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Replies to post #1900 on $b_rich$'s Penny Bank Stocks

Replies to #1900 on $b_rich$'s Penny Bank Stocks
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$b_rich$

09/10/12 1:11 PM

#1901 RE: Actuate #1900

Most likely an increase but still not fully convinced there's not an increase already in order with the Nev. SOS though. SIRGE...I've never seen Nev. SOS take this long to update.
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lmcat

09/10/12 2:54 PM

#1904 RE: Actuate #1900

SIRG will pay off the notes the same way they will purchase the additional 10% of the mine - with funding, probably a term sheet that has a permit contingency attached.
Complicated but if you search through the records of other recently funded copper mining operations you will understand how this works.

Last Oct Rod had to take out a note to pay a Phoenix Co to do 8 test core drills on the tailing piles. They cores were shipped to ALS Minerals in Reno and the assay results gave SIRG a bankable assay report. (Done by independent 3rd parties.)

With 5M lbs of copper and 9M lbs of zinc there is enough recoverable ore in the tailing piles to support a loan of $12M to $15M. Instead of paying the loan back in cash, the funding company receives x number of lbs of copper every month.