Sunergy, Inc.: Sierra Leone Acquisition Due Diligence Completed and Definitive Written Agreement Terms Agreed for 140.1 Sq. Km.
October 14 2010 - 7:07AM
Marketwired
Sunergy, Inc. (the "Company") (PINKSHEETS: SNEY) reports that due
diligence on the Allied Mining and Supply, LLC (Nevada) planned
acquisition of 100% of their Company has been completed
successfully (See Press Release dated September 7, 2010). The terms
of the definitive agreement have also been agreed upon and the
Company intends to close the transaction as soon as practical. Full
details will be published at closing, but suffice it to say the
recent depressed market for Sunergy shares has had no adverse
effect on the Company's ability to complete the transaction.
Allied is engaged in the licensed exploration and development of
prime alluvial gold, rare earths and diamond properties in Sierra
Leone, West Africa. It has business and export licenses for Sierra
Leone. It is exploring, dredging and bulk sampling in a number of
areas within its concession territory of 140.1 square kilometers on
the Pampana River, licensed in 2009.
Sunergy Chairman P. K. Medhi says: "I am pleased that we have
been able to complete due diligence and agree on terms of the
transaction quickly. For Sunergy to be able to expand our West
African mining operations into Sierra Leone on an advanced property
with management and a quality operations team already in place is a
milestone for the Company. We look forward to closing this
transaction which will be accretive to shareholder value. We are
targeting additional rapid growth in Ghana and Sierra Leone as well
as other African near term gold production opportunities."
This property is in the heart of one of Sierra Leone's richest
alluvial gold mining fields, South of the Sula Mountains in the
Greenstone belt on the North Pampana River, around 120 miles east
of the capital, Freetown. With gold over $1,200 per ounce, high
tonnage alluvial mining is extremely attractive. Assay results from
a recent sampling program (completed spring 2010) reveal widespread
and commercially minable alluvial deposits of Rare Earth and
transition metals in addition to gold values.
Allied recently obtained a NI 43-101 Technical Report on the
Pampana North section of the prospect that states the property "...
is a property of merit and should receive continued exploration
efforts" and that "the northeastern portion of the mining property
contains a known bedrock gold vein potential, which is 1,200 feet
long, and located 9 km from the Yirisen gold deposit. (Past
geological studies have indicated that Yirisen is one of the
largest gold vein deposits in Sierra Leone.)"
Historical reports indicate recoverable alluvial gold on the
Pampana North section (40.1 sq/km or 28% of concession area) at
over 500,000 oz. with average grades of 0.12 ounces per tonne
qualifying as superior grade deposits as defined by the US Bureau
of Mines. The Company was also granted a boundary modification by
the Sierra Leone Mines Ministry to include an adjacent 100 square
kilometers immediately on the other side of the river. This adds an
additional 72% land area in which recent testing has shown apparent
continuity of gold and Rare Earths. These rare earths are
consistent and verified in the river channel and along the banks
and benches. Allied geologists estimate 50kg./tonne rich black
sands containing rare earths are easily recoverable, suggesting the
likelihood of highly profitable and immediate mining. Inspection of
artisanal mining and prospecting sites within the license area show
rare earths consistently throughout the claims.
Testing and existing data indicate gold concentrations ranging
from 1 to 18 grams per tonne of material. Fire assays conducted in
Freetown by the Company show the gold purity at 89%. Assays of
black sand concentrates containing rare earths in 2009 and 2010,
showed quantities of rare earths and other valuable minerals in
commercially exploitable grades. Recent assays by ALS Chemex in
Sparks, Nevada identified several of these rare earths contained in
the black sands with gold as follows: Lanthanum, Scandium,
Thallium, Cerium, Dysprosium, Hafnium, Lutetium, Niobium,
Neodymium, Praesodymium, Tantalum and Zircon. Further discussion on
the value added to gold recovery will be forthcoming.
Disclaimer: Sunergy is relying on information provided solely by
Allied Mining and Supply, LLC and historical geological reports
which it has not been involved in the preparation of. This
information is not SEC Industry Guide 7 compliant and there for
should not be relied on by investors for investment purposes.
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. We are acquisition oriented and are considering several
projects suitable for near term production.
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.
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: Steve Parent Investor Relations Sunergy, Inc. cell
480.399.7222 office 480.477.5810 steve@sunergygold.com
www.sunergygold.com