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I think the SEC and the DTCC might find this share imbalance of interest! So did GDSM issue 125M or 135M shares? 10M shares is a HUGE discrepancy! Maybe GDSM could use a chill?
SIRG got chilled because an insider bought 2M shares on the open market and forgot to file a Form 3 and 2 others had mistakes on their share count - both owned more shares than recorded and both less than 100 shares.
I do believe that Rod was pissed and the CFO and the accounting firm were replaced.
GDSM...settled some debt and became current with 125M shares per Dec 2011 corporate update:
http://www.otcmarkets.com/stock/GDSM/news/Gold-Coast-Mining-Announces-Corporate-Update?id=40197&b=y
Corporate Filings
In the last quarter, a total of 135mm new shares were issued to eliminate debt and share issuance obligations, as well as to secure capital for legal, accounting, Pink Sheet subscription fees and other necessary expenses to bring the Company’s filings current
http://www.otcmarkets.com/otciq/ajax/showFinancialReportById.pdf?id=75220
And GDSM claims they are going to uplist?? What a joke!
Back at Ya!
GDSM owes $501,615 from their failed produce business.
GDSM owes $223,320 on an unknown note - no date, no interest rate,
GDSM has current liabilities of $792,809
GDSM needs $100,000 due Oct 20th and how much in early 2013?
GDSM will need $50,000 to uplist and cover expenses for 3 months.
GDSM has zero assets.
SIRG owns 80% of a copper mine worth $12,000,000. SIRG has proven ore reserves - by an independent 3rd party company.
GDSM has no proven reserves and a report that is not legal.
Now who will be able to borrow money?
Let's compare companies in 2 - 4 months. After all GDSM should be in production by then pouring out those dore bars, even beating SIRG!
OK so we are back to a year ago, fine.
Again, Rod was elected CEO when Patrick died at age 45. Rod had bought 9,700,000 shares of SIRG in Oct of 2010 when it was trading at around .25. He had put a lot of his and his brother's skin on the line - Blackpool Partners LLC is his investment company that also did/does import/export business.
Rod told me he didn't like the situation but had to play the hand he was dealt and he would make a winner out of it.
I am guessing that he had funding lined up but they wanted proof of the ore in the tailing piles. He had to hire a company to get up there and do the test drilling and send the samples to ALS Minerals in Reno. That required MONEY and he needed it fast so he went the Asher route just as a thousand other companies have!
He had expected the test results to be excellent and they were. He expected to get the funds and pay off Asher before the notes came due. Then the permit problems appeared and he had no choice except to borrow money to hire RIZZO to get the BLM permit and then to hire CDM Smith of Phoenix to get the APP transferred.
These companies do not perform for free!
So I guess you and other non SIRG investors would have preferred that Rod throw in the towel and say "no money, I quit".
Rod has done whatever is necessary to continue to move SIRG forward to production and he will get us there.
Are we going to rehash that too? At lease Rod's BIO includes the names of the companies he was involved with, Not so for Marc!
In 2008, SIRG didn't exist. Rod was involved in several companies just like the Lovito brothers were involved in Brass Bulls, LBI Companies, Pennies into Gold and others!
Tacontento South Beach, LLC was is/was a company that invested in real estate, not a full time job.
Brampton Crest went BK almost 2 yrs after Rod left. Guess the company couldn't run without him!
GSociety - this was a gay & lesbian greeting card company. Rod worked for them for less than a month.
Pelican Properties International Corp. (Ownership/Management of Recreational Properties, now defunct)
That is totally false! Further, Rod served as a member of their BOD - nothing more. But I suspect that is where he met Barton Budman who managed Broward Yacht & Marine, a yacht builder.
The Company, through its predecessor is engaged in the ownership and management of a recreational property in the Florida Keys.
The Resort, which was established in 1971, was acquired by the Partnership in 1988. Financing for the acquisition was provided by NCNB, predecessor to NationsBank of Florida, N.A. ("NationsBank"). In 1991 the Partnership filed a petition for reorganization under Chapter 11 of the United States Bankruptcy Code. The Resort was operated under the protection of the Bankruptcy Court until November 1, 1991 when it was discharged.
