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I hate to be the bearer of bad news, but I would imagine that it is scenario 2 or 4. Looking at their quarterly they have roughly $75k in assets and $277k in liabilities. They are doing private placements for a couple $10k here and there. They don't appear to have the resources to loan anybody $15, let alone $15mil.
Financial Report
http://www.otcmarkets.com/financialReportViewer?symbol=KCPC&id=124868
Quarterly Report
http://www.otcmarkets.com/financialReportViewer?symbol=KCPC&id=124869
10Q is out. Grand View note was extended. Nothing revolutionary, basically the same as previous filings.
http://www.sec.gov/Archives/edgar/data/1076966/000119312513336246/d549943d10q.htm
You are completely wrong. His employment contract calls for $150k/Year not per month. However it has been discussed here multiple times and proven that he has not received any cash payments for his services. I don't feel like rehashing this but if you search through previous threads it is easy to find.
I believe that the terms state that the conversion rate is based on the Closing prices, so intraday has no bearing on the conversion prices. It is stated in Note 7 of the 10Q (starts on P 14). It was an odd trade given there was bid at .0027 and the of the trade.
Sierra Resource Group Engages CDM Smith To Assist With Additional Mine Permits
KINGMAN, Ariz., June 4, 2013 /PRNewswire/ – Sierra Resource Group, Inc. (OTCBB: SIRG) (the “Company” or “Sierra”) announced today that it continues to make progress in its efforts to re-open the Chloride Copper Mine (the “Mine”). The Company awarded its Aquifer Protection Permit (“APP”) work with Arizona Department of Environmental Quality (“ADEQ”) to full-service engineering and construction firm CDM Smith (www.cdmsmith.com) in August 2012. Sierra has now also engaged CDM Smith for the work associated with its Air Quality Permit (pursuant to the Clean Air Act), as well as all electrical work associated with building of the substation and all the other electrical needs required to re-start mining operations.
(Logo: http://photos.prnewswire.com/prnh/20130604/LA25851LOGO)
“CDM Smith has done a terrific job with our APP Permit and the ADEQ, and we felt they are supremely qualified and the right group to handle the Air Quality Permit as well as the needed electrical work,” said J. Rod Martin, Chief Executive Officer of Sierra.
Mr. Martin went on to say that CDM Smith’s expertise and commitment to continually improving environmental value and quality of life fits well with Sierra’s own commitment to operating responsibly and maintaining environmentally friendly policies while impacting the local economy in a positive manner that allow its shareholders to take pride in their investment.
About the company:
Sierra Resource Group Inc. (OTC Bulletin Board: SIRG) is a U.S based exploration and mining company committed to the exploration, discovery and development of gold, silver, copper and other mineral resources. Sierra’s primary asset was 90% ownership of the Chloride Copper Mine (the “Mine”) located near Kingman, Arizona. Now after acquiring the remaining 10% minority interest, Sierra owns 100% of the Mine. The technical report, NI43-101, by Scott Wilson Roscoe Postle Associates March 10, 2006, estimates the Chloride Copper Mine contains 27,000,000 pounds of copper.
Sierra plans to use open pit mining and plans to reopen the existing SX/EW plant on site with a maximum capability of producing up to 5,400,000 pounds of Copper Cathode per year.
Sierra’s Management and Board of Directors consist of expert geologists, mining professionals and experienced business people.
FOR INFORMATION CONTACT:
Sierra Resource Group, Inc.
Ph. 702.462.7285
For more information visit our website:
www.sierragroupinc.com
J. Rod Martin CEO
info@sierragroupinc.com
Safe Harbor Statement under the Private Litigation Reform Act of 1995. Forward-looking statements in this document do not constitute guarantees of future performance. Such forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. You can anticipate that actual results will be different due to the inherent uncertainty of estimates; forecasts and projections may be better or worse than projected. Forward-looking statements may relate, among other things, to expected financial and operating results and the Company’s ability to achieve its goals, plans and objectives. The risks and uncertainties that may affect forward-looking statements include among others: the Company’s limited operating history, the speculative nature of the Company’s planned operations, difficulty in developing new projects, difficulty gaining necessary governmental approvals, the Company’s lack of market research and marketing organization, the Company’s inexperience in operating internationally, and difficulty managing rapid growth. At this time, there can be no assurance that the Company will successfully complete the permitting processes referred to in this press release or obtain the financing it needs to execute its plans. For a more detailed discussion of the risks and uncertainties of Sierra Resource Group’s business, please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, the Company’s Quarterly Report on Form 10-Q for the period ending March 31, 2013, and the Company’s Reports Form 8-K, all as filed with the Securities and Exchange Commission, and as subsequently amended. The Company assumes no obligation to update any forward-looking statement contained in this press release or with respect to any of the information described herein.
