AI
Saturday, July 07, 2012 2:48:56 PM
SIRG's pre-production start-up costs are extremely low when compared to other mining companies with the same goal, to open mines previously closed in 1996. SIRG and this company both purchased their claims in 2010 and I watch their progress together.
For example, OMCCF has these mortgage payments remaining on their purchase of their claims on a note at 13% interest per annum.
2012, April 27 $500,000
2012, October 21 $806,500
2013, October 21 $500,000
2013, October 21 $470,800
And their mine is underground. Other costs include an Industrial Property Lease, the rent shall be $150,000 per year and shall be re-adjusted annually thereafter, pursuant to the Industrial Property Lease.
The old production facility has been removed and there is currently no production facility on site. A new SW/EX plant will be built down the mountain in San Manuel.
They are also moving through the permitting process and have the same problems as SIRG. Their cost to produce a lb. of copper will be much higher than SIRGs.
Two key permits applications are currently submitted and under review by County and State agencies including the Pima County Stage II Air Quality permit and State amended Aquifer
Protection Permit (APP). Both are under technical review and draft permits are expected to be issued for public comment in the second quarter of 2012.
The Company anticipates a National Environmental Policy Act (“NEPA”) review of the Oracle Ridge project once application is made for a use permit portion of the existing forest service
road and is preparing an environmental information document for submission with applicable permit applications in the second quarter of 2012.
Future financial needs and the continuity of the entity as a going concern will be dependent on the Company’s ability to raise
sufficient capital and develop the Oracle Ridge copper property into a profitable operating mine.
In order for the Company to achieve its major objectives for the next 12 months, including receipt of additional operating permits, continued underground development, construction activities and purchasing major mining equipment, significant additional funding will be required.
While the Company has been successful in raising capital in the past, there is no assurance it will be able to do so in the future.
They will need to haul the ore down this US Forest road to be processed.
For example, OMCCF has these mortgage payments remaining on their purchase of their claims on a note at 13% interest per annum.
2012, April 27 $500,000
2012, October 21 $806,500
2013, October 21 $500,000
2013, October 21 $470,800
And their mine is underground. Other costs include an Industrial Property Lease, the rent shall be $150,000 per year and shall be re-adjusted annually thereafter, pursuant to the Industrial Property Lease.
The old production facility has been removed and there is currently no production facility on site. A new SW/EX plant will be built down the mountain in San Manuel.
They are also moving through the permitting process and have the same problems as SIRG. Their cost to produce a lb. of copper will be much higher than SIRGs.
Two key permits applications are currently submitted and under review by County and State agencies including the Pima County Stage II Air Quality permit and State amended Aquifer
Protection Permit (APP). Both are under technical review and draft permits are expected to be issued for public comment in the second quarter of 2012.
The Company anticipates a National Environmental Policy Act (“NEPA”) review of the Oracle Ridge project once application is made for a use permit portion of the existing forest service
road and is preparing an environmental information document for submission with applicable permit applications in the second quarter of 2012.
Future financial needs and the continuity of the entity as a going concern will be dependent on the Company’s ability to raise
sufficient capital and develop the Oracle Ridge copper property into a profitable operating mine.
In order for the Company to achieve its major objectives for the next 12 months, including receipt of additional operating permits, continued underground development, construction activities and purchasing major mining equipment, significant additional funding will be required.
While the Company has been successful in raising capital in the past, there is no assurance it will be able to do so in the future.
They will need to haul the ore down this US Forest road to be processed.
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