jpd..."I doubt it will hit a dollar. What could they possible have done in such a short time to turn something they bought for $380,000 into $850,000,000."

That has to be classified as the most uninformed statement that I have ever read on this board. Congratulations on your stellar DD and subsequent conclusion....

deli..."Jim 6103 When I spoke to Alan at the PDAC conference he had mentioned the local tribes and assured me that they have spoken with them and have a good relationship"

Thanks for the verification. This will be very important as they move forward with the mining phase. Good to know that there are no initial snags....Jim

Ionized..."I'm beginning to think that some of those hefty evaluations you well versed longs have been calculating, are going to come true."

Count on it!

tony montana....Just amazing! People couldn't stand this stock at a penny, but can't get enough of it at 17 cents. Human nature I guess. Glad we got in early...It's all good!...Jim

JPGetty...."WHo is buying?

Are these large, institution blocks?

Or are these buys by us little guys?

And who is getting the word out there?"

If I knew the specific answer to these questions, I wouldn't need a computer to get the stock quotes!

I would say "All the above!"...Good investing

drwilson..."do you think my unpaid status might boost the pps? lol"

The stock price is on a coarse of its own. Your benevolent medical status will not only endear you to the many suffering shareholders on this board who seek constant medical attention, but the savings in medical costs because of your generosity should have a positive effect on the PPS....It's all good!...Jim

Doc, it's my job on this board to remember all the irrelevant and nondiscript happenings. However, your purchase of stock and subsequent elevation to nonpaid "Ihub Board Medic" has been big news. Welcome aboard!....Jim

PS Do you still have that 2:30 opening for my colonoscopy exam?

Hello Doc! If I recall didn't you come aboard around 4 cents? You did good!...Jim

homey...."I can confirm the conversations with the Native Indians within this region...I know that Chapleau itself has closed a few sawmills and the economy of the area is stressed to sat the least. I am sure they would welcome the boost to the economy..."

Thanks for the expert opinion. As one of our pros who has actually been to Nemegosenda, your observations are critical.

Are any of our claims on Native Canadian land?

RedStick....Thanks and yes on the chart accuracy. Of course each mining company is faced with different situations and market conditions, but they all generally follow this longer term pattern. You are correct in your analysis of this initial phase.

We can expect to be climbing in price as long as they are proving up resources/reserves. We will see a levelling off and even some more intense corrections after the reserves are no longer an issue and all attention is focused on production - preparation to mine. Setbacks occur here that affect the price, e.g. waiting for permitting, equipment delays, construction delays.

As the problems get worked out and as mining approaches, the price normally swings north again. The biggest factor here as in all phases is in the management. Good mgt. prepares for the unexpected and responds well to change - key factor in success. I am confident that we got the basic team to make this happen. Long haul to go, but fully anticipate an out and out winner!....Jim

NYorker2.."has anyone actually called the company to see when they expect the report to be out?"

No and even if you called that info would not be given as it would be a violation of SEC regs concerning the disemination of information not known to the public. If anyone does call and gets that info, I'd be hitting my sell button in a New York minute. Unlike most other Pinkie sleeze bags, these boys play by the rules and are men of character.

We'll all find out together one morning when the PR hits the wires and the stock makes a strong surge north....It's all good...Jim

RedStick...."did you see this chart? I think it gives us a pretty good idea of how we will trade over the next say 80 or 90 weeks. My guess now is I think we're still in phase 1, so I don't think we need to worry about a pullback until after the NI PPS high:"

Good technical answer. I believe that what is happening on a more fundamental basis is that the stock price is seeking its true value. We have been undervalued for so long relative to the rapid progress of the company and all that is known and will be known about the resource that the stock will be taking very momentary and small retracements until it finds that first equilibrium point that is defined at point 3. How high up is that point will be determined in the not to distant future. It will be a very good ride up....Jim

homey_g....You're welcome, homey. I may be all wet, but hope springs eternal in this optimist. We have got a real winner here and can't help myself in being very proud of the company and what Scott/Alan/Cam have and will accomplish

playforkeeps..."You know what also would be just icing on the cake? that during this second phase of drilling they discover that the D Zone & SE Zone are actually connected"

From the preliminary NI 43-101 report of May 2008:

"Numerous post-ore faults have been observed in the western margin of Zone D. Most notably, a northeast trending fault cuts off Zone D along its west edge. Right hand movement is suspected and drilling has yet to locate the Zone D extension. Within the main part of Zone D, most of the faulting strikes northwest. Adjacent rocks to these faults have been chloritized and carbonatized over widths of tens of feet."

No one knows at this point, but just may happen....Jim

oil...."you know, this will be a gigantic boost to
the economy of this area(Ontario)and Canada. Any feedback
as to the government's role, perhaps, contributions?"

