Sunergy Appoints New Country Administrator For Sierra Leone And Discusses 2012 Operations and Finance Plans in Preparation for Resuming Operating Activities
Press Release Source: Sunergy Inc. On Tuesday August 21, 2012
SCOTTSDALE, AZ--(Marketwire - 09/12/2012) - Sunergy, Inc (the
- News) is pleased to announce the appointment of Mr. Hans Strand to the position of Country Administrator in Sierra Leone, West Africa. Mr. Strand received his education in Germany and has lived in Napa, Ca. since 1991. He is a highly motivated professional with extensive background in the construction and manufacturing industry. He has excellent communication and interpersonal skills, combined with extensive construction management experience. He has been the owner of several construction businesses and excels at developing new business. He has substantial experience in operating heavy equipment and in the concrete and gravel pumping business. His long term and trusted relationship with Garrett Hale, Sunergy Advisory Board Member and Director of Sunergy's subsidiary in Sierra Leone, allows for a significant level of responsibility to be placed on his shoulders as our Country Administrator. Mr. Strand is interested in earning equity in our company as an incentive to optimizing our operations.
Company President, CFO Larry Bigler, CPA comments: "In keeping with management's commitment to bring professional grade personnel to all our operations, Mr. Strand demonstrates the qualities and experience to become an effective Country Administrator. It is very important to have someone like Hans to coordinate all our business and make certain the operations information is provided to Sunergy in a timely and accurate manner so we may easily keep our filing requirements current."
Mohammed El Tayyib Bah, Country Director, Sierra Leone says: "I am pleased to have the assistance of a professional operations leader to enable us to run an efficient and transparent mining operation in Sierra Leone. As we have an eye to grow our overall operations this year, Hans will enable us to do so in a professional manner. Hans should be a good compliment to Wilfred Ullrich, our dredge master and Chief of Operations, as they both share the desire to excel at whatever they do."
With the appointment of Mr. Strand, Sunergy is now preparing to start its 4th quarter 2012 operations in the next few weeks. We have targeted some initial operations that will not be adversely affected by the rainy season for the balance of this year and we will have a head start on the regular operating season once the rains subside. This year we will establish a pilot plant recovery facility to process our sands for gold recovery, Ree's and other marketable product separation while establishing a resource category of minable material along the Pampana River.
Management is cognizant of the potential dilutive effect of financing and is pleased to report that on July 16, 2012, 344,427,460 Warrants that had not been exercised expired. These Warrants were issued in January 2010 for the Allied acquisition, additional private placements and to Management and operations personnel. All Warrants were extended for an additional 6 months from their respective expiry dates in January 2012. All 439,142,487 remaining Warrants are priced from $0.005 to $0.007 and will expire on their respective maturity dates if not exercised. Should they be exercised, over $2,400,000 could be realized in new financing. $211,580 was received from the exercise of 57,332,500 Warrants over the last several months.
We have budgeted around $100,000 on operations in Sierra Leone between October and December 31, 2012 on our 140 sq. km. Pampana River gold and Ree's concession. During Q1 and Q2 of 2013 we have budgeted around $350,000 for both the Pampana operation and other targeted growth projects currently in our sights.
These funds will be raised through a combination of private placements for restricted shares, at a later date, favorable short term cash loans as we have done in the past and gold debentures given $1,700/oz. gold prices. This year's operations will involve cash flow from the recoverable gold from our stockpile and from new material recovered in this year's operations. We estimate the Pilot Plant operation will commence in Q1 2013. This will minimize audit challenges for 2012 and we want to expand our stockpile significantly prior to start-up of the pilot plant in order to optimize operating efficiency for a better and more representative economic result.
More news to follow or this and other Company operations.
Please visit the Sunergy website www.sunergygold.com and review further information such as Company Reports under Projects , Previous Press Releases and SEC filing information under "Investor Info".
Our management team including our Directors, Advisory Board members and on ground management teams have more than 150 years of mining industry experience with junior and mid-tier companies involved in exploration, development and production of precious metals worldwide.
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 in Ghana, West Africa and the 140.1 sq. km. Pampana River Rare Earth, Gold and Diamond concession in Sierra Leone, West Africa. We are currently operating dredges on the Pampana Project. We are production and acquisition oriented and are considering several additional projects suitable for near term production in West Africa.
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 and Pampana Mining Concessions.
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.