buys stock in bulk! Stock up and save!
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Good to see accurate information Don...
...Misinformation will be gone soon and the stock will take off. We start drilling and it's showtime.
FREAKING HILARIOUS!
Sungro Minerals, Inc. SUGO is a mining & exploration Company focused on the acquisition, development & management of mineral properties. The Company’s flagship property is the Conglomerate Mesa Project which hosts gold structures similar to those located at the Carlin Trend. The Conglomerate Mesa property, located in California, is an extension of the incredibly prolific Carlin Trend. The Carlin Gold trend is one of the world's richest gold mining districts.
Up 90%, down 40%...in the end none of it matters until they start drilling does it? :P
I'd really like for the market to rally tomorrow for some added value to some options I picked up on individual stocks like BSX.
Same old, same old...They are moving forward on a lot of stuff, they have info they need to update shareholders on, and they plan on updating shareholders.
Financing goes through it should be a $15 Million market cap, since that's how much cash they have...of course you can throw in a few million for the BILLIONS of reserves they have too.
Good post...thanks for the update.
Nice 2 Million share order... I think that is called switching accounts.
If this is ever allowed to pass $.20 it could run to $.35 in a minute.
Spoke to Dan yesterday. He said they have a lot to update shareholders on. Usuaully, when they have a lot to update shareholders on it means a PR is coming. Dan, typically puts out PRs on Monday.
Frequently Asked Questions (F.A.Q)
This section holds the most general questions about Sungro Minerals:
In total, how many drill holes have been done in Conglomerate Mesa?
There have already been over 80 holes punched in Conglomerate Mesa with the total amount of drilling in excess of 10,000 feet.
What is the quality of the Gold?
Based on the findings outlined in the NI 43-101 Report, the gold deposits per ton are at Commercially concentrated levels:
5 feet @ 0.103 opt Au
6 feet @ 0.124 opt Au
7 feet @ 0.251 opt Au
10 feet @ 0.030 opt Au
15 feet @ 0.105 & 0.208 opt Au
20 feet @ 0.038 opt Au
40 feet @ 0.151 & 0.370 opt Au
140 feet @ 0.123 opt Au
For further reference please see pages 2, 39, 41-43, 47-51 in the NI 43-101 Report. View Report
What type of gold deposit mineralization is it?
The gold mineralization type is similar to the "Carlin-type" deposits of north-central Nevada. The Carlin type deposits represent some of the largest hydrothermal gold deposits in the world. The invisible nature of the gold in the deposit makes it difficult to find those kinds of deposits. The class of deposit was defined after the Carlin mine became a mass producer of gold in the 1960s and it was recognized that other deposits of that type should exist. Most of the mines in the Great Basin in the United States belong to the Carlin type. Carlin type deposits have also been found in China and Macedonia.
What is the development and or operational timeline?
This is an undertaking of 18 to 24 months for site development which culminates in permitting for mining production. As the time-line moves into the second year, the Company expects to begin the work for operational mining permits so that as the final site exploration, development, and production planning draws to completion, they are ready to move into actual production.
Other than the expected 2,000,000 Ounces of Gold, what other minerals are expected to be found?
As per the NI 43-101 the following mineral deposits are expected as follows:
Silver: 249,640,000 Ounces
Lead: 4,803,200,000 Lbs.
Zinc: 18,012,000,000 Lbs.
Copper: 31,000,000 Lbs.
Would the USD $10 million financing, as mentioned in our Press Release dated February 17, 2011 bring the mines into production?
No, the purpose of the $10 million is to bring the mines to the point that allows the start of production. The achievement of "feasibility" as this stage is known is to lay out the mining methods, have the permitting under way, and solidify the actual values of what is on the property. Typically, this effort results in "proven" reserves of minerals that are much greater than the current report indicates. In addition, the use of the remaining funds will allow the company to "graduate" to a more established exchange.
Up to date, what has been the amount invested by Sungro Minerals into Conglomerate Mesa?