While most people associate the Florida Keys with the immediate availability of the Gulf of Mexico on the North and the Atlantic Ocean on the South, with its boating, fishing, scenic views and incomparable sunrises and sunsets, the Resort offers the visitor a wide variety of on-site recreation facilities and amenities as well. Water-based recreation is the primary attraction which the Resort exploits to the full potential. In addition to the salt water bathing at its private beach, the Resort has a large freshwater swimming pool with ample tanning and pool-side lounging area. Snorkeling and diving opportunities are available and from its Marina, the Resort offers sunset cruises and kayaking. There are also tennis and basketball courts, as well as shuffleboard courts. As a family resort, the Resort caters to every age group, with adult recreation rooms, a Teen Recreation Hall, and a children's playground. The Resort is equipped with a dog kennel for families traveling with pets. Promoting the community aspects of this mini-village, the Resort has two outdoor theaters which are used for various special events, for the regular fishing contests and for the full activities program. Subject to available financing, the Company's management plans further enhancements and expansion to the Resort.
Today it is the Sunshine Key RV Resort and Marina and very successful!
They own the whole island!
http://www.reserveamerica.com/camping/Sunshine_Key_Rv_Resort_Marina/r/campgroundDetails.do?contractCode=ELS2&parkId=260350&topTabIndex=CampingSpot
Feb of 2011 is over a year and a half ago. You missed the rehash of all those posts on the SIRG board months ago.
At that time I could not find the Chloride Copper Mine and SIRG had NO website.
That mailer was paid for by the previous owners of the shell who accepted shares in lieu of cash.
But as usual, I continued to research and learned that the Emerald Isle had been re-named the Chloride Copper Mine.
Sorta like the Davis-Dunkirk is aka the Azurite mine!
Then SIRG put up a website and there was an NI 43-101 done when the mine was under Canadian ownership! A whole new company was appearing right in front of my eyes!
And Rio Tinto, Resolution Copper and Augusta Resources are still trying to get permits while SIRG just keeps moving along! SIRG will even beat Oracle Mining to production!
Rod took over the end of Aug of 2011 and in Oct he was at the mine to oversee the test drilling of the tailing piles. He did more in 6 months than Patrick did in a year!
State what? Last year at this time SIRG still had the Harmony funding. And Rod was just done cleaning out the deceased CEO's office! Rod has brought SIRG a long way in a year!
Marc can't even hire an accounting firm in 9 months!
Not to worry, those notes are not due until 2013, lots of time to get the funding and pay them off. No worry here, Rod is doing a great job and will get it done.
Silver Horn Mining Ltd. (OTCBB: SILV, the "Company") announces that as a result of a review by the British Columbia Securities Commission ("BCSC"), the Company is issuing the following news release to clarify its disclosure record.
Apache Junction, Arizona, August 30, 2012
1.Non-Compliant Disclosure of Mineral Reserves on the Gold Run Property
The Company had previously, on its website and in its corporate presentation, disclosed an estimate of "400,000 tons of stockpiled ore" on the Gold Run Property (also known as the AC Claim) in Nevada, a property the Company no longer has an interest in. The Company also disclosed that the "stockpiled ore" had "strong potential for near term production". This disclosure is misleading and contrary to NI 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Company hereby retracts all such statements.
In particular, the Company wishes to clarify that it does not have any credible estimates of mineral resources or mineral reserves for the Gold Run Property.
The Company has not done sufficient exploration, including adequate sampling of the stockpile, to estimate a mineral resource that would be suitable for public disclosure. In addition, the Company failed to disclose that the limited sampling conducted on the stockpile returned low silver and gold values that do not have reasonable prospects of economic extraction or potential for near term production.
In addition, the Company also specifically retracts its use of the phrase "ore" as the use of such word indicates that economic viability has been demonstrated by at least a preliminary feasibility study, which is not the case.
