100,000
III.2 18 x Copper Contact Bars 48,000
III.3 18 x Insulators 9,000
III.4 18 x Spacer Boards 18,000
III.5 New Solution Distribution Piping 17,000
III.6 Sub-Total Electrowinning $ 192,000
IV. Chemicals and Reagents
IV.1 Solvent Extraction Reagents (8 Totes) 70,000
IV.2 30,000 Gallons Reagent Grade Kerosene 90,000
IV.3 1,000 Tons Sulfuric Acid, 93% 95,000
IV.4 Sub-Total Chemicals and Reagents $ 255,000
V. Mining Equipment
V.1 3 x 50 Ton Mine Haul Trucks 750,000
V.2 Cat 992D Wheel Loader 600,000
V.3 Cat 320 BL Hydraulic Excavator 150,000
V.4 Light Duty Grader (140 Class) 40,000
V.5 Rough Terrain Crane (20 ton) 50,000
V.6 10 Ton Forklift 20,000
V.7 5,000 Gallon Water Truck 75,000
V.8 Back Hoe 50,000
V.9 D-8 N Dozer 250,000
V.10 2 x Pick-ups 30,000
V.11 Sub-Total Mining Equipment $2,015,000
V.12 Mining Equipment Lease Origination Cost $ 500,000
VI. Water
VI.1 Well Drilling, 1,500’ x $30/ft 45,000
VI.2 Well Pumps 2 x $15,000 30,000
VI.3 10,000 Feet 3” HDPE Pipe x $2.5/ft 25,000
VI.4 Total Water Cost $ 100,000
VII. Capitalized Management and Personnel Costs
VI.1 Pre-Project Manpower
(3 months x $ 40,000/ Mo. Avg.) $ 120,000
VIII. Working Capital (Including Copper in Circuit) $ 200,000
IX. Reclamation Bonding $ 350,000
X. Contingency (15%) $ 280,000
Total Capital Budget, Start-up $3,151,000
NOTES:
1. Pad area has been increased from the originally budgeted 40,000 ft2 to 100,000 ft2, a capital increase of $120,000.00.
2. A budget of $100,000 has been added for development of water for the project.
3. The raffinate pond has been budgeted for a 25% capacity increase and double lining.
4. A second liner and cleaning has been budgeted for the PLS pond, an
Operating Cost Budget
Staffing Plan
Position Number Hours/Mo Salary Indirect Total
Project Manager 1 N/A $7,000 20% $ 8,400
Plant Superintendent 1 N/A $4,000 20% $ 4,800
Truck Drivers 5 166 $12/Hour 20% $11,952
Loader Operator 2 166 $15/Hour 20% $ 5,976
Misc Equipment Opr. 1 166 $12/Hour 20% $ 2,490
Mine Mechanic 2 166 $15/Hour 20% $ 5,976
Equipment Servicemen 2 166 $12/Hour 20% $ 4,780
Repairman 1 166 $12/Hour 20% $ 2,490
Plant Operator 4 166 $12/Hour 20% $ 9,960
Plant Helper 4 166 $ 9/Hour 20% $ 7,171
Sub-Total 23 $63,995
7.2 Operating Cost Calculation Notes
It is estimated that mining of the ore body will advance at the rate of 15,000 tons per week, or 60,000 tons per month. This will be done by three 50 ton trucks, one excavator, one loader, with either serving as primary mining unit, one D-8 class dozer and one grader, with one operator for the two units. During this year, the entire reserve in the pit bottom and the low grade stockpile will be transferred to the leach pad. The mining cost will be approximately $0.12-0.15 per pound of copper, including equipment lease cost. In calculating the global cost of operations, the following assumptions are made:
7.1.1 An average of five units of mining equipment will operate 240 hours per month consuming an average of 12 gallons of red dye diesel per hour at $2.40 per gallon, or a total fuel cost of $34,560 per month; mine equipment maintenance will cost approximately $45,000; equipment lease cost with a three year amortization and 10% interest will be $54,000 per month, for a total mine operating cost of $153,560 per month.
7.1.2 Average production rate by month 6 from the start of the critical path will be 15,000 pounds per day of copper.
7.1.3 The project will employ 3 staff and 18 hourly people.
7.1.4 Sulfuric acid will cost $95 per ton.
7.1.5 That a net of 3.8 pounds of acid per ton of ore will be consumed.
7.1.6 Electricity will cost $0.075 per kWh(Not Confirmed).
7.1.7 2.0 kWh per pound of copper produced will be consumed.
