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What I objected to is the use of the word "criminal" to describe Scott (by some). The use of that word to describe him is entirely inappropriate. That is crossing the line.
One can critique and / or criticize Scott s performance as a Manager / Director of Sarissa but to SAY he is something else (Posts 149566 and 149573) is absolutely wrong and way over the line.
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Quote from the April 2015 Sarissa Press Release
"Finally, the Company is focusing its energies to complete the work requested by RPA Associates to finalize a resource estimate on the Nemegosenda project. The Company anticipates that this work will be completed in the near future, after which preparation of a Preliminary Economic Assessment (PEA) would be undertaken."
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Presume that the above mentioned "Resource Estimate" has not yet be completed since the Company has not released this information to the Public nor Filed Data with the Regulatory Authorities. Why not?
Without full Geological information:
- How do you attract bonafide Professional Management?
- How do you attract Investment Capital?
- How do you interest potential Mining and Public Company experienced Board of Directors to join the Company?
The answer is - You don t!
IMO
Their statement is not a rumour. They provided what they provided. The build out from there is another story.
I want, like many no doubt, for Sarissa to succeed however the Company needs to be more transparent and forthcoming with information - good - bad - neutral.
IMO - It is a cleverly worded paragraph that says nothing. For example "Working to expand the membership" is merely a set of words to provide the impression that something is going on in that area. Some Five (plus) Months later not a single word / update has been provided by the Company in this regard.
While I would like to believe that substantive changes are underway at Sarissa those indications / conclusions simply are not justified. The suggestion that there is a Group that will supply Management, Geological Professionalism and substantial Funding while Sarissa provides the Asset, which in the Mining vocabulary is an unproven Asset, is hard to fathom. All the while it supposedly being a beneficial deal to the present Sarissa Shareholder base. It simply lacks credibility.
We have to remember that the Company has not announced anything whatsoever for over five months. All this "talk" about new Management, new Directors, new Business Plan etc is provided by way of people suggesting they talked with Sarissa s President and this is what they are being told.
The Company owes a "status explanation" to it s Shareholders - which is long overdue.
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Quote:
“Receiving the completed 43-101 Technical Report allows the Company to accelerate the measures it has undertaken towards achieving our ultimate goals, namely: the upcoming expansion of the Board of Directors of Nio-Star, Nio-Star becoming a public company in Canada, the spin-out of Nio-Star to Sarissa's shareholders, the completion of a "resource" calculation that is presently being prepared by RPA Associates for the Nemegosenda niobium property, and the preparation and completion of a Preliminary Economic Assessment on that property. As these goals are met, we are confident that Nio-Star and the Nemegosenda niobium project will be transformed. We are excited to let the mining world and the investor community know about the potential of Nio-Star’s Nemegosenda niobium property and its unique surface deposit”, said Dan Byrnes, President of Sarissa Resources.
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Further to the referenced April 28th PR I don t think the statement "with Dan s silent consent" is accurate.
Dan would seem to be an active participant in the operational activities of the Company. Whatever those activities are!!!!
Other than the Sarissa saying in an April PR that they are looking to add Members to their Board of Directors (not entirely clear as to whether the reference was Sarissa or Niostar) they have been silent on this issue (in fact they have been silent on all matters).
I agree that they must provide the Shareholders with updated information however the Company doesn t seem inclined to do so.
Corporate Human Resources Managers are now visiting the Social Media accounts of potential Hires to look into their personalities / Etc. and make decisions based, in part, on what they see.
I suspect that similar type visits are undertaken by potential Investors to Boards such as this one.
Sarissa has a long and varied History and IMO potential "membership" and investor types would look at all aspects of the Company through the DD process.
If the Company operated
- in a Businesslike manner,
- obtained experienced proven Professional Management.
- and if the Company had solid Geological Data available which provided confidence that the Asset was commercially viable
I believe that Funding would be made available by many interested parties.
If that was required in the scope suggested one would think that it had been completed sometime ago. IMO It is much more likely that Es1 is accurate in his assessment.
Interesting little tidbit. I don t know that Sarissa / Niostar can follow through with the ideas set forth last year however there seemingly is a continuing market for the ore.
NEW YORK, Sept. 29, 2015 /PRNewswire/ -- Global Niobium Market is expected to grow at a CAGR of 7% during the forecast period. Increasing demand for steel from emerging nations is expected to drive the Niobium market. The largest consumers of Niobium are China, North America and Europe. Brazil accounts for almost 90% of the total Niobium production, followed by Canada and Australia.
CBMM, a major player in the market, is planning to increase capacity from 90,000 tpa to 150,000 tpa by 2015. Two other producers, have a combined capacity of 20,000 tpa.
There is more to the article but essentially technical info.
Is this where Business acumen, experience and knowledge of the Industry comes into play?
I don t think that they are necessarily associated with the Company. I believe it is similar to a cross selling effort - To interest people / viewers of site. I don t believe that you can draw any negative conclusions related to that aspect of the site.
I don t think that there is any real association between the two Company s. As I understand it Scott has an minor share interest in that Company as well as providing a Personal Guarantee on a Building / Property. Their President, Ben Ward, is the former President / Director of Sarissa.
