SNEY has always been broke. They have been broke since their existence. The question is can they reach sustained cash flow and increasing it each quarter?
We won't find out until the 2013 2nd quarter 10Q.
Until then the stock price will be "blowing in the wind". Where she blows nobody knows.
SNEY's grand plan is laid out in their latest press releases:
By SNEY’s own admission operations have been successful. One just can’t measure how successful without hard numbers. Without hard numbers there is no way to determine the effect of operations may have on the stock price regardless of the number of current outstanding shares or possible future shares if the company was fully diluted. They have finally reached a plan to start cash flow. As the plan evolves (late this year /early next year) and start selling product we should see it reflected in the stock price.
Hazen starts its Conclusions and Recommendations section with the following:
"Based on the results of this preliminary investigation, the Stockpile sand contains appreciable gold which is easily recoverable by magnetic and gravity separation"... In The Mineralogical Examination Section Hazen states: "To provide evidence of the occurrence of randomly distributed free placer gold, a 100 g grab sample of the blended Stockpile sample was separated using a high-intensity rare earth hand magnet to separate the paramagnetic ilmenite from the nonmagnetic constituents, including the gold. Both magnetic products were assayed for gold and PGMs. The results show that about 99% of the gold is in the nonmagnetic product which assayed 14.4 g/t Au and represents about 28% of the total weight of the sample."
Management is cognizant of the potential dilutive effect of financing and is pleased to report that on July 16, 2012, 344,427,460 Warrants that had not been exercised expired. These Warrants were issued in January 2010 for the Allied acquisition, additional private placements and to Management and operations personnel. All Warrants were extended for an additional 6 months from their respective expiry dates in January 2012. All 439,142,487 remaining Warrants are priced from $0.005 to $0.007 and will expire on their respective maturity dates if not exercised. Should they be exercised, over $2,400,000 could be realized in new financing. $211,580 was received from the exercise of 57,332,500 Warrants over the last several months.
We have budgeted around $100,000 on operations in Sierra Leone between October and December 31, 2012 on our 140 sq. km. Pampana River gold and Ree's concession. During Q1 and Q2 of 2013 we have budgeted around $350,000 for both the Pampana operation and other targeted growth projects currently in our sights.
These funds will be 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 involve cash flow from the recoverable gold from our stockpile and from new material recovered in this year's operations. We estimate the Pilot Plant operation will commence in Q1 2013. This will minimize audit challenges for 2012 and we want to expand our stockpile significantly prior to start-up of the pilot plant in order to optimize operating efficiency for a better and more representative economic result.
Advisory Board member, David J. Salari, PEng says;
"Both samples (stockpile and black sands) indicate a high ilmenite number. Calculated Head Au grade of 5.4 g/ton in the stockpile looks very good and definitely dictates further work in this area. Indication of coarse gold particles in the stockpile as well as a Au gold recovery (84.9 %) in the non-magnetics plus 603 g/T grade would be my first area to develop. They indicate further upgrading of the table concentrates. I believe a Au smeltable product could be attained with another cleaning stage and also a simple pilot plant could be installed to commercially show us and generate some cash flow. A parallel circuit to recover and produce the ilmenite could be done at the same time. The other elements could be further developed 'down the road' but from this work, it definitely shows that money could be made now."
President Bigler comments: "I am very pleased and thankful to get this good news so early in my tenure with Sunergy. We appreciate the good work already done by Sunergy, Tantalus and Hazen in this preliminary report. I also have tremendous confidence in David Salari's expertise and his considered opinion. We have worked together successfully in the past and he comes to us at a time when we all can benefit from his expertise. We await further information from Hazen on the recommended equipment for the proposed Pilot Plant facility that we plan to set up in Sierra Leone. We already own some gravity recovery and finishing equipment that should contribute to future cost savings on the balance of equipment required to start our planned cash flow and resource/reserve development in Sierra Leone this year."
2012 Operations
With the appointment of Mr. Strand, Sunergy is now preparing to start its 4th quarter 2012 operations in the next few weeks. We have targeted some initial operations that will not be adversely affected by the rainy season for the balance of this year and we will have a head start on the regular operating season once the rains subside. This year we will establish a pilot plant recovery facility to process our sands for gold recovery, Ree's and other marketable product separation while establishing a resource category of minable material along the Pampana River.
FUND RAISING CAPITAL REQUIREMENTS AND USE OF PROCEEDS: $3.5 - $7 million US For both Ghana and Sierra Leone • Sunergy is seeking investment REQUIREMENTS AND USE OF PROCEEDS: $3.5 - $7 million US For both Ghana and Sierra Leone • Sunergy is seeking investment capital of up to $7,000,000 to develop both projects to 300 ton/hr capacity • Income from bulk sampling/mining within 2-¬-3 months • Substantial growth opportunity • Possible gold value well in excess of $500,000,000 • Potential black sand sales should fund substantial proportion of mining costs • Opportunity for investor to take physical delivery of gold at a competitive price • Opportunity for investors to purchase raw diamonds
Development costs are virtually identical for each separate property so in the interest of brevity a brief financial discussion is presented as follows: (See table on bottom of page 4 of Executive Brief)
PROJECT TIMING Land Mining Equipment for set-¬-up February 2011 Commence 300 tonnes per day processing by March2011 Achieve 600 tonnes per day processing by August 2011 Cash flow from bulk sampling within three months of landing equipment
Full production mining can commence as early as March 2011 when production volume should reach approximately 300 tonnes per hour for each operation.
This should produce an annual gross return (‘au’ @ $1,000 per ounce) of $10,000,000 to $15,000,000 per project. Production should ramp up to 600 tph in each case within the first 6 months. Sunergy has several former producing mines and numerous Artisan pits along the Offin River which will be worked for the 60+% of the gold left behind by the Artisans. With the Sierra Leone acquisition moving into production, the combined operation will begin in Quarter 1 of 2011 at an initial rate of 2,000 – 3,000 ounces per month stabilizing @ 3,000/month over quarter 3 and 4 for the first year. Once stabilized, the Company will add 1 gravity/wash plant during Quarter 3 and 4 in each of the next two years increasing production by 36,000 ounces per year for each operation. The Company anticipates growing annual production to over 100,000 oz/year which results in projected earnings of $20,000,000 -¬- $30,000,000 per year using $1,000/ oz. gold price.
2011 2012 2013 2014 2015 Total Material Processed (000’s t) 150 250 500 750 750 Gold Recovered (000’s oz) 22 36 72 100 100 Revenue (000’s US$) 19000 32000 64000 90000 90000 Permitting, Development & Production Capital (000’s US$) (1000) (1000) (1000) (1000) (1000) Net Cashflow (000’s US$) 6,700 11,600 24,200 34,000 34,000
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