Sunergy Reports Update on Operations on Its 150 sq. km. Ghana Mining Concessionadmin
Thursday, August 13th 2009
Sunergy, Inc reports the following update on the planning and preparation for operations on our 150 sq. km. Nyinahin mining concession, located in Ghana, West Africa. During Q’4 2009 we plan to test and evaluate the alluvial gold recovery potential along the Ofin River which runs through the eastern portion of the concession for about 45 km. We plan to do this by bulk sampling the numerous existing artisan pits along the river on our concession. Our planned budget is around $300,000.00 US which could recover an estimated 1,000 oz./gold generating around $900,000.00 of revenue from the program. Our plan involves either leasing a suitable gold recovery plant or joint venturing with another operator with suitable equipment. The permitting for the operation will commence shortly.
The Ofin River is an easterly-flowing waterway in Ghana. It flows through the Tano Ofin Reserve in Ghana’s Atwima District. The Ofin riverbed is 90 meters above mean sea level. The Ofin and the Pra rivers form the boundary between Ghana’s Asahanti and central regions. Dunkwa-on-Ofin is a major town on the river. Gold is mined from the river’s sediment. The Ofin tributaries also offer good gold and diamond recovery historically.
Karl Baum, Manager of West African Development, said, “Since this concession already has a full prospecting license, permitting is very straight forward and inexpensive. The artisan pits have no overburden and are considered high grade targets by the industry in Ghana. Many alluvial projects in Ghana have from 2-15 meters of overburden, so our excavation costs should be very economic. I am excited about the opportunity for early cash flow.”
Company President Joseph Guerrero said: “This cornerstone project offers both immediate gold recovery opportunities through the numerous abandoned Artisan pits along the Ofin River as well as substantial hard rock exploration in three large anomalies that warrant a vigorous exploration effort. Some larger mining Companies operating in the area have already expressed interest in evaluating the mineral potential on this concession and we are currently evaluating 2 immediate gold production acquisition opportunities to establish immediate cash flow and aggressively advance our shareholder value.”