Replies to post #12970 on Sierra Resource Group Inc. (fka SIRG)

[Actuate]

Do statements such as these from the annual report not worry you at all???

We have not had any significant revenues since our inception and there is no assurance that we will be able to achieve the financing necessary to enable us to precede with our exploration activities.

If we do not achieve the necessary financing, then we will not be able to proceed with other planned activities, including our planned exploration activities, and our financial condition, business prospects and results of operations could be materially adversely affected to the point of having to cease operations, which would likely cause our investors to lose their entire investment.

The annual states that they may not achieve the necessary financing, yet I continuously hear how they already have financing in place. I hope for everyone's sake that they do have financing, but it sounds like they are even questioning their own ability to find financing.

Our estimate of ore reserves at the Chloride Copper Mine is based on total copper assays rather than soluble copper assays.
A reserve estimate based on total copper is an indirect measurement of copper recovery through leaching. Accordingly, we may have overestimated the amount of recoverable copper at the Chloride Copper Mine.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8681062

[Actuate]

How long until they attempt to increase the authorized share count again? Will they succeed the next time???

On January 11, 2012, the company filed an Amendment to its Articles with the Nevada Secretary of State. The Amendment had been approved by the company's board of Directors on December 28, 2011. The purpose of the Amendment was to increase the authorized common stock of the company from 460,000,000 to 1,500,000,000 shares, as set forth in the Company’s Definitive Information Statement on SEC Form 14C, filed on February 3, 2012. Subsequent to filing the Amendment, it was determined that shareholder approval for the Amendment had inadvertently not been obtained in compliance with Nevada law, and the company filed a Certificate of Correction on April 13, 2012 with the Nevada Secretary of State to cancel the Amendment. Therefore, the change in the number of authorized shares described in this paragraph are not effective, and the company continues to operate with 460,000,000 shares of authorized stock under its Articles of Incorporation, as amended prior to the filing of the Amendment and also under the Certificate of Designation filed with the Nevada Secretary of State on February 9, 2012.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=8547623