Sierra Resource Group Inc. (fka SIRG)

[Actuate]

Once again, look at the location and date of the board of directors meeting that corresponds to that statement!

Yes, in December 2011 they did agree to take the series A preferred stock "in lieu" of the compensation owed to them, which was made effective on Jan. 1, 2012!

The board of directors approved the current employment agreement with J. Rod on Feb. 20, 2012! AFTER THE SERIES A PREFERRED STOCK WAS ALREADY ISSUED!!!

There would be no employment agreement if they were not going to pay J. Rod for his services provided.

Background
Creation of Series A Preferred Stock
Specifically, on December 28, 2011 our Board of Directors had authorized the designation of our Series A Preferred Stock, consisting of 1,000,000 shares par value $0.001 per share (the “ Series A Preferred Stock ”), in order to provide compensation to our chairman and chief executive officer for their ongoing services, in lieu of cash compensation required by their employment agreements, effective January 1, 2012. The Series A Preferred Stock bears no dividends, does not convert to any class of common stock, is subject to redemption at $0.10 per share at

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8987505

On February 20, 2012 the board of directors approved and the Company agreed to an Employment agreement with J. Rod Martin, CEO. The employment agreement has a three-year term and is effective January 1, 2012. The agreement provides for an annual salary of $150,000 until the Company begins production at the Chloride Copper Mine at which time the rate shall increase to $250,000 per year. The agreement also includes a bonus to be determined in good faith by the Board of Directors at the end of each fiscal year with a target of $350,000 adjusted in accordance with performance.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681055