To date, Sungro has invested about $3.5 million into the project. This has consisted of payments under the mineral agreement, payments to maintain the claims with the county and the Bureau of Land Management. There are ongoing payments for certain items that amount to approximately $350,000 a year. In addition, some of the costs have covered the evaluation of the NI 43-101 Report.
Up to date how much investment has gone into developing the land from previous companies?
Sungro has estimated that all of the previous companies have invested approximately $12.0 million in the exploration of the claims.
What about environmental issues?
The Company believes it will have to deal with environmental questions, but that it will be part of the normal review and issuance of permits. As mining is currently being done in the surrounding area, this should not be an issue.
Would there be any problems in obtaining mining permits for Conglomerate Mesa?
Sungro does not anticipate permitting issues. Permits for this property were issued to BHP Billiton and Sungro intends to renew those permits once funding is obtained. Like any mining company we expect to pass both production and environmental reviews. The Company anticipates being able to move the process of permitting along in a reasonably efficient manner with nominal difficulties.
Why has the company not been able to raise "substantial" funding in the US for this project?
The Company is currently in discussion with a number of potential U.S. based investors. To date, all "seed" investors have come in from US sources. The previous capital raising structure was not setup formally until the NI-43101 was completed.
Why would BHP walk away from what they estimated to be 2,000,000 Ounces of gold?
BHP did not choose to walk away from the property or its potential returns. They previously had an agreement with the original "prospectors" and they attempted to "cut out", circumvent, and annul their agreements. The "prospectors" took them to court and after five years of litigation, BHP lost the case and the court awarded all of the claims back to the original prospectors.
Where can I find the court records for the BHP case?
These may be obtained at the Inyo county, California courthouse. You may request transcripts from the court.
How did Sungro get involved with the prospectors? And How did Sungro Minerals get involved with Conglomerate Mesa?
The two questions are related. The prospectors had staked the claims that make up our Conglomerate Mesa project. Originally they entered into an agreement with BHP Billiton. After several years, they found that some of the documents that BHP had requested they sign actually undermined their contractual rights to future payments. They sued BHP and after a 5 year battle, were awarded back all of the claims by the court. During the discovery phase of the trial, all of the historical documentation on exploration and development were provided to the prospectors. Subsequently, the prospectors entered into an agreement with Timberline. Timberline defaulted on their payments to the prospectors and ultimately lost the rights to continue exploration and development of the site. After winning back their claims, they contacted our Consultant who had spoken with them a number of years before and had proposed an alternative to fund development of the project. They contacted him, and he arranged for the claims to be assigned to Sungro Minerals. Sungro has been working to complete the necessary exploration and ultimately bring the project to production for the last two years.
Who are the major Shareholders of SUGO and what is the current share structure?
Please review our 10-k and recent 10-q for 2011 Read More
How is the ownership of Conglomerate Mesa secured by Sungro Minerals?
The claims that make up the Conglomerate Mesa project are deed and title recorded with Inyo county tax assessor's office.
What is the tenure of the mining claims given by the Bureau of Land Management to Sungro Minerals?
The claims are perpetually held by the Company so long as the annual claims maintenance payments are made.
How suitable is the surrounding area to mining? I.e. is there ample water supply, how close are major highways and railroad tracks. What is the population of the surrounding towns?
Railcar is 3 miles from the claims. Both water and electric are in sufficient quantities and are accessible to the mine. Inyo County has a population of approximately 21,000. The County has the highest per capita unemployment in the State of California.
Has mineralogical test work been done on Conglomerate Mesa?
Yes. Enough mineralogical testing has been completed for our geologist to advise that the cost to extract is definitely economical. Our geologist estimate the extraction cost not to exceed $500 per ounce.
The NI 43-101 has a few pages that are "intentionally left blank". Why is this?
Prior to the company staking an additional 217 claims in the area which blocked out anyone from staking miscellaneous "nuisance" claims that could have interfered with our development, we redacted the maps and coordinates from the report that was available to the general public. We can make this information available if it is required.
