DALLAS, Oct. 15, 2012 /PRNewswire/ -- Southridge
Enterprises Inc. (PINKSHEETS : SRGE) ("Southridge" or the
"Company") is pleased to announce today that Southridge Minerals,
Inc., its wholly owned subsidiary, has signed a definitive
agreement with San Dimas Mineria S.A. to acquire a 100% interest in
the "La Canita" Gold property, in the state of Durango, Mexico. The Purchase Price for the
assets comprising the mineral concessions "La Canita" shall be
USD$3,550,000. La Canita is located
in the San Dimas mining
municipality of Durango, in close proximity to the Sinaloa border.
The La Canita property consists of 7,932 acres and, along with
the concessions; the Company has received an appraisal estimating
potential resources of 185,000 oz. of gold, having a current market
value in excess of $320,000,000 USD.
Southridge plans to carry out additional mapping, trenching,
sampling and follow-up geophysics to define future drill
targets.
Currently within the region, Primero Mining operates the San
Dimas Mine, a producing gold and silver asset that was purchased
from Goldcorp in 2010. The San Dimas Mine has probable reserves of
over half a million ounces of gold and 31.8 million ounces of
silver.
Part of the prolific Sierra Madre Occidental gold belt, the
world's largest epithermal precious metals belt, San Dimas is home to several world-class
mining operations. Historical production in the San Dimas mining region is estimated to be
over 11 million ounces gold and 582 million ounces of silver.
Southridge Minerals currently holds five other mineral
properties in Mexico, the past
producing and flagship property Cinco
Minas, Gran Cabrera, Los Compadres and La Esperanza.
With metal prices forecasted to remain buoyant, properties that
offer significant potential for Gold and Silver occurrence, a
diverse management team, and a strong cash position, Southridge
Minerals is well positioned to develop its opportunities and build
shareholder value.
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
Twitter: http://twitter.com/SouthridgeSRGE
About Southridge Minerals, Inc. (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.
Southridge Enterprises Inc.
Investor Relations
Tel. (214) 699-6255
Email: info@southridgeminerals.com
http://www.southridgeminerals.com
SOURCE Southridge Enterprises Inc.