7.1.8 450,000 pounds of copper will be produced per month
7.1.9 5,400,000 pounds of cathode copper will be shipped per annum
7.3. Operating Cost Calculation
Cost Item Cost/Month Cost/Pound
Manpower $ 63,995 $ 0.142
Acid ($95.00/Ton) $160,769 $ 0.357
Reagents $ 18,500 $ 0.041
Kerosine $ 30,000 $ 0.067
Electricity $ 67,500 $ 0.150
Misc. Repair Parts $ 5,000 $ 0.011
Mining $153,560 $ 0.341
Administrative $ 3,000 $ 0.007
Corporate Overhead $ 15,000 $ 0.033
Pad Expansion Cost (20,000 ft2/mo) $ 40,000 $ 0.089
Crushing/acid cure $ 30,000 $ 0.067
Total Cost $587,324 $ 1.305
Note: After year one, waste stripping will add $0.10 per pound of copper, however, this will be somewhat offset by the processing of 350,000 tons of stockpiles grading 0.34% copper. Following year one, when the 589,000 tons of ore in the pit bottom and the 350,000 tons of stockpiles are mined out, drilling and blasting will add another $0.20 per ton of ore mined, or another $12,000 per month and $0.027 per pound of copper produced. If costs are carefully controlled, the operating cost should hold for the life of the project, resulting in a profit margin of approximately $2.00 per pound of copper at $3.30 sales price per pound.
OTHER CONSIDERATIONS:
While undertaking the above noted investigation the company determined for 2 independent sources that there is present within the ore appreciable and potentially economic significant quantities of Zinc. The company has undertaken and evaluation of the ore where it is exposed in the pit to determine:
1) the grade distribution of the zinc in relation to the grade distribution of the copper,
2) the form of the zinc mineralization,
3) to provide sufficient sample material to develop a recovery process and
4) to provide a geochemical sample and data base of other elements of potential economic interest.
We are very dubious about the possibility of recovering this zinc simultaneously with the production of copper due to a lack of a proven solvent extraction reagent for the extraction of zinc at low pH’s. We recommend that we also follow up on this technology to determine if there exists a commercially viable method of recovering zinc.
Prepared For:
ASCENDANT COPPER CORP.
109209 West Alameda, Suite 205
Lakewood, CO 80226
By
Western States Engineering
August, 2007
There is proof that Ascendant/Copper Mesa had planned to return the mine to production in 2008-2009. There is absolutely NO PROOF THAT THEY EVER PUT THE MINE UP FOR SALE.
In January 2010, SIRG focused on locating and evaluating copper producing properties for acquisition or joint venture agreements. James Stonehouse, having worked at the Chloride Copper mine for around 2 years, knew the mine well and wanted to be involved in the purchase and development of the mine.
On April 23, 2010, the Company entered into an Asset Purchase Agreement with Medina Property Group LLC (Medina). Pursuant to the Purchase Agreement, and upon the terms and subject to the conditions thereof, it agreed to purchase 80% of certain assets of Medina, known as the Chloride Copper Project, a former copper producer comprised of a mineral deposit and some infrastructure located near Kingston, Arizona (the Copper Mine). The Acquisition closed on June 21, 2010. The Chloride Copper Mine property consists of 37 unpatented lode mining claims and 12 mill site claims and it is located 24 kilometers northwest of Kingman, in the Wallapai District, Mohave County, Arizona.
AGAIN IF YOU CONTINUE TO INSINUATE THAT MERCATOR PASSED ON BUYING THE MINE, YOU SHOULD PROVE THE MINE WAS FOR SALE, MERCATOR KNEW IT WAS FOR SALE BUT DECIDED NOT TO BUY IT.
FACT: THE MINE WAS NOT FOR SALE FROM 2007 TO 2010 AND THERE IS SUFFICIENT PROOF THAT STONEHOUSE WAS PREPARING THE MINE TO RETURN IT TO PRODUCTION. THE LOSS OF THE MINING DEVELOPMENT IN ECUADOR BY THE PARENT COMPANY, ASCENDANT, IS WHAT HALTED STONEHOUSE'S ABILITY TO RETURN THE MINE TO PRODUCTION.