2.Failure to Name the Qualified Person
The Company failed to disclose the name and relationship to the Company of the Qualified Person who prepared or approved the disclosure of the exploration results reported on the Gold Run, Tip Top and COD properties. NI 43-101 requires this for all disclosure of scientific and technical information, including exploration results and estimates of mineral resources and mineral reserves.
The Company would like to clarify that the exploration for the Gold Run Property (also known as the AC Claim) was conducted by and under the supervision of Mr. Donald G. Strachan, Consulting Geologist, QP, CPG, who is arms-length to the Company. Mr. Strachan was not responsible for the phrase "stockpiled ore". The exploration on the Tip Top and COD properties was not conducted by or under the supervision of a qualified person.
3.Non-Compliant Disclosure of Exploration Results
The Company issued news releases dated October 20, 2011 and November 7, 2011, reporting the results of preliminary sampling programs on its Tip Top and COD (Amy Claims) properties respectively in Nevada and Arizona, and posted these results on its website.
The Company would like to clarify that the description of sample results in the news releases was not compliant with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101"), as they lacked any detail about the location and type of samples taken as well as any statement as to the analytical procedures used. In addition, the disclosure was misleading because it failed to adequately disclose that the results included selected high-grade samples that are not representative of the average grade or tenor of the mineralization. The Company retracts all such disclosure.
4.Misleading Disclosure
The Company has made changes to its website, corporate fact sheet and Company presentation to correct the references to "ore", pending production, and exploration results.
In these instances where the Company has retracted, reversed, clarified or updated previous disclosure, the Company advises readers not to rely on such statements as they may continue to be found in the public domain.
Former Property Interests of the Company
The Gold Run Property
The Company decided to drop the Gold Run Property because, together with other areas of focus and other projects coming online, management was of the view it did not merit the expenditures to maintain, nor did the Company have the cash on hand to continue with the property.
On June 8, 2012, the Company issued a news release and material change report confirming it had dropped the Gold Run Property.
The Tip Top Property
On April 26, 2011, the Company entered into a letter of intent to acquire the Tip Top Property that allowed for six months for due diligence. On October 23, 2011 the due diligence period expired and the Company entered into negotiations to extend which continued until the first quarter of 2012. Based on the Company's financial position and the costs of the agreement, the Company made the decision to drop the property.
On June 8, 2012, the Company issued a news release and a material change report confirming it had dropped the Tip Top Property.
Background
The Company is incorporated under the laws of Delaware and trades under the symbol "SILV" on the OTC Bulletin Board. In May 2011 the Company entered into private placement subscription agreements with 23 investors, 22 of whom were British Columbia residents. As a result of this private placement the Company has been deemed a reporting issuer in British Columbia under Instrument 51-509. The BCSC issued a cease trade order against the Company on February 1, 2012, due to the Company not completing the required British Columbia filings with respect to this private placement as well as continuous disclosure filings required to be made on SEDAR for British Columbia reporting companies. The Company is working to complete the required documentation to be filed.
Management of the Company
The Company has three directors: Daniel Bleak, John Eckersley and Joseph Wilkins, Jr. Daniel Bleak is the CEO, CFO and Chairman of the Board of Directors.
Current Property Interests of the Company
The Company does not have active mining operations at this time but holds interest in two properties which they propose to explore, depending on availability of funds.
A.The 76 Property
The 76 Property is located in Yavapai County, Arizona, 50 miles northwest of Phoenix, Arizona. The property consists of 36 federal unpatented lode mining claims on BLM land totaling 720 acres. The Company does not have any exploration program currently planned for the 76 Property.
The 76 Property does not have any resources or reserves.
B.The COD Property
The COD Property (also known as the "Amy Claims") is located in Mohave County, Arizona, 7 miles southwest of Chloride, Arizona. The property consists of 14 federal unpatented lode mining claims on BLM land totaling approximately 280 acres. The Company filed the claims with the BLM on July 1, 2011. To maintain the mining claims in good standing, the Company must make annual maintenance fee payments to the BLM, in lieu of annual assessment work. These claim fees are $140 per claim per year, plus a total annual fee of approximately $14 for all of the claims to record a notice of intent to hold the claims in Mohave County. The Company is currently planning an exploration program consisting of sampling, mapping, performing a grid survey and assaying to determine potential targets for drilling and further development.
