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Mr. Chaffee said the terrain, thorny plants and the heat made for difficult working conditions.
The sampling program has begun in the south eastern portions and information concerning those results will be made available to GDSM during the first two weeks of July. The second phase, sampling on the north western portions of the property, will begin shortly after the conclusion of reporting the first phase results.
So it took them over 2 months to get 50 5 gal buckets of ore and test it! So this being the end of July, looks like they should be done testing around the end of Sept.
Oh dear, I hope GDSM was not relying on revenues from that small mining operation to provide funds for that $100,000 payment due in Oct.
The Gold Star properties are comprised of approximately 650 acres. So they are testing 17 acres out of 650? That does not resemble other testing programs I have seen where each acre receives 3-5 test holes. They could miss the mother lode and not even know it.
GDSM investors should do a little research on neighboring placer mining claims and see how they did. Good luck.
Every GDSM shareholder should be concerned about the potential size of a mining operation will be allowed on the Gold Crown and the Gold Star. The Gold Crown is the cause for the most concern due to the testing restrictions in the POO.
No motorized vehicles or equipment makes it very difficult to carry those 5 gal buckets across some 300+ acres through all the thorny vegetation and rough terrain.
Those buckets look really heavy but not to worry, many miners rely on those 5 gal buckets to work their claims.
The POO is the most current information available on GDSM and can be relied upon as fact.
The shareholder letter released June 30 by Mr. Chaffee failed to reveal his transfer of the Gold Crown Lease to himself, clearly leaving shareholders of both companies in the dark.
Someone needs to verify that this does not void the JV since one of the assets in the agreement no longer belongs to WSRA, GDSM's JV partner.
If you missed it, the POO was put in the I-BOX. And there is no motorized equipment or vehicles on the Gold Crown because it is an Arizona State Trust land lease. It is not a BLM claim as the Gold Star is.
Having read your previous post about your buddy who was working for WSRA on the GDSM claim, how do you explain them working the claim over a month prior to the exploration permit being released?
Read the POO to clarify any questions and then answer mine.
They were allowed to HAND CARRY out 50 5 gal buckets of gravel to test. It had to be done by shovel. NO motorized equipment was allowed on the Gold Crown Lease, now in Mr. Chaffee's name!
Love those "shovel ready jobs"!
IT will be many months before they get an approved MOP - we have only seen the POO on Mr. Chaffee's Gold Crown lease, no proof they have an approved POO on the Gold Star or whose name it is in!
Here is some small scale mining being done in Arizona. At least they won't need to hire a lot of employees!
Could VERT be out of shares already? SIRG back to .0089!
WOW what a ride that was! The old elevator got a work out today. Hope everyone was able to load up at the basement sale!
No problem, most SIRG longs know how to play this game, we have been through it several times during the past six months and it has allowed many of us to add more shares than we sold.
Nothing has changed - nobody stole our copper, the SIRG team is working diligently and expeditiously to secure all the required permits and have they have a team of qualified professionals on the job.
Down the road we will all be glad we were able to add more shares at these prices.
Those who don't buy at these prices will be the ones regretting it. SIRG has been over a penny 3 times in the past year and it will be there again.
Redshirt1 is one of the new mods on the SIRG board and we should all give him a gracious welcome. He will be an outstanding addition to the SIRG board as both an intelligent individual as well as one experienced in the mining industry.
Thanks for taking the job.
Lmcat
Guess Hondo is not going to reveal the facts to their blind investors. Still no 8K filed. Shamefull!
I don't have the exact amount but I believe it is in the area of $350K. It is not an Asher note. Their 80% ownership of the Chloride Copper mine is valued at $12,000,000.
It is in their filings as SIRG is a fully reporting OTCQB company.
I have no clue what you are posting about as nobody bought 100 shares! Please provide proof of where you got that number.
I know Rod, the CEO purchased 9,700,000 shares in Oct of 2010 when SIRG was trading in the .20 range. At that time, he was NEITHER AN OFFICER NOR A MEMBER OF THE BOD. He bought his shares with his brother through Blackpool Partners.
