Siera Leone: Sunergy Secures Initial Deposit for Pampana River Dredging
Sunergy, Inc has announced that it has secured an initial deposit on its $500,000 financing proposal for startup of the 2012-2013 Pampana river Dredging and Pilot Plant operation in Sierra Leone and dispatches personnel to commence operations.
“We have budgeted $100,000 on operations in Sierra Leone through December 31, 2012 on our 140 sq. km. Pampana River gold and Ree’s concession. During Q1 and Q2 of 2013 we have budgeted an additional $400,000 for the Pampana operation, to include a commercial scale pilot plant designed to separate the recoverable gold from magnetic separation and the recoverable zircon, titanium and other easily recoverable rare earths elements produced through the pilot plant operation,” announced the Company.
These funds are being raised through a combination of private placements for restricted shares, at a later date, favorable short term cash loans as we have done in the past and gold debentures given $1,700/oz. gold prices. This year’s operations will generate new material recovered in this year’s operations that will be added to our existing stockpile in preparation for Pilot Plant operations which will commence in Q1 2013.
Cash flow should begin in Q1 and 2 of 2013 and grow over the balance of the operating season and into years 2-5. The company will also be developing resources through systematic sampling and testing along the river and its benches which will set the stage for potential off-take agreements for the REEs.
Press Release, November 29, 2012