SOURCE Sierra Resource Group, Inc.
http://www.dailymarkets.com/stock/2013/06/04/sierra-resource-group-engages-cdm-smith-to-assist-with-additional-mine-permits/
To my knowledge there have been no reports of Gold at the mine. Can you share source that states that the mine contains any gold or metals other than Copper and Zinc?
Thank You
It has been explained many times as to why the share count changed, but just for reference I will post it again.
Two images were posted in the sticky post above, the first one shows Rod as a DIRECTOR AND OFFICER and shows he owns 5,530,000 shares and the SECOND image shows additional BENEFICIAL OWNERS and shows J. Rod Martin-CEO and Director owns 10,587,467 shares.
The 10,587,467 shares are actually owned by 5277 Partners LLC and are therefore not technically owned by J Rod. The reason they were previously reported is simple.
Before the AS increase in Shares the 5277 shares were listed because they were over 5% of the A/S. After the AS increase it is no longer 5% or more and not required to be listed.
Because the A/S was increased, Rod's 5277 Partners LLC no longer owns 5% of the common stock therefore it is no longer included in the 10K.
Clouds Valley, Zocalo and Black Diamond are no longer shown either for the same reason as can be seen below.
Clouds Valley Overseas SA, Calle 48 Bella Vista, Edificio Sucre, Panama City, Panama 10,277,100 8.4%
Zocalo Bar SA, Avenida Juan Leon Mera y Calama N523, Quito, Ecuador 9,045,900 7.4%
5277 Partners LLC, 2001 Meridian Ave #314, Miami Beach, FL 33129 9,700,000 7.9%
Black Diamond Realty Mgmt LLC, 3025 Aberdeen Dr, Boyton Beach, FL 33472 7,858,886 6.4%
It makes no difference which asset was purchased, you specifically asked for proof they were not given to him for services rendered.
No one on this site has ever claimed that he cannot sell shares from time to time, however he would have to file a form 4 if he did so.
Here you go.
were acquired in a Asset Purchase Agreement between the Registrant and Medina Property Group, LLc. in April 2010
http://www.sec.gov/Archives/edgar/data/1076966/000110801711000141/sc13d.htm
I believe that you are misinterpreting the filings. A very simple explanation has been provided and in the absence of a FORM 4 it is quite clear that J Rod has not sold any shares. Keep in mind that the shares previously listed were not owned by him but by 5277 Partners.
In case this STICKIED Post was missed I will post it again.
Rod has not sold any shares and it is quite obvious given that no form 4 has been filed
Form 4 is a United States SEC filing that relates to insider trading. Every director, officer or owner of more than ten percent of a class of equity securities registered under Section 12 of the Securities Exchange Act of 1934 must file with the United States Securities and Exchange Commission a statement of ownership regarding such security.
A Form 4 must be filed before the end of the second business day following a change in ownership of securities or derivative securities (including the exercise or grant of stock options ) for individuals subject to Section 16 of the Securities Exchange Act of 1934. You can verify this in section 16 here http://www.sec.gov/rules/final/34-46421.htm or a condensed version is available here http://www.sec.gov/answers/form345.htm
Definition of 'Form 4'
A document that must be filed with the Securities and Exchange Commission (SEC) whenever there is a material change in the holdings of company insiders. Insiders required to submit a Form 4 include directors and officers of the company as well as any shareholders owning 10% or more of the company's outstanding stock.
In order for a company to be quoted on the OTCBB they "must remain current in their filings with the SEC" and can be verified here http://www.otcbb.com/issuerinformation/issuerinfo.stm so there is no doubt that the company would have to file a form 4 had shares been sold.
There is a very simple explanation as to why there is a change in the number of shares shown, and in fact the number of shares that J Rod owns is somewhat misleading.
Rod actually owns 16,117,467 shares and did not "bank" a penny! PROOF - READ THE FILINGS.
Two images were posted in the sticky post above, the first one shows Rod as a DIRECTOR AND OFFICER and shows he owns 5,530,000 shares and the SECOND image shows additional BENEFICIAL OWNERS and shows J. Rod Martin-CEO and Director owns 10,587,467 shares.
The 10,587,467 shares are actually owned by 5277 Partners LLC and are therefore not technically owned by J Rod. The reason they were previously reported is simple.
Before the AS increase in Shares the 5277 shares were listed because they were over 5% of the A/S. After the AS increase it is no longer 5% or more and not required to be listed.
