Things are about to heat up. I imagine the next update will be on the status of the 8" dredges we were having built. I believe a couple people here have spoken with Alan Trees, and he said they were supposed to ship around January 12th. I would think it should take a couple weeks to ship to our African operations. In the mean time, I'm very pleased with with the way this has been holidng up. Congratulations to those who were able to pick up more shares in the mid-low .006s.
Recovery operations may end up commencing late January to early February (as opposed to "early January"), which is still fine with me. It appears Allied's existing 6" dredges are already en route, and the 8" dredges are about to be as well. I'll be looking for further updates on purchases of the additional dredges in the near future as well. Deploying about a dozen or so dredges over the next several months will mean very good production. Hold on to your hats folks, I think it's about to get very interesting for SNEY!
SCOTTSDALE, AZ--(Marketwire - November 23, 2010) - Sunergy, Inc (the "Company") (PINKSHEETS: SNEY) reports that it has made suitable arrangements for purchase of the initial three Custom Double Sluice 8" Gold Grabber sump dredges it recently ordered from Gold Dredge Builders Warehouse of Riggins, Idaho. Recovery operations of rare earths (REEs), gold and diamonds from its 140.1 sq. km. Pampana River concession in Sierra Leone, West Africa are scheduled to commence in early January, 2011.
The terms of financing are as follows: Each dredge cost = $50,000 incl. shipping. Investor purchases and owns the dredge. Sunergy lease purchases from Investor for a total payment of $62,500 over seven months as follows: After an initial operating period of 90 days, four equal monthly payments of $15,625 to pay in full. In addition, a further $12,500 worth of restricted stock at a 20% discount to market plus a 1 year warrant at a 40% premium to market is added as a form of bonus. Should the investor elect to re-invest in an additional dredge he retains the option of the same future terms. It is expected that the first several dredges will be financed on these terms. Future dredge financing terms are subject to change without advance notice. This is not a solicitation for financing but this information is provided for disclosure purposes only.
Sunergy's wholly owned subsidiary, Allied Mining & Supply, LLC owns the exclusive international distribution rights for the commercial dredges and mining equipment from Gold Dredge Builders Warehouse. This commercial line of dredges and recovery equipment is based on the original flared sluice designed by Alan Trees and proven in the harshest environments worldwide.
The dredges have custom modifications based on field testing and sample mining by Allied Mining & Supply personnel and are being custom fitted with gemstone and heavy mineral sands recovery systems. These three 8" dredges are capable of processing about 50-60 tons per hour each for total processing of about 150-180 tons of material each hour. The plan is to deploy around a dozen or more additional dredges over the next several months.
Assays of heavy black sand concentrates containing rare earths (REEs) in 2009 and 2010 showed quantities of rare earths and other valuable minerals in commercially exploitable grades. Recent assays by ALS Chemex in Sparks, Nevada identified several of these rare earths contained in the heavy black sands along with gold as follows: Lanthanum, Scandium, Thallium, Cerium, Dysprosium, Hafnium, Lutetium, Niobium, Neodymium, Praesodymium, Tantalum and Zircon.
Substantial concentrations of gold have also been determined to be contained in the concession. Data indicates gold concentrations ranging from 1 to 18 grams per tonne of material. Fire assays conducted in Freetown, Sierra Leone, indicate gold purity to be 89%. Over 500,000 ounces are contained in reports in the north 28% of the 140 sq. km. concession.
Sunergy President Bryan Miller says: "I am encouraged that our asset backed dredge finance program has found early acceptance. This enables the future of our mining operations in both Sierra Leone and Ghana. Allied's existing 6" exploration dredge will be shipped to Ghana to start operations on our 150 sq. km. Offin River concession and of the next three 8" Custom dredges expected to be ordered shortly, one more will go to Sierra Leone and two will go to Ghana. We plan to deploy around a dozen dredges in each river system over the next several months. A dozen dredges allow for from 1800 to 2160 tons/hour of material processed."
Sunergy Chairman P.K. Medhi says: "We are now advancing our operations in Sierra Leone and Ghana. The dredging operation is the fastest and least expensive method to demonstrate the viability of the recoverability of our rare earths, gold and diamonds in Sierra Leone and Ghana. Just below our Nyinahin concession on Ghana's Offin River, 1.45 million ounces of gold has been recovered by dredging operations historically." (See Levich Alluvial Report on our website)
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 production and acquisition oriented and are considering additional other projects suitable for near term production in West Africa.
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