Sunergy Update: "1.45 Million ozs of Gold Have Been Produced From the Offin River Valley, Downstream From Our 150 sq. km. Nyinahin Concession, More Than From Any Other River System in Ghana" Robert Levich, CPG, EurGeol, Director
Press Release Source: Sunergy Inc. On Thursday September 16, 2010, 7:04 am EDT
SCOTTSDALE, AZ--(Marketwire - 09/16/10) - Sunergy, Inc (the
- News) (the "Company") is pleased to release an updated report prepared by Robert Levich, CPG, EurGeol, Director and Chief of West African Operations discussing the alluvial gold recovery potential along the Offin River and its tributaries that flow through the eastern portion of our 150 sq. km. Nyinahin gold mining concession in Ghana, West Africa. The report can be reviewed in its entirety on the Company's website http://www.sunergygold.com/.
The report states: "Downstream from Nyinahin, 1.45 million ozs of gold have been produced from the Offin River valley, more than from any other river system in Ghana. The Bonte-Jeni tributary system, which has produced more than 200,000 ozs of alluvial gold, and is the Offin's most productive tributary, enters the Offin River valley at the eastern edge of Sunergy's Nyinahin concession. Below this confluence, the Offin River continues for ca. 10 km through the southeastern area of Sunergy's Nyinahin concession. In summary, there is excellent potential for economic recovery of gold from the alluvial deposits in the Offin River Valley within Sunergy's Nyinahin concession," Robert Levich, CPG, EurGeol, Director.
With gold at current record high price levels over $1,250/oz, there is no better time to begin recovery operations. Alluvial gold is recovered using a wet gravity system and every hour of operation recovers finished gold, unlike conventional underground or heap leach operations which take months to produce revenue. The newly proposed Sierra Leone acquisition's operation is virtually identical to the Ghana operation and both should produce substantial near term cash flow once recovery operations have commenced.
Dredging of the Offin River first began in 1904. Total gold production during this period was 100,000 ozs. During the 1950s and 1960s, Bremang placed four dredges along different sections of the Offin River valley. Bremang produced ca. 50,000 ozs annually during the 1950s and early 1960s, achieving a peak annual production of ca. 70,000 ozs.
Nyinahin lies 20 km northeast of the Bibiani mines, 50 km northwest of Anglo Gold-Ashanti's Obuasi mines, and 45 km southeast of Newmont's Kenyasi mine. Directly adjacent to the east side of the Nyinahin prospecting concession are the two mining concessions from which Bonte Gold recovered gold-bearing alluvial gravels along the Jeni and Bonte tributaries. A 2008 map published by Ghana's Minerals Commission indicates that a Newmont concession lies adjacent to the western side of the Nyinahin property.
The gravel deposit is 200 - 500 m in width and at least 14 km in length on our concession. Older terrace gravels are located along the edges of the river valleys. Despite six years of mining, in 1997, gold reserves for the Bonte and upper Jeni floodplains and terraces (adjacent concession) were newly estimated at 6.83 million m3 at 0.92 g/m3, and totaled over 200,000 ozs.
The above information is largely derived from: Griffis, R.J., Barning, Kwesi, Agezo, F.L., and Akosah, F.K., 2002, Gold Deposits of Ghana, Minerals Commission, 432 p., plus the author's own geologic studies of the West African Precambrian shield.
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 Offin River flowing through our eastern portion and there are numerous artisan pits ready for testing and evaluation for near term production. The Offin River is known for good alluvial gold production. The Company is currently in process of completing an additional 141.3 sq.km. advanced exploration/ development gold concession in Sierra Leone.
Further information is available on the Company's website http://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.
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.