SOURCE: Sunergy Inc.

November 24, 2008 08:16 ET

Sunergy Announces LOI Signed for Proposed JV for Recovery of Oxide Gold on Four Additional Gold Mining Concessions in Ghana, West Africa, Aimed at Cash Flow

SCOTTSDALE, AZ--(Marketwire - November 24, 2008) - Sunergy Inc. (OTCBB: SNEY) is pleased to announce that it has entered into a Letter of Intent and Agreement in Principle with a private Canadian company for a proposed Joint Venture for the exclusive exploration and development of the available oxide gold contained on 4 contiguous concessions located in Ghana, West Africa, as part of a 5 year exploration program initially allowing up to 500,000 ounces of gold to be recovered by the JV.

Under the terms of the proposed Joint Venture, Sunergy is responsible for making a down payment and for funding the oxide gold exploration, development and recovery operations and will earn a profits interest. The Canadian company controls over 600 sq. km. comprised of 13 concessions, 9 of which are contiguous and will grant the exclusive opportunity to Sunergy to exploit the oxide gold on 4 contiguous concessions.

Artisan miners are already recovering visible gold using crude methods along the rivers that cross the subject concessions and Sunergy plans to enlist their cooperation in the exploration and recovery efforts, which should result in early cash flow for the JV. Traditionally the Artisan miners recover around 30% of the available visible gold only, but modern state of the art washing and gravity gold recovery equipment enables a significant percent of additional recovery at very low cost. In some locations, alluvial diamonds are recovered and are permitted under the prospecting licenses.

There are 7 producing mines with reserves in excess of 60 million oz. gold within 17.6 Kms of the property, which include: Newmont, AngloGold Ashanti, Goldfields & Others.

Company President Joseph Guerrero said: "Sunergy is acquiring its own 150 sq. km. concession in Ghana, which was announced on November 6, 2008 and our proposed JV partner has a substantial existing infrastructure that we both plan to utilize to quickly mobilize the proposed operation. This strategic move enables Sunergy and our proposed JV partner to immediately pursue cash flow opportunities for both of our shareholders."

About Ghana, West Africa Gold:

--  Total Production 90 million ozs; current resources 78 million ozs Au
--  US$1.5 Billion in mining investment committed in last few years
--  17% of Newmont's global gold reserves
--  Top 5 Economic Performers And Best Places To Do Business In Africa
--  GDP Growth Rate Of A Least 5%

Notice Regarding Forward-Looking Statements

This current report contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any mineralization, development or exploration of the proposed Joint Venture and Sunergy's ability to make the required payments or funding requirements of the JV.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with mineral exploration and difficulties associated with obtaining financing on acceptable terms. We are not in control of metals prices and these could vary to make development uneconomic. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

Contact Information