If you want to know when the others bought theirs I suggest you dig through the old filings but SIRG was selling at a much higher price back then.
Our CEO has a lot of skin on the line to recover his loss and he continues to move SIRG forward to production and revenues. Unlike start-up companies in other industries, SIRG will be selling a product that is in demand.
I don't have a problem since I have more than one account and clearly SIRG traders didn't have a problem when SIRG launched their new website and 20M+ shares were traded in three days.
Jun 6, 2012.... 0.01.... 0.01.... 0.01.... 0.01.... 12,358,442
Jun 5, 2012.... 0.01.... 0.01.... 0.01.... 0.01.... 5,577,850
Jun 4, 2012.... 0.00.... 0.01.... 0.00.... 0.01.... 2,698,897
And that was just the launch of the website. Wait until they announce permit approvals and funding details.
SIRG is going to SURGE.
Thank you for posting the L2 showing the SIRG Buy Orders are more than DOUBLE the Sell orders and there is that 1,500 trade that took SIRG down even more.
Very strange I don't see AUTO on there and they are one of SIRG's largest MM traders.
My L2 is showing SIRG even at .0085 on volume of 426,500 which is the first time it has ever had more volume than the "G" stock!
G is at 387,236 volume, down 5.4%.
A couple of things - when the mine was owned by a Canadian company, they paid to have an NI 43-101 report done and SIRG put it on their website. That is a big no no.
It is so comical when CEO's tout an NI is being done and they are too dumb to know that it is illegal for their company to use one but they know it clicks with shareholders and makes them appear legit!
Two other miners that I know of ($ugo and $GRI) also got chilled and both had NIs on their website, but they had some very severe problems.
SIRG also had a share imbalance and it turns out one of the insiders bought shares and forgot or didn't know he had to file a Form 4. The share count was also wrong on a couple of other insiders but was under 100 shares that were wrong so no big deal but a pain to correct.
Not true - people with TDA have been picking up their phone and buying SIRG with no problem.
All of the Amended reports have been done and SIRG is in compliance so the chill should have been removed. That appears easier said than done as a couple of companies have filed a class action lawsuit against DTCC for failing to remove them from the chill list.
That's why we know investing in SIRG is like an elevator ride. We have gone through this for months - remember the 8 5,000 share trades on one day awhile that took SIRG down with every one of them?
I want to know who the MM ATDF is - if that is TDA then the chill could have been lifted. ATDF is on the bid and ask and I don't recall seeing him previously.
A trade for 1,500 shars at .0066 for a total proceeds of $9.90 took us down. Appears we are back to the old MM manipulation who would sell 1,500 shares for peanuts.
SIRG has no mortgage payments they own their 80% of the Chloride Copper mine free and clear. That 80% has been valued at $12,000,000.
That other company bought their claim from another party and have mortgage payments due every month. That makes it hard to get through the delays in re-opening a mine and they are at least 10 months behind.
No the Silver Cord is just sitting there with more water seeping into its tunnel walls during the Arizona monsoon season, waiting for the millions of dollars it will likely require to develop a producing miming operation. GEAR announced last Sept/Oct that it was funding the mine with WSRA in a JV. No estimate of the cost of rehab and not enough testing done to prove there is enough ore to recover the costs to get it out!
Another company I follow was getting so close after a 10 month delay to final approval for their underground mine, and then they got this. And they have monthly mortgage payments on that claim so these delays only put them deeper in the hole every month.
It has been posted at least a dozen times that SIRG has a production target of Jan/Feb and is currently working through the permitting process.
Investors in mining companies must understand the process and that it often takes 1-2 years to open a pre-existing mine and many years to develop a new one.
SIRG is moving along just fine - two other companies I follow started earlier and I do believe SIRG will beat them both to production.
Both are underground mines are require a lot more rehab and money than the Chloride mine along with other approvals and permits.
One of them just released this bad news today.
As a result of safety inspections at the mine on July 17, 2012 conducted by the federal Mine Safety and Health Administration (MSHA), the Company was found to be in non-compliance of several regulations that caused MSHA to issue a stop work order.