The time table for the start of production is rather aggressive. What makes you think it can be completed in 2 years?
It is entirely possible that start of production could take longer than 2 years if we are not able to work with the federal and state officials to develop a plan that is acceptable. We intend to work with local officials as this will be a large job creation project for the area which has some of the highest unemployment in the state. Environmental questions and issues may cause some delays; however, one of the most important is the heap leach process. This could take longer to get approved, but our neighbor Atna is already in production with this method and in fact is expanding their heap leach production. Additionally, we can truck the ore to the rail siding and send it out of state for processing to existing facilities. While this may cost a bit more, it is an alternative to building our own facility and can short stop some of the objections we would receive. We are confident we will engage to handle the permitting process that we will, within reason be able to stay close to the timeline. We also have some excellent contacts in both federal and state government who are willing to assist as needed in our efforts.
How long will it take to convert the prior documentation and former maps from past companies into digital format?
About 95% of the original documentation was converted to a digital format in connection with the effort to generate the NI 43-101. The issue as Mr. Moore stated in the Report is that it was not all originally provided in digital format, MAY not have been done in compliance with the current NI 43-101 standards.
How deep is the deepest hole that has been drilled?
There are a number of holes in excess of 1,000 feet. They are distributed throughout the claims and have shown very high ounces per ton.
Gold we have seen:
1,190 .084 opt
1,200 .062/.043 opt various depths
1,080 .064/.076 opt various depths
Silver in the Santa Rosa:
1,173 1.36 opt
1,225 3.20 opt
1,328 1.40 opt
1,395 1.84 opt with .016 opt of gold
From the time Financing like this is announced until it's closed is usually less than 2 weeks. SUGO is very conservative with news and doesn't put out fluff. IMO...if they are willing to put out an LOI then its not too far off.
If CORN gets anywhere near $43, I'm in. Still cashing out of some things...would really like QQQ to go back to $57 or so.
$15 Million cash, gives SUGO a CASH VALUE of $.167/share! and it's trading at $.02!!! Do you think that maybe, just maybe it can go up?
IMO, SUGO is ready for a LOT of news... been waiting patiently for financing...been bugging the company...when? when? when? ...well, now it's happening. Looking for an unloading of news once the company starts drilling.
Expanding on SUGO's $15 Million news from yesterday. Funding complete in a week or so and SUGO will have a cash value (not including their mineral reserves) of $.167/share. Stock is at $.02. The huge short there will get crushed on news.
CASH VALUE OF SUGO $.167/share! and it's trading at $.02!!! Do you think that maybe, just maybe it can go up?
Actually, Issued/Outstanding is about 90 million (which is still TINY). 25 Million Shares should be deleted since they are held in trust and just waiting on SUGO to send an opinion letter. My opinion is that those shares will be taken off the books.
I called the Transfer Agent yesterday. The Transfer Agent updates Pinksheets.com on a monthly basis. The Transfer Agent told me pinksheets.com has the most accurate number.
Asher is naked shorting here. And, boy will they get their a$$ handed to them when the finance is closed, SUGO has money in the bank, and is drilling (doing their feasibility study). This study is going to be prove, once and for all, that SUGO is sitting on a MONSTER mineral reserve. This isn't going to be a tiny production...this is a MEGA Mining opportunity.
The way I look at it is the biggest hurdle they had was to find good financing that doesn't use stock as collateral. And, it appears they have done it. Doing a feasibility study should be a cake walk and it will show us how much of what we really have. Do not expect much of a barrier from the BLM. Since, their neighbor Atna is already in production with a heap leach process. The mine is also close to Nevada, which readily accepts ore via a railway (which is only 3 miles away).... how convenient :)
The company has contacts in both federal and state government who are willing to assist as needed in their efforts too.
I don't like it when people take advantage of people, however, I think this price range is a must to take advantage of the price manipulation.