You bring up a good point. I know that Ontario is very "mining friendly" and there may be credit incentives for the company in establishing a mine. I know that the good people of Chapleau would welcome a mining concern that would put revenue into the local economy....It's all good...Jim

PS I know that Scott mentioned he has been in contact with the native Canadians of the area and doesn't foresee an issue there. I got this second hand from an attendee of the PDAC....Jim

ripper...Now that is a great post. The value of the REE's could surpass the Niobium value.

The real issue here is the credit received in mining the REE's. Niobium and REE's will be pulled out of the ground and will be separated and processed in the milling phase. The credit received from the sale of the processed REE's could create a "negative cost basis" as the cost of mining could be covered by the sale of the REE's. The Niobium then would be mined at a no cost or even "negative cost" basis.

But we are getting way ahead of ourselves. Suffice it to say that mining REE's and niobium together could be a big plus....Jim

Captskip.."when you own a share of SRSR, it is backed by the precious metal that is in the ground."

Skipper, you are correct, sir. Rare for a 15 cent stock to be backed by billions in the ground. We are soon to see just how much per share we are backed....Jim

ripper..."do i need to pull out my 100 billion worth of REE post?lol"

Yes, this is a great time to bring your masterpiece out of mothballs...It's all good....Jim

Threw-er-back..."the core from 9 of Gulf’s original drill holes in this area was salvaged and relogged, confirming Gulf’s original results;"
Now we can hope the cores "might" still be available. Jim and I had this discussion a couple months ago and at this point are unsure whether they exist"

Threw, we might not need to have the drill cores if we can get the original lab data from the 1988 re-assay, provided the lab is "recognized" as reputable by the qualified people doing the NI 43-101.

tajitj....Great find on the data for the SE Zone. I can see why Scott and Alan are champing at the bit to get drilling in that area. A lot of unexplored potential resouces - not only very rich Niobium (1.85% - WOWIE), but big REE potential. The REE's on all of the Nemegosenda property just might be worth more than the "paltry" $40 BILLION in Niobium....LOL all the way to the bank!...It's all good...Jim

LowFlyer....Good try, but no joy as we say in aviation...Go SRSR...Jim

I like it!....Go SRSR

Teedlum... Go SRSR.....Possibly "The Nemegosenda Mining Monkeys" or "The Serpako Scam".....It's all good!...Jim

unbeREVABLE...."Yea jim, add in the Ta and REE's and we may exceed 100 BILLION"

Now you are starting to frighten me!...LOL ...We haven't even begun to factor in those goodies....Jim

serpako...."Looks like another Pump n Dump. IMO."

I usually don't respond to posts that lack any semblance of reason, facts, or logic, but in this case I am making an exception.

Just on what set of facts are you calling this stock play a pump and dump? Please present some factual arguements or preference your inane remarks with a "just my feeble opinion"....Good investing...Jim

tajitj...."What are you tonnages and % Nb of indicated and inferred for Zone D? How much do you think they have expanded Zone D?"

From the Apr 22,2009 PR on Zone D:

"Drill hole intersections, with a weighted average grade of 0.43%, are located within a surface area of some 76,250 square metres and to a depth of at least 200m."

The math works out to 404,786,606 lbs. of Niobium for the D Zone. The old data delineated 188,000,000 lbs. of niobium. The amount of increased resource is therefore 404,786,606 lbs. - 188,000,000 = 216,786,606 lbs of additional Niobium resource for the D zone....Jim

webprince..."If this insight proves, and I think it just might, would $1/share be out of the question with the NI report alone?"

This still is a long shot for the first report. Call this post from June 2nd the very best that we can expect. I made a lot of assumptions that may or may not prove correct for this report.

The real salient FACT here and I stress the word "FACT" is that the figures I had used in the post will eventually be proven up in this report, next report, or the next. We are headed for 2,000,000,000 lbs., - that's BILLION POUNDS FOLKS - of Niobium in the D and SE Zones - a mere $40 BILLION present market value. We just need the time and correct protocol to prove it up. Worth the wait I'd say!....Good investing...Jim

Repost from June 2:

Last evening I had a very long , private conversation with texas ripper concerning his conversation with another mining company. This makes the second time that I have heard that old data can be used in a NI 43-101 if it can be backed up by present drilling or the lab that was used is in high regard. It would be the call of the qualified person doing the NI 43-101.

