WARWICK, RI--(Marketwire - July 28, 2010) - Sungro Minerals, Inc. (OTCBB: SUGO) today announced additional information that has been developed from the documents it received when the 331 claims were acquired from the closing of the Conglomerate Mesa. In particular, geochemical results from Asamera compare favorably with a shallow erosion level of a copper deposit similar to those found in the Canadian Cordillera.
Mr. Fred Pucillo, CEO, stated, "Previous evaluations, including a report by Mr. James Dixon, a geologist for The American Mining Corp., estimate the properties have a potential reserve of Copper deposits that may hold up to 31,000,000 pounds. After our completed NI 43-101 report becomes available, we will be able to better quantify the development potential of the copper containing ore."
In addition, Mr. Pucillo said, "In our prior release regarding the amount of gold contained in the claims, we used the term 'indicated.' Subsequently, we learned that this has a specific meaning in geological terms -- that drilling has indicated the ounces exist. The term we should have used was 'believe' that the 2,000,000 ounces exist based on prior exploration and analysis by other geologists and companies. We regret if this terminology error caused any confusion. Once our NI 43-101 report is completed all of our mineralization should be much more certain."
Mr. Erwin Vahlsing added, "As part of our annual claims maintenance fee, Sungro has forwarded a payment to the BLM to remain in good standing."
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.