I rarely respond Salty but i always laugh at your posts! keep up the good work!

I assume that the employment compensation is contingent upon funding -- but yes, as they have some minor bills, it's likely (though not the ONLY option) that they pay them via toxic financing from Asher. Time will tell if they use that huge chunk of authorized shares or the O/S stays relatively low. We should know something in a few months... Time will tell.

On your overall point I agree though. I almost wish the loi didn't have a date so there was no expectations game. I think they're making the right moves and a funding PR or 8k sometime before August/July would suit me just fine.

SEC reporting companies have 4 business days to file an 8k for any material event. Many companies let this slide a few extra days it seems and report most material events within about a week.

yeah, i saw that. most of the heavy volume was traded @ .0036 or above at the start of the day

there it is... the infamous 5,000 share sale at the bid price of .0033. lol if i had an extra $40 in my account i'd reciprocate with a 5000 buy @ .0037 but i don't right now.

In fact, there are a few interesting things about the LOI that gives me further questions now that we're in Mid March....

Even if SIRG signs an LOI for funding TOMORROW... how are they going to transfer the money to Medina owed at closing ($750,000) by march 19th (or within 10 days)? Considering the signing of the FUNDING LOI will be a material event, we would HAVE to see an 8k on that within a week. So I'm assuming that hasn't happened yet. Since I'm assuming that hasn't happened... it's not like they can sign an LOI for funding, and turn around and transfer $750K within a week or within 17 days? So basically what I'm saying is, if they didn't already 8k that we've got a funding LOI, then it's going to be impossible to make the March 19th (+10) deadline.
Rod will have to communicate that the signing of the funding LOI pushes back the agreement with Medina until they can transfer the funds as I highly doubt that the Funding LOI will have $750K in good faith money.

on the flip side it doesn't say on the 10% purchase LOI that the deal is void if it hasn't been closed within 10 days of March 19th. There is wording in there that states that MPG (Medina) can not sell/negotiate their Chloride Copper mine during the timeframe of the LOI. So after the extension, etc, Medina could shop the 10% elsewhere OR the deal could still be closed w/SIRG regardless of the 10 days elapsing.

added to my other 2 cents, that makes 4 cents

"The Definitive Agreement shall be completed and executed on or before March 19, 2012 (the “Closing Date”), unless both parties agree to an extension not to exceed 10 days."

Don't forget to add 10 days to the March 19th date because they could agree to this without any further notification to shareholders.

Honestly, though, i'm not sure what's stopping them from extending it more than 10 days. It says the extension is 'not to exceed' 10 days but since market factors haven't changed much i'm sure there's some additional room either way.

just my 2 cents

spry, in general, i agree with your THOROUGH DD but you seem to have a generally negative bent. Case in point, you read the PR, and concluded that the bad news was that there was no funding on the table. The PR only mentioned that they were engaging an engineering firm. But when other people suggest opinions that imply GOOD news... you request proof.

If you're going to request proof every time someone says "I think this could mean that we have a funding deal in place", then you need to provide better proof for your negative assumptions.

on chris12's calculations, i don't believe that any calculus was involved.

Summing up the solid week SIRG has had!

PR out detailing that Rizzo & Associates will be hired to identify and schedule the necessary steps to bringing back the mine into production. Rizzo's quote from the PR "The SX/EW Plant is in good condition; however, in need of minor refurbishment and the replacement of some supporting equipment, but most of the equipment can be used and the Plant can be brought back into working condition within a reasonable timeframe and limited expense."

8k out detailing LOI for purchasing additional 10% of interest to mine at Chloride Copper Mine for $1.3M and 20M shares. This will raise SIRG up to 90% ownership when the deal is closed at the end of March. Additionally, SIRG hired an SVP of operations.

We got written confirmation of the share structure from T/A. There are just 268M shares outstanding. This doesn't mean that future dilution is impossible, but many had WRONGLY speculated that SIRG had already been greatly diluted since authorizing up to 1.5B shares.

SOLID FOLKS!

A funding PR within the next 4-6 weeks would be the next GREAT STEP for this stock!

love when ppl say "good luck to you" but can't stop posting negative stuff. lol. always interesting to see when good news comes out, the haters come out of the woodwork from other boards. That's why i advocate staying away from boards where u have no shares. makes u look like a fool like the fools who arrive here. they exist purely to respond to each others posts patting each other on the back. "good luck to you" lol. everyone on here knows the entire share structure, but thanks for trying to 'educate' those jumping on to see the new good news we've had.