Also the pics that SPARK had posted this AM was a map of the SE Zone that clearly came from Musto Exploration - the company that did a re-assay in 1988 on original drill cores from Gulf (1950's drilling). My contention is that the lab that Musto used for the re-assay of the original drill cores may still be in tact and available for the company to use. If so, this post from last month may be more than just a wild guess. In the spirit of discussion, here it is. All based upon data contained in the PR's and my own opinions:

Posted by: jim6103 Date: Tuesday, June 02, 2009 11:27:45 AM
In reply to: None Post # of 59395

N.I. 43-101 guesstimate update:

My last stab at guesstimating this awesome deposit was focused on the D Zone:

"The 3 categories of resource are 1) Measured 2) Indicated 3) Inferred. The company believes that they have enough drilling/ancillary data to justify an "indicated" resource estimate. I don't know if the total 404 million pounds will be in the indicated category, but certainly a good portion will. That is what the Qualified Persons are determining.
It would really be fantastic if the total of indicated and inferred resource would come in at around 400 million pounds of Niobium. That would place the resource at approximately $8 BILLION market value."

Next OntaREEo rightly pointed out that the drilling program recently completed covered 30% of the defined resource area of Zone D. I and others were quick to conclude that this upcoming report would most likely then contain only about 121,000,000 lbs of indicated resource for a market value of some $2.5 Billion.

Rereading the pr's for the umpteenth time, this exerpt from the Apr 22 PR really brought the entire issue to rest. The conclusions that follow have brought me to a feeling of completion for all of my guess work!

"The company is on schedule to produce an N.I. 43-101 mineral resource report. With our work to date, we expect the results of our evaluation to accomplish a number of objectives, including:
-- Materially increase the reported historical resource and;
-- Establish that the Nemegosenda mineral resources represent one of the
larger mineral niobium resources in North America and;
-- Outline the potential mineralized area within the South East Zone."

How are they going to show an increase in the historic resource (188,000,000 lbs) if they only show 30% of the drilled resource (121,000,000 lbs)?

The company stated with the work done to date that they can "materially increase the reported historic resource."
I believe that they can use most of the 404,000,000 lbs. that was the calculated amount from data given in the same report. They could do this by calling the drilled area (9 recent holes) an "indicated resource" and the remainder that was not drilled by us, but has historic data that we confirmed, an inferred resource.

My conclusion for D Zone is an indicated resource of 121,400,000 lbs. and an inferred resource of 283,400,000 lbs.

Lastly they state that they are going to outline the potential of the SE Zones in our soon to be released N.I. report. There seems to be enough data from the past that just may be eligible for use in an inferred resource estimate as the company is really looking to include the SE Zone potential in this report or why would they have mentioned outlining the resource in the SE Zones? From the same PR:

"In 1988 Musto Explorations Limited ("Musto") carried out an evaluation of the so called "East Zone" (the South East Zone), which is located some 1500m south east from the D Zone. Musto re-assayed nine drill holes from core which was still available. These nine drill holes are from an area of 250m x 700m and to a depth of 200m. Sarissa has checked the reports, maps and sections from this area and have calculated that there is a potential resource with a weighted average grade of some 0.35% Nb2O5 within this block of 250m x 700m x 200m."

Resource calculation:

250 X 700 X 200 mts. = 35,000,000 cu mts X 2.8 cu mts/tonne

= 98,000,000 tonnes X .0035 Ni = 343,000 tonnes Ni x 2204.6 lbs./tonne = 756,177,800 lbs. Niobium in SE Zones.

This 756 million lbs of resource that was outlined in the PR from the Musto work just may show up as inferred resource in the NI report. The tip off, I believe, was in the prase "outline the potential mineralized area in the South East Zone." I believe that the justification for using the data is because Musto was able to re-assay the original cores from Dominion Gulf:

"Musto re-assayed nine drill holes from core which was still available"

- BIG, BIG find here!!!! Musto located the drill cores from the old Dominion work. If we had been able to locate the old Dominion cores in the D Zone, we may not have needed to drill at all in D Zone. Scott was originally hoping that they would find the old drill cores on the property, but no luck. The really big news here is that Musto was able to get the old drill cores and because they confirmed the earlier Dominion Gulf assays, we might be able to use the data for an "Inferred" estimate. I find it significant that this find by Musto is mentioned in a PR.

Conclusion and best guesstimate of resource:

From D Zone: 121,400,000 lbs Indicated and 283,400,000 lbs. Inferred.

From SE Zone: 756,000,000 lbs. inferred resource.

Total: 121,400,000 lbs Indicated and 1,039,400,000 lbs. Inferred

At $20/lb that is a total market value of Indicated resource of $2.43 billion and an Inferred of $20.788 Billion.....

This is all speculation and opinion on my part, but derived from data contained in the company PR's, which I believe to be reliable....Good trading....Jim

SPARK...."Nice one!"

SPARK....Apreciate the pics of the SE Zone map. Texas Ripper was kind enough to share them with me last night. Allow me to bring up one provacative point concerning them: Whose company name is on the map? and what might this indicate?