THE CHLORIDE COPPER MINE IS A GEM THAT SIRG WAS ABLE TO BUY AT GARAGE SALE PRICES. STONEHOUSE KNEW ALL THE FACTS AND CONTINUED TO BE INVOLVED IN THE MINE AND SERVED ON SIRG'S BOD UNTIL SEPT OF 2011.
Let's review the history of the Emerald Isle as it was known at that time. The Emerald was closed in 1996 and in 1999 it was listed in a BK sale with 7 other mines when Arimetco went BK.
ARIZONA & NEVADA COPPER MINES & NEVADA GOLD MINE
BANKRUPTCY COURT AUCTION SALE
The U. S. Bankruptcy Court for the District of Arizona (Tucson Division) will conduct a public auction sale on Thursday, April 1, 1999, at 9:30 a.m. of the following mineral properties located in Arizona and Nevada, USA. The properties will be sold in its "as-is" condition to the highest and best bidder and pursuant to bankruptcy code §363 free and clear of liens, claims, encumbrances and interests.
· Emerald Isle Mine located 15 miles NW of Kingman, AZ. In the Wallapai Mining District, consists of 9 unpatented lode claims 194 acres. 15-mill site claims 131.4 acres. The Emerald Isle mine is a copper open pit 8,000 lb per day SX-EW operation.
http://www.minemarket.com/Arimetco.htm
In 2007, Mr. Stonehouse was the VP of Operations at Ascendant Copper. He is fluent in Spanish and deal with DELCOIN, the most vocal NGO against Ascendant Copper and their fight to develop a mine in Intag, Ecuador.
Ecuador: Government Shuts Down Ascendant Copper’s Junín Project
Friday, September 28, 2007
(Ottawa/Intag) Canadian junior mining company Ascendant Copper Corporation’s ambitions to develop a major copper mine in the Intag region of northwestern Ecuador were dealt a serious blow on September 25, 2007, when restrictions on the company’s activities in the area turned into a total prohibition.
James Stonehouse ran the local ops of the trainwreck known as Ascendant Copper/Copper Mesa. They were kicked out of Ecuador due to bad practices. (Environmental issues)
http://incakolanews.blogspot.com/2010_09_05_archive.html
From 2008-2009 Mr. James Stonehouse was employed by Copper Mesa as the VP of Operations at the Emerald Isle. He is a key player in the events that followed.
Thursday, December 24, 2009
Recently, Toronto-based Pinetree Capital bought a few million shares of Copper Mesa Mining Corporation, making it the largest share owner of a failing company currently embroiled in a lawsuit. The takeover raised the price of its penny stock upwards to between three and five cents. Copper Mesa, however, got a lot more than what it bargained for.
James Stonehouse is a highly experienced mining professional with a track record of more than 30 years in developing new mineral resources for major mining companies. Under his supervision, several exploration programs have led directly to the discovery and development of new mines producing gold, copper, lead-zinc, silver, diamonds and gemstones in locations from Colombia, Ecuador and Venezuela to Honduras, Nicaragua and Kazakhstan.
In addition, James has seamlessly managed four separate companies through a difficult political environment (2006-2008), tripling indicated reserves at principal projects in two of the companies. His ability to recognize and re-evaluate geological settings and design successful exploration programs has resulted in significant discoveries that have increased resources and added satellite ore deposits to existing operationsJames received a Bachelors degree from Dartmouth College in 1974, shortly followed by a Masters in 1976. Mr. Stomnehouse is a registered member of SME (#4168919)and a registered Geoscientist in the State of California, Registration #5518, and is a Qualified Person as defined by National Instrument 43-101.
December 15, 2011 - Scorpio Mining Corporation (TSX: SPM) appointed James M. Stonehouse as the Corporation's Vice President of Exploration, based in Mexico, effective January 3, 2012.
http://www.ecuadorminingnews.com/archives.php?id=41
His job at the mine was much like that of Travis Snider, the current VP of Operations - to return the mine to production. Mr. Stonehouse ordered drill testing and Scoping reports done by BehreDolbear. http://www.dolbear.com/
Stonehouse hired Western States Engineering (WSE) to provide a Start-up Plan that can be seen at the link below.
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=77280821&txt2find=continued
Mr. Stonehouse planned to expand the SX/EW plant and ordered the necessary components. They are stored onsite and will be installed as the plant is expanded from 5,400,000 lbs per year to 8,000,000 lbs per year.
(Estimated cost to produce a lb of copper is $1.18 including administrative, so figure out the current price of copper (3.40) and subtract $1.18 to arrive at free cash flow.)