That business may be a hindrance to some potential Finance types who are viewing potential Sarissa involvement however there is no indication that Sarissa s control person is actively involved in that Company beyond what is mentioned. I believe that the link is distant enough that it shouldn't affect Sarissa.
That said your comments are completely valid IMO - probably not the best association.
Further to your point - It is in the best interests of the Company, it's Management and long term Shareholders to deal with fact opposed to gossip.
If the Company has a valuable and viable Asset, if they are discussing future opportunities with another Company or Individuals then there are ways and means of providing comfort to the Shareholder, and the Market generally, without potentially compromising negotiations etc.
Without such communication it provides the opportunity for gossip to infiltrate the affairs of the Company. With the exception of very short term buying / selling opportunities it does the Company no good.
Fair comment - the last time the Company publicly referenced the subject was in April 2015, I believe, when they made a very general statement that they were seeking experienced " Board membership".
Since then it has merely been posters referencing imminent announcements of "new management and board representation". But certainly nothing from the Company itself.
Regarding the new "Board or Management" the Company has been silent on this topic with the exception of a very General statement in a PR (April 27/15) that they were "were working to expand the Board membership" ETC. It is not entirely clear whether the PR is referencing Sarissa or Niostar.
IMO all recent posting references on this subject is by way of posters "contact with Dan / IR" and not through any public dissemination method.
It has been asked by others as to whether such a Group of potential BoD / Investors actually exists. It is a fair question and one that the Company should answer.
The most significant and important question is - is this "group" interested only in the Nemegosenda asset or does it extend to the public company Sarissa Resources?
What does a "new Management team" actually mean?
Posters speak to this relatively regularly but what it actually means is never explained.
If Dan (and Sarissa) is negotiating a "multi billion dollar deal" which according to your post is "very difficult and very sensitive and before anything can be PR'rd everything has to be in place and all issues worked out and there are many" then it s President should act the part of a business professional.
"Large outstanding. No business. Idiot running the show. "
The words written very recently (Sept 8, 2015 in fact) by Dan - Our Company President. While some could argue that he was referencing Sarissa - it was actually on another Penny Stock Company Board.
This is not the type of commentary / personality that serious Investors / Financiers are attracted to when making a Financial decision.
History has a habit of repeating itself unless one changes the dynamics of the situation.
In the case of Sarissa IMO it is just more of the same. Scott and Dan, the Management, must now provide factual information to it s Investor / Shareholder base (short and long term alike) in order to obtain any meaningful traction.
Your question is the right one!
Are you suggesting that they are broke and have no sources of funding?
If indeed that is the case it explains why the Geological Reports are incomplete, why the uplisting process apparently has stalled, why there are no Sarissa audited Financial Statements prepared, why the Cease Trade Order (in one N A jurisdiction) has not been successfully addressed, even why there are no Press Releases filed (could be that there is nothing substantive to say) - which goes along with the distinct possibility that there is nothing being done on the Property (or is it Properties?).
Why would anyone invest in this Company at this time? For the hope - I suppose - or is it for a few coins that can be made on the insignificant trading of the Company stock?
"Hope" is a strange thing - all the important business factors are negative yet there is always the hope that something very positive will occur.
Yes, a novel idea - providing factual, transparent update information to your Shareholder base!!!
And - yes - if the Company provided timely Financial Statements the Shareholders would have Corporate financial information.
If the Company would issue current operational information, on their Website for example, the Shareholders would have information as to the "what they are doing".
But of course everything is going well! In fact Sarissa s President (dmbao) has the time to post (on other sub penny company affairs) and time to deal (Pro se - representing yourself) with the US Government Lawsuit against him but doesn t have the time to keep Sarissa Shareholders informed.
Whether he is being compensated for the past year, as Sarissa s President, isn t really known. In fact only time, oh - and financial statements, will truly answer that question.
The onus is on the Company and it's Management to inform. They are failing miserably in this regard.
Just an observation - The President / Director of Sarissa, under the alias Dmbao, has in the past few days recommenced "posting" on ihub (albeit not the Company he is President of).
I am curious why the President of Sarissa Resources is doing this.
We are told that he is the President / Director of a potentially viable and valuable Mining Company. Is this really what is expected of a "Mining Company Executive" - commenting on other penny stocks?
The requirements of Sarissa, and it s potential Niostar off spring, are such that it needs strong Business leadership concentrating on the realities of that Business of which we are Shareholders.
Is this really the best public persona for a Company leader to be taking whilst trying to attract Investors and Financial Partners?
There does not seem to be a basis for reports of a "management / BoD" change other than the rumour mill. Some 5 or 6 months ago the Company did offer in a PR that they were seeking interested parties to join however since that time they have been silent on the subject (at least publicly).
Like many I hope that they have successfully undertaken efforts in this regard however nothing is yet obvious.
It would be entirely appropriate for the Company to issue some sort of release, now, updating the Shareholder base as to the Company activities. Drilling? Status of potential geological activities in the coming months? Financial status? Essentially what have they been doing over the past several months and what factual / specific activities are planned for the months ahead.