That is a big hit because they have $80K monthly mortgage payments and are behind. Their final funding has not come through as expected - big trouble for them ahead.
History is history and GDMS's history is one of six failed companies, and the fact that WSRA has been in business for over 100 years has been posted several times showing that history is important to GDSM investors.
What kind of company has corrupt individuals on their management team? Paul served as CEO after being charged with fraud.
Posted on the GDSM board on February 13, 2010
WSRA nor GDSM have provided any information on the identity of either the geologist or mining engineer who will be overseeing the sampling of the lease and claim.
How can those 5 gal buckets be verified as coming from the claims? There are two websites that offer gold from the Bradshaw Mountains are for sale. Someone could drop a few nuggets in thos pails when nobody is looking - it's called "seeding" and is done more often than people realize.
What "chain of custody" is there from the claim to the assay office?
Proof is needed that the samples went to the assay office (there is one in Prescott) came from the Gold Crown.
Has a Notice of Intent been filed with the BLM Phoenix office for the Gold Star?
A Notice of Intent is a pretty simple process that allows you the chance to put down the shovel and move a substantial amount of dirt with little effort. You may want a small portable digger, a backhoe, excavator, or bulldozer for your sampling. Under a Notice of Intent, the maximum disturbance is 5 acres which includes any roads you may need to make to get to your exploration sites.
It is fun to look at ounces of gold at the end of the day by using heavy equipment, rather than a gram or less with pick and shovel. Setting up your own sampling operation can be cheap if you look for the right deals on equipment. A simple setup can include a backhoe, screen, sluice box, water tub, water pump, and a water container for transporting water. If your soil conditions are right, you may dig it and run it through a drywash plant. You may also simply dig the dirt and metal detect it for nuggets. All of these methods can be effective if you've got the right mining claim.
SIRG has been in penny land 3 times the past year and it will return and stay there.
The Nevada SOS document being posted already silenced the posts about that fact and proved that Nevada failed to update their website for months and it still is wrong.
We have confirmed that SIRG is doing fine moving through the BLM process with the revised MOP approved, just waiting for the DEIS and Reclamation Plan and Bond approvals.
You are correct that it takes patience as dealing with government agencies is never a speedy process and even I don't understand why it can take months to read a document and approve it, but it does and some permits can take years to get. Fortunately SIRG does not need a 404 because there is no running water on their claim.
Next week will be the end of July and that will leave just 5 months to the Jan/Feb target to start production.
Lovito at GDSM is not transparent and neither is Chaffee at WSRA. I have researched mines and mining companies in Arizona for almost 4 yrs. It does not matter if they are pink or OTC or NASDAQ, it the only thing they do is mine investor's pockets, then they are placed on my target list to continue further research.
GDSM was on that list from 2009 when lots of people bought it on the Oro Cache and Sun Gold JVs with WSRA and both of them failed.
So when GDSM announced a third rerun of those two previous failures my radar lit up and my first post was on Nov. 9th, months prior before many of the current investors ever heard of GDSM.
On my radar were the Lovito Brothers and their string of failed companies along with the fact that Paul Lovito had been charged with fraud. If he was innocent and had nothing to hide, why did he hide from the process server?
This would bode well for SIRG.
US Senator warns copper ETFs would 'undoubtedly' increase the price
In a letter sent to US securities trading authorities on Tuesday a US Senator attacked plans by JPMorgan and BlackRock to launch an exchange-traded fund backed by physical copper similar to the many precious metalETFs already available to investors.
The letter by Senator Carl Levin, a Michigan democrat, follows similar complaints by US copper wire manufacturers in May and states this type of investment vehicle in copper – widely used in construction, communication and transport – would ““undoubtedly affect and increase the price of copper”” and make the market “more susceptible to squeezes and corners by speculators”.
Gold ETFs have been very supportive of the price and combined these funds now hold some 2,500 tonnes of the precious metal, but given copper's essential role in the global economy investors hoarding physical supply would have a different dynamic altogether.
