UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                 SCHEDULE 13G

                   UNDER THE SECURITIES EXCHANGE ACT OF 1934



                            STERLING GROUP VENTURES
                               (Name of Issuer)



                                 COMMON STOCK
                        (Title of Class of Securities)



                                   85932R104
                                (CUSIP Number)



                               December 31, 2006
            (Date of Event Which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:

[   ] Rule 13d-1(b)

[ X ] Rule 13d-1(c)

[   ] Rule 13d-1(d)

* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).



Page 1 of 2






CUSIP No. 85932R104


1. NAMES OF REPORTING PERSONS:
         Frank E. Holmes

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
         00-0000000

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
         (a) [  ]
         (b) [  ]

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION:           Canada

NUMBER OF         5. SOLE VOTING POWER:            0
SHARES
BENEFICIALLY      6. SHARED VOTING POWER:          1,038,500 shares


OWNED BY
EACH              7. SOLE DISPOSITIVE POWER:       0
REPORTING
PERSON WITH       8. SHARED DISPOSITIVE POWER:     1,038,500 shares


9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON:                                  1,038,500 shares



10. CHECK IF THE AGGREGATE AMOUNT IN ROW (11)
    EXCLUDES CERTAIN SHARES                        [   ]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT
    IN ROW (11)                                    2.6%

12. TYPE OF REPORTING PERSON                       HC



Page 2 of 2






CUSIP No. 85932R204


1. NAMES OF REPORTING PERSONS:
         U.S. Global Investors, Inc.

I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY):
         00-0000000

2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
         (a) [  ]
         (b) [  ]

3. SEC USE ONLY

4. CITIZENSHIP OR PLACE OF ORGANIZATION:           Commonwealth of
                                                   Massachusetts

NUMBER OF         5. SOLE VOTING POWER:            0
SHARES
BENEFICIALLY      6. SHARED VOTING POWER:          1,038,500 shares

OWNED BY
EACH              7. SOLE DISPOSITIVE POWER:       0
REPORTING
PERSON WITH       8. SHARED DISPOSITIVE POWER:     1,038,500 shares
                                                   100,000 CW06 warrants

9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH
REPORTING PERSON:                                  1,038,500 shares



10. CHECK IF THE AGGREGATE AMOUNT IN ROW (11)
    EXCLUDES CERTAIN SHARES                        [   ]

11. PERCENT OF CLASS REPRESENTED BY AMOUNT
    IN ROW (11)                                    2.6%

12. TYPE OF REPORTING PERSON                       IA






ITEM 1.

(a) NAME OF ISSUER:                 Sterling Group Ventures

(b) ADDRESS OF ISSUER'S
PRINCIPAL EXECUTIVE OFFICES:        Suite 900, 789 Pender Street
                                    Vancouver, B.C.
                                    Canada V6C1H2

ITEM 2.

(a) NAME OF PERSON FILING:          Frank E. Holmes
(b) ADDRESS OF PRINCIPAL            7900 Callaghan Road
BUSINESS OFFICE                     San Antonio, Texas 78229
(c) CITIZENSHIP:                    Canada

(a) NAME OF PERSON FILING:          U.S. Global Investors, Inc. ("USGI")
(b) ADDRESS OF PRINCIPAL            7900 Callaghan Road
BUSINESS OFFICE                     San Antonio, Texas 78229
(c) CITIZENSHIP:                    Texas

(d) TITLE OF CLASS OF SECURITIES:   Common Stock (no par value) ("Shares")

(e) CUSIP NUMBER:                   85932R104

ITEM 3. IF THIS STATEMENT IS FILED PURSUANT TO 17 CFR Section 240.13d-1(b) OR
Section 240.13d-2(b) or (c), CHECK WHETHER THE PERSON FILING IS A:

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act
        (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company
        Act of 1940 (15 U.S.C. 80a-8).

(e) [X] An investment adviser in accordance with 17 CFR 240.13d-1(b)(1) (ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with 17 CFR
        Section 240.13d-1(b)(1)(ii)(F);

(g) [X] A parent holding company or control person in accordance with 17 CFR
        Section 240.13d-(1)(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit
        Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment
        company under section 3(c)(14) of the Investment Company Act of 1940
        (15 U.S.C. 80a-3);

(j) [ ] Group, in accordance with 17 CFR Section 240.13d-1(b)(1)(ii)(J).







ITEM 4. OWNERSHIP.


The responses to Items 5-11 of the respective cover pages of Mr. Holmes, and
USGI, are hereby incorporated by reference in response to Items 4(a)-(c).

USGI is the manager of investment accounts (the "Funds") that hold in the
aggregate 1,038,500 Shares. None of the Funds individually own greater than
five percent of the Shares. Mr. Holmes is the chief executive officer and
controlling shareholder of USGI. Because of their direct and indirect control
of the investment and voting decisions of the Funds, USGI and Mr. Holmes may
be deemed the beneficial owners of the Shares, but disclaim such beneficial
ownership except to the extent of their pecuniary interest in the Shares.


ITEM 5. OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS

If this statement is being filed to report the fact that as of the date hereof
the reporting person has ceased to be the beneficial owner of more than five
percent of the class of securities, check the following [X].

ITEM 6. OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.

Not applicable

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH ACQUIRED THE
SECURITY BEING REPORTED ON BY THE PARENT HOLDING COMPANY

Not applicable

ITEM 8. IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE GROUP

Not applicable

ITEM 9. NOTICE OF DISSOLUTION OF GROUP

Not applicable

ITEM 10. CERTIFICATION

By signing below I certify that, to the best of my knowledge and belief, the
securities referred to above were acquired and are held in the ordinary course
of business and were not acquired and are not held for the purpose of or with
the effect of changing or influencing the control of the issuer of the
securities and were not acquired and are not held in connection with or as a
participant in any transaction having that purpose or effect.





                                   SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify
that the information set forth in this statement is true, complete and
correct.

Dated as of February 14, 2007.

                              FRANK E. HOLMES


                              /s/ Susan B. McGee
                              --------------------------------------------------
                              (Signature) By: Susan B. McGee, Power of Attorney


                              US GLOBAL INVESTORS INC.
                              By: Susan B. McGee
                                  President, General Counsel


                              /s/ Susan B. McGee
                              --------------------------------------------------
                              (Signature)








                                   EXHIBIT A


                            JOINT FILING AGREEMENT


         We, the undersigned, hereby express our agreement that the attached
Schedule 13G, and any amendments thereto, is filed jointly on behalf of each
of us pursuant to Rule 13d-1(k) of the Exchange Act.

Dated as of: February 14, 2007.

                              FRANK E. HOLMES


                             /s/ Susan B. McGee
                             ---------------------------------------------------
                             (Signature) By: Susan B. McGee, Power of Attorney


                              US GLOBAL INVESTORS INC.
                              By: Susan B. McGee
                                  President, General Counsel


                              /s/ Susan B. McGee
                              --------------------------------------------------
                              (Signature)