Sierra Resource Group Inc. (fka SIRG)

[Actuate]

It's pretty clear that the statement is considered "BACKGROUND" information! Seeing as the Series A Preferred Stock was issued on Jan. 1, 2012, and the board of directors meeting was on Dec. 28, 2011, the fact that they did not make a salary in 2011 is old news. They don't state that they will not receive a salary in 2012.

The employment agreement would have stated that they were not going to draw a salary until the mine was open instead of $150K/year if they weren't planning on paying the officers!!!

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