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You are exactly right. None of the SIRG mods resigned, including me but were all replaced with GDSM bashers and they remain today.
But it doesn't matter anymore, SIRG has been on top since the GDSM nosedive and it will continue to be the stock to own.
GDSM shareholders are starting to lose patience waiting for the bucket test results and then the Azurite details and now over 3 weeks for the meeting date and location.
Marc needs to get his butt out of a beach chair and start making decisions.
Good morning and thanks for the concern but SIRG shareholders are not worried. SIRG is not delinquent, it is missing an SAS Review and has a grace period until 9/26/2012.
I am confident that this will be resolved prior to that time, still over 2 weeks to have that review done and MARCUM approved as their accounting firm.
For those who may be concerned or want more information, the FINRA number is 301-590-6500.
The American people are getting tired of smoking "hopium"!
Is there any proof that WSRA purchased the Azurite and adjoining properties? What did they use for money??
Why has it not been recorded in the Yavapai Co. Records?
Description Summary
Quit Claim Deed
3615854
Rec. Date: 08/11/2003 01:40:00 PM Book Page: B: 4061 P: 254 Related: Book Page:
Grantor: MCKENZIE DAVID J
Subdivision: WICKIUP MESA UNIT 2 BK 9 PG 14 Lot: 165, Subdivision: WICKIUP MESA UNIT 2 BK 9 PG 14 Lot: 167
Grantee: WHARTON JASON LEROY, WHARTON SARA AOV
This is the last record for any sale by Jason Wharton. But here is proof of a connection to Jenkins who sold him a claim in 2006!
Notice Of Mining Location
3968816
Rec. Date: 01/24/2006 02:28:00 PM Book Page: B: 4357 P: 681 Related: Book Page:
Grantor: JENKINS DON L, WHARTON JASON, WHARTON SARA, MILLER BONNIE Section: 30 Township: 12.5 Range: 2W Remarks: PT
Grantee: CROWN JEWEL
Forgot you were over there and hope you return safe and with a nice SIRG profit!
Sorry to correct you but Marcum is an accounting firm, not a law firm.
Hopefully FINRA will get their act together and approve SIRG's change to MARCUM and the E will disappear.
What does gold have to do with SUGO?
SUGO has NO MINING claims - they defaulted on them and lost them.
SUGO has ZERO assets - they own nothing and have no cash to buy anything.
SUGO is a dead horse!
I am not sure SIRG made a "mistake", more like an omission in that they probably were not aware that FINRA approval was required for an accounting firm change.
Rod would have already known that MARCUM was fully PCAOB registered and approved since they are one of the 15 largest accounting firms in the US.
SIRG needs the EA approved and that will enable them to begin the repair/replacement work at the mine. Then as soon as the APP is approved it's clear sky for SIRG.
This post will answer all the questions about SIRG and MARCUM and prove that Marcum is fully qualified to represent SIRG in all SEC filings.
When a company like SIRG selects an accounting firm, they must be registered with PCAOB - Public Company Accounting Oversight Board.
The PCAOB is a nonprofit corporation established by Congress to oversee the audits of public companies in order to protect investors and the public interest by promoting informative, accurate, and independent audit reports. The PCAOB also oversees the audits of broker-dealers, including compliance reports filed pursuant to federal securities laws, to promote investor protection.
The Sarbanes-Oxley Act of 2002, which created the PCAOB, required that auditors of U.S. public companies be subject to external and independent oversight for the first time in history. Previously, the profession was self-regulated.
The five members of the PCAOB Board, including the Chairman, are appointed to staggered five-year terms by the Securities and Exchange Commission (SEC), after consultation with the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury.
The SEC has oversight authority over the PCAOB, including the approval of the Board’s rules, standards, and budget.
MARCUM LLP IS LISTED AS A CATEGORY "A" REGISTERED FIRM.
Verify here: http://pcaobus.org/Registration/Firms/Pages/RegisteredFirms.aspx
Someone alerted me to the fact that the post contained false information and needed to be challenged with correct information so I responded to correct that erroneous post!
I have a right to respond to any post on the SIRG board.
Call it whatever, the fact is that Sierra Resource Group, Inc., an OTC company was mentioned in the USA Today newspaper and that is an extremely rare event.
