SCOTTSDALE, AZ, Oct 28, 2010 (MARKETWIRE via COMTEX) — Sunergy, Inc (the “Company”) (pinksheets:SNEY) reports that the planned acquisition of Allied Mining and Supply, LLC (Nevada) was closed today and Sunergy now owns 100% of Allied and its worldwide assets, which consists of the 140.1 sq. km. Pampana River concession in Sierra Leone, West Africa containing Rare Earth Elements (REEs) and gold which may be recovered by simple gravity methods.
Assays of heavy black sand concentrates containing rare earths (REEs) in 2009 and 2010 showed quantities of rare earths and other valuable minerals in commercially exploitable grades. Recent assays by ALS Chemex in Sparks, Nevada identified several of these rare earths contained in the heavy black sands along with gold as follows: Lanthanum, Scandium, Thallium, Cerium, Dysprosium, Hafnium, Lutetium, Niobium, Neodymium, Praesodymium, Tantalum and Zircon.
Plans are underway to finance operations in Sierra Leone. We expect to close on such financing within the next several weeks. Initial production of REEs and gold will begin within 90 days of closing the financing.
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