Having $15 million creates a lot of opportunity for news, IMO :D
This is going to be a busy few weeks. Yesterday's news is going to lead to much more news. Can't wait! :)
Corn getting killed today... Might be a good entry point later this week IMO.
Down to 44.74 (4.02%)
Would like to see this end the week in the $.20s if we get news next week that will be a much better base to trade from.
I think they got all the races now... black, brown, yellow, white...Next Disney Princess is going to be an alien (take care of the green demographic).
Sungro Minerals - SUGO is an early exploration stage company engaged in the acquisition, exploration, and development of mineral properties.Presently, its business plan is to explore for minerals on its mineral property in Conglomerate Mesa...
The Conglomerate Mesa Project hosts structurally and stratigraphically controlled, sediment-hosted gold mineralization similar to the "Carlin-type" deposits of north-central Nevada. The property was originally explored by a Fortune 500 corporation while it was within the Cerro Gordo Wilderness Study Area (WSA). Newmont withdrew from Conglomerate Mesa in 1993. Federal agencies dropped the property's WSA status the following year. The core area of the Conglomerate Mesa property was explored by a second Fortune 500 exploration company in 1995, with eight target zones identified, based partly on surface road cut channel samples....
The core area of the Conglomerate Mesa property was explored by a second Fortune 500 exploration company in 1995, with eight target zones identified, based partly on surface road cut channel samples. In 1997, they conducted a widely-spaced, 10-hole reverse-circulation drill program at Conglomerate Mesa...
Newmont withdrew from Conglomerate Mesa in 1993. Federal agencies dropped the property's WSA status the following year. The core area of the Conglomerate Mesa property was explored by a second Fortune 500 exploration company in 1995, with eight target zones identified, based partly on surface road cut channel samples. In 1997, they conducted a widely-spaced, 10-hole reverse-circulation drill program at Conglomerate Mesa...
Might get a PR on Monday.
They are considering a share buy back with some of the funds too. It would appear that even $250,000 in buying could take a significant amount of shares off the table.
The purpose of the financing is to bring the mines to the point that allows the start of production. The achievement of "feasibility" as this stage is known is to lay out the mining methods, have the permitting under way, and solidify the actual values of what is on the property. Typically, this effort results in "proven" reserves of minerals that are much greater than the current report indicates. In addition, the use of the remaining funds will allow the company to "graduate" to a more established exchange.
You're just mad because it's going to happen.
Photo of the Conglomerate Mesa...
...I think a nuke went off here? Perfect area for mining. And, since Inyo County has the worst unemployment rate in California I'm sure this is going to be a welcomed project.
http://maps.google.com/?ie=UTF8&ll=36.532812,-117.735672&spn=0,0.305557&t=h&z=12&layer=c&cbll=36.532812,-117.735672&cbp=12,0,,0,0&photoid=po-40220252
JNJ pulls out of drug-eluting-stent business:
...Boston Scientific (BSX) is running based on the news (they are the biggest competition...
http://finance.yahoo.com/news/Cordis-Announces-prnews-2754018749.html?x=0&.v=1
Quote:
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Cordis Corporation, a worldwide leader in the development and manufacture of interventional vascular technology, today announced it will no longer pursue the development of the NEVO Sirolimus-Eluting Coronary Stent in order to focus on other cardiovascular therapies where significant patient need exists. The company will also stop the manufacture of CYPHER and CYPHER SELECT Plus Sirolimus-Eluting Coronary Stents by the end of 2011.
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Cypher was the first drug-eluting stent on the market, but ABT’s Xience has rendered Cypher an afterthought in the marketplace.
Nevo, based on technology JNJ acquired in the $1.3B buyout of Conor Medsystems in 2006 (#msg-14870799), made a big splash in 2009 (#msg-37962147). Nevo’s claim to fame was its Swiss-cheese like drug reservoirs in lieu of a drug coating used in other DES products.
In a separate PR today, JNJ said it was taking a $500-600M charge against earnings in the current quarter for “restructuring” of the Cordis division.