So are the facts reported in this national newspaper being questioned?
Please explain what was not solid and/of factual information and prove that the information as reported was not factual.
Mining firms in Arizona seek riches
Investors face long odds in quest for mineral profits
by Ryan Randazzo - Dec. 24, 2011 05:53 PM
The Arizona Republic
Arizona is the top copper producer in the U.S., but several small-time geologists and entrepreneurs combing the rocky desert in hopes of finding the next bonanza don't produce any minerals at all.
Many exploration companies prospecting in Arizona hope to raise money through the stock markets to take investors along on their risky hunt for mineral profits.
They might have historical maps of their mines, ore samples, assay reports and other data, but almost none have a shovel in the ground.
Exploration companies face extremely long odds of finding minerals that big firms have overlooked and raising the money to dig for them, but they persist on the small chance they could strike it rich.
"It is definitely a risky form of investment," said Daniel Bleak of Mesa, who has been involved in several exploration ventures, most recently Silver Horn Mining Ltd., which has stock traded on the over-the-counter market. "It is a long shot. It is just like the old oil fields."
The exploration companies make up a niche somewhere between the weekend gold panners and the global miners such as Freeport-McMoRan Copper & Gold and Asarco, which run the state's big mines.
Some are run from home offices, and most trade on the over-the-counter or Canadian stock markets.
Most of them are trying to restart mines that have been closed for decades in hopes the prior operators left some metal in the ground or simply stopped mining because of a lull in metals prices and that the ore might be valuable in today's market.
Many of these exploration companies spend millions of dollars in investor money trying to develop a project, only to sell it to another small exploration company or drop it altogether when it's deemed uneconomical.
It takes tens of millions of dollars to drill sample holes, conduct geological mapping and other background work before millions of dollars more in equipment can be purchased to begin digging a mine. And that is assuming that environmental permitting and entitlements to the land go smoothly.
But every now and again, one of the junior companies will make good. One recent example is American Bonanza Gold Corp. of Canada, which after several years of preliminary work and millions of dollars spent on mining equipment, has restarted the Copperstone Mine in La Paz County between Quartzsite and Parker.
A ways to go
Silver Horn, like many of the Stage I companies, hasn't gotten much further than finding historical mines and trying to raise money to drill them to test for minerals.
It has burned through about $5 million since April, when the owners of a publicly traded company called Eclips Media Technologies Inc. used that operation as a shell to acquire Silver Horn, hire Bleak and redirect the company's focus to mining.
Since then, Bleak has been trying to develop claims northwest of Phoenix known as the 76 and Tip Top mines, which produced silver in the late 1800s but are a ghost town today. The area was briefly mined in the 1930s for tungsten, and another mining company explored there in the 1980s but abandoned the project.
Now Bleak is trying to find out whether the project could be economical again.
"We know it was rich, but is it big enough?" he said. "The Tip Top and 76 still show some potential, but now we wouldn't say there is an economic mine there."
Bleak said he also got close to raising the investment needed to drill additional exploratory holes at a project known as the C.O.D. mine near Chloride in Mohave County but is tied up in a legal dispute regarding who first staked the claim.
Bleak said his goal is to find a viable mine and raise the capital to develop it.
"Is it possible? Yes," he said. "Does it take a lot of money? Yes. Are there people willing to risk that? There are."
Investors warned
Many of the people willing to risk their investments on exploration mining in Arizona contact Nyal Niemuth, the Phoenix branch manager for the Arizona Geological Survey.
The agency keeps a large collection of maps, some of them hand-drawn and more than 100 years old, for the major mineral districts in Arizona.
These maps show the tunnels dug for mines such as the Tip Top and 76 that historically produced minerals, which is why so many exploration companies are focused on these operations rather than entirely new mines.
It also has a variety of ore-sampling reports or drill-hole locations to indicate where people have found minerals, or a lack of them, in the past. Exploration companies rely heavily on the data kept by the Geological Survey, formerly the Department of Mines and Mineral Resources.
Niemuth said many investors fail to conduct due diligence, or background work, before investing.
"Say you are buying a new car. Do you just buy it? Or do you check the engine and kick the tires?" he said. "It's a bouncy ride out to many of these mines, but you can get there. You can see if it's reclaimed. You can corroborate (what the companies say about the mine). People fail to do that."
