Southridge Signs Letter of Intent to Acquire Los Compadres Gold and Silver Property
April 16 2011 - 11:38AM
Marketwired
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 binding letter of
intent to acquire 80% of the Los Compadres ("Compadre") Gold and
Silver property located in the highly prospective area of Santa
Maria del Oro in Nayarit, Mexico. A definitive agreement is
expected to be signed by May 15, 2011 following a due diligence
period.
The Compadre property covers 3,900 hectares. Results from
previous sampling vary from 176 to 1,825 grams of silver (Ag) per
ton and 2.13 to 20.94 grams of gold (Au) per ton. Mineralization is
observed throughout an isolated area that ranges over distance of
over 4 km in a horizontal direction that goes from 800m in the El
Liso zone up to 1600m in Las Olas area.
The property is located in the Municipality of Santa Maria del
Oro, southeast in the state of Nayarit. The Los Compadres area is
located one kilometer north of the town of Santa Maria del Oro and
around 35 km southeast of the city of Tepic. Access is by paved
road starting from the city of Guadalajara, Jalisco towards the
city of Tepic, Nayarit until the exit to Santa Maria del Oro
(approx. 180 km).
For further information on the Company's Gold and Silver
projects, visit our website, www.southridgeminerals.com.
Investors can access the following Southridge Minerals social
media channels:
Facebook
(http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466)
Twitter (http://twitter.com/SouthridgeSRGE)
YouTube Cinco Minas Project
(http://www.youtube.com/watch?v=C03I_ojnRFM)
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 on early state opportunities with good
mineralization indicators that can carry plenty of blue-sky
potential. Southridge progresses these projects that are or will be
of interest to mid-size and major producers. By forming ventures on
individual projects, the Company expects to grow and maintain an
interest 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, the
geology conditions of formation of known large gold deposits that
up until now have received very little attention. This way it can
focus geographically and on a couple of commodities to give its
shareholder return on their investment in the most efficient way
possible.
Forward-Looking Statements This news release contains
"forward-looking statements," as that term is defined in Section
27A of the Act and Section 21E of the Securities Exchange Act of
1934. 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. Such factors
include, among others, the inherent uncertainties associated with
the development of an early stage company in the alternative energy
industry, its products, and the entry into new markets for such
products. These forward-looking statements are made as of the date
of this news release, and the Company assumes no obligation to
update the forward-looking statements, or to update the reasons why
actual results could differ from those projected in the
forward-looking statements. Although the Company believes that the
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 current and periodic reports filed from time to time
with the Securities and Exchange Commission.
Michael Davies President Tel. (214) 699-6255 Email:
info@southridgeminerals.com http://www.southridgeminerals.com
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