But things fell apart as the loss of the Ecuador project dealt a crippling blow to Ascendant/Copper Mesa and there were no funds. A lawsuit forced the company into Bankruptcy. There were 2 mines, both in Arizona that were sold in the BK, the Emerald and the Zonia.
Zonia Mine located 6 miles SE of Kirkland Junction, AZ. In the Bagdad mining district, consists of 722 acres patented claims, 63 unpatented claims, 28 unpatented mill site claims. The Zonia mine is a open pit copper operation.
Somehow Stonehouse put together a group of guys to buy the mine and form a company named Sierra Resource Group.
The connection between Stonehouse and the formation of SIRG is unknown but he was involved enough that he served on the SIRG BOD until Sept of 2011, along with Paul Enright.
On April 23, 2010, the Company entered into an Asset Purchase Agreement with Medina Property Group LLC, a Florida limited liability company (“Medina”). Pursuant to the Purchase Agreement, and upon the terms and subject to the conditions thereof, the Company agreed to purchase 80% of certain mining interests of Medina known as the Chloride Copper Project, a former copper producer comprised of a mineral deposit and some infrastructure located near Kingston, Arizona (the “Copper Mine”).
So Mercator did not buy the mine in 2008 or 2009 because the MINE WAS NOT FOR SALE (and when they were finally getting the Mineral Park into production without permits!) nor 2010 when they were spending millions to expand and build the moly plant.
Mercator was never involved with SIRG in any way and should be OFF TOPIC.
This is the day SIRG investors are waiting for!
SUGO - Article 1-Year ago >
August 22, 2011
The Bullish Week of Sungro Minerals Inc.
http://www.hotstocked.com/article/16731/the-bullish-week-of-sungro-minerals.html
YEP a year ago they were still conning their investors with the BS and SUGO traded at .003.
SUGO has NO GOLD, defaulted on their mining claims and failed to pay the BLM maintenance fees so they lost them along with everything else.
You might do better if you contacted BLM to see if you could pick up those claims cheap.
I can't believe that Hondo has not filed an 8K which is required for a material event when they have received 3 NOVs and people are still buying this stock!
Even the Kingman Daily Miner exposed the Hondo violations.
7/19/2012 6:00:00 AM
Hondo mine scrutinized
Ahron Sherman
Miner Staff Reporter
Hondo Minerals Corporation, which operates the Tennessee and Schuylkill mines in Chloride, received three notices of violations from the Arizona Department of Environmental Quality in the last month-and-a-half.
Two of the violations, one for discharging water without an aquifer protection permit and one for not having a permit for storm water discharge, were sent to the company on May 23.
The third violation was sent on June 11 and alleges that Hondo operated two combustion engines - each over 325 horsepower - without an air quality control permit.
Hondo has 30 days from the moment it received the two water violations to respond to ADEQ and 60 days from the day it received the air violation.
Within the responses, Hondo must either prove the violations never occurred or present documentation outlining how it plans to get the required permits and correct the alleged problems.
The mine site and its metal concentration plant are capable of producing gold, silver, zinc and other metals, according to Hondo's website. The property was at one time the largest producer of silver in Arizona. Construction of the plant began in 2011.
"We have received the notices and have been actively working with ADEQ staff toward addressing their requirements," said Hondo CEO William Miertschin.
Mark Shaffer, ADEQ director of communications, said Hondo responded to the storm water discharge violation by paying for a multi-sector storm water discharge permit.
Hondo filed a notice of intent with ADEQ, but the agency wants to see a storm water pollution prevention plan for the project, Miertschin said.
The company hired private consultant Mohave Engineering and Associates, Inc., a civil engineering, surveying and material testing company, to prepare the plan.
Hondo expects to present the plan to ADEQ this week, he added.
"An Arizona pollutant discharge elimination system permit is required for pollutant discharge from any source on the site to a water of the United States or a separate storm sewer system," Shaffer said. "I don't know the topography of this site, but many of these types of operations are typically in rugged desert hills in which the drainage into arroyos would be considered a water of the United States."
Hondo has not set up a pre-application meeting to acquire an aquifer protection permit, which it legally must have to discharge at the mine site, Shaffer said.
An aquifer protection permit is required in Arizona if you own or operate a facility that discharges a pollutant either directly to a subterranean aquifer or to the land surface or vadose zone (the area between an aquifer and the land surface) in such a manner that there is a reasonable probability the pollutant will reach an aquifer, Shaffer said.
