Sunergy, Inc. has 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.
Press Release, May 1, 2013