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COMPLETELY WRONG
That is not an accurate description of how funding and financial models work in the mining industry.
Oh, there's a lot going on here, but no, not investing.
Luck, fate, and GDSM. Luck and fate as it concerns GDSM and all the investigations about and around them. How will luck and fate treat GDSM? That's the question.
"So far, so good."
LOL:) FYI: GDSM is in the trips. LOL
Oh, this has nothing to do with investing. This has to do with GDSM. There are many investigations about and around this company. Let's see what luck and fate have in store for GDSM.
Sometimes luck runs out, doesn't it? GDSM, nor its shareholders, should tempt fate.
While getting permits is an important step, unless they came up with the $2 million dollars to get started, they are meaningless.
LOL SO NOT TRUE.
Getting permits for production is the whole point now. THE WHOLE POINT. Not the PPS or anything else. Redshirt has said that once permits are done, funding will easily follow, permits are the hardest. The whole thing rests on the permitting.
SIRG has a mine with proven reserves. Financing IMO will not be a problem.
Everyone knows about Asher. BIG WHOOP!
The news is permitting and production, that's where SIRG is headed.
Once those hit, KABOOM!!!!!!!!!!!
And according to BLM, final permitting is just a few months away!:)
SIRG shareholders need to educate themselves about the BLM process. Do not believe lies and rumors.
BLM has never done an interview about another penny miner except SIRG, to my knowledge.
The MPO was accepted and then changes were needed after the EA was started. Without the MPO acceptance, the EA couldn't have been started.
Do not be fooled by false information about the BLM process.
Exposed? YES!! EXPOSED BY BLM IN THEIR INTERVIEW WITH GLOWING WORDS!! This is where the jealousy comes from!
Daily miner article:
12/13/2012 6:00:00 AM
Ahron Sherman
Miner Staff Reporter
The process to open the Chloride Copper Mine, formerly known as Emerald Isle, has been drawn out over the last year, but it's getting to the point where those involved can see a light at the end of the tunnel.
Sierra Resource Group, the Nevada-based mining company working to re-establish the mine, hired Paul C. Rizzo Associates, Inc. to deal with the Bureau of Land Management's permitting process, which starts with the Mine Plan of Operations.
Known as an MPO, the document outlines everything Sierra plans to do with the site, from mining and milling to reclamation. Once submitted, BLM reviews it and, if needed, requests revisions.
"There's been a lot of revisions made to the document over the last year," said Buzz Todd, lead geologist at the BLM Kingman office and the one in charge of Sierra's permitting process.
"But we're very, very close to having a technically complete document."
Todd took charge of the case in September. Sierra thought its MPO had been accepted by BLM that same month, but Todd, who has many years of experience, re-opened the case for additional review.
A better review lends itself to a better product and leads to fewer environmental impacts, he said.
The most recent MPO revision was submitted Dec. 8. Based on what he's seen, Todd expects for Sierra to have a completed MPO no later than mid-January.
After that's complete, the parties involved will turn their attention to the National Environmental Protection Act-required environmental assessment.
This part of the process should be easier than the MPO process because issues expected to come up in the environmental assessment were considered while going through the MPO process, Todd said.
"We've been trying to address environmental issues throughout," Todd said.
The environmental assessment allows Sierra to propose mitigation of significant environmental effects to less-than-significant levels. The proposal will be based on what's been outlined in the MPO.
Todd expects Sierra to have a complete environmental assessment to present to the community for comment no later than mid-February.
"They're doing real good," Todd said of Sierra and Paul C. Rizzo Associates' involvement in the process. "I've enjoyed working with them."
Todd explained that the process Sierra has gone through up to this point is no different than what other mining companies go through.
"The interactive process has been positive and continues according to the schedule laid out by BLM," said Rod Martin, Sierra's CEO. "It's been very smooth, primarily because of what Paul C. Rizzo Associates and the BLM both bring to the table."
The company expects to hire 20 people to work the mine once it begins operations. Some of those are high-level positions. Martin said those are being filled with a staffing service.
For truck drivers and all other labor-based positions at the mine, Martin said Sierra plans to start hiring in April.
Jobs will be advertised in local publications and the community will get a heads up once Sierra is ready to start filling the 18 labor-based positions, Martin said.
No amount of rumors, lies, and half-truths will stop SIRG. Other jealous penny miners can't hurt the production permitting process.