Right now, the site is a zero-discharge facility, Miertschin said. In the future, Hondo may need to discharge pollutants, so the company is pursuing the permit anyway.
"It's very important that mining operations follow state law and acquire the proper permits before they start operations," Shaffer said.
"Our investigation of this matter is ongoing and a lot of this is dependent on the pre-application (aquifer protection permit) meeting in which we actually sit down and meet with them and review their engineered drawings."
The meeting allows Hondo to discuss issues relevant to getting their permit, such as groundwater monitoring, design, best available demonstrated control technologies, operations and closure.
The meeting would also be used to determine if an individual or general aquifer protection permit is appropriate, according to ADEQ documents.
Hondo still has until Aug. 12 to come into compliance with the air quality violation, and the company is still within its 60-day deadline to respond, Shaffer said.
Miertschin said the engines are not permitted, but that they fall within ADEQ compliance guidelines.
"We were caught unaware on this one," he said. Newly enacted regulations require the permit for the engines, but Hondo didn't know of the rules, he said.
Next year, the engines will be out of compliance because regulations are set to change once again. They will need to be retrofitted in order to remain compliant, Miertschin said.
"The investigation on the air quality side is ongoing," Shaffer said. "We can't speak to the seriousness of that violation or (explain) what is next until we receive a response from them on that matter."
It is the responsibility of the company to have all permits required for their operations to be in compliance with the law, Shaffer said.
Though construction was yet to be completed, the Mining State and Health Administration designated the site as an operating mine on May 17, said Hondo Operations Manager Rhena Drury.
This led to ADEQ discovering the violations, even though the site didn't go live until June 27.
"I told (ADEQ inspectors), 'What you tell us to do, we'll do,' " Drury said.
Hondo has worked closely with ADEQ since, but "we're just a little behind the curve."
http://www.kingmandailyminer.com/main.asp?Search=1&ArticleID=51761&SectionID=1&SubSectionID=798&S=1
You mean that WSRA/GDSM are not going to be pouring dore bars in 90 days at their new AZURITE mine that has flooded shafts?
I can't believe that Hondo has not filed an 8K which is required for a material event when they have received 3 NOVs and people are still buying this stock!
Even the Kingman Daily Miner exposed the Hondo violations.
7/19/2012 6:00:00 AM
Hondo mine scrutinized
Ahron Sherman
Miner Staff Reporter
Hondo Minerals Corporation, which operates the Tennessee and Schuylkill mines in Chloride, received three notices of violations from the Arizona Department of Environmental Quality in the last month-and-a-half.
Two of the violations, one for discharging water without an aquifer protection permit and one for not having a permit for storm water discharge, were sent to the company on May 23.
The third violation was sent on June 11 and alleges that Hondo operated two combustion engines - each over 325 horsepower - without an air quality control permit.
Hondo has 30 days from the moment it received the two water violations to respond to ADEQ and 60 days from the day it received the air violation.
Within the responses, Hondo must either prove the violations never occurred or present documentation outlining how it plans to get the required permits and correct the alleged problems.
The mine site and its metal concentration plant are capable of producing gold, silver, zinc and other metals, according to Hondo's website. The property was at one time the largest producer of silver in Arizona. Construction of the plant began in 2011.
"We have received the notices and have been actively working with ADEQ staff toward addressing their requirements," said Hondo CEO William Miertschin.
Mark Shaffer, ADEQ director of communications, said Hondo responded to the storm water discharge violation by paying for a multi-sector storm water discharge permit.
Hondo filed a notice of intent with ADEQ, but the agency wants to see a storm water pollution prevention plan for the project, Miertschin said.
The company hired private consultant Mohave Engineering and Associates, Inc., a civil engineering, surveying and material testing company, to prepare the plan.
Hondo expects to present the plan to ADEQ this week, he added.
"An Arizona pollutant discharge elimination system permit is required for pollutant discharge from any source on the site to a water of the United States or a separate storm sewer system," Shaffer said. "I don't know the topography of this site, but many of these types of operations are typically in rugged desert hills in which the drainage into arroyos would be considered a water of the United States."
Hondo has not set up a pre-application meeting to acquire an aquifer protection permit, which it legally must have to discharge at the mine site, Shaffer said.
