SOURCE: Sunergy Inc.

April 29, 2014 08:48 ET

Sunergy Discusses Export and Reporting Protocols in Sierra Leone and Liberia and Operations Update

SCOTTSDALE, AZ--(Marketwired - Apr 29, 2014) - Sunergy, Inc. (the "Company") (OTCQB: SNEY) is pleased to share export and reporting protocols in Sierra Leone and Liberia so shareholders may better understand the process. First, a Minerals Officer attends the weekly tallies in the field, where initial quantities are measured and subsequently bid upon by various local diamond and gold dealers and exporters. The "Bush Price" is established at this time. We do not sell to these local dealers. We use the price established to purchase our local partners share of the products that they are entitled to under our agreements. We intend to export all our recovered products in search of better prices. Once a substantial parcel of diamonds or gold is assembled for export, it has to be presented to the appropriate government agency, with documents of origin signed by local field officer and then it is certified as to origin and valued for payment of duties and export fees. Once these fees are paid, the parcels may be exported to wherever the owner wishes without further involvement of the local government. It is therefore incumbent on the owner, to NOT place any values on the diamonds or gold until such time as all the government work is complete, fees are paid and the product has left the country. Any attempt to put quantities or values that are not yet certified by government offices could lead to being responsible for greater values than are necessary and greater costs. Accordingly, Sunergy is just now learning all this and will follow the protocols established by the government agencies. Values and quantities will be reported once the above procedures have been completed.

As we stated in the April 25th Press Release, Sunergy is now recovering both diamonds and gold on our Liberian dredge operations. Our Sierra Leone dredge operations have recovered gold only in the areas where they were working.. Both dredges are now scheduled to move to proven diamond and gold licensed locations in the next week and will be recovering both diamonds and gold virtually immediately. All valuable products are stored in safe deposit boxes at Rokel Bank in Freetown, Sierra Leone and Global Bank in Monrovia, Liberia

Our land based operations in Kono will support the New Wash Plant and loader which will process gravels for other operators as well for a negotiated fee or percentage of products recovered. The wash plant and loader should be ready for transport by next Tuesday. We envision a very profitable year round operation from this equipment.

Prince Kai Saquee, Sunergy Advisory Board Member and Chairman of the Diamond and Gold Dealers Association in Kono District in Sierra Leone said:"I am very pleased that Sunergy has made this substantial commitment to our area. Their approach is to allow any producer to have access to this processing facility. We have strong local support for this facility"

Dredgemaster Price says: "Our dredges are working beautifully and we are now moving our Sierra Leone dredges into guaranteed diamond and gold producing areas like we have done in Liberia. Our land based operations in Kono will expand to include licensed operations covering the large diamond discovery areas in Kono District and definitive agreements and licenses will be finalized in a couple of weeks. This placement should make certain that we will recover some large diamonds this year"

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SUNERGY, Inc., a Nevada corporation ( (OTCQB: SNEY) is a publicly listed and traded, production oriented, junior mining company headquartered in Scottsdale, Arizona, USA that is production oriented at the earliest possible profitable opportunity and has an appetite to grow by profitable acquisition. As its core business, the Company has made a transition from an exploration only company to a company now focused on production and cash flow. We now have four dredges operating, 2 in Sierra Leone and 2 in Liberia. An 8th dredge sits between the two countries awaiting the most favorable deployment opportunity for fast cash flow. In addition to our core mining activities, the Company has used its considerable contacts earned over the past 4 years to develop non-mining partnerships and agency agreements with major international businesses representing Airport Security and Affordable Housing projects and Solar energy projects up to 250 megawatts, in the five West Africa Countries of Ghana, Sierra Leone, Liberia, The Gambia and Senegal.

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 on mining concessions or cash flow from any mining operations.

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


    Garrett Hale
    President & CEO
    Sunergy, Inc.
    14362 Frank Lloyd Wright Blvd.
    Suite 1000,
    Scottsdale, AZ 85260

    Steve Parent
    Sunergy, Inc.
    Investor Relations