People from across the nation routinely call Niemuth asking about investment opportunities.
"I had a guy call me last week from Florida who was raising $7 million to invest," he said. "He was asking what should the (mine) sampling (data) look like."
The recent opening of the Copperstone gold mine in western Arizona and Gold Road mine near Oatman show that Arizona's historical mining districts offer potential, he said.
And the Resolution Copper Project, a massive mine that Rio Tinto and BHP-Billiton are trying to develop, shows that new discoveries can be made in old mining districts, he said.
"The discovery of Resolution Copper has encouraged lots of people to explore copper in Arizona," he said. "Copperstone is the reason people can explore for gold in Arizona. They think they can potentially find a world-class gold mine."
He said that Arizona has a history of outright mining scams, where people have tried to drum up investments in worthless properties, but that many companies operating today are in more of a "gray area."
They might have actual minerals in the ground, but it is questionable whether they can be mined economically or represent a large enough deposit to pursue, he said.
Profits without a mine
Mineral exploration might not always bring profits to investors, but the company officials involved in such companies can earn a sizable income.
Even if Silver Horn's current ventures flop and the investors' money is lost, Bleak turns out OK. He takes a $15,000-a-month salary from the company, and salaries of $150,000 or more are not uncommon for the CEOs of similar exploration firms, even when they don't produce anything.
Bleak said the real financial incentive for him is to produce a working mine, which would enrich him through millions of shares of company stock.
A producing mine likely would increase the current value of the stock, which is about 13 cents per share.
"I'll have a good, vested interest in the thing if I make it work," he said. "I have a good incentive to bring something to production."
Niemuth, from the state Geological Survey, is prohibited from commenting on the likely success or failure of a public mining company, but he can assist exploration companies and others in researching what public information is available regarding historical mining operations.
For example, he can point would-be investors to information that might indicate whether a company is claiming to have a gold mine in an area where there never has been a gold discovery.
"One of the things the Bleak family members appear to have done quite well over the years is they are very astute at recognizing the commodity trends and being early acquirers (of mining claims)," he said.
Rocky past
The Bleak family has been involved in several Arizona mining ventures, and their run-ins with regulators and other troubles show how freewheeling the exploration and mining-claims business can be.
Bleak learned to make a living in exploration from his grandfather and his father, Floyd Bleak, who started staking uranium-mining claims in Utah in the 1950s as a teenager, Daniel said.
Floyd was able to sell those claims to mining companies and eventually moved to Arizona, where the family was involved in rock quarries in Flagstaff and the East Valley.
"They basically were explorers," Daniel said. "They were project generators. They would get a project to a certain point and get bought out at that point in time."
Floyd has a history of brushing up against the law with his exploration and mining activity.
He was charged in Canada with filing a false mining-company prospectus in 1971 for Pan American Mines, but the charges were not pursued, according reports in the Montreal Gazette.
Several criminal and civil suits were filed at the time, charging fraud and conspiracy to influence the stock price of the company before trading was halted.
In the 1990s, Floyd was in a conflict with residents near a Morristown rock quarry regarding his use of heavy explosives to remove soil. He also challenged the fees that operation had to pay to the Bureau of Land Management.
In the early 2000s, he temporarily held up the San Tan Mountain Regional Park with mining claims within the proposed park boundary, where he threatened to develop a mine if the BLM did not enter into a land swap with him.
The BLM said those claims were invalid because he had missed filing deadlines on them in the 1980s. The park eventually was formed.
Floyd lives in Queen Creek and said he still is involved as a partner in several mining claims and ventures in the state.
The mining business hasn't always been trouble-free for Daniel, either.
In the 1980s, he had a rock quarry in Pinal County as part of his Mineral Butte Mining Corp.
The BLM ordered the operation to shut down because it was operating outside of his mining claims and because it was registered as a gold mine, yet Bleak was actually mining landscape rock at the quarry.
Landscape rock would normally be subject to a fee per ton. There is no royalty on gold, however.
Bleak, at the time, told The Arizona Republic that he was selling the landscape rock people were using in their yards as gold ore and that it would increase in value as gold prices rose.
The BLM contended that there was not a recoverable amount of gold in the rock.
