Southridge Announces Exceptional Trenching Results at Los Compadres Gold & Silver Property
October 06 2011 - 8:00AM
Marketwired
Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the
"Company") is pleased to announce the initial results of a
trenching and sampling program that was conducted on its Los
Compadres Project in Santa Maria del Oro in Nayarit, Mexico.
The trenching and mapping results strengthen our commitment to
this exceptional property. A new zone of porphyry copper-gold
hydrothermal mineralization and a high-grade vein system with
abundant visible gold were uncovered at Los Compadres. A composite
grab sample of this 0.25 meter wide vein assayed 64.8 g/t Au. The
vein was exposed for a length of 16 meters before it was mantled by
Calc-alkaline volcanic rock. A channel sample cut above this vein
and across another new zone in the immediate area assayed 18.31 g/t
Au over 5.0 meters. A series of other excavations have been
completed and sampled; however, as of today, assay results are yet
to be received and will be announced immediately as they become
available. The 2011 drill program has been delayed because of drill
rig availability and it is now anticipated that this work will
commence in January 2012.
In a management strategy to address the Company's low share
price, increased attention has been given to finalizing the details
of a Stock Buy-Back Program in order to assist in the building of a
stronger share trading price point in the marketplace that more
accurately reflects the asset value and potential of the
Company.
Regarding other recent developments and processes, Southridge
management is continuing its efforts to retire some of the
restricted shares outstanding to improve the capital structure of
the Company. Also, due to the success of Southridge's mining
efforts in Mexico over the past six months, the Company has
attracted the attention of a number of Canadian public companies
that has led to discussions regarding joint venture and financing
proposals. The Company is currently reviewing the proposals to
decide which transactions fit the Company's future development
plans in order to move forward with their completion. Details will
be announced as they occur over the next quarter. Additionally, the
Company's annual report and year-end financial statements are
expected to be filed in the next several weeks with OTC
Markets.
Southridge President, Michael Davies, commented, "Southridge is
highly encouraged by the minerals results from our Los Compadres
property. We strongly believe that ore from this property location
could add significantly to the production values we expect to
achieve from our mill on the Cinco Minas site. The results from Los
Compadres will add to our negotiating position in any future joint
venture efforts completed with other mining companies. On the
Company equity side, management is adamant to improve the Company's
share price by purchasing shares in the market and is committed to
streamlining the capital structure with the reduction of the number
of shares outstanding."
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 opportunity to build
shareholder value.
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
Mexico Project (http://www.youtube.com/watch?v=R6P8oght4Ik)
(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 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
Minerals is currently focused on projects in Mexico.
What sets Southridge Enterprises Inc. 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 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.
Contact: Michael Davies President Tel. (214) 699-6255
Email: info@southridgeminerals.com
http://www.southridgeminerals.com
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