Dan Byrnes demonstrates his mineral and math knowledge
Dan's testimony, under oath, on December 15, 2015,in the NY DOL trial.
Mr. Byrnes was convicted of severe wrongdoing in this matter on March ,2017 related to his illegal acts concerning his illegal purchases of Sarissa from a pension plan.
Here is Mr. Byrnes testimony at that trial:
Dan:" I don't recall the exact particulars, but you would take the amount of niobium that they say they have -- there's a certain percentage of the rock that is niobium, so that, you know, if you had 100 and it was 1 percent, you'd have -- you know, had 100 tons and 1 percent was niobium, you had 1 ton of niobium. Then there's, you know, some estimate on how much of that niobium you could extract, say, 80 percent. So that means you'd have 800,000 pounds of niobium. If it's $20 a pound, you'd have, I don't know what that is, 1.6 billion or something. Then, you know, there's various ideas that, you know, the company should be worth 10 percent of that or the company should be worth 4 percent of that, or various scenarios. And you would say, well, okay, that asset is worth $400 million.
Q. This is a calculation you performed before investing The Plan's money?
A. Correct. There's similar -- I don't know the exact things that I did, but there's, you know, as I said, you could find a book ,,,"
So Dan thought there was 1% grade of Niobium in Nemegosenda where it is .47%, so that's totally wrong.
Then Dan thinks that 1 ton of Niobium would be 800,000 pounds (actually 1 MM tons before his 80% recovery calculation) when a ton is 2,000 pounds-What the ...
And , finally Mr. Byrnes has the idea that 1 ton of Niobium is worth $1.6 billion dollars, when 1 ton of Niobium, 2,000 lbs at $20 dollars a pound is worth $40,000 NOT $1.6 billion dollars.
Byrnes can't even multiply sipmle numbers:800,000 X $20/lb = $16 MM dollars not $1.6 billion dollars!! Wow!!
Scary.
Dan's math skills are laughable,quaint as we all acquainted how how limited Mr. Byrnes matriculation abilities really are ; but, in my opinion, it is essentially troublesome to SRSR shareholders that this man is our 'leader.'
The president of a mining company should know the average grade by heart. Further, a 50 year old man, even meagerly armed with basic math skills should know that there are 2,000 pounds in a ton, not 800,000 pounds.
This is the guy you want representing the SRSR/Nio Star Niobium deposit?
Really???
IMO
