March Field Report
This report is for the months of Jan and Feb 2012 in regards to the mining efforts of SGCP in Sierra Leone Africa,
There continues to be an ongoing fuel shortage country wide in Sierra Leone which is not something the company can control and has again caused SGC continued operational lost time. In order to mitigate this situation going forward SGC has purchased a 5000 gal fuel Bowser and when possible, the company will be purchasing extra fuel to start stock piling for operational use when there is extra fuel to purchase.
Equipment maintenance is an ongoing issue for any company with supply issues and delays that cause unforeseen down time. SGC does have a regular maintenance program that takes equipment out of service for these purposes. The company has in the past and continues to experience longer delays in supply of specific parts that have failed that were not anticipated . These are parts that are not normally in a regular maintenance program nor stockpiled as they are generally ordered and shipped from other countries. It would add to the extra cost of stocking more parts for all equipment on the chance a particular part may or may not break down. Therefore we try to source these parts that can be sent in the most expeditious manner possible.
With the previously mentioned issues, the result of performance in visible gold recovery has been disappointing at only 48.3 oz. in spite of gold grades being significantly improved. SGC is continuing to stock pile and warehouse its concentrates (black sands).
AGRICULTURE
All crops have been harvested and are being processed and bagged for storage pending sale and/or use for the next season. The company has purchased another tractor from the Ministry of Agriculture which it had been previously renting on an as available basis. This will enhance both planting and harvesting capabilities. The company will have specific harvesting details by the end of March.
CARBON CREDITS
While the carbon credit market has softened due to worldwide economic issues, Sierra Gold has continued moving forward with project. As mentioned, previously, the company is harvesting and nursing the seeds from the Kiri trees as they become available. The intent is to expand the tree population and at the seven year mark, or when mature, we will harvest the trees for sale in the Asian markets where Kiri (Palaumia) lumber has high value for its intrinsic designing value
The Greatest RISK is NOT Taking One !!!