More recently, the Securities and Exchange Commission earlier this year required Silver Horn to explain or restate multiple portions of its financial disclosures, which is common occurrence among exploration companies.
Securities regulators sent a letter detailing similar financial-reporting concerns this year to Continental Resources Group, a uranium-exploration company for which Daniel was a director and his son, Joshua, was CEO, before that company was acquired.
Joshua also is CEO of Passport Potash, an exploration company that has seen big swings in its stock price in the past year as it pursues a mine for potash, a fertilizer ingredient, near Holbrook.
Passport recently got a letter from the British Columbia Securities Commission. In it, regulators said the company overstated the amount of potash that could be mined on its proposed project.
The regulators said some of the statements on the mine's potential were not in compliance with the exchange's rules for mines.
Exploration successes
Daniel Bleak said he also has had successes. One of his exploration companies sold a mine called Newsboy Project near Wickenburg to another junior company, Bullfrog Gold Corp. of Grand Junction, Colo., which is drilling the area to determine if a mine is viable.
The project conveyed for $3.4 million, payable in installments through 2017, according to regulatory filings. So whether or not that venture ever becomes a full-fledged mine, Bleak likely has turned a profit through exploration.
"It had past production in the late 1890s and early 1900s," Bleak said. "Because it was a low-grade deposit, it wasn't profitable until gold was above $400 an ounce."
Bleak said he sold the project because he couldn't raise the capital to drill it.
And so it's on to the next project.
"We truly do not want to be bought out," Bleak said. "We want to be a mining company. Hunter Dickinson (a major Canadian mining company) or Phelps Dodge ( now Freeport-McMoRan), they all started this small, with a guy with a shovel and a pick. We won't do anything we don't believe would go into production."
Read more: http://www.azcentral.com/arizonarepublic/business/articles/2011/12/22/20111222arizona-exploration-firms-seek-riches.html#ixzz25sx2UaRu
I just completed some interesting research on mining companies in Arizona. I am happy to report that SIRG is real and their BLM mining claim is for COPPER.
What I did discover is there remains a high potential for gold mining scams but not a single copper mining scam!
“A gold miner is a liar standing next to a hole in the ground.”
The quote, traditionally misattributed to Mark Twain, defines the experience of the many investors who have lost money in dubious Arizona mining projects. The state has a long and glorious history of mining scams, a history that continues today. The introduction to the Arizona Department of Mines and Mineral Resources’ (ADMMR) mining scams circular describes the phenomenon:
A time-honored method to bilk the public of millions of dollars is the ubiquitous mining swindle. Since an unusually rich ore deposit, or bonanza, has historically produced enormous profits for the developer, many of us believe that we too, like the ‘49er, can strike it rich. The glamour attached to “discovery” creates, in the imagination of some people, a relatively easy way to attain fantastic wealth.
Although money can be made in mining and this Department certainly encourages mining, we also have a responsibility to urge the public to exercise prudence in its investment. Too many people have lost their hard-earned savings on an illadvised mineral scheme. Archives are full of outrageous examples of mining scams and swindles in which the only beneficiary was a glib entrepreneur with unbounded optimism. In most cases, he disappeared before his investors realized what happened.
Arizona history is inextricably tied to the mining industry. Unfortunately, a lot of the invested money has gone to promoters and projects that had nothing to do with actual mineral exploration and development. The state’s effort to educate the public against mining swindles has been going on for over a century.
http://mines.az.gov/Publications/ofr02-20.pdf
FINRA's 8/24 gold stocks scam alert. Needs to be read by all penny gold stock players.
http://www.finra.org/Newsroom/NewsReleases/2011/P124214
and the actual alert
http://www.finra.org/Investors/ProtectYourself/InvestorAlerts/FraudsAndScams/P124119
"A Review of Recent Mining Stock Scams"
This is long but a very good guideline.
http://www.cerm3.mining.ubc.ca/documents/areviewofrecentminingstockscams.pdf
I see that and will continue to watch for those 545,927 shares to be sold. Should create a nice buying opportunity. Always nice to discover a company actually producing gold and being OTCQB is a real plus.
YES, SIRG had a good week. Accumulation continues as shown in this chart. And a strong base is being built at .008. Nice volume on Friday.
