SIRG investors may not know that the development o

SIRG investors may not know that the development of the SX/EW processing plant at the mine was PAID FOR by the U.S.B.M. (U.S. Bureau of Mines).

The U.S.B.M. underwrote the development of the project to expand its background in the leaching of oxide copper ores. It was thought the operation would pay for the study, which it did and it operated successfully until 1973, when the Bureau determined that its research objectives had been achieved. It assigned its interest in the project to El Paso and continued testing privately until 1974.

The Mine was purchased in 1980 by TSC Enterprises from El Paso Mining and Milling. In 1992 TSC applied for and was granted an Aquifer Protection Permit (APP) # P-101846.

In the period from 1991 to 1995, TSC designed and constructed a heap leaching (SX-EW) facility to produce cathode copper and it operated until 1996 when copper prices declined so the operation was shut down to conserve the reserves.

After a period of inactivity at the mine and plant SGV Resources purchased the facility on September, 30, 2004. SGV updated and expanded the resource estimates at the mine and they also attempted to update many of the permits on the site but financial problems halted the progress on the site.

From the above we learn that SGV Resources did not have the financial resources to navigate the permitting process.