Press Release Source: Sunergy,
Inc. On Thursday March 11, 2010, 3:30 pm
EST
SCOTTSDALE, AZ--(Marketwire - 03/11/10) - Sunergy, Inc. (the
"Company") (OTC.BB:SNEY
- News)
reports it has completed two of the three stages of due
diligence required for the Company to close the acquisition
proposed in our February 25, 2010 Press Release to purchase a 57
sq. km. 2 year renewable full prospecting license for gold,
silver, diamonds and base metals located along the Offin River
about 25 miles NE of our Nyinahin concession. This acquisition,
when finalized, will increase our land position to 207 sq. km.
with substantial exploration/development area along the famous
Offin River.
Today, the Ghana company received its official 2-year full
prospecting license which remains in full force and effect until
March 10, 2012 and allows for full operation for testing and
bulk sampling and production of gold, diamonds and base metals
during the operating period.
Director, Robert Levich, CPG, EurGeol has also investigated
the area geology and has confirmed from his own previous work in
the area that the anomalies present on the concession contain
stockwork granites known to host gold. He is also very
optimistic about the alluvial potential upstream on the Offin
river area and the tributaries. As was previously noted in his
recent report, 1.45 million ounces of gold have been recovered
downstream on the Offin River.
Final due diligence is proceeding and the Company expects to
finalize this acquisition in the next few weeks.
Evidence of past exploration and mining activities in the
area exist in the form of pits. There is strong clustering of
artisan pits located along the Esuaya River as well as the Offin
River. Fragments of phyllite, metagreywacke and quartz are noted
in the waste pile. The existence of these pits confirm alluvial
gold was discovered and recovered by Artisan miners who usually
recover about 30%, leaving the balance to be recovered by modern
mechanized methods. An additional benefit of the pits is the
overburden has also already been removed.
Northwards of the concession is the Fufuo concession
belonging to Sika Resources Inc. (A Canadian Junior Exploration
Company). To the south is the Owabi water works forest Reserve.
Within the district, some 46 miles WNW is the Kenyasi -- Yamfo
concessions belonging to Newmont Ghana Gold, where gold
production is expected to begin by end of 2006; 60 km SE is the
Konongo mine; about 64 km south is the famous AGC Obuasi mine
and finally about 75 km SSW is also the AGC Bibiani mines. The
strategic location of the concession indicates a high
probability of finding a deposit.
Karl Baum, President, said: "This acquisition offers
immediate additional gold recovery and cash flow opportunities
for Sunergy and employs the identical exploration/development
methods as our Nyinahin concession. The close location also adds
to positive economics because we can utilize the same
exploration and operations personnel. This is an initial step in
the aggressive and dramatic growth that we intend to provide for
our shareholders."
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.