The MPO was accepted or the EA couldn't have been started, which it was in July. This can be checked on BLM's website. Then the EA caused changes to the MPO.
FYI - That is the BLM process.
BLM is well aware of SIRG's public statements. BLM gave a glowing interview about SIRG.
SIRG is correct. LEARN THE BLM PROCESS!
THE TRUTH:
In February 2012, the Company issued a convertible note with a face value of $190,000. The note matures on February 16, 2013, bears interest at an annual rate of 15%, and is convertible into common stock of the Company at the option of the holder at a conversion price of $0.045 per share. The investor in the convertible debt also acquired 8,650,00 shares of common stock and warrants to acquire 6,900,000 share of common stock for an exercise price of $0.015 per share over a four-year term for proceeds for $10,000.
WRONG
In February 2012, the Company issued a convertible note with a face value of $190,000. The note matures on February 16, 2013, bears interest at an annual rate of 15%, and is convertible into common stock of the Company at the option of the holder (FOGO) at a conversion price of $0.045 per share.
Not going to be converted at current prices!
Nah, I think GDSM is more like an impotent man, all petered out...
WRONG
There is one Asher note remaining:
Promissory note payable dated July 17, 2012 due to Asher Enterprises including accrued interest
$53,871
The note has an interest rate of 8% with the maturity date of April 19, 2013.
TRUTH AND FACTS.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on June 8, 2011 in the amount of $32,500. The note has an interest rate of 8% with the maturity date of March 13, 2012. During the course of the year ended December 31, 2011 Asher Enterprises converted $10,000 in principle balance of the note to the Company’s common stock in accordance to the terms of the Agreement. This obligation has been satisfied as of September 30, 2012.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on July 1, 2011 in the amount of $25,000. The note has an interest rate of 8% with the maturity date of April 5, 2012. This obligation has been satisfied as of September 30, 2012.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on August 30, 2011 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of June 4, 2012. This obligation has been satisfied as of September 30, 2012.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on January 9, 2012 in the amount of $37,500. The note had an interest rate of 8% with the maturity date of October 11, 2012. This obligation has been satisfied as of September 30, 2012
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on February 29, 2012 in the amount of $30,000. The note had an interest rate of 8% with the maturity date of December 5, 2012. This obligation has been satisfied as of September 30, 2012
There is one Asher note remaining.
Promissory note payable dated July 17, 2012 due to Asher Enterprises including accrued interest
53,871
The note has an interest rate of 8% with the maturity date of April 19, 2013.
FYI -
GDSM issued/sold about 285,000,000 shares from Dec 2011 to Sept 2012.
What the heck has that done for shareholders? NOTHING.
What value has been created from that? NONE.
How has that moved the company forward? IT HASN'T.
Everyone knows that SIRG has used Asher. Big whoop!
The funds were used to pay for the permitting process, using professionals like Rizzo and CDM Smith. By doing that, SIRG has been able to move forward in the production permitting process and is close to production.
That's not dilution, it is making the company worth MORE because we are almost at production.
To scream about Asher and dilution is a joke.
Amazing interview by BLM about SIRG.
Daily miner article:
12/13/2012 6:00:00 AM
Ahron Sherman
Miner Staff Reporter
The process to open the Chloride Copper Mine, formerly known as Emerald Isle, has been drawn out over the last year, but it's getting to the point where those involved can see a light at the end of the tunnel.
Sierra Resource Group, the Nevada-based mining company working to re-establish the mine, hired Paul C. Rizzo Associates, Inc. to deal with the Bureau of Land Management's permitting process, which starts with the Mine Plan of Operations.
Known as an MPO, the document outlines everything Sierra plans to do with the site, from mining and milling to reclamation. Once submitted, BLM reviews it and, if needed, requests revisions.
"There's been a lot of revisions made to the document over the last year," said Buzz Todd, lead geologist at the BLM Kingman office and the one in charge of Sierra's permitting process.
"But we're very, very close to having a technically complete document."
Todd took charge of the case in September. Sierra thought its MPO had been accepted by BLM that same month, but Todd, who has many years of experience, re-opened the case for additional review.
A better review lends itself to a better product and leads to fewer environmental impacts, he said.
The most recent MPO revision was submitted Dec. 8. Based on what he's seen, Todd expects for Sierra to have a completed MPO no later than mid-January.
After that's complete, the parties involved will turn their attention to the National Environmental Protection Act-required environmental assessment.
