Sunergy Provides a Positive Administrative Update on Its Existing Business Affairs in Sierra Leone and Announces Other Opport...
July 01 2013 - 9:55AM
Marketwired
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 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: President: Garrett Hale 707.255.5836
garrettsvp@gmail.com Investor Relations: Steve Parent
480.326.5435 steve@sunergygold.com Sunergy, Inc 14362 N.
Frank Lloyd Wright Blvd Suite 1000 Scottsdale, AZ 85260 Tel:
480.477.5810