An aquifer protection permit is required in Arizona if you own or operate a facility that discharges a pollutant either directly to a subterranean aquifer or to the land surface or vadose zone (the area between an aquifer and the land surface) in such a manner that there is a reasonable probability the pollutant will reach an aquifer, Shaffer said.
Right now, the site is a zero-discharge facility, Miertschin said. In the future, Hondo may need to discharge pollutants, so the company is pursuing the permit anyway.
"It's very important that mining operations follow state law and acquire the proper permits before they start operations," Shaffer said.
"Our investigation of this matter is ongoing and a lot of this is dependent on the pre-application (aquifer protection permit) meeting in which we actually sit down and meet with them and review their engineered drawings."
The meeting allows Hondo to discuss issues relevant to getting their permit, such as groundwater monitoring, design, best available demonstrated control technologies, operations and closure.
The meeting would also be used to determine if an individual or general aquifer protection permit is appropriate, according to ADEQ documents.
Hondo still has until Aug. 12 to come into compliance with the air quality violation, and the company is still within its 60-day deadline to respond, Shaffer said.
Miertschin said the engines are not permitted, but that they fall within ADEQ compliance guidelines.
"We were caught unaware on this one," he said. Newly enacted regulations require the permit for the engines, but Hondo didn't know of the rules, he said.
Next year, the engines will be out of compliance because regulations are set to change once again. They will need to be retrofitted in order to remain compliant, Miertschin said.
"The investigation on the air quality side is ongoing," Shaffer said. "We can't speak to the seriousness of that violation or (explain) what is next until we receive a response from them on that matter."
It is the responsibility of the company to have all permits required for their operations to be in compliance with the law, Shaffer said.
Though construction was yet to be completed, the Mining State and Health Administration designated the site as an operating mine on May 17, said Hondo Operations Manager Rhena Drury.
This led to ADEQ discovering the violations, even though the site didn't go live until June 27.
"I told (ADEQ inspectors), 'What you tell us to do, we'll do,' " Drury said.
Hondo has worked closely with ADEQ since, but "we're just a little behind the curve."
http://www.kingmandailyminer.com/main.asp?Search=1&ArticleID=51761&SectionID=1&SubSectionID=798&S=1
Would you believe a Civil War battlefield in Arizona? Hey Arizona has it all! We have been there, not much to see.
On April 15, 1862, the western-most "battle" of the American Civil War was fought on the flanks of Picacho Peak, a rocky volcanic spire situated 50 miles northwest of a small Sonoran Desert town named Tucson. Today, the old wagon route which passed by Picacho in 1862 is roughly traced by U.S. Highway 10, which connects the modern metropolises of Phoenix and Tucson, Arizona. Only when the highway runs by Picacho is the open desert view blocked by a series of sheer ridges towering to the west. In 1862, this area was virtually deserted due to its natural desolation, and the fact that all U.S. Army troops had departed the previous year, leaving the local settlers and Indians to do as they wished. Before marching off to join the Union Army being assembled in the East, the local garrison troops had opened their supply depots to the nearby civilians, telling them "take what you need, and get out." Not everyone heeded this advice. Many people who had staked their lives and fortunes on the Southwest decided to remain, strengthening the local militia units which already populated this secessionist area. For their part, local Indian tribes like the Apache thought they had finally chased away the "bluecoats" and they were naturally determined to make the most of it.
Into this volatile scene marched the newly formed Confederate Army, whose formations had declared the entire New Mexico Territory for the Confederacy on August 1, 1861. After securing the Rio Grande Valley, the local Confederate commander dispatched Captain Sherrod Hunter to Tucson, which he occupied on February 28, 1862 after a freezing winter march. With its new garrison of 75 confederates, Tucson was now the furthest point west in the Confederate Empire. They enjoyed the earnest support of the local civilians, as long as they and their brethren helped to keep the Indians suppressed, a task which drew considerable manpower away from the tiny Confederate force.
The Union reacted quickly to the Confederate seizure of the Southwestern Territories. Indeed, these events turned out to represent the most complete takeover of Union territory the Confederacy managed during its existence. Once the Confederate threat in California subsided¹ a small force of roughly 1,400 troops under Brigadier General James H. Carleton was dispatched from Fort Yuma to march on Tucson, hundreds of miles across the Sonoran desert. Hearing word of Carleton's approach, Hunter pushed north out of Tucson to the Gila River, encountering his first Union troops when the leading detachment of California cavalry blundered into Hunter's men as they captured a flour mill. After interring the Union cavalrymen and giving the flour to the local Indians, Hunter returned to Tucson, first dispatching a small party of Confederate cavalry to ride west along the stage road, burning hay which had been left piled for the approaching Union troops. This party of rebels rode to within 80 miles of Fort Yuma, finally stopping when they encountered the first Union pickets, whom they drove off, wounding one. This little known skirmish must have been the true "westernmost fight" of the Civil War!