This part of the process should be easier than the MPO process because issues expected to come up in the environmental assessment were considered while going through the MPO process, Todd said.
"We've been trying to address environmental issues throughout," Todd said.
The environmental assessment allows Sierra to propose mitigation of significant environmental effects to less-than-significant levels. The proposal will be based on what's been outlined in the MPO.
Todd expects Sierra to have a complete environmental assessment to present to the community for comment no later than mid-February.
"They're doing real good," Todd said of Sierra and Paul C. Rizzo Associates' involvement in the process. "I've enjoyed working with them."
Todd explained that the process Sierra has gone through up to this point is no different than what other mining companies go through.
"The interactive process has been positive and continues according to the schedule laid out by BLM," said Rod Martin, Sierra's CEO. "It's been very smooth, primarily because of what Paul C. Rizzo Associates and the BLM both bring to the table."
The company expects to hire 20 people to work the mine once it begins operations. Some of those are high-level positions. Martin said those are being filled with a staffing service.
For truck drivers and all other labor-based positions at the mine, Martin said Sierra plans to start hiring in April.
Jobs will be advertised in local publications and the community will get a heads up once Sierra is ready to start filling the 18 labor-based positions, Martin said.
A GDSM stuckholder!! Perfect!
NOPE, NOT EVEN CLOSE!!
IMO GDSM is looking for fresh shareholders, those who don't know their history. Sad and pathetic.... in more ways than one.
NOT TRUE
SIRG is up 587.50% since 2/6/12
Other penny miners are jealous of SIRG because BLM gave an on-the-record interview about SIRG's progress toward production. What other penny miner has gotten such glowing words from BLM? NONE.
SIRG
Yep, I smelled garbage and knew it had to be GDSM.
Any update on any of the investigations?
Clearly there are many who don't understand the BLM process.
FYI-
As BLM started the Environmental Assessment (EA), it asked for more changes to the MPO after it had been accepted. This happens all the time. Without an accepted MPO, BLM could not have moved forward to the EA, but the EA can cause changes to the MPO.
Thinking that dealing with regulations is a straight shot is naive and childish. This is the real world.
Many penny miners are jealous of SIRG.
And it is easy to see why. What other penny miner has gotten a glowing on-the-record interview from BLM, complimenting their company? No one, but SIRG.
SIRG is the real deal.
Let's deal with FACTS:
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on June 8, 2011 in the amount of $32,500. The note has an interest rate of 8% with the maturity date of March 13, 2012. During the course of the year ended December 31, 2011 Asher Enterprises converted $10,000 in principle balance of the note to the Company’s common stock in accordance to the terms of the Agreement. This obligation has been satisfied as of September 30, 2012.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on July 1, 2011 in the amount of $25,000. The note has an interest rate of 8% with the maturity date of April 5, 2012. This obligation has been satisfied as of September 30, 2012.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on August 30, 2011 in the amount of $37,500. The note has an interest rate of 8% with the maturity date of June 4, 2012. This obligation has been satisfied as of September 30, 2012.
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on January 9, 2012 in the amount of $37,500. The note had an interest rate of 8% with the maturity date of October 11, 2012. This obligation has been satisfied as of September 30, 2012
The Company entered into a Convertible Promissory Note with Asher Enterprises Inc. on February 29, 2012 in the amount of $30,000. The note had an interest rate of 8% with the maturity date of December 5, 2012. This obligation has been satisfied as of September 30, 2012
There is one Asher note remaining.
Promissory note payable dated July 17, 2012 due to Asher Enterprises including accrued interest
53,871
The note has an interest rate of 8% with the maturity date of April 19, 2013.
Of interest to SIRG shareholders. A little birdie was kind enough to share this....
SEC Backs J.P. Morgan's Plans for Physical Copper ETF
U.S. regulators have finally approved JPMorgan Chase & Co's controversial plan to launch a copper exchange-traded fund backed by actual stockpiles of the metal, dealing a blow to end users who fear the product will wreak havoc on prices.
The U.S. Securities and Exchange Commission ruling ends a two-year effort by the U.S. bank to win regulatory support for its fund, which would effectively allow U.S. retail investors to trade physical copper easily for the first time.
It is also a defeat for consumers of the metal, which is used in plumbing and cooling systems. Since the fund will use physical copper cathode as collateral against shares of the fund, effectively removing a chunk of metal from the market, users fear it will affect supplies and inflate prices.