Apart from JPMorgan and BlackRock, Credit Suisse/Glencore, Deutsche Bank, Citigroup and Goldman Sachs are all looking at copper ETFs. Goldman Sachs have already been tying up physical supply and last year signed an off-take agreement with Spanish miner Emed.
Copper stockpiles and global imbalances of supply have caught the attention of industry observers with some saying that there are rogue traders operating in the market and that prices are being distorted by dominant players.
Earlier in the year an entity took control of up to 90% of cash contracts and inventories on the LME and stock levels at the LME's 600 warehouses around the world are already at historically low levels of 250,00 tonnes from 450,00o tonnes a year ago. 73,500 tonnes are also held in COMEX warehouses.
Levin calculates that JP Morgan and Blackrock's ETFs could take another 183,000 tonnes off the market.
On Tuesday, the red metal reversed recent gains trading at $3.46 a pound in New York. Today's price is a 22% drop from historic highs hit at the end of July last year of a shade under $4.49 a pound (more than $10,000 a tonne).
2011 saw dramatic price collapses for copper. From the record high in July the metal plunged to $3.07 at the beginning of October, a 31% drop in little over two months. In September 2011 alone, the price dropped 26%, losing over $1/pound during the month.
http://www.mining.com/2012/07/17/copper-etf/?utm_source=digest-en-mining-120717&utm_medium=email&utm_campaign=diges
"Pick" a stock? Without doing serious research and digging for the truth that's like picking red or green at the Roulette table but betting on a pinkie stock is even worse.
GDSM and WSRA have not been open and transparent with their investors or Chaffee would have announced the Gold Crown Lease transfer out of WSRA and to himself in the shareholder update that was released on June 30th.
That update stated that the sample results would be released to GDSM in the first 2 weeks of July so it could have been as early as July 1st and now it is July 23 and still no PR. If the test results were great I am sure they would have rushed to announce them.
Actually the most common inhabitants of underground mines like the Silver Cord are bats, scorpions and rattlers.
I think after GEAR discovered how much money it would take to timber the mine and haul out the toxic water to a hazmat location, they decided to pass.
WSRA is busy working on another project in Skull Valley, a few miles away from the Silver Cord.
One by one the remaining issues about SIRG that have been posted about have been proven wrong.
SIRG owns 80% of the Chloride Copper Mine.
SIRG hired Paul C. Rizzo Assoc. to deal with the permitting, design the new heap leach pond (will be bigger than the old one) and re-design the pit.
It will take 30-45 days to build a new pond.
The old pit will begin to look like this after a few years of mining.
The end product will be 99.9% pure copper.
Can you sort out which SIRG notes were converted in Jan - one of those you listed is from April of 2011, well over a year ago. We know some of them were converted as the O/S rose and we have tracked it very carefully. I believe some 30M+ were added in Jan.
And copper prices are predicted to recover and rise. That would affect the $2.00 per lb of cash flow from the SIRG mine.
Looming Copper Surplus Contracting as Mining Fails
Analysts are slashing predictions for the first copper glut in four years as producers from Chile to Indonesia contend with aging mines and strikes at a time of record demand.
The global surplus will total 18,500 metric tons, according to the median of 22 analyst estimates compiled by Bloomberg, 85 percent less than a January forecast of 124,000 tons. Barclays Plc expects shortages in the first half of next year and Morgan Stanley and JPMorgan Chase & Co. anticipate an annual deficit. Prices will rally as much as 14 percent to $8,700 a ton by Dec. 31, the median in a survey of 15 analysts shows.
Mining companies on average are processing about 15 percent more ore than they were in 2000 to extract the same amount of metal, according to Macquarie Group Ltd. Freeport-McMoRan Copper & Gold Inc. (FCX) (FCX) shut Grasberg, site of the world’s largest reserves, for two weeks in the first quarter after violent protests, following a three-month strike in 2011. Demand growth will accelerate to 4.7 percent next year from 1.5 percent in 2012, Morgan Stanley estimates.
“It’s really a matter of scarcity in copper, with mined supply lagging behind expectations,” said Thomas Benedix, a Stuttgart, Germany-based metals analyst at Tiberius Group, which manages about $2.1 billion of assets. “At the start of the year people were expecting that the supply side could really start delivering on their targets, and now it’s not going to happen.”
