Replies to post #24684 on Sierra Resource Group Inc. (fka SIRG)

[jmhgolf]

Hmmm sounds familiar. Marc?

[Actuate]

Let me see if I have this right...

SIRG is to pay Medina $750,000 within 6 months, and an additional $4,000,000 within 5 years for the additional 20% of the mine.

If SIRG fails to meet ALL CONDITIONS, Medina has right to take back all 100% of the mine. Is this SIRG's fail safe mechanism? If SIRG fails to find long term financing, Medina will own the entire mine again, and they can just allow SIRG to fall into the abyss.

6-month promissory note for seven hundred fifty thousand ($750,000)

a 5- year convertible promissory note for four million ($4,000,000) dollars

If the Company does not meet all conditions in the Second Amendment, the Medina Property Group, LLC has a right of reversion which includes the return of the title to all of the conveyed assets back to Medina Property Group, LLC.

http://www.otcmarkets.com/edgar/GetFilingPdf?FilingID=9462207