Press Release Source: Sunergy
Inc. On Tuesday March 9, 2010, 5:49 pm
EST
SCOTTSDALE, AZ--(Marketwire - 03/09/10) - Sunergy, Inc (the
"Company") (OTC.BB:SNEY
- News) is
pleased to release a new report prepared by Robert Levich CPG,
EurGeol, Director and Chief of West African Operations (See
Press Release dated December 21, 2009) discussing the alluvial
gold recovery potential along the Offin River and its
tributaries that flow through the eastern portion of our 150 sq.
km. Nyinahin mining concession in Ghana, West Africa. The report
can be reviewed in its entirety on the Company's website
http://www.sunergygold.com/
The report states: "'Downstream from Nyinahin, 1.45 million
ozs of gold have been produced from the Offin River valley, more
than from any other river system in Ghana. The Bonte-Jeni
tributary system, which has produced more than 200,000 ozs of
alluvial gold, and is the Offin's most productive tributary,
enters the Offin River valley at the eastern edge of the
Nyinahin concession. Below this confluence, the Offin River
continues for ca. 10 km through the southeastern area of
Sunergy's Nyinahin concession. In summary, there is excellent
potential for economic recovery of gold from the alluvial
deposits in the Offin River Valley within Sunergy's Nyinahin
concession,' Robert Levich, Director."
There is no evidence of any large scale alluvial gold
exploitation historically on the Nyinahin concession, however
there are numerous artisan small scale pits along the Offin
River and its tributaries on the concession that suggest
alluvial gold is abundant there.
Sunergy's Nyinahin concession is located in Ghana's Ashanti
Region, ca. 50 km southwest of Kumasi. The Kumasi-Bibiani road
cuts NE-SW across the northwest part of the concession. The
concession consists of 150 km2 of gently rolling secondary
forest and slash-and-burn farming areas containing some cocoa
farms and oil-palm plantations. The Offin River valley follows a
roughly 10 km meandering NE-SW course through the southeastern
part of the concession, approximately 60 km upstream from the
Central Region town of Dunkwa-on-Offin (also known as Dunkwa).
Nyinahin lies 20 km northeast of the Bibiani mines, 50 km
northwest of Anglo Gold-Ashanti's Obuasi mines, and 45 km
southeast of Newmont's Kenyasi mine. Directly adjacent to the
east side of the Nyinahin prospecting concession are the two
mining concessions from which Bonte Gold recovered gold-bearing
alluvial gravels along the Jeni and Bonte tributaries. A 2008
map published by Ghana's Minerals Commission indicates that a
Newmont concession lies adjacent to the western side of the
Nyinahin property.
In the first decade of the 20th Century, large alluvial
mining operations were begun on several major river systems of
the Gold Coast Colony, notably including the Offin, Pra, Tano,
and Ankobra rivers. During the 20th Century, a total of 295
million cubic yards of gravel were processed and 1.45 million
ozs of gold were recovered.
Dredging of the Offin River first began in 1904. Total gold
production during this period was 100,000 ozs, and the highest
recorded annual production was 14,000 ozs in 1909. During the
1950s and 1960s, Bremang placed four dredges along different
sections of the Offin River valley. Bremang produced ca. 50,000
ozs annually during the 1950s and early 1960s, achieving a peak
annual production of ca. 70,000 ozs.
Bonte Alluvial Placers: On Sunergy's Eastern Concession
Boundary
Extensive historical alluvial workings, probably dating back
several centuries to the Ashanti Kingdom, are found along the
Jeni (Gyeni) and Bonte drainages. Beginning in the early 1990s,
alluvial materials were mined from the Jeni and Bonte
tributaries on the left bank of the Offin. The modern river
channel contains high-grade zones of gold-bearing gravels and
sands (800 - > 1000 mg/m3). Additional gravel deposits, 1 - 2 m
thick lie along the channel margins and grade 400 - 800 mg/m3.
These gravels are overlain by a clayey overburden, 1 - 3 m
thick. The gravel deposit is 200 - 500 m in width and at least
14 km in length. Older terrace gravels are located along the
edges of the river valleys.
Despite six years of mining, in 1997, gold reserves for the
Bonte and upper Jeni floodplains and terraces were newly
estimated at 6.83 million m3 at 0.92 g/m3, and totaled over
200,000 ozs.
Studies during the 1960s by the Ghana Geological Survey
indicated 22 million m3 at a grade of 0.24 g/m3 and included
zones of high-grade gravels. Starting in the 1980s, several
companies were attracted to the area. In 1990, Bonte Gold
defined 2.5 million m3 of gravels that averaged 0.6 g/m3, plus
an additional 2 million m3 averaging 0.5 g/m3. Bonte Gold
commenced mining in 1991 and continued into the 21st Century.
Total estimated production is in excess of 200,000 ozs, and in
2000 alone, was in excess of 70,000 ozs.
The above information is largely derived from: Griffis, R.J.,
Barning, Kwesi, Agezo, F.L., and Akosah, F.K., 2002, Gold
Deposits of Ghana, Minerals Commission, 432 p., plus the
author's own geologic studies of the West African Precambrian
shield.
About Sunergy: The Company is an aggressive junior mining
exploration and development Company that is production oriented
at the earliest possible profitable opportunity. We control 100%
of the 150 sq. km. Nyinahin mining concession with a full
prospecting license. The concession is surrounded by several
operating mines and is adjacent to Newmont Mining's property.
This concession has the Offin River flowing through our eastern
portion and there are numerous artisan pits ready for testing
and evaluation for near term production. The Offin River is
known for good alluvial gold production. Artisans usually
recover about 30% of the available gold through primitive hand
methods, leaving 60-70% to be recovered by modern mechanical
operations.
Further information is available on the Company's website
http://www.sunergygold.com/
Notice Regarding Forward-Looking Statements
This current report contains "forward-looking statements," as
that term is defined in Section 27A of the United States
Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this press release which are
not purely historical are forward-looking statements and include
any statements regarding beliefs, plans, expectations or
intentions regarding the future, including but not limited to,
any mineralization, development or exploration of the Nyinahin
Mining Concession and Sunergy's ability to make the required
payments to General Metals as they become due.
Actual results could differ from those projected in any
forward-looking statements due to numerous factors. Such factors
include, among others, the inherent uncertainties associated
with mineral exploration and difficulties associated with
obtaining financing on acceptable terms. We are not in control
of metals prices and these could vary to make development
uneconomic. These forward-looking statements are made as of the
date of this news release, and we assume no obligation to update
the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although we believe that the
beliefs, plans, expectations and intentions contained in this
press release are reasonable, there can be no assurance that
such beliefs, plans, expectations or intentions will prove to be
accurate. Investors should consult all of the information set
forth herein and should also refer to the risk factors
disclosure outlined in our most recent annual report for our
last fiscal year, our quarterly reports, and other periodic
reports filed from time-to-time with the Securities and Exchange
Commission.
