Mining & Minerals

Sunergy Announces Acquisition of 150 Sq. Km. Mining Interest in Ghana, West Africa

  2008 NOV 24 - (VerticalNews.com) -- Sunergy Inc. (OTCBB:SNEY) is pleased to announce that it has entered into an agreement with General Metals Corporation (OTCBB:GNMT) for the acquisition of its 100% owned Nyinahin Mining Concession located in Ghana, West Africa.

  The property shares borders with several major mining companies, including Newmont Mining, Napoli Gold and Dunkwa Continental Goldfields. The license allows for the exploration and mining of gold, silver, base metals and diamonds. About 80% of the Nyinahin Concession lies to the west of the Offin River within the Ashanti Region of Ghana. There are several historical pits and adits with a strong clustering of artisan pits located along the Offin River. Three old gold prospects exist on the concession. The property is accessed via the main Kumasi-Bibiani trunk road. It falls under the jurisdiction of the Atwima Mponua District Assembly with headquarters at Nyinahin.

  The consideration for the acquisition of the Nyinahin Mining Concession is $1 million, which is to consist of $500,000 in cash, which shall be payable as follows: (i) $50,000 which is to be provided within 5 days of the effective date of the agreement with General Metals, (ii) $200,000 which is to be provided by December 31, 2008, and (iii) the balance of $250,000 which is to be provided by April 30, 2009; and 2,000,000 restricted shares of common stock of Sunergy, at a deemed value of $0.25 per share.

  Company President Joseph Guerrero said: "The Company is entering into Ghana, West Africa with a strong commitment to mining gold and is aggressively pursuing additional substantial land positions that are highly prospective for gold mineralization for acquisition or joint venture. We are focused on identifying near term production opportunities and developing early cash flow opportunities for our shareholders."

  The following are excerpted from The Technical Report prepared by Geodita Resources August 2006.

  "The completed stream sediment sampling program of 116 samples covered the entire concession and has clearly identified the geochemical signature for gold mineralization ... over 170 km of core and chip samples from the Kenyase-Yamfo (Newmont) mineralized zone have proved that a complex system of NE trending faults control most of the gold mineralization (Gold Deposits of Ghana, Griffis et al 2002)."

  Keywords: Sunergy Inc.

  This article was prepared by VerticalNews Mining & Minerals editors from staff and other reports. Copyright 2008, VerticalNews Mining & Minerals via VerticalNews.com.