SCOTTSDALE, Ariz., Sept. 6, 2011 /PRNewswire/ -- Sunergy Inc. (the
"Company") (SNEY.PK) announces its plans to mobilize its revenue
generating gold bulk sampling program on its Nyinahin gold
concession in Ghana, West Africa. The recent increase in the price
of gold to more than $1,800/tr. oz.
has served as a reminder of the great potential for gold recovery
from Sunergy's Nyinahin Concession.
Immediately adjacent on the east to the Nyinahin Concession is
the Esaase-Jeni (Gyeni) properties, held by Keegan Resources of
Canada. Keegan is continuing a
program begun in 2005 of geochemical sampling, geophysical
(aeromagnetic) surveying, and a concurrent core-drilling program.
These efforts have enabled Keegan to develop 3.2 million tr. oz. of
indicated gold reserves, plus an additional 1.7 million tr. oz. of
inferred reserves, all at a cut-off of 0.4 g/ton gold. The ore
zones delineated by Keegan are located along several
Northeast-Southwest fault zones that cut the Birimian
meta-sedimentary rocks of Early Proterozic age in the Esaase
concession area, several of which extend southwestward into
Sunergy's Nyinahin Concession. The indicated hard-rock reserves
already identified by Keegan contain more than $5.7 billion in gold, and the inferred gold
reserves, an additional $3 billion.
Prior to Keegan's acquisition of the Bonte (now called Esaase) and
the Jeni (Gyeni) concessions, they were mined for alluvial gold by
Bonte Gold Mines, a subsidiary of
Akrokeri-Ashanti Gold Mines of Canada, which recovered over 200,000 tr. oz.,
worth ca. $360 million at current
gold prices.
This past year or two has brought several alluvial gold
operations to our boundaries. The alluvial mining for gold
along the valleys of the Bonte and Jeni (Gyeni) streams has
continued into the recently opened areas for small licensed
concessions along the Ofin River Valley, both to the north and to
the south of the Nyinahin Concession. Currently, there is active
mining by British, Brazilians, Chinese, Ghanaians, and reportedly
Germans, some within a half kilometer of the boundaries of the
Nyinahin concession. There is no question that valuable deposits of
alluvial gold, are located along the Ofin River Valley within
Sunergy's Nyinahin Concession.
During Q'4 2011 we plan to test and evaluate the alluvial gold
recovery potential on our Concession. We plan to do this by bulk
sampling existing artisan pits along the river on our concession
and to excavate a grid system of new pits to establish continuity
of mineralization and to evaluate the depth of both overburden and
the thickness of gold bearing gravels to bedrock. We also plan to
test bedrock on the ground surface in the bottom of the pits and to
drill to depth to test for gold mineralization. Our program is
designed to be revenue generating with a planned budget of around
$250,000.00 US which could enable
potential recovery of an estimated 500oz./gold which would generate
about $900,000.00 of gross revenue
from the program. Our plan involves either leasing a suitable gold
recovery plant or joint venturing with another operator with
suitable equipment. The permitting for the operation will commence
shortly.
Located southwest of Kumasi, in Ghana's Ashanti Region, the Nyinahin
Concession might host both vein deposits in the meta-sedimentary
rocks of Ghana's Precambrian
shield, and also host alluvial deposits in the sediments of
Pleistocene to Recent age of the Ofin River Valley. The
increased gold price has focused Sunergy's efforts to accelerate
our programs for bulk sampling of alluvial gold deposits and
increased efforts to rapidly evaluate the hard rock potential of
the Nyinahin area through geochemical sampling, geophysical
surveying emphasizing airborne magnetometry, and rock sampling,
both during surface examination and the core drilling of
geochemical/geophysical anomalies.
In February 2010 a report was
prepared by Robert Levich CPG, EurGeol, Director and Chief of West
African Operations discussing the alluvial gold recovery potential
along the Ofin River and its tributaries that flow through the
eastern portion of our 150 sq. km. Nyinahin gold/diamond mining
concession in Ghana, West Africa. The report can be reviewed in its
entirety on the Company's website under projects
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
Ofin's most productive tributary, enters the Offin River valley at
the eastern edge of the 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,
Director.
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 the Keegan Resources 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. The Company also controls 100% of the 140 sq. km. gold,
diamond and REE Pampana River concession in Sierra Leone, West
Africa. The company conducted dredge operations there this
past operating season.
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:
Bryan Miller, President
707.738.4280 bryan@alliedminingandsupply.com
Sunergy Inc.
14362 N. FRANK LLOYD WRIGHT BLVD | SCOTTSDALE AZ 85260
Phone: 480.477.5810 | Fax: 480.477.5811
Investor Relations:
Steve Parent 480.326.5435
steve@sunergygold.com
SOURCE Sunergy Inc.