Not going public with my assumption here, but it could provide a clue of what might be in the NI...AIMHO...Good investing...Jim

qbeagles02'...."that's the one that got away from me. Watched it go from the low .40's to over 3 in two months. Kept waiting for pullbacks, big mistake. Refuse to make the same mistake with SRSR. Just glad I found it in the .06s.";
;
Great point!

RedStick/ ......Here is a good example of a mining stock going thru the pre-mining phase.

http://bigcharts.marketwatch.com/quickchart/quickchart.asp?symb=ng&sid=0&o_symb=ng&freq=2&time=13

OntaREEo....Great work on the "Bible" for the future PPS. It sure takes a lot of guess work out of the game.

homey..."What a week! I was out of town for the past two weeks and maybe I should go next week too, the PPS keeps climbing!"

Let's both leave and we can watch the PPS hit new highs over a Molson up in Chapleau, Ontario. Wonder if the drilling rig/rigs have hit the property yet?....Jim

Emergcy..."Every month a big story and 12/2009 we will be close to 1,0! Once we are close to the release of NI for the SE zone we will spike far above 1$. Then the table of ONTAREE will show the next level."

I tend to agree with your PPS conclusions. The SE Zone is greater than the "World Class" D Zone and as this second drilling program gives us some breath taking numbers on the Niobium there, the price will tend to attack that dollar figure and most likely penetrate through it. The SE Zone could possibly contain over 1.5 BILLION pounds of Niobium and that is a Universe Class deposit. Let's not forget the D Zone that could wind up with a final amount over 400,000,000 pounds Niobium.....It's all good...Jim

c70...."I'm in but want alot more shares before we are on .2$ , where will we be over 1year, 2year from now ?? C70."

Yes, I could use a few more shares myself. When the stock is going up, we never have enough. When the stock is going down, we got too much. I don't know where it will be in 1 and 2 years, but I am betting that it will be a whole lot higher tnan 10 cents....Good investing...Jim

OntaREEo...."For all you euphoric, dollar-in-a-month dreamers.....Keep in mind, there is $30 Billion in Niobium coming, but this first report may only quantify the first 10% of that. So keep your perspective no matter what this report might say, it is just the first step"

For all you newbies and even some of us oldsters, this post is worth laminating and keeping in your wallet. The NI to come out is not the highlight of this mining story, it is merely the beginning of a very great and powerful saga. This report will not put us into dollar land, but will most certainly place us on the first step of a rather short journey to it.

The report will be the first proof that SRSR has a world class deposit and the $2-$3 Billion in resources that may be indicated in the report will place us in a very envious position. The PPS will not rest with the report as the company has already started phase 2 of the drilling program and it will be drilling in the D Zone and the SE Zone. We have a much bigger addition coming to that first NI43-101 quickly on the heals of the first report. We also have uplisting info coming soon and more reports on our gold property. I wouldn't be surprised to find out Scott's intentions on an offtake/JV.

Yes, the report coming out is important, but don't count on it to spike the price to over a dollar. BUT what is coming behind the report will certainly push us to new price levels. Again, it is to the patient who will win big here....Good investing...Jim

sermperfi2sam...."money is not their primary concern, but rather the satisfaction and recognition of their ability to bring to fruitation ,a startup co. to a world class asset."

Thanks for your kind words too.

I had a long private discussion with one of our very strong board members today concerning Scott's strongest motivations. The practical and most pragmatic answer is that he will prove up the Nemegosenda deposit, complete the prefeasibility study and then sell the property for a few dollars a share. The capital and personnel nature of bringing this monumental property to mining is one enormous challenge.

On the other hand, Scott is one of 3 heirs to over a billion dollar fortune and may not be as motivated to make a paltry $60 plus million on his investment as completing the challenge of bringing this world class property to mining and creating another Teck Cominco - possibly putting him in the Canadian Mining Hall of Fame - making it a family hat trick. Whatever happens, I want to be part of this exciting adventure as we watch it presently unfold. We are in some very exciting times..Just some random thoughts....Good investing...Jim

JPGetty...."I was more interested in the pps requirement, as it was an indication of where you think this stock is headed within a few years. Have I read you correctly?"

My resopnse was "I don't know." I was not referring to the future stock potential rather your more elusive question of whether you have read me correctly. I don't know if you have as you are the only one that can answer that. I don't have a clue if you read me correctly.

I do believe that SRSR is heading for the AMEX and this projection assumes that they will qualify PPS wise. Sorry for any confusion....Jim

Satellite15..."JIm - now I understand. Always Faithful"

Right you are! There are a lot of investors in this category, but the most important contingent that qualifies for this Marine charism - Semper Fidelis - is the core leadership of Sarissa Resources - Scott keevil, Cam Sheriton, and Alan Hawke. They are indeed "always faithful".

Character is the primary factor that will ensure success in this very genuine investment opportunity. Experience, knowledge, and mineral resource are merely the secondary factors. Good investing....Jim