DALLAS, Feb. 23, 2012 /PRNewswire/ -- Southridge
Enterprises Inc. (Pinksheets: SRGE.PK - News) ("Southridge" or the
"Company") announced today that the Company has initiated a program
to increase future output of the Cinco Minas mill in Jalisco, Mexico, to 500 tons per day
(tpd). The Company is currently negotiating a contract with
an engineering firm based in Mexico
City to perform an assessment of the mill site at the Cinco
Minas as a basis for the planned expansion to 500 tpd mill. As part
of the previously announced Mill Production Program, Mr.
Juan Eduardo Lopez Romero, the
Company's geologist and advisory board member, will be coordinating
the finalization of the engineering contract for the Cinco Minas
mill expansion program.
"We are excited to announce our plans to increase the output of
our Cinco Minas mill. This is a major step forward for both the
Company and shareholders," says Southridge President Michael Davies, "as it has always been our goal
to implement a production schedule that would increase both
revenues and add to shareholder value. Our focus is to turn Cinco
Minas into a world-class precious metals mining operation."
Currently, Cinco Minas hosts a 60 tpd mill and has a significant
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. Recently, Southridge announced rock
sampling and testing of the surface ore at Cinco Minas. In 2007,
International mining consulting firm Behre Dolbear released a
report on gold and silver ore stock piles and waste dumps at Cinco
Minas. The Behre Dolbear report recommends the expansion of Cinco
Minas and suggests that there is 2 year supply of ore production
currently on surface at Cinco Minas.
To the north of Cinco Minas is First Majestic Silver Corp.'s San
Martin Mine, which hosts a major production operation in a 900 tpd
cyanide mill with a Proven & Probable reserve of 6,790,782 Ag,
a Measured and Indicated resource of 7,435,823 oz. Ag and a further
48,900,000 oz. Ag Inferred resource.
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)
Twitter: (http://twitter.com/SouthridgeSRGE)
About Southridge Minerals, Inc. (Pinksheets: SRGE.PK - News)
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.
SOURCE Southridge Enterprises Inc.