Bear Market
Copper fell 17 percent in the four months to June 8 on the London Metal Exchange, 3 percentage points less than the common definition of a bear market. It’s since rallied 4.8 percent to $7,643.75, for an annual gain of 0.6 percent, beating the 1.3 percent drop in the Standard & Poor’s GSCI gauge of 24 raw materials. The MSCI All-Country World Index (MXWD) of equities rose 4.5 percent and Treasuries returned 2.6 percent, a Bank of America Corp. index shows.
While the International Copper Study Group forecasts mine output will expand 5.1 percent this year and 7.6 percent in 2013, production has missed the Lisbon-based group’s initial forecasts in each of the past five years, data compiled by Bloomberg show.
Deutsche Bank AG cut its 2013 surplus forecast to 260,000 tons from 300,000 tons on July 3 and JPMorgan is now predicting a 295,000-ton shortfall, compared with a January projection for a 259,000-ton glut. Bank of America Merrill Lynch said July 9 it expects a 7,000-ton surplus from 120,000 tons forecast in April. Barclays puts the last surplus in 2009.
Largest Producer
Morgan Stanley’s prediction for additional consumption of almost 1 million tons next year is more than Santiago-based Codelco, the world’s largest producer, can extract from Codelco Norte, its biggest source of copper, according to data compiled by Bloomberg.
The changing forecasts have yet to be recognized by hedge funds. Speculators more than doubled their net-short position, or bets on declining prices, in the week ended July 10, U.S. Commodity Futures Trading Commission data show.
The funds have been bearish since the end of May, the longest streak since January, on mounting concern that central banks and other policy makers will fail to shore up growth. About $4.6 trillion was erased from the value of global equities since the end of March, data compiled by Bloomberg show. Copper buyers are delaying purchases because Europe’s debt crisis may derail the global economy, Codelco Chief Executive Officer Thomas Keller said in an interview June 6.
Service Industries
A purchasing managers’ index for China, the biggest copper consumer, reached a seven-month low in June, HSBC Holdings Plc and Markit Economics said July 2. U.S. manufacturing shrank in June for the first time since July 2009, the Institute for Supply Management reported the same day. Service industries and factory output in the 17-nation euro area contracted for a fifth consecutive month, Markit reported July 4.
http://www.businessweek.com/news/2012-07-17/looming-copper-surplus-contracting-as-mining-fails-commodities
Thank you for pointing out that SIRG had funding available but it was voted down by the BOD as not shareholder friendly.
Nobody will ever know, but maybe they should have gone with Harmony instead of Asher as that turned out to be not shareholder friends.
It is my guess that since they were able to get the funding, they did not realize how difficult it would be to find alternate funding!
Effective October 12, 2011 the Copper Cathode Sale and Purchase Agreement was terminated by mutual agreement between the Company and Harmony. All prior terms of the agreement are void and no longer valid. Both parties agreed to mutually release the other without any recourse against the other.
Isn't it wonderful to be able to read the SEC filings and learn exactly what is going on and not some "Quarterly Disclosure Statement" where pinkies can cover up everything?
The sampling program has begun in the south eastern portions and information concerning those results will be made available to GDSM during the first two weeks of July. The second phase, sampling on the north western portions of the property, will begin shortly after the conclusion of reporting the first phase results.
Chaffee does not reveal which mining property those south eastern portions are - Gold Crown or Gold Star??
The first two weeks of July are long gone and GDSM has failed to PR those sample results. Not looking good!
So they will begin the second phase, sampling on the north western portions of the property. I thought they were done hauling those 5 gal buckets! This project is moving slower and slower. It took them almost 3 months for phase I and the results are still unknown despite the fact that Chaffee said the results would be released to GDSM the first two weeks on July.
Maybe he meant to say August!
Violence Halts Mining on a Philippine Island
Maybe this is the reason there has been no news. Violence is spreading and attempting a mining project there may not be smart at this time.
http://www.businessweek.com/articles/2012-07-19/violence-halts-mining-on-a-philippine-island