On September 18, 2011 the Company received a notice from a third party claiming that, of these 14 claims, at least 9 are situated overlapping this third party's alleged preexisting claims, and requesting that the Company cease and desist from sampling or removing any ores from these properties. The Company believes this third party's demands are without merit. On October 3, 2011, the Company offered the third party the opportunity to quiet title pursuant to execution and delivery to the Company of a quitclaim deed. As of August 30, 2012, the third party has not executed the quit claim deed and the Company may pursue any and all available legal actions and remedies.
The COD Property does not currently have any resources or reserves. All activities undertaken and currently proposed at the COD Property are exploratory in nature.
Mr. Donald G. Strachan, Consulting Geologist, QP. C.P.G., a qualified person as defined by National Instrument 43-101, has reviewed and approved the technical aspects of this news release.
All disclosure documents can be viewed at www.sedar.com.
On behalf of the Board of Directors
SILVER HORN MINING LTD.
http://ca.finance.yahoo.com/news/silver-horn-mining-ltd-provides-disclosure-clarification-221200806.html
No GDSM is also about the infamous Don Jenkins, the fake registered geologist and engineer.
HOW ABOUT JULY, 2012? That's pretty current!
Now I wonder where Marc got the $15,700+ to pay off that tax lien from 2005 and 2006!
Marc & Josephine Lovito
6910 NW 28th St.
Margate, FL.
Verify here:
http://205.166.161.12/oncoreV2/showdetails.aspx?id=51978746&rn=17&pi=1&ref=search
What kind of guy drives a Hummer and owes money to everybody?
The link below will show three of the Lovito brothers and their addresses.
https://mail-attachment.googleusercontent.com/attachment/u/0/?ui=2&ik=95fdf6c35d&view=att&th=13966651c7871260&attid=0.1&disp=inline&safe=1&zw&saduie=AG9B_P90wQIHdMgU5TdGiaWPOJt0&sadet=1346811452554&sads=9AjWmN0N-Di9-z-JFIXQOxVF9HU
SIRG is fully reporting and current. GDSM barely made it under the wire and still is missing the attorney letter!
Why is it taking Marc 9 months to find a new accounting firm to begin the uplist filings?
SIRG found a new accounting firm in less than 3 months! Guess SIRG's CEO is serious about his job and gets it done.
Really, I have a MB on GDSM! With 24 GDSM posters on the SIRG board I would guess that at least 1/2 of them added a BM. That is based on the fact that the BM grew while no new SIRG investors posted so it had to be the GDSM crew.
Guess we will have to wait and see, the invoice probably had 30 days as most invoices do making it due Aug. 30th. It will be reported in their next 10Q.
How did GDSM pay for their accountant and lawyer letter?
Learn what an SAS Review is and then we can discuss the E intelligently!
What part of this document don't you understand?
SIRGE still on the chill list as of August 30th, 2012
PROVE it is still on the DTCC official list, not some list kept by a hubber! SIRG Released a press release and it is in their 10Q go read a real financial filing.
Sure are happy to see the GDSM guys leaving! There were 24 of them on the SIRG board so looks like we have a few more to go!
I doubt SIRG will end up down there with the stinky pinkies.
But it depends on how long it takes FINRA to complete their SAS Review so anything's possible.
Welcome to the world of fully reporting SEC companies! But how come GDSM is still on the pinks when Marc touted last Dec. 21st that he was working expeditiously to get them uplisted?
Past news - those notes were converted last Jan/Mar. Has already been discussed on the SIRG board.
GDSM issued and dumped 210,000,000 since Oct plus the 31M+ that Jason Cooper sold. What does that say?
