SOURCE: Sungro Minerals, Inc.

July 13, 2010 17:07 ET

Sungro Minerals, Inc. Letter to Shareholders Regarding Recent Developments

WARWICK, RI--(Marketwire - July 13, 2010) -  Sungro Minerals, Inc. (OTCBB: SUGO)

"After release of our preliminary NI 43-101 report information on July 6, 2010, we received a number of inquiries as to what the technical report meant to the Company. In response, we are providing this additional update letter to communicate what the Company's perspectives are on the report as well as additional developments," stated Fred Pucillo, CEO. He added, "With the completion of the final NI 43-101 due shortly, Sungro Minerals is looking forward to the next 12 months." Mr. Pucillo further stated, "We are highly optimistic that the next year will be one of great change for the company. We are working to maximize shareholder returns by unlocking the value of our Conglomerate Mesa opportunity. Management strongly believes there are substantial amounts of gold and silver along with lead and zinc and we are exploring all avenues to get exceptional results for our shareholders."

During the most recent quarter, the Company has achieved the following milestones:

  • Assimilation of previous historical data generated over the last 20 years by various mining and exploration companies that explored the 331 claims Sungro has acquired;
  • Engaged the services of a permitting company to re-file and obtain the permits needed to re-open access roads;
  • Engaged the services of a firm for the annual re-inspection of the claim boundaries and markers; and
  • Developed estimates of the potential economic value of mineral deposits within the Conglomerate Mesa claims based on the preliminary NI-43101.

"The next year should see us move forward on a well planned road to achieving success. We will move from permitting and construction to initiating our Phase 1 drill program and preparing for Phase 2. Our intention is to turn the company's assets in the ground into real value for our shareholders as we unlock multiple opportunities to help make this happen," Mr. Pucillo concluded.

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.

Forward-Looking Statements
This news release contains "forward-looking statements." 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. Actual results could differ from those projected in any forward-looking statements due to numerous factors. 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 undertakes no obligation to update forward-looking information if circumstances or management's estimates or opinions should change, except as required by law. Readers should also refer to the Company's current annual report and other periodic filings, which are available at www.sec.gov for additional discussion of risks and uncertainties. The reader is cautioned not to place undue reliance on forward-looking statements.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits oil and gas companies, in their filings with the SEC, to disclose only proved reserves that a company has demonstrated by actual production or conclusive formation tests to be economically and legally producible under existing economic and operating conditions. The Company uses certain terms in this release such as "mineralized gold zones" that the SEC's guidelines strictly prohibit the Company from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in the Company's periodic and other filings filed with the SEC on EDGAR at www.sec.gov.

Contact Information

  • Contact:

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