Northwest view
By early April, the California Column had reached an area near present day Casa Grande, Arizona. From there, they dispatched a group of scouts to reconnoiter the remainder of the route into Tucson. It was this detachment of the First California Cavalry which ran into Hunter's men at Picacho Pass on April 15. Hunter's strong detachment of pickets had occupied ambush positions up on the rocky slopes of Picacho Peak, from which they commanded a wide view of the stage road. Contrary to popular belief, the two sides did not stumble upon each other by accident. The Confederates were waiting in ambush, and only part of the Union cavalry troopers entered the pass via the stage road. The position itself was so obviously an ambush point, that the approaching Californians had split in two, sending part of their force to circle the dangerous position as a precaution.
These precautions were justified, because at 2 P.M., the Union cavalrymen entering the pass were fired upon by Hunter's waiting men. Two Union troopers were injured, and the rest went to the ground in disorder. At this time, the other Union force came up on the flank of the Confederate skirmish line, capturing three of Hunter's men. Encouraged by this victory, Union Lieutenant James Barrett waved his men forward against the remaining Confederate cavalry troopers, who laid down heavy fire, killing and wounding four more Union soldiers, including the young lieutenant. After withdrawing and regrouping, the Union cavalry continued trading shots with the Confederates until late afternoon, when they withdrew and slowly returned to the main body to the north.
North view
The "battle" at Picacho Pass may only have been a tiny skirmish compared to the great conflagrations in the east, but to the men killed and wounded there it was the Civil War. As a microcosm of the greater war, local Confederate successes could not change the strategic realities of the situation. Sherrod Hunter's Confederates continued to be outnumbered, and they were too far from the main Confederate army on the Rio Grande to receive regular supply or reinforcement. Carleton's California troops finally arrived in Tucson, only to discover that Hunter had evacuated. The retreat itself became well known in western lore, and Hunter's east-bound troops were attacked repeatedly by Apaches based in the Chiricahua Mountains. The Confederates even armed their Union prisoners as the march became a fight for survival. The tired Confederates arrived on the Rio Grande River on May 27, 1862, bringing the Confederate invasion of Arizona to an end.
Well SIRG reported it in their 10Q yesterday and I called 2 brokers and both verified that the chill has been lifted.
I find it a laugh a minute when the share price drops over 20% and the shareholders all claim "shorts" or "manipulation" when the fact is more people wanted to sell their shares than there were buyers. And someone wanted out so bad at the close that they dumped 684,100 shares at .0027.
But take a look at GDSM's YIELD sign on OTCmarkets!
The question is why not get the Financial Disclosure Statement filed on time? It's not that much has changed since the 1st Q so what are they hiding?
Marc touted uplisting to a "big board" but surely he knows you don't go from the pinks to the NASDEQ! And being delinquent in a filing is a quick red mark against a company who plans on moving up a tier. Marc needs to be held accountable for his touts that he is interviewing a registered accounting company to handle them. Well how long does it take him?
GDSM needs to file a 10Q fully audited for two quarters before the SEC will handle their application. That means they are not going anywhere for 9 months to a year!
And when they say they will be doing small scale mining by the end of summer, they need to be producing gold from that operation. But they still have not even applied for the permits! Just a lot of fluff BS.
"It's going to be hilarious when the shorts have to cover. I suspect a few will be very quiet around here."
I know it's common to blame a share price drop like GDSM's today on the shorts or the MMs but people need to try to short a sub-penny stock and find out how difficult, expensive and nearly impossible it is.
First, most brokers with the exception of IB do not allow the shorting of a stock trading under $3.00. Check with your broker and ask. Next, the brokers require a margin account with a deposit of $2.50 for every share you want to short. Without a $100K account, forget even thinking about. Then you need to find a broker with shares to loan you. And you need to pay interest on those borrowed shares.
Bottom line - stocks trading under $1.00 are almost never shorted. Look for another reason for the drop today.
"Takes skill to tank your stock 95% in less than a year."