Sierra Resource Group DTC Deposit Chill lifted
Date : 08/23/2012 @ 2:00PM
Sierra Resource Group, Inc. (OTCBB: SIRG) (the "Company" or "Sierra") announced today that the Depository Trust & Clearing Corporation has advised Sierra that the Depository Trust Company has determined to lift the Deposit Chill on the Company's stock and has resumed accepting deposits of the Company's stock for depository and book-entry transfer services.
PR Newswire
The problem has nothing to do with the old accounting firm or any accounting issues. Do you know what an SAS Review is? Call FINRA and find out! Clue: It has to do with getting FINARA approval!
I realize that you don't care what the TA says but at least SIRG has a TA without duct tape on their mouths!
But here is the absolute proof that SIRG notified NV SOS on April 24, 2012 at 10:05 A.M. and they failed to correct their website.
I don't "bash" GDSM, I simply report the results of my research, research that GDSM traders fail to do.
This shows how successful Marc and his brothers are at running a business! Clue: You gotta pay the rent!
That is a poor bio, did he even graduate from high school? If he has a college degree why not brag about it!
And name those publicly traded companies or would he rather not admit they were all failures?
So far he touted hiring an accounting and legal firm to uplist and that was on Dec. 21st of 2011. What has he been doing for 9 months?
He couldn't even get the financial disclosure statement filed on time despite there being very few changes to that "boiler plate" document.
I see it is still missing the attorney letter.
Just don't understand why the officers of GDSM, including their BOD don't post their resumes or bios on the website but prefer to post fake pictures of another company's mining operation instead!
I stand behind my post.
Call the American Institute of Professional Geologists and ask about Jenkins CPG. He resigned it in April and it is not and never was accepted in Arizona.
Tell them you are interested in hiring a CPG and want to verify that Jenkins is a member in good standing!
Anybody can join that organization, just pay the fees! Means nothing especially when one fails to follow their ethics regulations.
The American Institute of Professional Geologists (AIPG), founded in 1963, is the largest association dedicated to promoting geology as a profession. It presently has more than 6,000 members in the U.S. and abroad, organized into 36 regional Sections. The Institute adheres to the principles of professional responsibility and public service and is the only international organization that certifies the competence and ethical conduct of geological scientists in all branches of the science with members employed in industry, government, and academia. AIPG emphasizes competence, integrity and ethics. AIPG is an advocate for the profession and communicates regularly to federal and state legislators and agencies on matters pertaining to the geosciences.
https://netforum.avectra.com/eweb/shopping/shopping.aspx?site=aipg&shopsearchcat=membership&prd_key=77618b7a-6f8f-415a-94ce-412fdca4dba6
http://www.aipg.org/
WRONG AGAIN - did you forget SIRG had financing that the BOD cancelled?
Exactly, both of those permits were "good for the life of the mine" but when Rod issued a Notice of Restart he learned that they were NOT good as stated.
Had SIRG been able to begin restoring and repairing the mine with a restart notice, they would have been shipping copper cathodes by June/July.
ststaed is spelled stated! And Rod stated at the Chloride meeting that Jan/Feb was a production target.
SIRG remains on schedule to meet that goal.
You are suggesting the type of financing that the Red Kite Explorer Fund has been doing to assist a couple of mine developments in Arizona. SIRG will be announcing their funding arrangements when they receive the APP transfer as they will need to post a Reclamation Bond at the same time.
They don't get the heavy monsoon rains up there like they do in central and southern Arizona. I doubt they get more than 6-8 inches of snow all winter.
DJ BASE METALS: Comex Copper 3.4586 Climbs on Global Easing Hopes
Sep 04, 2012 By Matt Day
--Comex September copper recently trades up 2.6 cents, or 0.8%, at $3.483 a pound
--Hopes for action from Fed, ECB stoke copper-demand expectations
--Comex floor trading was closed Monday for Labor Day holiday
NEW YORK--Copper futures gained Tuesday on the view that world governments would take steps to support the global economy, potentially kindling more demand for the industrial metal.
Copper futures rose on Friday for the first time in six sessions after Federal Reserve chief Ben Bernanke defended the central bank's previous efforts to jumpstart economic activity. Traders viewed his comments, made at an economic symposium in Wyoming, as the clearest indication yet that the Fed would move to deploy new policies in support of growth.