Paul C. Rizzo and Associates Inc. to Reengineer and Perform Metallurgical Tests to Bring Sierra Resource Group's Chloride Copper Mine Into Production

http://finance.yahoo.com/news/paul-c-rizzo-associates-inc-210500495.html

In case people want to click and read!

yeah, it seems to have come out just after the market closed.

things are moving baby! and we also learned they DO know how to do a PR. hahaha

solid point

my money says it will be another 8k... UNFORTUNATELY! who knows, maybe he'll PR it when it's not an LOI? when it's an ACTUAL deal? I dunno, the communication thing is the only thing really bugging me. I can handle the ups and downs of the stock. Just COMMUNICATE SOMETHING!! Sirg CEO could be the CEO most concerned in the world about NOT appearing as a pump?! In fact, there's so little "pumping" that we don't even get a simple communication or a PR about an impending deal to purchase 10% more of the interest to dig. Not every potential person who could buy the stocks goes over the SEC Filings. Some of them just open it, look down at the lack of anything on the marketwire and move on. C'mon Rod, if ur married, i hope u communicate better to your wife.

We live to fight another day! It's no biggie. We gained 40% we lost 40%, we still have a bit of an exposure problem, and these guys (Director/CEO) apparently do not know how to do a PR or news because it never shows up under the stock in my trading platform. But EVENTUALLY, there WILL be a mine in operation, there WILL be cash flow, and maybe these guys will get a clue how to get some exposure to the stock. With so little exposure it's easily manipulated. But it will come. Most of the detractors don't use facts, the people who like it understand the red flags and we live to fight another day.

It's a very good bet right now but with any sub penny, ya never know. We've had some promising signs lately so we're hoping.

my point exactly, chris, could u NOT go posting where u don't own shares.

We appreciate your concern and SAIL ON! GO SIRG!!

Ok suit yourself. Feel free to row a small boat and board the ship later on, we'll slow down and pick you up no matter what. There IS inherent risk with any sub penny stock so don't feel too bad-- no one should be losing anything they couldn't afford to easily part with in case we do happen to sink. In that way, there's no life preserver necessary as the water is only a few feet deep if we have to wade back to shore. lol

all opinions welcomed! we've got a few red flags and a lot of green ones waving considering the low current price... feel free to come aboard! or if not, good luck out there at sea ;)

it tightened up again bid .0043/.0044 ask. go sirg!

will u be bidwacking or slapping the ask? lol go SIRG

sirg flying @ .0044

.0044 according to scottrade. i'd like to see the current L2 if anyone can post it again as of right now.

That was 101 enough for me- THANKS!

.0033/.0034 nice

I wish i knew what this chart meant. lol Ummm, chart reading 101 pls lmcat?

Cool! I didn't notice that at all. I like it. STRONG winds ahead Sirg pirates!

Let's clean it up further by removing some of the unsubstantiated claims I made that you pointed out. I left your comments in bold but removed items that had no backing. Also, since I mention the 1.49 billion in the 'Ugly' section, I removed it from your prior comments before we get there.

The Skinny:

SIRG is a company that OWNS 80% of the interest to dig at the Chloride Copper Mine. The mine is NOT currently in operation and the company is seeking funding to get it operational.

The GOOD:

1) Value of the ownership of rights to dig at this location (chloride copper mine) = $13M according to the recently agreed to purchase price of an additional 10% of the mine @ 1.3M.Apparently in order at this time.
2) Assets currently on the site of previous mining operation = 1.8MApparently in order at this time
3) Current conservative value of Sirg's 80% = $13M+$1.8M X 80% = around $12M Apparently in order at this time
Note: This valuation is extremely conservative as it only takes into consideration the value of the rights to dig + assets which are always less than the value of all the copper in the ground at this location. At this time no one knows what the issued is on the street and how much further dilution will be necessary to make this mine opperative is yet to be determined. I'd edit this sentence to "how much further dilution COULD be necessary".
4) Last we heard from the T/A there are ONLY around 200M shares outstanding. Sprycel has an email in to the T/A to ascertain the current number which he will report.
5) Market cap will depend on the number of shares issued from T/A.
6) Based on the LOI to obatin the additional 10%, It appears a funding deal is close because it is assumed that this would be the only way possible to pay for the additional 10%. On the flip side, another possibility to pay for the 10% is massive dilutive funding which will be discussed further down.