U.S. Senator Carl Levin, a Democrat from Michigan, also voiced his opposition to the plan. In July, Levin said the funds would cause a boom-and-bust cycle in the copper market.
Giving its backing for the product, the commission said it did not believe the fund would disrupt the flow of copper for immediate delivery.
"The Commission does not believe that the listing and trading of the shares is likely to disrupt the supply of copper available for immediate delivery, which is what (the copper fabricators) predict would increase the price of copper," it said in its ruling dated Friday and posted on its website on Monday.
Luvata, which makes heat-transfer products such a coil used in air conditioning and refrigeration equipment, was one of five physical copper users that joined forces to fight the proposal.
"It's a sad day for industrial users and consumers. The outcome of the report is a nonsense," said Luvata's senior vice president of sourcing Bob Kickham in an interview.
A spokeswoman for JPMorgan declined to comment.
The ruling will likely be seen as a benchmark for another ETF, the iShares Copper Trust proposed by BlackRock Inc. The SEC is due to rule on that fund by December 24.
JURY'S OUT
A consortium of U.S. copper fabricators - SouthWire Co, Encore Wire Corp, Luvata and AmRod - as well as Red Kite, a large hedge fund and physical trader, have fought hard to get the SEC to block the JPMorgan and BlackRock funds.
They say the removal of up to 183,000 tonnes of copper, which would be used as collateral against shares in the funds, would have a "devastating" effect on the market.
While that is only a tiny part of a 20-million-tonne annual global market, fabricators worry that it accounts for the majority of the metal available in exchange-bonded warehouses.
They argue there is not enough metal available outside the exchange networks for immediate delivery to prevent a squeeze in supply because it is tied up in long-term contracts.
The long-running dispute has divided traditional industrial consumers, which use copper in everything from air-conditioning units to cars, from banks looking to attract investors seeking exposure to the potentially lucrative copper market.
JPMorgan and BlackRock say such fears are unfounded because the funds would be miniscule compared with the global market. Emphasis on exchange stocks as a measure of spot metal availability has been overdone, they say.
The ETF would sell investors shares in a fund backed by physical metal as collateral. JPMorgan and BlackRock have said that would make it easier for smaller investors to get exposure to copper prices, which have more than doubled in seven years, lifted by demand from China , the world's biggest copper consumer.
JPMorgan's fund would store LME brand-approved copper valued at up to $499,761,150 - equivalent to about 62,000 tonnes based on a copper price of $8,000 per tonne. BlackRock's iShares Copper Trust would use up to 121,200 tonnes of copper as guarantee against shares in its fund.
The two funds would equate to 70 percent of current copper stocks in LME-bonded warehouses.
"If you have a quarter of a million tonnes of copper in LME and an ETF that looks as though it will take a sum almost equivalent to the entire LME stocks, you can't tell me it won't have an effect," Luvata's Kickham said.
Some say concerns that the funds will remove a significant chunk of metal from the market may be exaggerated given that a similar fund in Britain has only had limited success.
ETF Securities launched a copper fund in October 2010, but it has only amassed investments representing just about 1,950 tonnes of copper worth about $16 million at today's prices.
"The jury's out. We have to see how many people buy this ETF and how much stock will be tied up. It just may flounder because people would rather buy a commodity basket rather than be tied into copper itself," said Ed Meir, metals analyst at brokerage INTL FCStone.
FYI-
Daily miner article:
12/13/2012 6:00:00 AM
Ahron Sherman
Miner Staff Reporter
The process to open the Chloride Copper Mine, formerly known as Emerald Isle, has been drawn out over the last year, but it's getting to the point where those involved can see a light at the end of the tunnel.
Sierra Resource Group, the Nevada-based mining company working to re-establish the mine, hired Paul C. Rizzo Associates, Inc. to deal with the Bureau of Land Management's permitting process, which starts with the Mine Plan of Operations.
Known as an MPO, the document outlines everything Sierra plans to do with the site, from mining and milling to reclamation. Once submitted, BLM reviews it and, if needed, requests revisions.
"There's been a lot of revisions made to the document over the last year," said Buzz Todd, lead geologist at the BLM Kingman office and the one in charge of Sierra's permitting process.
"But we're very, very close to having a technically complete document."
Todd took charge of the case in September. Sierra thought its MPO had been accepted by BLM that same month, but Todd, who has many years of experience, re-opened the case for additional review.