Because the A/S was increased, Rod's 5277 Partners LLC no longer owns 5% of the common stock therefore it is no longer included in the 10K.
Clouds Valley, Zocalo and Black Diamond are no longer shown either for the same reason as can be seen below.
Clouds Valley Overseas SA, Calle 48 Bella Vista, Edificio Sucre, Panama City, Panama 10,277,100 8.4%
Zocalo Bar SA, Avenida Juan Leon Mera y Calama N523, Quito, Ecuador 9,045,900 7.4%
5277 Partners LLC, 2001 Meridian Ave #314, Miami Beach, FL 33129 9,700,000 7.9%
Black Diamond Realty Mgmt LLC, 3025 Aberdeen Dr, Boyton Beach, FL 33472 7,858,886 6.4%
You wouldn't mind showing us which post of yours verifies your statement "I told you so last year". A link and or a post number would suffice.
The display color has nothing to do with whether it is a buy or a sell. A green display only indicates that the latest trade is higher than the previous one. The only way to know whether it was a buy or a sell would be to know the bid/ask at the time of the purchase.
There was no trading halt. Current halts are shown here
http://www.otcbb.com/marketwatch/
It is easy to see that there was no trading halt.
Great Find. Thanks for updating us.
This just showed up on the Rizzo website. I thought this was quite interesting as well.
In addition, RIZZO has provided considerable documentation to support SIERRA in their financing of the Project.
I guess the sky isn't falling and the ship isn't sinking as others have predicted.
Paul C. Rizzo Associates, Inc. (RIZZO) was retained by Sierra Resource Group (SIERRA) to assist in the planning and development of the Chloride Copper Project near Kingman, Arizona. The Project was formerly known as the Emerald Isle Copper Mine that produced copper from underground and open pit operations sporadically from 1915 to 1993. The most recent operation was that of mining copper oxide ore from an open pit and processing the ore through heap leach and solvent extraction-electro winning (SX/EW) technologies. SIERRA retained RIZZO to:
Develop a Project cost estimate and schedule for SIERRA to bring the mine back into operation
Provide necessary permitting support including preparation of a Mine Plan of Operation including Rights-of-Way applications, and Draft Environmental Assessment for acceptance by the U. S. Bureau of Land Management.
Provide 30% design report providing line diagrams and specifications for refurbishing the SX/EW plant
Provide 30% drawings for heap leach pad and associated process and contaminated runoff collection ponds.
Provide 30% drawings for expanding the open pit and reclamation of the pit and other facilities.
Assessment of known resources and a detailed assessment of “readily available ore” for initial mining (next 3 years) while preparing for expansion from 13,600 pounds of copper per day to 18,000 pounds per day.
In addition, RIZZO has provided considerable documentation to support SIERRA in their financing of the Project.
Background
SIERRA, a Nevada Corporation, owns the Emerald Isle Mine (now Chloride Copper Project). It is located within the Wallapai mining district, a 4 miles wide and 11 miles long mining district defined by the known lateral extent of base and precious metal veining. The Wallapai district is located in Mohave Co., Arizona. The mine property consists of 37 unpatented lode claims and 14 mill-site claims. The total area held by SIERRA amounts to approximately 156 acres. SIERRA, as the owner operator, intends to occupy the claims and develop the mine to extract copper (approximately 1,940,000 tons) from a defined readily available ore deposit. SIERRA intends to refurbish the existing SX/EW plant and construct a new heap leach pad to process and recover elemental copper from existing copper oxide ore from previously mined stockpiles and the upper portion of the open pit. Mining of readily available ore will occur with conventional ripping, excavation, and crushing techniques. The mine is planned to operate primarily within the footprint of past mining activities with minimal disturbance or incursions onto undisturbed parts of the site (less than 12 acres).
The Chloride Copper project highlights RIZZO’s experience with the following tasks:
Resource Assessment;
Environmental Permitting;
Civil Engineering including site layout;
Geotechnical Engineering including slope stability analysis;
Hydrology and Aquifer Studies;
Mine Process Engineering; and
Design Drawings and Specifications.
http://www.rizzoassoc.com/cms/projects/mining?layout=projects&cat=11&project=663
Maybe I'm missing it, but what was the bid/ask on those transactions? The claim is that they are dumped at the bid, please show PROOF that they are sold at the bid.
Any proof that millions of shares are being dumped at the bid?
Can you please provide proof that millions have been dumped at the bid? Without proof, the statements made cannot be verified and are no more than speculative. Speculation and proof are two very different things
There is nothing in the post that makes it "crystal clear", please provide proof that it was Asher or anyone else affiliated with Sierra Resource Group. I am quite confused as to when it is acceptable to post without proof, can you clarify for me when it is acceptable?