Chart Indicators
Ind. short Inter Long
EMA VBu VBu VBu
MACD VBu VBu VBu
RSI VBe
TDD Be
Fibs VBu Bu Bu
Highs N N N
Lows N N N
Trends N N N
Stoch. VBe
VBu=Very Bullish, Bu=Bullish
N=Neutral
Be=Bearish, VBe=Very Bearish
Read more at http://www.stockta.com/cgi-bin/analysis.pl?symb=SIRGE&cobrand=&mode=stock#4ZG4Kbl2ARqmEPLq.99
Marc Lovito, CEO of GDSM.
Final Judgment of Foreclosure
Notice that LBI Properties, Inc. a company owned by Matthew, Paul and Marc Lovito was evicted by court order!
arc Lovito's bio is on the Gold Coast website and lists all his accomplishments making him an awesome CEO for GDSM! That bio is very carefully presented to not name or identify Marc with any of the long list of failed companies. There is no proof that anything in that bio is true. What is true and can be proven is a long list of failed companies all involving Marc and his brothers.
Paul, Marc and Matthew were all officers of Brass Bulls. BB was the IR for WSRA and GDSM back in 2009.
We build it! China sparks copper surge
Frik Els | September 7, 2012
Spot copper was trading up just under 13c at $3.65 a pound in late dealings in New York on Friday – a 3.66% improvement on the day and a new 4-month high.
Copper's bounce builds on a 9% improvement in the price during August and comes after the Chinese government approved a raft of new building and rail projects this week in a concerted effort to boost its slowing economy – like iron ore used in steelmaking, copper's fortunes have been increasingly tied to Chinese investment in infrastructure.
The China Securities Journal reports that China's National Development and Reform Commission (NDRC), one of the country's top decision-making bodies, approved 25 urban rail projects just on Wednesday and the total amount of stimulus spending announced this week could reach the 1 trillion yuan ($157 billion) mark.
Copper – which is still trading down 11% compared to this time last year – was also boosted by currency movements as talk of further quantitative easing in the US weakens its currency.
Not everyone is convinced the rally is sustainable however. Reuters quotes Duncan Hobbs, an analyst from Australian investment bank Macquarie:
"Prices are rising in anticipation of a potential policy response to a weak situation. There is nothing fundamentally to warrant the rise in prices, absolutely nothing. If stimulus doesn't come or doesn't work, then these markets are rising on air."
http://www.mining.com/we-build-it-china-sparks-copper-surge-37708/?utm_source=digest-en-mining-120907&utm_medium=email&utm_campaign=digest
USA Today is a Subscription paper - the SIRG article is on page 11A. Your local library should have a copy you can verify it out there.
Across the USA
NEWS from every state
Alabama: Fayette — An American Power Source apparel plant that makes U.S. military clothing will close Oct. 31, putting119 people out of work. The Tuscaloosa News reported the plant closing comes as the federal government is transferring the sewing work to inmates in federal prisons.
Alaska: Juneau — The ferry system has a new logo for its 50th anniversary. CoastAlaska says the new Alaska Marine Highway logo is a blue-and-white retro image that includes a ferry surrounded by a circle with the system’s name and an orange banner.
Arizona: Kingman — A company seeking to re-establish the Chloride Copper Mine says the U.S. Bureau of Land Management has accepted its mine plan of operation. The acceptance lets Sierra Resource Group submit its draft environmental assessment, and the company anticipates producing its first copper in 2013. Sierra CEO Rod Martin says when all permits are approved, Sierra can complete construction and start production.
http://ee.usatoday.com/Subscribers/default.aspx?pid=&ccode=RTNEEdailyv6
I did my research and know what went down and since it was an event that occurred prior to SIRG's purchase of the shell it is not relevant.
Hebb thought he was going to be the CEO of SIRG and has a reputation as a "con" man. I doubt Hebb will crawl out from anywhere, too many people looking under the rocks for him!
I said "likely" and that does not require proof and is non sequitur! Barton Budman, CPA, could also have discovered the lack of proof of debt so I said "likely".
SIRG's 10Q shows that they made two demands on Brian Hebb to prove that the debt was legitimate. He failed to respond thus SIRG was allowed to cancel the debt.
Brian Hebb was involved in the shell prior to its purchase by SIRG back in 2009 and it was possible he just stuck a note in the deal.
