Sungro Announces Creation of New Subsidiary, Sungro Minerals Africa
September 18 2012 - 9:28AM
Marketwired
Sungro Minerals, Inc. (OTCQB: SUGO), an Exploration Stage Mining
Company, announced today that it has established a wholly-owned
subsidiary named "Sungro Minerals Africa." In a departure from its
previous domestic development efforts, Sungro Minerals, Inc. has
created Sungro Minerals Africa to acquire mineral rights throughout
the African continent. To date, the company has identified several
promising and significant opportunities, and in May of this year,
representatives of the Company travelled, at the invitation of the
government, to one of the countries that has significant
opportunities. The Company is currently in negotiations to acquire
various parcels and will update shareholders as to future
developments.
In other matters, the Company is working with its legal team to
address the chill placed on deposits of the Company's common stock
by the Depository Trust & Clearing Corporation (DTCC). The
Company has received a listing of transactions that require
substantiation, and believes that once the proper documentation and
attestations are provided, that the DTCC will remove the deposit
chill.
About Sungro Minerals, Inc. Sungro
Minerals, Inc. is an early stage Mining and Exploration Company
seeking to acquire, develop, and manage various mineral properties
and resources both in the United States and around the world.
Cautionary Note to U.S. Investors This
press release may use the terms "measured resources," "indicated
resources," "inferred resources," and "historical resources" which
are calculated in accordance with the Canadian National Instrument
43-101 and the Canadian Institute of Mining, Metallurgy and
Petroleum Classification system. The United States Securities and
Exchange Commission (the "SEC") does not recognize these terms and
the SEC guidelines (Industry Guide 7) provide that such terms shall
not be included in a registrant's filings with the SEC (unless
required to be disclosed by foreign or state law). The SEC permits
U.S. mining companies, in their filings with the SEC, to disclose
only those mineral deposits that a company can economically and
legally extract or produce. "Inferred resources" have a great
amount of uncertainty as to their existence, and great uncertainty
as to their economic and legal feasibility. It cannot be assumed
that all or any part of an "inferred mineral resource" will ever be
upgraded to a higher category. U.S. investors are cautioned not to
assume that any part or all of a measured, indicated or inferred
resource exists or is economically or legally mineable. U.S.
investors are urged to consider closely the disclosure in our Form
10-K which may be secured from us, or from the SEC's website at
http://www.sec.gov.
Forward-Looking Statements This press
release and any related calls or discussions may contain
forward-looking statements. All statements, other than statements
of historical facts, are forward-looking statements.
Forward-looking statements include statements about matters such
as: future prices and sales of and demand for our products; future
industry market conditions; future changes in our exploration
activities, production capacity and operations; future exploration,
production, operating and overhead costs; recapitalization and
balance sheet restructuring activities (including debt-for-equity
exchanges, land transactions, capital raising and other
activities); operational and management restructuring activities
(including implementation of methodologies and changes in the board
of directors); future employment and contributions of personnel;
tax and interest rates; capital expenditures and their impact on
us; nature and timing of restructuring charges and the impact
thereof; productivity, business process, rationalization,
restructuring, investment, acquisition, consulting, operational,
tax, financial and capital projects and initiatives; contingencies;
environmental compliance and changes in the regulatory environment;
offerings, sales and other actions regarding debt or equity
securities; and future working capital, costs, revenues, business
opportunities, debt levels, cash flows, margins, earnings and
growth.
The words "believe," "expect," "anticipate," "estimate,"
"project," "plan," "should," "intend," "may," "will," "would,"
"potential" and similar expressions identify forward-looking
statements, but are not the exclusive means of doing so. These
statements are based on assumptions and assessments made by our
management in light of their experience and their perception of
historical and current trends, current conditions, possible future
developments and other factors they believe to be appropriate.
Forward-looking statements are not guarantees, representations or
warranties and are subject to risks and uncertainties that could
cause actual results, developments and business decisions to differ
materially from those contemplated by such forward-looking
statements. Some of those risks and uncertainties include the risk
factors set forth in our SEC filings and the following: the current
global economic downturn and capital market weakness; the
speculative nature of gold or mineral exploration, including risks
of diminishing quantities or grades of qualified resources and
reserves; operational or technical difficulties in connection with
exploration or mining activities; contests over our title to
properties; our ability to cure defaults under our current
indebtedness; our substantial indebtedness and the impact such
indebtedness may have on us; the possibility that our operating
performance and operating prospects, and capital market conditions
will limit our ability to timely meet our debt service obligations,
comply with debt covenants, obtain necessary financing or
refinancing or restructure indebtedness or our debt service
obligations on acceptable terms or at all; potential dilution to
our stockholders from our recapitalization and balance sheet
restructuring activities; potential inability to continue to comply
with government regulations; adoption of or changes in legislation
or regulations adversely affecting our businesses; business
opportunities that may be presented to or pursued by us; changes in
the United States or other monetary or fiscal policies or
regulations in response to the recent capital markets and economic
crises; interruptions in our production capabilities due to
unexpected equipment failures; fluctuation of prices for gold or
certain other commodities (such as silver, copper, diesel fuel, and
electricity); changes in generally accepted accounting principles;
geopolitical events; potential inability to implement our business
strategies; potential inability to grow revenues organically;
potential inability to attract and retain key personnel;
interruptions in delivery of critical supplies and equipment raw
materials due to credit or other limitations imposed by vendors;
assertion of claims, lawsuits and proceedings against us; potential
inability to maintain an effective system of internal controls over
financial reporting; potential inability or failure to timely file
periodic reports with the SEC; potential inability to list our
securities on any securities exchange or market; and work stoppages
or other labor difficulties. Occurrence of such events or
circumstances could have a material adverse effect on our business,
financial condition, results of operations or cash flows or the
market price of our securities. All subsequent written and oral
forward-looking statements by or attributable to us or persons
acting on our behalf are expressly qualified in their entirety by
these factors. We undertake no obligation to publicly update or
revise any forward-looking statement.
Neither this press release nor any related calls or discussions
constitutes an offer to sell or the solicitation of an offer to buy
any securities.
Contact: Sungro Minerals, Inc. Martin Bolodian Investor
Relations Phone: (401) 648-0805 ext. 350 Fax: (401) 648-0699
www.sungrominerals.com