Sunergy Updates Operations on Its 150 sq. km. Mining Concession and the Proposed 57 sq. km. Mining Concession Acquisition in Ghana, West Africa
Press Release Source: Sunergy Inc. On Thursday April 8, 2010, 7:25 am EDT
SCOTTSDALE, AZ--(Marketwire - 04/08/10) - Sunergy, Inc (the
- News) reports the following update on the planned operations on our 150 sq. km. Nyinahin mining concession, located in Ghana, West Africa. This concession enjoys a full prospecting license for gold, silver, diamonds and base metals. During the next few months we will test the alluvial gold and diamond recovery potential along the Ofin River which runs through the eastern portion of the concession for about 15 km. Pit testing and bulk sampling of the numerous existing artisan pits along the river on our concession will commence as soon as the rainy season passes. Our planned budget is around $300,000.00 US which could recover an estimated 1,000 oz. of gold generating around $1,100,000.00 of revenue from the bulk testing program.
A suitable gold recovery plant that can produce 100 tons/hour has been located that can be leased on a month to month basis. An identical new plant can be purchased for around $150,000 with approximate delivery time of 6 weeks, should this plant prove to be suitable for sustained operations. Several additional plants can be deployed over the next 12 months for less than $1,500,000 which can grow the daily operation up to 1,000 tons/hour. A three man team with an excavator is required to operate each plant. The permitting for the bulk testing operation is now underway.
The new 57 sq. km. concession under evaluation for purchase (see PRs dated February 25, 2010 and March 11, 2010) is being readied for closing and will have the same operations plan as above and can add substantial additional tons of gold bearing material for processing to our operations portfolio and will increase our control to over 200 sq. km. of full prospecting licensed area. This concession is located about 25 miles NE of our Nyinahin concession and is also along the Offin River.
Robert Levich CPG, EurGeol, Director, said, "We recently extended our 2 year renewable full prospecting license on our Nyinahin concession and our bulk testing operation results are expected to justify a full mining license which is good for a period of 30 years. The three large anomalies that also occur west of the Ofin River will be the subject of exploration in the next phase, utilizing some of the expected cash flow from this year's operations."
Company President Karl Baum said: "This exciting 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 of the anomalies on this concession."
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.