FREETOWN – March 12, 2014 -- Sunergy, Inc. (the "Company") (OTCQB: SNEY) is pleased to provide this update for our West African operations and share our plans for success in 2014, as follows:
As of today, our Kono Diamond and Gold operation has started with Dredgemaster David Price and our geologist commencing several strategic test pits to determine the depth of topsoil and overburden covering the number 5 sand level. This will determine the quantity of earth to be moved and stored for reclamation purposes. The depth of gravels (pay zone) will also be measured to determine the quantity of gravels required to be processed thru our existing wash plant. We have located another 500ton/hour wash plant that Price is considering deploying if required at a later date. Our two 8" dredges are working closer to Magburaka but will move up to Kono once we establish our new base of operations there. There is a discussion that one dredge may operate in a diamond and gold rich area near Kenema, another diamond and gold center in Sierra Leone.
Prince Saquee, Chairman of the Diamond and Gold Dealers Association in Kono, said: "I am pleased that we are starting this year round operation for recovering diamonds and gold in my community. Sunergy will work closely with my local artisanal miners and this will provide them a new level of prosperity. I will personally assist in every way that I am able to insure a successful and highly profitable operation."
We are starting testing under a reconnaissance license with our local geologist to be fully compliant with the local laws. Once test results are in, additional mining licenses will be brought under our sponsorship for our planned year round diamond and gold operations. Prior to the conflict in Liberia, local hand miners worked in this area and recovered millions of dollars in diamonds and gold. Our operations will support these local miners by adding our two 6" dredges and additional equipment as allowed by Minerals Commission. In less than 10 days, Dredgemaster Price will be in Liberia to start the dredging operations. We now have an executed agreement to operate on up to 1,000 acres with our initial area to be 300 acres.
We have been fortunate to have been granted an agency agreement to represent a Canadian Airport Security Company who works with the support of the Canadian Export Development Bank. This Company's technology is currently at work in all five terminals at Heathrow and at Gatwick, UK, in Frankfurt and Zurich, Germany and Abidjan, Ivory Coast, Africa. Negotiations are ongoing and more details will be provided at closing, which looks very positive. This resulted from our association with ATA Systems, our manufactured affordable housing partner. Six large plots of land have already been set aside to receive our affordable housing models in different areas of this small country. Details regarding site servicing with sewer, water, electricity and roads are being worked thru at this time. Once any conclusion is reached we will immediately announce the details. All security and housing operations will be conducted through our partnership Gambia corporation, Sunata Company Limited. Sunata, is a combination of Sunergy and ATA, but we discovered our name, Sunata, is derived from a Sanskrit word that refers to the hidden potential existing in all things when we can see them unobscured by our customary filters. To uncover that potential, we need to see ourselves, others, and even external forces, with a new eye.
We have been invited to submit a proposal to provide 5,000 houses per year over 5 years. Details will be made available as we progress. If accepted, we will assist to locate a housing factory locally in order to facilitate a cost effective solution to the acute housing need in this country. Our proposal is up for consideration next week.
We are evaluating our future activities in Ghana. Joint Venture discussions are still underway, and special permissions are required to operate alluvial on our full prospecting license. These matters take time and costs are significant. Results will be published when available.
Sunergy President and CEO, Garrett Hale, says: "We have substantial opportunities on our plate and the best part is Management has been able to secure these projects with Sunergy operating under agency type arrangements. There are virtually no significant capital requirements to reap the benefits from the Airport Security and Housing projects, some local travel from Freetown or Monrovia, where we are already stationed. David Price has managed to put our dredges to work under agreements in Sierra Leone where we have zero cost basis and reap a substantial part of the gross products or revenue recovered. I am very excited about our prospects for sustainable cash flow, especially since we have now discovered how to operate our mining projects year round instead of being shut down for the rainy season."
Dredgemaster, David Price states: "I am pleased to be associated with Sunergy and their management which gives me total support in developing our plans for success in our mining operations in Sierra Leone and Liberia. I have found suitable trusted and knowledgeable workers and supervisors so that I can go back and forth between these two operations. Last time I flew to Monrovia from Freetown, it cost about $140 and took 40 minutes. Management will be in Sierra Leone and Liberia shortly to assist in oversight, administration and operations. We are a hard-working, talented and determined group who are destined for great success for our shareholders this year. That really keeps me excited."
Operating results will be available shortly after the end of first quarter so as to not delay the 10K filing. Please visit our website: www.sunergygold.com Update on Liberia will be forthcoming soon.
SUNERGY, Inc., a Nevada corporation (OTCQB: SNEY) is a publicly listed and traded, production oriented, junior mining company headquartered in Scottsdale, Arizona, USA that is production oriented at the earliest possible profitable opportunity and has an appetite to grow by profitable acquisition. It is engaged in the evaluation, acquisition, exploration, planned operation and advancement to production of largely alluvial gold/rare earth elements and diamond recovery projects in Ghana, Sierra Leone and Liberia West Africa. This year marks the beginning of our Cash Flow Operations as the Operating season is now underway.
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 on mining concessions or cash flow from any 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.
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SOURCE: Sunergy Inc.