This is done a lot on pinkie stocks where there are notes but no way to know who holds the debt or what it is for. Often an officer just sticks in a note to him but it reamins hidden!
No problem, thank you! Please let us know when either note is converted so we can grab any SIRG cheapies.
This newspaper article proves that SIRG continues on schedule for 2013 production - already hired 2 men to fill 2 key positions and taking applications for other jobs.
9/5/2012 6:01:00 AM
Chloride Copper Mine clears regulatory hurdles
Ahron Sherman
Miner Staff Reporter
Correction: The email address was initially given as info@sierragroup.com. The correct address is info@sierragroupinc.com
Up to this point, it's been smooth sailing for Sierra Resource Group, the company set on re-establishing the Chloride Copper Mine formerly known as Emerald Isle, and it anticipates producing its first copper in early 2013.
The company recently announced that the Bureau of Land Management accepted its Mine Plan of Operation, which was completed by Paul C. Rizzo Associates, Inc. This formal acceptance allowed Sierra to submit its draft environmental assessment, which was completed by the same firm, in order to comply with the requirements of the National Environmental Protection Act.
"We are working closely with BLM on permitting, and the interactive process is positive," said Sierra CEO Rod Martin. "This puts us on schedule."
Once completed, the federal side of the permitting process is done, he said.
Sierra contracted the firm CDM Smith to handle the transfer and modification of the existing Aquifer Protection Permit, which is handled through the Arizona Department of Environmental Quality.
"Sierra is confident in CDM Smith's ability to lead this permit process to completion," Martin said.
When all permits are approved, Sierra will be free to complete construction and start production, Martin said. The project is expected to produce nearly 5 million pounds of copper per year once it gets going.
Through the process, Sierra managed to locate a mine engineer, who will manage the entire facility, and a metallurgist, who will run the solvent-extraction/electro-winning plant.
"Hiring of various positions has begun and the bulk of the staffing requirements will be filled as we get further along in the permitting process," Martin said.
Solvent-extraction/electro-winning is a process used to pull copper from oxidized copper ore bodies.
"This experience has been terrific," Martin said. "It's gone very smoothly, but in any business there's always going to be hurdles."
Copper is trading at about $3.40 a pound, and its future curve should either stay flat or increase slightly due to the increased demand in developing nations, Martin said.
"In the long-term," Martin said, "copper mining looks like a good place to be."
Though the company has yet to start officially hiring, Martin said people hoping to find employment with Sierra Resource Group's Chloride Copper Mine should send an email containing their résumé, work experience and salary requirements to info@sierragroupinc.com.
Martin said the company expects to hire up to 40 people to operate the mine site.
http://www.kingmandailyminer.com/main.asp?Search=1&ArticleID=52504&SectionID=1&SubSectionID=798&S=1
SIRG changed accounting firms. They filed an NT on Aug 15th as required. Their 10Q was filed on time on Aug 21st.
Marcum LLC is their new accounting firm, one of the top 15 accounting firms in the U.S.
So it is insinuated that SIRG is dumb?
SIRG is a new company but OTCQB. When they changed accounting firms they needed to send a notice to FINRA requesting an SAS Review.
This is where FINRA looks at the accounting firm and says something like this
"Oh, Marcum, wow, a top tier accounting firm, congratulations and here is your approval to become their client."
It's possible that SIRG is Marcum's only OTC client and they didn't know an SAS Review was required or they failed to notify Rod.
When I called FINRA yesterday, the first two people I spoke with had no clue what an SAS Review even is. The third person put me on hold and came back with the explanation.
So it is wrong to say SIRG hired a firm that is not approved to do SEC audits and dumb to post that.
http://www.marcumllp.com/firmprofile/index
Marcum LLP is one of the largest independent public accounting and advisory services firms in the nation.
Ranked among the top 15 firms in the nation, Marcum offers the resources of more than 1,100 professionals, including more than 150 partners, in 23 offices throughout New York, New Jersey, Massachusetts, Connecticut, Pennsylvania, California, Florida, Grand Cayman, China, Hong Kong and Shanghai. The Firm's presence runs deep with full service offices strategically located in major business markets.
