Sunergy's President and CEO, Garrett Hale Heads To Sierra Leone To Advance Operations on the 140 sq. km. Pampana River Rare E...
SCOTTSDALE, Ariz., April 30, 2013 /PRNewswire/ -- Sunergy, Inc. (the "Company") (OTCQB: SNEY) is pleased to announce that Garrett Hale, President, CEO is leaving this evening for Sierra Leone to oversee and advance ongoing operations on the Company's Pampana River Rare Earths/ Gold recovery project and other potential operations currently under review..
Garrett comments: "I am on my way to Sierra Leone to further our Company's objectives to develop cash flow from operations on our Pampana river Project and other potential operations. During the past couple of months, since my last update at the end of January, we have filed our annual report (10K) and raised approximately $150,000 through private placements and secured and unsecured convertible loans. This is in addition to the funds from the sale of 27.5 tons of black sands. Our 10Q for Q1 2013 will have more details, is currently under review and will be filed timely. I am now ready to address our team in Sierra Leone to insure that our mission is proceeding as planned. I have a full agenda and will have much to report from there and when I return."
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 complete results of this transaction have yet to be received and will be published once finalized. This transaction has not appeared on our financial books because the final value has yet to be determined. Our accountants have elected to treat this transaction as a bulk sample and proceeds will be booked against exploration expenses rather than as receivables or revenue at this time. We expect to report revenue beginning with the next round of product sales."
This dredging season is focused on two operations. The first has been 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 to verify continuity of the concentration of minerals. The second is to stockpile black sand/gold concentrates until the Pilot Plant can be set up and becomes operational.
Once the Pilot Plant is installed and operational, the dredging operation will be up scaled to achieve production levels in the 800-1,000 ton/month range. The resource/ reserve information obtained (the science) coupled with the Pilot operation recovery results (evidence of value) should attract a potential Major buyer or Joint Venture partner which should make more money for our shareholders. This stage may require a Mining License to be obtained from the Minerals Commission in Sierra Leone. License renewal is tied to the Mining License and is a process that we are pursuing at this time. Our current business plan envisions growing our operations from the $500,000 capital level through $10,000,000 over 5 years and the growing of our operations to a 2,000+ ton/ month level with three operating recovery plants and a central processing facility either operating on our own or with Joint Venture partner(s)."
We have big plans for operations in Sierra Leone and have recently opened preliminary discussions with a large European Investment fund and a major US finance group that offers large scale equipment and operations financing."
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.
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