Central bank support for the economy was on traders' minds again on Tuesday, after European Central Bank President Mario Draghi said that buying government bonds with maturities of as much as three years would be within the bank's mandate, a statement traders read as a hint that the ECB take such steps and buy the debt of distressed EU countries. Yields on Spanish and Italian government bonds dropped sharply in response.
The ECB is set to hold a policy meeting on Thursday, and the Federal Reserve's policy arm meets next week.
Central bank easing, particularly in Europe, should push prices for commodities such as copper higher, analysts with Commerzbank said in a note. Worries that Europe's debt crisis would further rattle global industrial activity has kept a lid on copper prices this year.
The most actively traded copper contract, for September delivery, recently traded up 2.6 cents, or 0.8%, at $3.483 a pound on the Comex division of the New York Mercantile Exchange.
Base metals are "on a rising trend, helped by hopes of more stimulus," said Societe Generale's metal analyst Robin Bhar.
Comex floor trading was closed on Monday for the U.S. Labor Day holiday.
Traders were looking ahead to U.S. economic data on Tuesday. Readings on nationwide manufacturing activity and construction spending are scheduled for release at 10 a.m. EDT.
-Alex MacDonald contributed to this article.
-Write to Matt Day at matt.day@dowjones.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
09-04-12 0936ET
Copyright (c) 2012 Dow Jones & Company, Inc.
http://futures.tradingcharts.com/news/futures/DJ_BASE_METALS__Comex_Copper_Climbs_on_Global_Easing_Hopes_184896174.html
SIRG has several advantages in that they can operate year around. The APP permit is/was "good for the life of the mine" and CDM Smith is working on getting it updated and transferred hopefully by Oct.
The new heap leach pad/pond can be built in 30-45 days (Nov-Dec) and they will be ready to rock and roll in early 2013.
You are totally wrong. Chris has sold very little of his 50M shares, just waiting to have more fun dumping them.
Redshirt is out of action, dealing with the strike of 12,000+ miners at Gold Fields near Johannesburg. He is on the BOD of Gold Fields and has been in non=stop meetings.
IT's the pump that is moving GDSM today, anticipation of news just like in July when GDSM shareholders got all hyped about the bucket test results.
So what does everyone think those investors will get for their $1.5M and where will that $1.5M go? To start building a road, hiring a licensed/registered geologist/engineer to begin the permitting process, or to start doing test drilling to prepare a Feasibility Report?
ETRF is retail but it is the only MM that had sufficient volume in June to move those 25,000,000 shares that we KNOW were sold by GDSM.
Qualifications of a Mineral Property Appraiser
Estimating the value of a mineral property is a unique challenge requiring the specialized knowledge and experience of an appraiser and the expertise of a licensed geologist with mining industry experience.
A geologist with a background in mining is necessary to accurately evaluate the unique, three-dimensional geological characteristics of a mineral property, namely the orebody.
Applying supply and demand economics to the geological characteristics of a property results in the development of an ore reserve, or the quantity and quality of minerals that can reasonably be expected to be extracted from the property at a profit over a period of time. If the economic evaluation of the property indicates that there are no anticipated mining profits, then there is no orebody, and an appraisal of the mineral rights is not necessary.
A certified general appraiser is necessary to perform a Uniform Standards of Professional Appraisal Practice (USPAP) compliant appraisal report that can be utilized by the mining industry, banks, governments agencies, etc.
Valuing mineral properties using the USPAP guidelines has become the generally accepted method in the mining industry, government and academia. Any selected appraiser/geologist must have the experience and knowledge to interpret the geological data, economic feasibility studies, ore reserve analyses, mining plans, accounting records, and other mining property specific information that is necessary to complete an appraisal of a mineral property.
THERE HAS BEEN NO PROOF PROVIDED THAT DONALD L. JENKINS HAS THE EDUCATION, TRAINING OR EXPERTISE TO PERFORM AN APPRAISAL ON THE AZURITE MINE.