DALLAS, TX, Apr 13, 2012 (MARKETWIRE via COMTEX) — Southridge Enterprises Inc. (pinksheets:SRGE) (“Southridge” or the “Company”) announced today that the Company would like to clarify its mineral property ownership status at Cinco Minas in Jalisco, Mexico.
Southridge has completed binding legal agreements pertaining to Cinco Minas securing the surface rights, the property use/access and the mineral concessions. The Company currently has sole occupation and access to the property and all of the assets on the surface via a Surface Rights Agreement (“SFA”) and a Property Lease Agreement (“PLA”) with the local agrarian community of Cinco Minas (Ejido Cinco Minas) and has established, over the past couple of years, a strong relationship with the community with respect to the mining operations on site. The PLA is generating monthly revenues for the community and has brought an impoverished district into a healthier standard of life. This being the first of many steps to carry out the Company’s commitment of social responsibility. Also, the public update of the Cinco Minas mineral concession ownership being duly reflected in Southridge’s name is expected at any time. However, the Company has been advised by its legal counsel that the update process typically takes considerable time to complete at the Mexican Mining Registry. It should be noted that the mineral concessions only have tangible value when combined with the surface rights and property access. Southridge has secured all of these necessary components to conduct mining operations at Cinco Minas.
Cinco Minas is our flagship mineral property with a 60 tpd mill and 2 year supply of ore production currently on surface. The property also has a world-class confirmed gold and silver resource of 235,000 oz. gold, and 23.3 million oz. silver with 80% of the known vein system at Cinco Minas has yet to be tested. Today’s market value of the confirmed resource at Cinco Minas is well over $1 Billion USD, prior to the completion of further planned exploration to expand the resource.
With respect to recent news regarding the troubled past of the previous owners of Cinco Minas, it should be clarified that these circumstances have absolutely no relevance to Southridge or its management in any way, shape or form. The Company is currently conducting business as usual by focusing its operations on the development and expansion of its mineral properties and facilities.
Additionally, Mathers Research has initiated research coverage of Southridge, with a “Speculative BUY” Opinion and a near term price target of $0.20 cents per share. The Mathers Research report is available as a free download on the Mathers Research Website @ http://mathersresearch.com/srge-report
For further information on the Company’s Gold and Silver projects, visit our website, http://www.southridgeminerals.com
Southridge Investors can access the following Southridge Minerals social media channels:
YouTube Cinco Minas Mexico Project: ( http://youtu.be/R6P8oght4Ik )
( http://youtu.be/o2LfLaSu8ww )
Facebook: ( http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466 ) ( http://twitter.com/SouthridgeSRGE )
About Southridge Minerals, Inc. (pinksheets:SRGE) Southridge Minerals, Inc. is a U.S.-based mineral exploration company dedicated to acquiring and developing mineral resources in geologically permissible and politically stable areas of the world. The Company seeks out early stage opportunities with good mineralization indicators that exhibit significant blue-sky potential. Southridge pursues and advances these projects that are or will be of interest to mid-size and major producers. By forming alliances on individual projects, the Company expects to develop its interests in mines operated by its partners, allowing it to continue to build value through continued exploration. Southridge is currently focused on projects in Mexico.
What sets Southridge apart is its vast experience in Mexico and the knowledge of the geological conditions and formations pertaining to known large gold deposits that have received very little attention to date. This comparative advantage, combined with a specific geographical and mineral focus, will allow for more efficient asset and income growth in the future for the benefit of shareholders’ investments.
Forward-Looking Statements Although the Company believes that the forward-looking statement of beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company’s published current and periodic reports.
Tel. (214) 699-6255
Email: [email protected]