Sunergy's President and CEO, Garrett Hale Provides A Company Update To Shareholders Prior To Leaving The US To Advance Production Operations In Sierra Leone
Feb 28, 2013 08:50:00 (ET)
SCOTTSDALE, Ariz., Feb. 28, 2013 /PRNewswire via COMTEX/ -- Sunergy, Inc. (the "Company") (otcqb:SNEY) is pleased to provide the President's update from Garrett Hale who was appointed President, CEO and a Director on January 28, 2013. Mr. Hale has been involved in Sunergy's wholly owned subsidiary, Allied Mining and Supply, LLC since its inception and has extensive knowledge of its operations in Sierra Leone. He has served on Sunergy's Advisory Board since August, 2012.
TO ALL SHAREHOLDERS
Garrett states: "I would like to take this opportunity to provide an initial update on Sunergy's plans and scheduled operations for our 2013 targeted operations in Sierra Leone and Ghana. Since becoming President I have had the opportunity to more fully understand our operations and structure overseas. I have been asked directly by numerous shareholders to provide an update and to put out some news. Since I have responded briefly to some, I would like to use this opportunity to provide the same information to all shareholders. I know many of you want information all the time, but you must remember, as a public company we owe a duty to all shareholders to be treated equally. I will now provide as clear a picture of our operations and plans as possible at this time."
Pampana River Project, Sierra Leone:
"As we announced on January 10, 2013, we sold 27.5 tons of the Pampana black sands for a base price of $1,200.00 US per ton. The agreement called for profit participation in any revenue recovered above costs on a 50/50 basis. The results of this transaction have yet to be received and will be published once finalized. This was not done for revenue only, but more to establish at least a base price that could be attributed to the material.
"This dredging season is focused on two operations. The first is to collect fresh samples up and down the Pampana, under the supervision of a geologist, to establish reportable results designed to establish resources and reserves should expected continuity of the concentration of minerals be verified. The second is to stockpile black sand/gold concentrates until the Pilot Plant can be set up and becomes operational. A 1 ton new sample will be targeted and prepared to be shipped to our equipment supplier to further advance the recoveries contemplated by the Pilot Plant and to finalize the design prior to shipping. The schedule will be published once finalized.
"Once the Pilot Plant is installed and operational, the dredging operation will be dramatically up scaled to achieve production levels in the 800-1,000 ton/month range. This may be done in a Joint Venture. The resource/ reserve information obtained(the science) coupled with the Pilot operation recovery results(evidence of value) could attract a potential Major buyer or Joint Venture partner and thereafter have the great potential to increase value for our shareholders. This stage will require a Mining License to be obtained from the Minerals Commission in Sierra Leone. Exploration License renewal is tied to the Mining License and is a process that takes some time so we are pursuing it at this time.
"Our Country Director, Mohamed Tayyib Bah is returning from the UK next week and I plan to meet with him and the Minerals Commission when Hans Strand, our Country Administrator and I arrive in Sierra Leone shortly thereafter.
Garrett states: "I have large scale plans for operations in Sierra Leone and look forward opening discussions with a major finance group that offers large scale equipment and operations financing that will be non-dilutive to shareholders". In addition, myself and many of my early investors wish to pursue the Sunergy operations with long term focus on humanitarian efforts such as health and education; We must leave Sierra Leone a better place than when we arrived."
Ghana Gold Project:
"As discussed above, the Company's focus is on developing the Sierra Leone Project. This is the case because, in Sierra Leone, dredging is allowed where in Ghana it is not. Our Ofin River Project would require several million dollars of earth moving equipment and wash plants in order to recover the alluvial gold readily available. The Mineral located beneath the alluvial material will require millions of dollars of exploration work which includes geochemistry, geophysics and core drilling to prove up a reportable resource/ reserve. That is why we are seeking a reliable Joint Venture partner with the equipment and financial resources readily available to develop the property. We are trying to only involve the alluvial portion at this time. We are discussing with more than one proponent and as soon as information is available it will be forthcoming."
Conclusions:
He further says: "We can get our Sierra Leone project underway in our $500,000 budget". It takes much more to get Ghana underway to cash flow. When we are successful in Sierra Leone, we will want to advance the underground targets in Ghana, the same meta sediments that our neighbor Keegan has successfully drilled to the tune of several billion dollars of in ground gold reserves and resources. It may or may not be under our concession, but to make a move too soon and undercapitalized is not a prudent plan for our shareholders. As a small Company, our focus is the fastest path to cash flow so we may substantiate our current and future values to the market and future relations which will likely increase profits for our investor/shareholders. We care for and have a due diligence to our shareholders, we too don't like the depressed share price and will insure everyone we will work diligently to bring value back to the shares through development of solid fundamentals. Garrett states, "I believe that production will outweigh false expectations and unsubstantiated concerns.
"I would like to add this quote from the January 28, 2013 press release announcing my Presidency and simply say, I stand by my people and my deals.
"In my career and all my corporations, I have never lost my investors' Capital, and in fact stayed through until they received a profit. I may appear to be a small business man, managing 5 to 50 employees, but the only game I know is profit. I am able to physically take hold of management and relations duties, and personally go to Sierra Leone and integrate my business skills with the locals as well as work with our team in Sierra Leone, Hans Strand, Sunergy's Country Administrator, Wilfred Ullrich our dredgemaster and Tayyib Bah, our Country Director in furthering the development of this company and making this enterprise highly profitable for our shareholders. Previous years exploration work has led Sunergy to the point where it is ready for production and it is now time for me and my 'hands on approach' to go to Sierra Leone and insure that this operation is successful.
"I will be out of the US for an extended period in Sierra Leone. News will come from there and will be accurate. Please contact our investor relations with inquiries. Any directed to me, will be forwarded to me and I will either respond or direct a response to your interests as best I can."
More news about our ongoing and planned operations will be forthcoming shortly.
Please visit the Sunergy website www.sunergygold.com 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
resident: Garrett Hale, 707.255.5836 garrettsvp@gmail.com Investor Relations: Steve Parent 480.326.5435 steve@sunergygold.com
SOURCE Sunergy, Inc.
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