On Thursday August 13, 2009, 7:45 am EDT
SCOTTSDALE, AZ--(Marketwire - 08/13/09) - Sunergy, Inc (the
"Company") (OTC.BB:SNEY
-
News) reports the following update on the planning and
preparation for operations on our 150 sq. km. Nyinahin mining
concession, located in Ghana, West Africa. During Q'4 2009 we
plan to test and evaluate the alluvial gold recovery potential
along the Ofin River which runs through the eastern portion of
the concession for about 45 km. We plan to do this by bulk
sampling the numerous existing artisan pits along the river on
our concession. Our planned budget is around $300,000.00 US
which could recover an estimated 1,000 oz./gold generating
around $900,000.00 of revenue from the program. Our plan
involves either leasing a suitable gold recovery plant or joint
venturing with another operator with suitable equipment. The
permitting for the operation will commence shortly.
Marketwire - Artisan Miners
recovering gold using primitive hand methods. Usual rate
of recovery about 30% (approximately 15 ounces per ...
Related Quotes
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SNEY.OB |
0.14 |
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{"s" : "sney.ob","k" : "c10,l10,p20,t10","o" : "","j" : ""}
The Ofin River is an easterly-flowing waterway in Ghana. It
flows through the Tano Ofin Reserve in Ghana's Atwima District.
The Ofin riverbed is 90 meters above mean sea level. The Ofin
and the Pra rivers form the boundary between Ghana's Asahanti
and central regions. Dunkwa-on-Ofin is a major town on the
river. Gold is mined from the river's sediment. The Ofin
tributaries also offer good gold and diamond recovery
historically.
Karl Baum, Manager of West African Development, said, "Since
this concession already has a full prospecting license,
permitting is very straight forward and inexpensive. The artisan
pits have no overburden and are considered high grade targets by
the industry in Ghana. Many alluvial projects in Ghana have from
2-15 meters of overburden, so our excavation costs should be
very economic. I am excited about the opportunity for early cash
flow."
Company President Joseph Guerrero said: "This cornerstone
project offers both immediate gold recovery opportunities
through the numerous abandoned Artisan pits along the Ofin 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."
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 Ofin river flowing through our eastern
portion and there are numerous artisan pits ready for testing
and evaluation for near term production. The Ofin 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
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.
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