Dan Byrnes Talking About Nemegosenda Rocks
Below is Dan Byrnes Dec 15, 2015 testimony in his NY DOL lawsuit (where Mr. Byrnes was eventually convicted and has to pay restitution of $310,000) where he, as Pension Trustee, placed their capital in jeopardy by investing in SRSR which is not eligible for such pension investments under applicable laws.
"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.
District Attorney:" This is a calculation you performed before investing The Plan's money? "
Dan Byrnes, Mineral Expert:" 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's 'D' Zone deposit while 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.
And , finally Mr. Byrnes believes 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.
Even his faulty calculation of 800,000 X $20/lb = $16 MM dollars not $1.6 billion dollars!! Wow!! The guy can't multiply simple numbers!!
Dan's math is rather amusing, laughable and quaint ; but it is essentially troublesome to shareholders knowing that this man is the SRSR 'leader'.
The president of a mining company should know the average grade of his deposit by heart.
Further, a 50 year old man 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?
I, for one certainly do not.
IMO
