For Immediate Release
Sunergy Announces Acquisition of 150 Sq. Km. Mining Interest in
Ghana, West Africa
November 6, 2008, Scottsdale, Arizona – Sunergy Inc. (OTCBB:SNEY)
is pleased to announce that it has entered into an agreement with
General Metals Corporation (OTCBB:GNMT) for the acquisition of
its 100% owned Nyinahin Mining Concession located in Ghana, West
Africa.
The property shares borders with several major mining companies,
including Newmont Mining, Napoli Gold and Dunkwa Continental Goldfields.
The licence allows for the exploration and mining of gold, silver,
base metals and diamonds. About 80% of the Nyinahin Concession
lies to the west of the Offin River within the Ashanti Region of
Ghana. There are several historical pits and admits with a strong
clustering of artisan pits located along the Offin River. Three
old gold prospects exist on the concession. The property is accessed
via the main Kumasi-Bibiani trunk road. It falls under the jurisdiction
of the Atwima Mponua District Assembly with headquarters at Nyinahin.
The consideration for the acquisition of the Nyinahin Mining Concession
is $1 million, which is to consist of $500,000 in cash, which shall
be 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 2,000,000 restricted shares of common stock of Sunergy,
at a deemed value of $0.25 per share.
The following are excerpted from The Technical Report prepared
by Geodita Resources August 2006.
“The completed stream sediment sampling program of 116 samples
covered the entire concession and has clearly identified the geochemical
signature for gold mineralization …. over 170 km of core and chip
samples from the Kenyase-Yamfo (Newmont) mineralized zone have
proved that a complex system of NE trending faults control most
of the gold mineralization (Gold Deposits of Ghana, Griffis et
al 2002).”
“The above stream sediment survey conducted on the concession
delineated three anomalous target zones (fig. 7). These are:
- Owusukurom anomaly = 10.0km X 7.5km
- Ntoboroso anomaly = 5.5km X 4.0km
- Krakyekurom anomaly = 5.0km X 3.0km
The above anomalies are within the Birimian metasediments and
represent strong exploration targets.” The complete Technical Report
is available on the Company’s website www.sunergygold.com
The Nyinahin Mining Concession is comprised of the Nyinahin Mineral
License LVB 8936/05 and Land Registry No. 1535/2005, and subsequently
converted into a Full Prospecting License (LVB 3857/08). The Concession
is situated 20km northeast of Bibiani and about 48km Southwest
of Kumasi, is located between two geological gold belts, the Bibiani
Belt to the west and the Asankrangwa Belt to east. The concession
which covers an approximate area of 172 sq. km. has been reduced
to 150 sq. km to conform to statutory requirements regarding the
maximum size for Prospecting Licenses by the Minerals Commission.
About West Africa Gold: “The current stage of development in West
Africa, if we exclude the Ashanti mine of Ghana (which has produced
for over one-hundred years), is akin to the first and second stages
of development in the Carlin belt. At this stage, surface deposits
are located by prospecting, geochemistry and trenching and then
drilled. As one Etruscan official put it, “Some mines have been
discovered by walking over them” from an article on “West Africa’s
Birimian Trend – The Next Carlin/Cortez” by Reg Ogden, Canaccord
Capital, September 24, 2007 on Kitco.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.
Contact Info:
Karl A. Baum, President
Sunergy Inc.
14362 N. Frank Lloyd Wright Blvd.
Scottsdale, AZ 85260
Phone: +1.949.244.1378
www.sunergygold.com
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