Sunergy Pursues Cash Flow Operations in Sierra Leone and Liberia While Awaiting Pampana Exploration License Concession Renewal in Sierra Leone
Press Release Source: Sunergy Inc. On Thursday October 17, 2013
SCOTTSDALE, AZ--(Marketwire - 10/17/2013) - Sunergy, Inc (the
- News) While awaiting approval of our 4 year renewal application for our Pampana River Exploration license in Sierra Leone, Management continues to pursue immediate cash flow opportunities through working with existing mining licenses in both Sierra Leone and nearby Liberia. A recent visit by Management to Sierra Leone and Liberia has produced no further news on the status of our renewal in Sierra Leone and has led to a new partnership for mineral development in nearby Liberia.
By way of explanation of various mining licenses in Sierra Leone, all Exploration Licenses require exploration activities only and do not allow for sale of products as a result of such exploration. Production cannot be conducted on an exploration license, without an additional small scale mining license or through permitted Artisanal operations. Accordingly, as Management has previously stated, 2013 is focused primarily on developing cash flow from operations, which are conducted on existing licenses where production and sale of materials recovered can be accommodated. We will conduct further exploration activities on our Pampana concession once renewed and pursue the necessary license(s) with which to be able to market the recovered products to be processed by our proposed pilot plant.
Current Mining Activities for Cash Flow:
Sierra Leone Cash Flow: We have a cash flow operation scheduled to commence once rains cease in December in Sierra Leone for gold, diamonds and black sands. (See Press Release dated September 19, 2013 for details) This area is known for substantial diamonds with the gold and we have tested the black sands and will recover these as well. We are also evaluating the immediate cash flow associated with sand mining in Sierra Leone as well as additional cash flow opportunities. We are negotiating asset backed financing to produce sand mining dredges as well as additional gold, diamond and black sands dredges. All dredges will be manufactures near Bo, in Sierra Leone.
Liberia Cash Flow: Monrovia, Liberia is less than 200 miles by road from Bo, Sierra Leone. Management was invited to go to Liberia and evaluate a dredging project on known diamond and gold bearing gravels in the St. Paul River about 7 miles north of Bong, where a $2.6 Billion Iron Mine is being put into production. We have also observed the presence of black sands and are testing same at this time. Our Sierra Leone geologist will visit this site and a potential larger mining site during the first week of November. The rains in Liberia usually cease about one month earlier than Sierra Leone, so we are prepared to commission a dredge and crew to begin exploration and production on existing Class C mining licenses in Liberia. We will act in a sponsorship capacity with our equipment and crew and share equally in the net profits of this operation. All recovered products may be sold, including clean sand as a byproduct of our gold, diamond and black sands operations. There is a major market for river sand in Liberia.
The Gambia Cash Flow: The Gambia is an exporter of sand and sand mining in the rivers is allowed in The Gambia. We are evaluating setting up a sand mining operation there. We are also currently discussing the affordable manufactured homes with government agencies in The Gambia, including the building of hospital and medical clinic structures and schools throughout the country as well as small affordable homes for civil servants. Should these discussions and proposals result in substantial orders, a manufactured home facility could be built in The Gambia in an enterprise zone which enjoys a 10 year tax holiday. Homes could be shipped throughout Africa which would support reciprocal trade activities for the country.
Garrett Hale, Sunergy President and CEO says: "We will establish profitable cash flow operations in every country we work, as our first objective. In Sierra Leone, in addition to gold, diamonds and black sands, we may pursue sand mining for immediate and continuous cash flow. We will pursue Liberian mining activities whenever cash flow can be achieved. There are vast areas in Liberia that have known mineral reserves and deposits to which we now also have access. In Gambia, in addition to sand mining there are tremendous other mineral occurrences that have yet to be developed. Being in the building contracting business myself, the affordable housing project excites me. To be able to build quality affordable housing is relevant in all the countries which we wish to do business. The housing project endears us to the governments who wish to provide affordable housing to their employees and citizens, like The Gambia. Then they see where else our products can fit, like hospitals, medical clinics and schools. It has always been a part of the Sunergy dream to provide humanitarian solutions wherever we work, and to do so while making money is even more exciting."
We are also pleased to announce the appointment of Noellen Barber as Deputy Country director in Sierra Leone. Ms. Barber will work directly with Terri Laconte, our Country Director. Ms. Barber will also support our activities in Liberia and Gambia where she has cultivated strategic alliances with persons who can immediately join our team and be of substantial assistance. Ms. Barber is a native of Sierra Leone, but has lived most of her life in the United States of America. Ms. Barber has founded and run numerous companies in West Africa. She received her Bachelor of Arts Degree in Political Science at Bowie State University and a Masters of Business Administration in Sustainable Business and Renewable Energy from Marylhurst University in Portland Oregon. Her business activities are centered on Agriculture and Real Estate Development. During her stay in Sierra Leone, Ms. Barber has learned the mining laws and has many contacts in the mining and government sectors.
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 Facebook and Twitter sites are quite active, so please visit our website to access those links. 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 the Nyinahin mining concession with a full prospecting license in Ghana, West Africa and are in the renewal process for our Pampana River Rare Earth, Gold and Diamond concession in Sierra Leone, West Africa. We are advancing operations there to the installation of a commercial pilot plant to separate the gold and selected other valuable minerals for sale. We have recently formed a partnership with landowners in Liberia to develop a significant gold, diamond and black sands project. We have formed a partnership in affordable housing and building projects suitable for development in Africa. We are always open to Joint Venture participation on all our projects. We are production and acquisitions oriented and are considering several additional projects suitable for near term production.
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 or cash flow from Liberian mining operations.
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.