So it is fair to say that any statements regarding a paid promo by Sierra Resource Group "cannot be verified and are no more than speculation". I just want to be crystal clear that folks should view any statements about a paid promotion paid for and on behalf of Sierra Resource Group as "nothing more than speculation".
So you are saying that is NO PROOF whatsoever of a paid promo by Sierra Resource Group?
They have 2 engineering firms working on the permits (Rizzio with the BLM and CDM with ADEQ). ADEQ is charging them $120/hr for review time and likely have several people reviewing it, and I would be shocked if engineering firms aren't charging at least that for their time ($120/hr seems appropriate for a consulting engineer). Anybody can certainly call any of these entities if they are concerned about the how much Sierra Resource Group is being charged.
Sierra has been spending money on securing the necessary mining permits which adds value to the company.
Where did the BLM ever say that it was imminent?
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.
http://www.kingmandailyminer.com/main.asp?Search=1&ArticleID=54104&SectionID=1&SubSectionID=797&S=1
Sierra Resource Group is buying things with the issued shares,sometimes capitalized and sometimes not,but their purchases are moving the company to ever increasing VALUE-which cannot be seen by some-but real value increases as movement continues toward the MPO.
Do you use money when u buy things from the store? And when you do so does your spouse or whoever falsely accuse you of throwing money out the window on a gambling lark or the scenario above-of course not-not unless they want their food poisoned or a beating.
Sierra Resource Group is BUYING something w those shares. If what they are buying increases real value more than the market value of shares then there is NO effective dilution- because what they have bought increases true value and hence value of shares, even if not realized yet by the ignorant market.
You have to understand the importance of the lead BLM man (the lead agency) publicly telling a newspaper reporter that approval of the MPO is imminent. They dont do so carelessly-for doing so potentially invites repercussions.
A little background information as to why they are scrutinizing Sierra Resource Group's applicatoin. 1 or 2 companies in this BLM jurisdiction were discovered to be operating without any permit AT ALL. That was embarrassing to BLM,so some regional BLM manager transfers Todd into the Kingman office to clean things up-which is why the permit process was reopened around Labor day Sept. To make sure all i's are dotted. So after doing so the lead BLM man Todd publicly says the permit is imminent- given the possible repercussions of his public discourse Todd would not make those statements lightly-when you are the head of a company or other unit as I was you quickly learn to be careful in disseminating info to the press.
The imminency of the main permit is a huge catalyst. They are BUYING things with those shares,sometimes capitalized and sometimes not,but their purchases are moving the company to ever increasing VALUE-which cannot be seen by some-but real value increases as movement continues toward the MPO.
Do you use money when u buy things from the store? And when you do so does your spouse or whoever falsely accuse you of throwing money out the window on a gambling lark or the scenario above-of course not-not unless they want their food poisoned or a beating.
They are BUYING something w those shares. If what they are buying increases real value more than the market value of shares then there is NO effective dilution- because what they have bought increases true value and hence value of shares, even if not realized yet by the ignorant market.
You have to understand the import of the lead BLM man-the lead agency-publicly telling a newspaper reporter that approval of the MPO is imminent.
They dont do so carelessly-for doing so potentially invites repercussions.
The background-1 or 2 companies in this BLM jurisdiction were discovered to be operating without any permit AT ALL.
That was embarrassing to BLM,so some regional BLM manager transfers Todd into the Kingman office to clean things up-which is why the permit process was reopened ca Labor day Sept. To make sure all i's are dotted.
So after doing so the lead BLM man Todd publicly says the permit is imminent- given the possible repercussions of his public discourse Todd would not make those statements lightly-when you are the head of a company or other unit as I was you quickly learn to be careful in disseminating info to the press.
The imminency of the main permit is a huge catalyst.
The managers of Sierra Resource Group are businessmen with a goal. They dont go thru the hassles of this just to throw shares out the window-and they dont get their money that way-they earn money when the project is successful.
Comparing the ROA is a completely useless metric for a start up mining company. The company is devoting their resources to returning the mine to production, on PAPER there will always be negative metrics (P/E, EBITDA, ROE, ect.). You have to look at their progress towards reopening the mine. It is well documented that they have made substantial progress towards this objective. The MOP and EA are in the final stages with an expected approval date of April 15th, the APP is moving forward.
Probably better to show the full quote so as to not mislead anyone
The Mine is a past producer, has permitting (some updating required)
It seems to me that they are currently updating the permits and are getting quite close.
Would you mind posting the link to exactly where Sierra Resource Group stated this?