The Bad

1) $5M to get the mine functional according to this board and LMCATs DD. Apparently this has been difficult to secure in the current economy. In lieu of raising any capital from anyone, the only payoff capability would be massive further dilution
2) Currently, there are still notes from toxic short term financing that are being converted and/or will be converted in the future. If someone out there has done all the math, please speak up so we can add the number of shares that are likely to be diluted in the future. I believe it is around $25-100M but truly I don't know for sure. The CD's appear to be death spiral CD meaning they receive more shares for their financial support at a discount to the market price. This may create a shorting position for the CD owners if they select to go this route.
3) There will be additional dilution based on bonus shares for directors but all added together this equals roughly another 80M-100M based on the latest 8k. Also not so bad because they are incentive based and the mine must be in operation before any of this dilution occurs. Dilution to non producing entities is detrimental to to the company's future pricing. Respected Directors wait until the company is up and running, gaining revenue momentum before they execute their options. Those who do it prior to the necessary support of the company are deemed as a non cooperative player in the executive ranks of the company
4) Additional 20M shares were included in the deal that is to be completed later in March to purchase 10% of the mine. Don't forget they also owe a cash payment in addition to the 20 million shares of $1.3 million. Will this come from a further dilution of 430 million shares based on the current stock price of .003

The Ugly

1) DTCC Chill is still in effect. (I'm not too keen on the far reaching effects of a chill but I believe it limits certain transactions of this stock)Sprycel: THIS STOCK COULD BE HALTED BY THE DTCC AT ANY MOMENT LMCAT notes that the reasons for the chill have basically been satisfied.
2) No communication from CEO/board about Ugly #1.THE LARGEST FLAG FLYING ABOUT THE COMPANY'S OFFICE AND ITS CEO
3) What seemingly kicked off the chill? An ugly share structure change at the start of the year/end of last year to Authorize a TOTAL of 1.49 BILLION shares. This is always a scary prospect and should be taken as such. The positive spin assumption is that this increase was to facilitate a funding deal. I think we all know what the negative assumptions are (increase A/S, dilute, split, rinse & repeat).AGAIN, BASED ON THE SEC INVESTIGATION INTO THE CHILL OF THIS STOCK COULD POSSIBLY RESULT IN A HALT BY THE SEC
4) No communication from CEO/board about Ugly #3. Would be nice to hear that the A/S will be reduced once mine is in operation as Josey had mentioned previously. THE SEC NEVER APPRECIATES UNAUTHORIZED SHARE BEING ISSUED. IT USUALLY ENDS WITH A HALT FO THE STOCK UNTIL THE SEC IS SATISFIED TO A CORRECTIVE MEASURE TO THE SITUATION Again, LMCAT notes that the reasons for the chill have been satisfied. See her post for more info.

My apologies to the regulars for not using any pirate terminology. ;) Aarrrrrrrrg matey!

For new investors taking a look at SIRG, here's the skinny and the goods/bads/uglies as I see them - LMCAT, Please correct me if I'm wrong anywhere here. In fact, it would be even better if you just added a few extra facts to what I'm putting here and then STICKY this thing. We'll keep it updated as a lot of people seem to be joining us with misinformation. (there may be some in here too so edit/update this, let's set the record straight and sticky it)

The Skinny

SIRG is a company that currently owns (outright) 80% of a copper mine that has PROVEN (by geological survey) reserves of copper. It is NOT currently mining but has a target to start the mining operation later this year (2012) when it secures funding to proceed.