Established in 1951, Marcum is a leader with an outstanding reputation at the national and regional levels. Marcum is ranked as one of the largest firms in the New York metropolitan area (Crain's New York Business), the greater Philadelphia region (Philadelphia Business Journal), the New England region (Boston Business Journal) and the Southeast (South Florida Business Journal).
Marcum has 23 offices with 1,100 employees. I guarantee that they are definitely approved to do SEC audits.
NEXT - Marcum did not do an SEC audit - they would have done an audit on SIRG prior to accepting them as a client.
Marcum filed the 10Q on time!
I NEVER said that was the type of funding that SIRG would get, it is just the type of funding that several Arizona copper mining companies have used the past 2 years. NO gold mining companies have received term sheet funding, only copper companies.
That's NOT PROOF - no links and NO PROOF that Asher can convert any SIRG note prior to the due date.
Try again! Provide absolute proof that Asher can convert any note now!
While the USA Today article did not show Sierra Resource Group was a public traded company, it gave shareholders another vote of confidence that SIRG is real and moving forward.
And I am so glad our CEO is a clean cut serious looking businessman, no earrings nor tattoos. I would be very concerned if he looked like this.
The SIRG chart shows SIRG is primed for breakout to penny land!
"Gold" Stocks—Some Investments Mine Your Pocketbook
The price of gold bullion—which recently touched an all-time high—has sparked considerable interest in gold investing, not to mention aggressive marketing and advertising of gold investments, including gold stocks. And even a cursory Internet search will pull up numerous websites, blog posts, investment newsletters and social media posts (including YouTube videos and Tweets) devoted to the topic of investing in gold.
But some of the stocks and opportunities being promoted have precious little value, and others are outright frauds. For example, the Commodity Futures Trading Commission (CFTC) took three separate actions against precious metals firms engaged in various schemes involving investments in gold, silver and other precious metals. In one action, the CFTC charged a precious metals firm in Florida with running a boiler room fraud that bilked investors out of more than $23 million.
As with other commodities, there are prudent and not-so-prudent ways to invest in gold. We are issuing this Alert to warn investors about investment scams that promote the latest "hot" gold stock and to provide information on how to invest wisely in gold.
Spotting "Gold" Stock Scams
Many gold-related investment scams involve the stocks of gold mining and/or exploration companies. The stock value is often based on gold reserves that are difficult to estimate, much less verify. While stock promoters regularly cite the potential value of a gold reserve, some statements can be deliberately misleading. For example, in 2010, the Securities and Exchange Commission (SEC) took legal action against a mining company based in Florida for false press releases and other misleading statements associated, in part, with a mining project in Ecuador. The releases claimed the gold reserves were worth more than $1 billion. The SEC noted that the exact value of those reserves could not be known “without further detailed exploration.”
Warning signs related to gold stocks include:
Price targets or predictions of swift and exponential growth. These predictions often are based on gold reserves, the actual existence and true size of which are next to impossible to verify. A company recently claimed that its mine in Nevada contained “approximately 2.14 million ounces of gold equivalent resources,” with an estimated market value of over $2 billion. Based on these reserves, the company touted in one of its promotions that an investment “Could turn $10,000 into $384,600.”
References to being a “buyout target” for other mining companies. One company claiming gold reserves valued at more than $112 billion declared in an Internet promotion that it was a “PRIME BUYOUT TARGET” at a buyout price that was 15 to 35 times its current value, which was around a dollar.
Claims that tie stock performance to the general rise in gold prices. Stock prices tend to rise or fall for a host of reasons, such as overall market conditions, sector performance and an individual company’s earnings. A rise in gold prices does not guarantee a rise in the price of a gold company’s stock—there might be little or no correlation between these two things.
Scare tactics such as the threat of inflation or an economic meltdown. While some investors might hold gold as a hedge against inflation or economic uncertainty, owning a gold stock does not automatically serve that same function. Scare tactics are often used to push an investor to make a quick decision.
Speculative claims based on a new reserve’s proximity to an existing reserve. A company recently stated in one of its promotional materials that its mining property could be worth “billions in unrecovered gold” based “on the success of its neighbors.” Without more information, such an assertion amounts to little more than idle speculation.