They have it recorded and have for quite some time. A phone call is all it takes to verify this information.
My reading skills must be lacking, would you mind showing us exactly where in that document it says Grand view "told SIRG either you sign here or we begin proceedings against you"? I have read it several times and didn't see where it said that. Thank You in advance.
There was no reason to talk to Ruben, I have spoken with both Paul and Buzz. As it has already been pointed out Buzz is currently in charge of the project and he took it over from Paul. I have already told you what they have said. It is clear that they are moving forward with the permitting process which unfortunately just takes time.
I have spoken with both Paul and Buzz, as mentioned before Paul was in charge of the project in the past and it has now been handed off to Buzz. Again they have nothing but great things to say about Sierra Resource Group.
In fact I and many others have spoken with the BLM. They had nothing but glowing reviews of the company. They have said that the company is doing everything correctly. That is completely false that they only care about "paying fees". I was told specifically that they are more concerned that companies follow the NEPA guidelines than they are that the mine gets approved.
Simple fact is that there is no denying that Sierra Resource Group has made tremendous strides towards opening the mine.
So I guess this from the Bureau of Land Management is just company spin too?
DOI-BLM-AZ-C010-2012-0055-EA Mining Plan of Operations for Sierra Resource Group, Inc.'s Chloride Copper Mine PD Lands 7/27/2012 EA in Progress Paul Misiaszek
http://www.blm.gov/az/st/en/info/nepa/log.html
They are Registered in Florida.
Here is a link to their office as well
http://www.loopnet.com/Listing/14469507/3107-Stirling-Road-Fort-Lauderdale-FL/
Detail by Entity Name
Florida Profit Corporation
SIERRA RESOURCE GROUP INC
Filing Information
Document Number P11000077161
FEI/EIN Number APPLIED
Date Filed 08/30/2011
State FL
Status ACTIVE
Effective Date 08/29/2011
Principal Address
3107 STIRLING ROAD
SUITE 201
FORT LAUDERDALE FL 33312
Mailing Address
3107 STIRLING ROAD
SUITE 201
FORT LAUDERDALE FL 33312
Registered Agent Name & Address
HACKER, BRADLEY A
3107 STIRLING ROAD
SUITE 201
FORT LAUDERDALE FL 33312 US
Officer/Director Detail
Name & Address
Title CEO
MARTIN, ROD J
3107 STIRLING RD SUITE 201
FORT LAUDERDALE FL 33312 US
Title CFO
HACKER, BRADLEY A
3107 STIRLING RD SUITE 201
FORT LAUDERDALE FL 33312 US
Annual Reports
Report Year Filed Date
2012 04/11/2012
I didn't realize that an interview with a newspaper other than the WSJ was any less accurate or truthful. The facts are all stated there in the article, you could also verify that the NEPA review is underway on a federal website if you chose not to believe the "little local rag"
DOI-BLM-AZ-C010-2012-0055-EA Mining Plan of Operations for Sierra Resource Group, Inc.'s Chloride Copper Mine PD Lands 7/27/2012 EA in Progress Paul Misiaszek
http://www.blm.gov/az/st/en/info/nepa/log.html
The filings clearly state that they are not getting paid. The facts surrounding the award of the preferred shares have obviously not changed otherwise the board would have had to hold another vote. Continuing to read the filings will also show that the preferred shares are awarded to the in lieu of cash, so yet again it is proven that they are not getting paid.
in order to provide compensation to our chairman and chief
executive officer for their ongoing services, in lieu of cash compensation required by their employment agreements, effective January 1, 2012.
What difference does it make if it is "background" information, and in fact they absolutely say they are not going to get cash for their contracts effective starting January 1, 2012. It couldn't be any more clear. How could this be more clear?
in order to provide compensation to our chairman and chief executive officer for their ongoing services, in lieu of cash compensation required by their employment agreements, effective January 1, 2012. A little research would show that the terms of the preferred shares have changed since the Dec. 2011 meeting to accomodate the compensation of Chairman and CEO.
The filing in black and white states that they are not being paid in cash under their current employment contracts and had not been paid prior to the meeting date. You can argue the timing all you want but it is clear that they had not been compensated up to December 28th 2011 and aren't going to be compensated in cash for their employment under the January 1st 2012 contract. It is all there in the filing.
This proves that they hadn't been paid up to the meeting date
consideration for the non-payment to them of any compensation since taking over the responsibilities of running the Company after the passing of Company Chief Executive Officer Patrick Champney on August 23, 2011.
This proves they are not getting paid for their current contracts
in lieu of cash compensation required by their employment agreements, effective January 1, 2012.