A better review lends itself to a better product and leads to fewer environmental impacts, he said.
The most recent MPO revision was submitted Dec. 8. Based on what he's seen, Todd expects for Sierra to have a completed MPO no later than mid-January.
After that's complete, the parties involved will turn their attention to the National Environmental Protection Act-required environmental assessment.
This part of the process should be easier than the MPO process because issues expected to come up in the environmental assessment were considered while going through the MPO process, Todd said.
"We've been trying to address environmental issues throughout," Todd said.
The environmental assessment allows Sierra to propose mitigation of significant environmental effects to less-than-significant levels. The proposal will be based on what's been outlined in the MPO.
Todd expects Sierra to have a complete environmental assessment to present to the community for comment no later than mid-February.
"They're doing real good," Todd said of Sierra and Paul C. Rizzo Associates' involvement in the process. "I've enjoyed working with them."
Todd explained that the process Sierra has gone through up to this point is no different than what other mining companies go through.
"The interactive process has been positive and continues according to the schedule laid out by BLM," said Rod Martin, Sierra's CEO. "It's been very smooth, primarily because of what Paul C. Rizzo Associates and the BLM both bring to the table."
The company expects to hire 20 people to work the mine once it begins operations. Some of those are high-level positions. Martin said those are being filled with a staffing service.
For truck drivers and all other labor-based positions at the mine, Martin said Sierra plans to start hiring in April.
Jobs will be advertised in local publications and the community will get a heads up once Sierra is ready to start filling the 18 labor-based positions, Martin said.
Big whoop! LOL Everyone is entitled to their opinion. That didn't come from the company. What's your point?
One more time for the cheap seats in the back!
Clearly there are many who don't understand the BLM process.
FYI-
As BLM started the Environmental Assessment (EA), it asked for more changes to the MPO after it had been accepted. This happens all the time. Without an accepted MPO, BLM could not have moved forward to the EA, but the EA can cause changes to the MPO.
Thinking that dealing with regulations is a straight shot is naive and childish. This is the real world.
With redshirt's huge mining background, he should know, right?:)
Hey Salty,
That interview was great! How many penny miners get an update straight from an interview with BLM? I bet SIRG is the first. And glowing words from BLM about the company!! Anyone who complains about SIRG needs their head examined. This is how a production permitting process works!!! This is real life, not some Bobcat in someone's backyard, with a crappy PR. LOL
SIRG is the real deal.
Hope you had a good weekend too!
If we dip, great, I'll buy more. The only thing that matters now is permits and production.
BTW, as redshirt said here, permits are the hardest part. With permits, financing is easy.:)
Many penny miners are still jealous of SIRG.
VERY FEW penny miners ever reach the level that SIRG has. BLM literally gave an interview about SIRG's production permitting.
BUZZ TOOD from BLM about SIRG:
"They're doing real good," Todd said of Sierra and Paul C. Rizzo Associates' involvement in the process. "I've enjoyed working with them."
Todd explained that the process Sierra has gone through up to this point is no different than what other mining companies go through.
Todd expects Sierra to have a complete environmental assessment to present to the community for comment no later than mid-February.
No amount of rumors, half-truths, and jealousy can stop SIRG.
Clearly there are many who don't understand the BLM process.
FYI-
As BLM started the Environmental Assessment (EA), it asked for more changes to the MPO after it had been accepted. This happens all the time. Without an accepted MPO, BLM could not have moved forward to the EA, but the EA can cause changes to the MPO.
Thinking that dealing with regulations is a straight shot is naive and childish. This is the real world.
It says a lot that BLM came out with an interview discussing the process and giving positive comments about SIRG. You can't get closer to the horse's mouth than that.
Typical. Other penny miners are jealous of SIRG....
Very rare for a penny miner to make it this far in the production permitting process...
Very rare for BLM to do an interview with the press regarding a penny miner...
Very rare for BLM to have glowing words for a penny miner...
SIRG
Great update! SIRG is the real deal. Not a dog and pony show, but a legitimate company, working with a government agency, BLM, on production permitting.
As I have discussed here several times, BLM has very positives things to say about SIRG and working with them, as can be seen in the quotes from the article.
2013 is going to be a great year for SIRG!
I'm asking for a link to back-up your claims that WSRA is responsible for the JV failure. You've posted many times the fault lays with WSRA for all the problems. There's no proof to that.