Dale is experienced at that all right and GEAR is just the latest failure after the golf club BK.
Are they going to fund that Silver Cord mine JV with WSRA that was touted last Sept or not?
What happened to all the mods on this board? I don't see any posts by them lately.
SIRG - one of those few companies that succeed in getting the DTCC chill removed has done it.
On or about January 2012, the Depository Trust & Clearing Corporation (“DTC”) suspended post-trade settlement services (known as “Global Lock” or “Chill”) for our securities. Upon our inquiry, the compliance department at the DTC advised us that the Global Lock had been instituted due to their uncertainty about the valid issuance of shares of our company held in street name under their nominee Cede & Co. Our management subsequently provided documentation necessary to lift the Global Lock, and on August 14, 2012, the DTC advised us that they had resumed accepting deposits of the Company’s stock for depository and book-entry transfer services.
Good for you - got in at the bottom of the pump! Many GDSM flippers did that back in Feb. but what about those who failed to hit the exits before the stampede to dump shares happened?
Mar 7, 2012 0.01 0.01 0.01 0.01 49,622,239
Mar 6, 2012 0.01 0.01 0.01 0.01 39,889,838
Mar 5, 2012 0.01 0.01 0.01 0.01 55,123,158
Mar 2, 2012 0.01 0.01 0.01 0.01 111,729,990
Mar 1, 2012 0.02 0.02 0.01 0.01 166,832,561 Lots of buyers
Feb 29, 2012 0.02 0.02 0.01 0.02 57,812,209
Feb 28, 2012 0.03 0.03 0.02 0.02 41,979,057
Feb 27, 2012 0.02 0.03 0.02 0.03 54,051,671
Feb 24, 2012 0.02 0.02 0.01 0.02 36,392,260 Lots of dumpers
Feb 23, 2012 0.02 0.02 0.01 0.02 24,595,744
Feb 22, 2012 0.01 0.02 0.01 0.02 39,127,238
Feb 21, 2012 0.01 0.01 0.01 0.01 37,947,411
Feb 17, 2012 0.01 0.01 0.01 0.01 40,935,390
Feb 16, 2012 0.01 0.01 0.01 0.01 13,185,201
Feb 15, 2012 0.01 0.01 0.01 0.01 28,757,728
Feb 14, 2012 0.00 0.01 0.00 0.01 49,166,858
why keep bringing up The NI 43-101??
The NI 43-101 report was touted by GDSM's CEO, Marc to pump up the share price because it gets a lot of respect from investors. But neither company has a Q.P. on staff to prepare one and the cost can run $50K to $100K or more. It must be filed on Sedar.com to be valid and the rules are strict. Further it is very rarely ever done on a placer mine!
Just GDSM fluff!
WOW that was a huge DUMP dump at the close - down over 20%! That has got to hurt! Took a lot of green out of the portfolio!
Time & Sales
Price Size Exch Time
$0.0027 684,100.....OTO 14:22:26
$0.0028 50,000 ..... OTO 14:22:01
$0.0029 20,000 ..... OTO 13:56:57
$0.0029 65,500 ..... OTO 13:56:54
$0.0029 245,900..... OTO 13:56:51
$0.0029 70,000 ..... OTO 13:53:01
$0.0029 925,409 ..... OTO 13:44:34
$0.0029 900,000 ..... OTO 13:44:16
$0.0030 100,000 ..... OTO 13:44:11
$0.0034 10,000 ..... OTO 11:28:58
$0.0029 10,000 ..... OTO 11:14:16
$0.0029 100,000 ..... OTO 11:04:16
$0.0029 75,000 ..... OTO 11:00:06
$0.0030 5,000 ..... OTO 10:16:27
$0.0030 50,000 ..... OTO 10:16:26
$0.0034 4,500 ..... OTO 09:38:5
Really I fail to understand the difficulty people have with understanding how to build a business/company.
SIRG suffered a huge setback when it was revealed that the permits that were stated as "GOOD FOR THE LIFE OF THE MINE" were not available with a simple "NOTICE TO START".
Rod quickly hired Rizzo to deal with BLM and now CDM Smith to deal with the transfer and modification of its existing Aquifer Protection Permit.
These problems created both time delays and expenses that were a surprise.
Apparently some of you think that Rod should have just said "I don't want to deal with Asher anymore and I can't find other temporary funds so let's just forget it and walk away".
Now that makes about as much sense as many of the recent posts on this board.