Sunergy Provides a Positive Administrative Update on Its Existing Business Affairs in Sierra Leone and Announces Other Opport...

Date : 07/01/2013 @ 3:55PM
Source : Marketwired
Stock : Sunergy Inc. (SNEY)
Quote : 0.0001  0.0 (0.00%) @ 1:00AM

Sunergy Provides a Positive Administrative Update on Its Existing Business Affairs in Sierra Leone and Announces Other Opport...

Sunergy, Inc. (the "Company") (OTCQB: SNEY) is pleased to announce that upon completion of a recent administrative follow up trip to Sierra Leone, that its Administrative matters in Sierra Leone are on track. On May 22, 2013, subsequent to President Garret Hale's return from Sierra Leone, an official Press Release From The Ministry of Mines and Mineral Resources suspended the licenses of ten mining and exploration companies that failed to comply with the Extractive Industry Transparency Initiative (EITI) process. Allied was included erroneously in this list.

"According to the release, a notice was given on the 15th March 2013, requesting Mining and Exploration Companies to comply with the EITI process by submitting a complete Sierra Leone Extractive Industry Transparency Initiative (SLEITI) Reporting templates together with copies of all relevant financial documents in support of payments made to government entities during the period 2008 to 2010 to be submitted latest Wednesday 24th March 2013.

"These companies have failed to comply with section 159 and 160 of the Mines and Minerals Act of 2009, and have not been certified by the Auditor-General Office which have led to their names being deleted from the Online Repository, adding that the general public is warned to refrain from doing any business with the affected companies until further notice."

On May 31, 2013, our wholly owned Sierra Leone subsidiary, Allied Mining and Supply, LTD responded to this notice as follows: "Allied Mining and Supply LTD - Compliance With Provisions of Appendix G of SLEITI ...Dear Sir/ Madam, We submit on behalf of our Clients Messers Allied Mining and Supply LTD completed templates in fulfillment of the requirements in Appendix G and relevant receipts.

"We regret the delay in forwarding this submission which resulted from the former director of Mines (Deceased) being unable to deliver a set of the templates he had collected from Mr. Kenie Lamin, Allied's person, for action by Company. The production of receipts for payments covering 2009-2010 clearly indicates the Company to be a good corporate citizen.

"We request that you cause the suspension of Allied to be lifted soonest and thus restore the standing of the Company in the eyes of the Public, its Shareholders and Directors.

Yours faithfully, A Mahdi Consulting Geologist And on Behalf of Allied Mining and Supply LTD"

We were advised that this matter has been satisfied, however, another letter from the Ministry of Mines sent May 20, 2013 and received in early June outlined their intent to cancel our mineral rights based on lack of information. We were given 30 days to rectify this lack of information. In the process of responding, Mr Alieu Mahdi, Consulting Geologist in a face to face meeting with the Ministry, was advised that the reason for this action was that the Allied file was actually missing with all the compliance information. On June 17, 2013 a letter was written in response to the May 20, 2013 letter outlining the "missing Allied Files" and providing annual Reports and receipts for payment. We were invited to provide a renewal application under a priority filing condition to receive a four year exploration license renewal going forward. Previous annual assessments under the original EXPL 5/2009 were $250/km, but under the new license and new law, the annual assessments will be $100/km. This application is being finalized and will be submitted this week. Pampana operations are temporarily suspended pending the outcome of the filings and approvals from the Minerals Commission. Our new work plan involves exploration on the terraces that flank the Pampana which can be done in all seasons.

Another planned large gold, rare earth and Diamond operation that will offer potential immediate cash flow is being pursued at this time in another highly prospective region for diamonds in Sierra Leone. We are looking to add operations wherever possible subject to capital budgeted for those operations. We cannot go into details at this time due to confidentiality constraints but will share relevant information when available.

Please visit the Sunergy website 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 100% of the 150 SQ. Km. Nyinahin mining concession with a full prospecting license in Ghana, West Africa and the 140.1 sq. km. Pampana River Rare Earth, Gold and Diamond concession in Sierra Leone, West Africa. We are operating exploration dredges on the Pampana Project and are advancing operations there to the installation of a commercial pilot plant to separate the gold and selected other valuable minerals for sale. 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.

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: President: Garrett Hale 707.255.5836 Investor Relations: Steve Parent 480.326.5435 Sunergy, Inc 14362 N. Frank Lloyd Wright Blvd Suite 1000 Scottsdale, AZ 85260 Tel: 480.477.5810

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