The GOOD:

1) Value of the ownership of rights to dig at this location (chloride copper mine) = $13M according to the recently agreed to purchase price of an additional 10% of the mine @ 1.3M.
2) Assets currently on the site of previous mining operation = 1.8M
3) Current conservative value of Sirg's 80% = $13M+$1.8M X 80% = around $12M
Note: This valuation is extremely conservative as it only takes into consideration the value of the rights to dig + assets which are always less than the value of all the copper in the ground at this location.
4) CURRENTLY (as of TODAY) there are ONLY around 200M shares outstanding @ .003 which equates to a Market Cap of $600K.
5) So it's obvious that $600K market cap is far below the MOST conservative estimates ($12M) for total value of the SIRG interests.
6) It appears a funding deal is close because it is assumed that this would be the only way possible to pay for the additional 10%
7) Other good signs that hint at funding include the hiring of an outside SVP of Operations who was not a current or past board member.
8) Throwing caution to the wind, there are HUGE copper reserves here that are proven, and additional land that SIRG owns the rights to mine that LIKELY has huge copper reserves that have not even been surveyed yet! Aggressive valuation can easily put this stock's market cap at 4-5 TIMES the conservative estimate IMHO.

The Bad
1) $5M to get the mine functional according to this board and LMCATs DD. Apparently this has been difficult to secure in the current economy.
2) Currently, there are still notes from toxic short term financing that are being converted and/or will be converted in the future. If someone out there has done all the math, please speak up so we can add the number of shares that are likely to be diluted in the future. I believe it is around $25-100M but truly I don't know for sure.
3) There will be additional dilution based on bonus shares for directors but all added together this equals roughly another 80M-100M based on the latest 8k. Also not so bad because they are incentive based and the mine must be in operation before any of this dilution occurs.
4) Additional 20M shares were included in the deal that is to be completed later in March to purchase 10% of the mine.

The Ugly
1) DTCC Chill is still in effect. (I'm not too keen on the far reaching effects of a chill but I believe it limits certain transactions of this stock)
2) No communication from CEO/board about Ugly #1.
3) What seemingly kicked off the chill? An ugly share structure change at the start of the year/end of last year to Authorize a TOTAL of 1.49 BILLION shares. This is always a scary prospect and should be taken as such. The positive spin assumption is that this increase was to facilitate a funding deal. I think we all know what the negative assumptions are (increase A/S, dilute, split, rinse & repeat).
4) No communication from CEO/board about Ugly #3. Would be nice to hear that the A/S will be reduced once mine is in operation as Josey had mentioned previously.


And basically that's all. I'd be interested to hear LMCAT or Josey add some Goods/Bads/Uglies if I've missed anything important. To many of us here, this company is an EXCELLENT bet because of the extremely low current market cap compared to it's extremely conservative valuation. We enjoy a quiet board with a few angry detractors but we are still aware of the possible risks. An excellent bet, after all, is still a bet.

around 200M O/S currently. the 700M number was imcat was quoting someone who was wrong i think?

It wasn't explicitly stated but it appears the only way to pay for the other 10% would be through some outside funding deal for the entire operation. They won't be able to get a short-term funding/dilution deal for $1.3M.

we def have an exposure problem. no news for MONTHS and the news hits: Sirg buying out half of 20% interest in mine. Sirg hiring VP of operations and setting up bonus share structure.

How will they pay for this? They MUST be close to funding. If a few THOUSAND people knew about this then it would move. The market would finally see how undervalued sirg is and we'd get some movement. But it appears we went from 20 people knowing about it to 30 people. we've never needed a PUMP. we just need fair exposure.

i start looking for other answers. iHub can't be the ONLY place this stock gets exposure. These guys need to put out a REAL PR that shows up under the stock in research on any trading platform when they sign a deal that basically means they will likely be funded by end of March. They need to make a bigger deal out of hiring a VP of operations into the fold. where's the help in getting this stock the right exposure? For those who bought @ .004 today, don't worry, you'll win in the end if you didn't freak out and sell @ .003.

it's so frustrating when a few thousand dollars hitting the ask @ 10:30am would have had us at .005 or higher. hopefully today knocked out a few of the .001 buyers who freaked out at the drop from .004 and sold in large bunches. a few weeks more for the real news of funding. a few months after that and funding actually hits, a few months after that we're in production and the LONGS PREVAIL

millions of shares traded hands at .0035 and .004 and yet people are STILL willing to sell @ .0026 wtf

only in stocks do u have a day with insane volume, morning through the roof, and greed taking over before the day goes out to close DOWN. lol. the profit takers will be sorry.

also, there are so many trash companies out there with fake 8k and PR reports that when a real company without those things has actual GOOD news, it can look like fluff as well. when funding hits within 30 days, we'll see the real deal hopefully. i'm slightly annoyed.