If the Company has been able to secure a solid and viable deal with an experienced Group, and if it is a fair Business opportunity to the existing Shareholder base (not just insiders), then a 4 cent share pricing actually would be a very conservative estimate.
Of course, at this time, we know nothing as to the reliability of any information that may have been provided to those that say they have information - namely suggestions of an imminent PR or News in this regard.
IMO it seems very "gossipy" and my Business instinct is that the Business Operations / available geological data ETC do not meet the criteria that would interest an outside Investor Group to become involved in.
That said it is very possible that there is a Group who have made the determination to get involved.
I await the formal Corporate release explaining the details of such a deal if the Company has indeed been able to negotiate the opportunity.
Based on the information publically available Sarissa is a long way from producing anything mineral wise.
However it was an interesting article to read.
Yes it is a junior miner but that doesn t mean that the Company shouldn't have a solid Business Foundation. The Company accepted money under the premise that they have an Asset that they want to develop. If you accept money under that premise there is an expectation that Business norms exist. Penny stock or not the Company has Responsibility and the Shareholders have expectations.
Presumably people are trading the stock based on what s before them. In the case of Sarissa there is little concerted volume with mild fluctuations which offer some financial benefit to traders of the company. IMO it is nothing more than that.
There is absolutely nothing wrong with individuals providing their own input on the company performance, in the actual business or the market, positive, negative or neutral.
The Company Management is responsible for the status of the Company not Posters on a Board.
IMO
The Company is not operating on a sound Business foundation.
The Management of the Company does not keep the Shareholders informed of the status of the Company affairs.
The President of the Company is facing a US Government Lawsuit for utilizing funds of a registered Retirement Plan to purchase shares in a penny stock company which ultimately he became a Director (and President) of.
The Plans announced by the Company approximately One Year ago have not succeeded to date.
The Eight Year track record (history) of the Company efforts are dismal.
The Geological Reports remain incomplete in spite of apparent efforts to complete them.
A Cease Trade Order remains in effect in one prominent North American jurisdiction with apparently no effort made by the Company to satisfactorily resolve the issues.
And this is only a portion of the matters as to why the Shares are trading at or near the 1 cent mark.
Maybe the Company has something in the works - maybe they don t. We simply don t know. Some people are content with small incremental increases / fluctuations and some others want a Company to develop that has a solid Business foundation with a good chance of overall success.
What is sometimes construed as negative comment really isn t negative at all. But it is all a matter of perspective I suppose.
Let's hope that Sarissa has found a deal that truly is beneficial to the entire Shareholder base. I look forward to seeing their announcement if this is indeed the case.
I actually am very familiar with Audits and their intended purpose. For the sake of those fellow shareholders that may be interested a short explanation of their intent follows.
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A financial audit is conducted to provide an opinion whether financial statements (the information being verified) are stated in accordance with specified criteria. Normally, the criteria are international accounting standards, although auditors may conduct audits of financial statements prepared using the cash basis or some other basis of accounting appropriate for the organization. In providing an opinion whether financial statements are fairly stated in accordance with accounting standards, the auditor gathers evidence to determine whether the statements contain material errors or other misstatements.
The audit opinion is intended to provide reasonable assurance, but not absolute assurance, that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to provide an objective independent examination of the financial statements, which increases the value and credibility of the financial statements produced by management, thus increase user confidence in the financial statement, reduce investor risk and consequently reduce the cost of capital of the preparer of the financial statements.
Actually "jburk" was referencing the Niostar Financial Statements in his post. They are audited and they do provide a breakdown of debt. You are quite right as to the Sarissa statements - they are not audited.
Not recently. They lost the benefit of the doubt, with me, when multiple expectations that the Company rep s expounded on were not met.
Unfortunately the lack of substantive information provided (the good, the bad or the ugly) by the company over the past year is disappointing.
In spite of the promise of a year ago, when Dan provided much hope, nothing has really changed.
It is truly unfortunate as there was a chance.
Therefore I want facts. Give me viable and meaningful results and real support will be forthcoming.
You may misunderstand my prospective. I want Sarissa to be successful - I want the Company to be a serious Mining concern, operating a serious Business and treating the Shareholders with respect. Shareholders, large and small, are the ones that financed the Company.
Hold Scott accountable for what exactly?
A Niostar Financial Audit has been completed and accepted by the present Board of Directors. The Auditor is satisfied with the presentation of the documentation and provided an opinion. There is no suggestion of any "misdeeds" therefore it stands to reason that the expenditures, and any outstanding debt, is legitimate.
The referenced Niostar Financials have been audited, signed and filed. Therefore it stands to reason that the information provided has a solid "paperwork" and "work record" background and are legitimate expenses.
The Creditors can be asked to defer the debt, forgive the debt or accept shares in the Company in lieu of (money) repayment.
The last Sarissa Resources Financial Statement filed seems to be for the period ending March 31, 2015 (filed in May I believe).
Is anyone aware of any Financial filings (quarterly for example) since that date. If so can you post them or direct as to where one might find it.
The Sarissa Website has two Niostar Financial Statements on their Website (2011 to 2013). Sarissa Resources Financial Statements are not on the website.