SCOTTSDALE, AZ--(MARKET WIRE)--Apr 2, 2009 -- Sunergy, Inc. (the
"Company") (OTC BB:
SNEY.OB
-
News) reports the following update on the purchase of 100%
of the 150 sq. km. Nyinahin Mining Concession located in Ghana,
West Africa from General Metals Corporation.(OTC BB:
GNMT.OB
-
News).
On October 31, 2008, Sunergy, Inc. committed to paying General Metals $1
million and a 5% net smelter royalty for the 150 sq. km.
Nyinahin Mining Concession with $500,000 in cash, payable as
follows: (i) $50,000 which is to be provided within 5 days of
the effective date of the agreement with General Metals, (ii)
$200,000 which is to be provided by December 31, 2008, and (iii)
the balance of $250,000 which is to be provided by April 30,
2009; and $500,000 in stock by issuance of 2,000,000 restricted
shares of common stock of Sunergy, at a deemed value of $0.25
per share.
On December 5, 2008, an Amendment to the Purchase Agreement
was completed and filed in an 8-K on December 12, 2008. The
Amendment allowed Sunergy to pay the balance due by December 31,
2008 either in cash or a cash equivalent acceptable to General
Metals, provided the 2,000,000 shares were issued within 5 days.
On December 10, 2008 the shares were issued and on December 30,
2008, General Metals accepted 500,000 unrestricted shares of
Sunergy valued @ $0.50 in full satisfaction of the cash payment.
To date Sunergy has made payments totaling $762,500 in cash and
stock.
An initial cash payment of $12,500 was paid on October 31,
2008. Sunergy is currently pursuing finance options, which
should enable it to meet its April 30, 2009 commitment to pay
the final $237,500.
Company President Joseph Guerrero said: "This cornerstone
project offers both immediate gold recovery opportunities
through the numerous abandoned Artisan pits along the Offin
River as well as substantial hard rock exploration in three
large anomalies that warrant a vigorous exploration effort. Some
larger mining Companies operating in the area have already
expressed interest in evaluating the mineral potential on this
concession and we are currently evaluating 2 immediate gold
production acquisition opportunities to establish immediate cash
flow and aggressively advance our shareholder value."
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.
