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Sunergy Closes Initial Sale Of 27.5 Tons Of Stock Piled Black Sands From Pampana River, Sierra Leone Dredging Operations And Establishes A Base Price With Profit Sharing On Final Price To Produce Gold And Rare Earths Revenue
Jan. 10, 2013 /PRNewswire/ -- Sunergy, Inc (the "Company") (OTC.QB: SNEY) is pleased to announce that on
December 28, 2012 it sold and delivered an initial shipment of 27.5 tons of Pampana Black sands containing both Gold and Rare Earth Elements to a substantial
Sierra Leone private Company for further processing and ultimate disposition. The terms of the transaction provide for a base payment to Sunergy of
$1,200/ton FOB Sierra Leone, with a 50/50 split on the final price received above
$1,200. The results of the Hazen Report received in
August 2012 demonstrated that the Sands contained gold, titanium, zircon, tantalum and niobium and other Rare Earth Elements (See "Hazen Report" at
www.sunergygold.com on home page). Further processing of the sands by the buyer could result in additional revenue for our Company in the near future from this shipment.
This transaction establishes the minimum price/ton of unrefined black sand concentrates (Base Price), which enables the Company to more accurately plan for the Pilot Plant operation to be started in the near future. Results of this initial shipment of a portion of our stockpiled material will provide valuable additional information regarding advanced recovery methods geared to recovering more marketable elements which can also be separated by adding circuits to the Pilot Plant. This work is being done at no out-of-pocket cost to the Company, except a profit share above the base price.
The size of this shipment is an amount that will provide more accurate actual recovery information than a small laboratory sample. It will also allow several tests to determine the most efficient means for economic recovery of the discreet materials that may be commercially marketable. This will enable us to determine what equipment is most useful to support our Phase 1 operation which could produce between 800-1,000 tons/ month.