Replies to post #3643 on Sierra Resource Group Inc. (fka SIRG)

[lmcat]

They need $5M to $7M to return the mine to production. The cost to develop an open pit mine from scratch would be between $25M - $40M.

The Oracle Ridge mine is an underground copper mine near Tucson that was also closed in 1996. So far that company has spent $11M and the mine is still not open nor does it have a smelter or EW processing plant. There is no room on the mountain for either and they will need to truck the ore down the mountain to process it.

They have the money from the sale of mining interests in S.A. but only $12M and did not pay for the claims so have lease costs to add in. They are a Canadian company out of Vancouver.

Pursuant to the Oracle Ridge Industrial Property Lease, Oracle Ridge is responsible for, amongst other things, the following:
* The improvement and restoration of the façade of the old office/warehouse building, old mine dry building, and associated shed and carport.
· The installation of a boundary fence and gate at a precise location approved by the Oracle Ridge and Marble Mountain.
* The improvement and restoration of the mechanic's building.
* The improvement and restoration or removal of the old rock house.
· * The camouflaging of the hatched and ventilation shafts.
* The installation of (a) new well(s), water delivery and pumping facilities.
· * The construction, improvement and maintenance of the U.S. Forest Service Road.

Proposed Operations
Up to 180 employees will be transported to and from the site from San Manuel via the Black Hills Mine Haul Road
About 140 tons of concentrate may be produced per day
Transport of copper-in-concentrate product would be equivalent to about five to seven round trips per day on the Black Hills Mine Haul Road
Anticipate using short segment of Old Mount Lemmon Road (FR38 or Control Road) and the Black Hills Mine Road (FR4450)

They do not have funds for the mill or processing plant and will be looking for more money.

Vancouver, British Columbia, October 26, 2011 - Oracle Mining Corp. (TSXV: OMN, OTCQX: OMCCF) is pleased to announce an update on its processing plant engineering and design work as well as its drilling activities at the Corporation's Oracle Ridge Copper Mine in southern Arizona.

They are still doing test drilling.