SOURCE: Sungro Minerals, Inc.

February 16, 2010 17:26 ET

Sungro Minerals, Inc. Announces Closing of Its Definitive Agreement for the Conglomerate Mesa Project With Prior Vendors, Acquiring the 341 Mineralization Claims in Inyo County, CA

WARWICK, RI--(Marketwire - February 16, 2010) -  Sungro Minerals, Inc. (OTCBB: SUGO) today announced the completion of all terms and conditions required for closing the acquisition of the previously announced Definitive Agreement for the Conglomerate Mesa Project. 

The company intends to immediately execute its business plan which includes seeking approval from the County of Inyo, CA for the permitting process, as well as assembling and digitizing previous assays and historical data made public from Newmont Mining and BHP Billiton during the course of two decades of exploration.

Sungro's CEO, Mr. Fred Pucillo, stated, "We are excited to finally execute our plan of operation and anticipate a 'normal permitting process' going forward. We look forward to working with the authorities in Inyo County in hopes of having the necessary approvals in the 2nd quarter of 2010." He went on to say, "Our initial conversations with a prospective Qualified Person (as defined in NI-43101) will further enhance our efforts to get this project to the feasibility stage. Based on the scope and depth of this project, and the building of our financial and management infrastructure, we are delighted with the results our patient due diligence has produced."

"The Company also will undertake the completion of a NI-43101 Report, which will include previous and new assays of expected gold content and other mineralization that may have economic benefit to the company. In addition, the Company will continue its due-diligence efforts on several other mineralization prospects within its footprint but will primarily concentrate on the CM Project," Mr. Pucillo stated.

The Company will provide future updates as it relates to the following expected two year work schedule:

  1. Proving up mineable reserves through drilling.
  2. Completing initial metallurgical studies.
  3. Completing district wide mineral evaluation designed to identify all gold/copper/zinc/silver targets outside of the currently known occurrences, with the potential to host mineable deposits.
  4. Complete a regional stream sediment sampling program.
  5. Complete detailed geologic mapping on the resource areas with a focus on identifying ore controls.

About Sungro Minerals, Inc.

Sungro Minerals, Inc. is an early stage Mining and Exploration Company seeking to acquire, develop, and manage various mineral properties and resources.

Certain statements in this news release may contain forward-looking information within the meaning of Rule 175 under the Securities Act of 1933 and Rule 3b-6 under the Securities Exchange Act of 1934, and are subject to the safe harbor created by those rules. All statements, other than statements of fact, included in this release, including, without limitation, statements regarding potential future plans and objectives of the company, are forward-looking statements that involve risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. In general, estimates of 3P (proven, possible & probable) reserves are based upon a number of factors and assumptions made as of the date on which the estimates were determined, such as geological, technological and engineering estimates and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking estimates. The Company cautions that these statements are further qualified by important factors that could cause actual results to differ materially from those in the forward looking statements, including, among others, the following: reduced or lack of increase in demand for the Company's products, competitive pricing pressures, and the level of expenses incurred in the Company's operations. The Company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise.

Contact Information

  • Contact:

    Sungro Minerals, Inc.
    Erwin Vahlsing, Jr.
    Tel: (401) 648-0805
    Fax: (401) 648-0699