SNRG Corporation Announces Gold Mining Agreements
July 08 2010 - 10:26AM
Marketwired
SNRG Corporation (PINKSHEETS: SNRG) (the "Company") announced this
morning that the Company has entered into two agreements to expand
the company's business focus to include gold and other mineral
mining initiatives.
The Company has acquired a mining lease and option in respect of
a 7/8 interest in an approximate 7,100 acre placer gold property in
San Bernardino County, California, from Colindo Minerals, LLC. The
consideration payable under the lease is a future total royalty of
$270,000,000 (the equivalent of $1.00 per oz of potential gold
reserves). The Company may elect to attempt to acquire a lease and
option in respect of the remaining 1/8 or may elect to forego the
remaining 1/8 interest in the property and cooperate with the
Lessor in a judicial partitioning of the property. The property,
known as the Armagosa Mine, has a long history and has been
extensively tested by various parties over the past 80 years;
however the Company is not relying on any of the prior data. The
Company intends to conduct its own valuation and develop its own
operating plan.
"While we believe the gold potential of this property is
significant," stated D. Elroy Fimrite, the Company's Chief
Executive Officer. "We intend to utilize and harvest all metals,
minerals and possibly sand and gravel from this site."
The Company has also entered into a first right of refusal and
option agreement on a 960 acre placer gold property in Esmeralda
County, Nevada from Western Gold Company. The Company is purchasing
this option in exchange for fifty million restricted shares of
common stock. This property known as the Gold Star Mine, also has
an extensive history with extensive prior testing by various
parties, however, the Company will not be relying on prior third
party data but will undertake its own testing program prior to
making a determination as to whether to exercise its option.
The Company advises that it has reconstructed its website to
reflect the new initiatives; readers can find additional general
information on the Company at www.snrgcorp.com.
The Company has also researched additional applications of the
gasification technologies and alternative uses for systems and
equipment being obtained as part of the plant purchase previously
announced by the Company. As a result, the Company is developing
applications for the recovery of base metals and minerals. The
first intended application is planned to be directed at the high
temperature processing of concentrate from placer mining operations
for recovery of a variety of precious metals and valuable
minerals.
FORWARD-LOOKING STATEMENTS AND SAFE HARBOR STATEMENT:
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
(the "Act"). In particular, when used in the preceding discussion,
the words "believes," "expects," "intends," "will," "plans,"
"hopes," "anticipated," or "may," and similar conditional
expressions are intended to identify forward-looking statements
within the meaning of the Act, and are subject to the safe harbor
created by the Act. Except for historical information, all of the
statements, expectations and assumptions contained in the foregoing
are forward-looking statements that involve a number of risks and
uncertainties. 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 the Company's business focus. SNRG Corporation
takes no obligation to update or correct forward-looking
statements, and also takes no obligation to update or correct
information prepared by third parties that are not paid for by the
Company.
Investor Relations Contacts: Mr. Jim Elbert 630-847-4255 Email
Contact Authorized by: D. Elroy Fimrite President & CEO
Contact: Email Contact
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