Get in when you want to...but if I were going to get in I'd do it before the money comes into SUGO. Because SUGO is very interested in doing a share buy back with some cash.
Interest/cost is taken from the loan. Not paid up front.
...sorry, I asked a few questions today.
$15 Million Financing is not secured with any stock. Only the property/claims.
So, don't look for any dilution with this financing. The company doesn't need to sell stock to pay for anything.
...I guess that also tells you how quality the claims are too.
Asher has shorted it...they'll be taken out soon enough. The company can do a feasibility study and do a some buy back of shares with $15 Million.
TECHNICAL REPORT ON THE CONGLOMERATE MESA PROPERTY, INYO COUNTY, CALIFORNIA
http://www.sungrominerals.com/images/report.pdf
Definitely worth a reread...LOADS of GOOD STUFF!
Newmont Exploration Ltd. discovered surface gold mineralization south of Conglomerate Mesa and east of the Asamera discoveries in 1989 while the area was within the Cerro Gordo Wilderness Study Area (WSA). Newmont later drilled 22 holes that established an estimated resource (non 43-101compliant) of 2.9 million tons grading 0.059 opt Au (2.02 gpt Au), or approximately 175,000 ounces gold (Appendix III). Newmont dropped their claims in 1993 while the WSA was still in effect. In 1994, the BLM dropped the WSA designation and much of the Conglomerate Mesa area reverted to multiple use status. BHP Minerals leased and staked unpatented lode claims in the area in 1995 and conducted geologic mapping, and rock chip, soil, and stream sediment sampling in 1996. Their work lead to the recognition of a much larger hydrothermal and mineralized system then had been identified by Newmont. They believed the area could host bulk mineable gold deposits in excess of 2,000,000 ounces (as stated in an inter- company report) and designated Conglomerate Mesa as one of the company’s premier exploration properties. Eight targets were identified at Conglomerate Mesa by BHP. These areas exhibited extraordinarily good surface rock chip geochemistry with some of the results reported being:
? 40 feet @ 0.370 opt Au
? 140 feet @ 0.123 opt Au
? 7 feet @ 0.251 opt Au
? 15 feet @ 0.105 opt Au
? 5 feet @ 0.103 opt Au
? 10 feet @ 0.030 opt Au
? 40 feet @ 0.151 opt Au
? 15 feet @ 0.208 opt Au
? 6 feet @ 0.124 opt Au
? 20 feet @ 0.038 opt Au
In 1997, BHP drilled a total of ten widely spaced holes in three of the newly discovered target areas and the Newmont resource area for a total of 8,060 feet. Significant gold mineralization was encountered in all of the holes.
Disney will officially welcome Rapunzel as the 10th Disney Princess character at a high profile, star-studded celebration, to take place in front of a global audience on October 2, 2011. In a world first, Kensington Palace, London, UK, was chosen by Disney as the perfect location for this magical welcoming ceremony of a Disney Princess, as it has been the home of many real life princesses over the centuries. Little princesses from across the globe will watch Rapunzel be welcomed into the Disney Princess royal court by Ariel, Aurora, Belle, Cinderella, Jasmine, Mulan, Pocahontas, Snow White and Tiana.
...FYI, Ariel was the hottest....even though she was part fish.
SUGO only going to get better :)
As per the NI 43-101 the following mineral deposits are expected as follows:
Silver: 249,640,000 Ounces
Lead: 4,803,200,000 Lbs.
Zinc: 18,012,000,000 Lbs.
Copper: 31,000,000 Lbs.
HUGE OPPORTUNITY.
Other than the expected 2,000,000 Ounces of Gold, what other minerals are expected to be found?
As per the NI 43-101 the following mineral deposits are expected as follows:
Silver: 249,640,000 Ounces
Lead: 4,803,200,000 Lbs.
Zinc: 18,012,000,000 Lbs.
Copper: 31,000,000 Lbs.
...CHA CHING!
How important is this mine to California?
The County has the highest per capita unemployment in the State of California.