A change in the company's name or trading symbol to align it more closely with gold. One company that currently purports to engage in gold mining and exploration was originally incorporated with a business strategy to provide golfing opportunities on private courses to nonmembers. Another’s original focus was to establish health spas in urban areas. Yet another cited its original business plan was to develop, manufacture and sell commercial feed to nurture the Chinese mitten-handed crab. Name changes are reported through SEC Form 8-K, which you can find by using the SEC's EDGAR database.
Fool’s Gold for Lunch
Be wary of “free lunch” programs that purport to provide educational information about gold investing. In June 2010, the SEC charged six individuals with running a Ponzi scheme that bilked more than 3,000 investors out of $300 million. The fraudsters, none of whom were registered to sell securities, claimed to represent an independent financial education firm that had discovered a way to earn up to 36 percent annual returns by investing in mining investments that were “fully collateralized by gold.” Rather than invest the money, the firm’s salesmen used the assets on lavish home renovations, mortgage payments for members of their extended family and the purchase of a luxury fishing resort in South America.
In addition, be mindful of warning signs common to many stock scams:
Claims that making profits in gold are "easy."
The use of headlines from respected financial news sources regarding gold, which can easily be taken out of context.
Mention of the names of major investors or investment institutions that provide an air of credibility.
Statements about how much easier it is for lower-priced stocks to skyrocket in value in comparison to higher-priced stocks.
Pressure to invest immediately.
Smart Tips
To avoid potential gold stock scams:
Investigate before you invest. Never rely solely on information you receive in an unsolicited fax or email. It's easy for companies or their promoters to make exaggerated claims about new products, lucrative contracts, or the company's revenue, profits, or future stock price. Be wary of claims about significant mineral reserves or mining operations in countries far removed from the U.S. that make it difficult to verify such claims through independent research.
Always ask: "Why me?" Why would a total stranger tell you about a really great investment opportunity? The answer is that there is no such opportunity. In many email, fax and online scams, those who tout the stock are corporate insiders, paid promoters or substantial shareholders who stand to profit handsomely if the company's stock price goes up.
Read a company's SEC filings, if available. Most public companies file reports with the SEC. Check the SEC's EDGAR database to find out whether the company files with the SEC. Read the reports and verify any information you have heard about the company. But remember that just because a company has registered its securities or has filed reports with the SEC, it doesn't mean that it will be a good investment.
http://www.finra.org/Newsroom/NewsReleases/2011/P124214
Welcome to I-HUB and the SIRG board.
SIRG longs have been accumulating shares for almost a year buying everything we can get. Most have several million shares that have made their portfolios a lovely shade of green and like a garden in spring, our profits are growing.
SIRG has a target of fair market value of .034 and by this time next year should be at .10 as the share price will be based on EPS.
SIRG entered into a Promissory Note with Fogo, Inc. on July 31, 2012 in the amount of $200,000. The note has an interest rate of 12% with the maturity date of January 27, 2013.
In consideration of the Promissory Note, Fogo, Inc also received Warrants to purchase 1,000,000 shares of common stock at an exercise price of $0.03 per share.
I like that .03 per share!
No No No - cut and paste does not cut it on that boiler plate.
Identify the SIRG notes that were claimed that could be converted NOW! Provide dates and amounts!
The statement was made that there are Asher notes that are convertible RIGHT NOW. PROOF has been demanded on the SIRG board for months so
PROVE YOUR STATEMENT OR ADMIT IT WAS A LIE.
The type of funding SIRG will likely get is called Term Sheet. Last Oct (long before you ever heard of SIRG) Rod had the tailing piles drill tested and the results assayed by ALS Minerals in Reno.
Now why waste money drill testing the tailing piles when you don't have the money?
Because to secure the funding the potential lender demanded it as proof of the recoverable ore and the tailings are already mined and milled. They represent a quick/cheap source of producing the cathodes!
Funds like Red Kite use term sheet funding to secure copper that they can use to trade the futures markets! It may include the purchase of warrants or may not.
Last summer they complained it was too hot to finish those bucket samples but thought GDSM shareholders would like to know that this time there is a legitimate complaint for not getting the road built. But no problem, they haven't applied for a permit yet.
WHERE IS THAT PROOF THAT SIRG'S notes can be converted as stated?
Provide date of note and amount. What's the holdup??
Just asking for proof as stated!