Nov 1 2010
Sunergy, Inc (the "Company") (PINKSHEETS: SNEY) reports that the planned acquisition of Allied Mining and Supply, LLC (Nevada) was closed today and Sunergy now owns 100% of Allied and its worldwide assets, which consists of the 140.1 sq. km.
Pampana River concession in Sierra Leone, West Africa containing Rare Earth Elements (REEs) and gold which may be recovered by simple gravity methods.
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.
Plans are underway to finance operations in Sierra Leone. We expect to close on such financing within the next several weeks. Initial production of REEs and gold will begin within 90 days of closing the financing.
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.
In addition to the Pampana River concession, Allied is a licensed vendor of alluvial mining equipment for Africa and has additional acquisition mining targets available for Sunergy to acquire in Sierra Leone in the immediate future.
Bryan Miller, CEO of Allied, will join the Sunergy Board of Directors, and Dale Bourassa of Allied will serve on the Sunergy Advisory Board. Mr. Edwin MacKnight of Napa Valley, CA and London, England has served as advisor to Allied and has accepted appointment to Sunergy's Advisory Board.
Source: http://www.sunergygold.com/