SOURCE: Sungro Minerals, Inc.

October 05, 2010 13:17 ET

Sungro Minerals Makes Clarification and Retraction of Earlier Press Release Regarding per Share Estimate

WARWICK, RI--(Marketwire - October 5, 2010) -  Sungro Minerals, Inc. (OTCBB: SUGO) earlier today announced that it has discovered documentation from previous drilling and evaluations from exploration of the Conglomerate Mesa claims. In our release, we were quoted as saying, "..the numbers may well be in excess of $1,000 per share" when it should have said $100 based on our current share count.

"The company merely wanted to put a perspective as to the "potential economic value" in the ground based on documents we have reviewed. Suffice to say, the numbers are enormous, but it doesn't mean we think our share price should equal $100 per share," said CEO, Mr. Pucillo. "We apologize for this typographical error and any confusion this may have caused," he further stated.

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.

Contact Information

  • Contact:

    Sungro Minerals, Inc.
    Martin Bolodian
    Investor Relations
    Phone: (401) 648-0805 ext. 350
    Fax: (401) 648-0699
    www.sungrominerals.com