Southridge Clarifies Cinco Minas Mineral Property Ownership
April 13 2012 - 9:01AM
Marketwired
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)
Twitter: (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.
Karen Mills Investor Relations Tel. (214) 699-6255 Email:
info@southridgeminerals.com http://www.southridgeminerals.com
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