USA: Sunergy Inc. Provides Update to Shareholders
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.
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.”
Press Release, February 28, 2013; Image: sunergygold