Southridge Evaluates Strategic Alternatives For Cinco Minas
Property And Reports Advanced Discussions With Major NYSE Listed
Metal Producers
DALLAS, Nov. 14, 2012 /PRNewswire/ -- Southridge
Minerals, Inc. (SRGE) ("Southridge" or the "Company") announced
today that its board of directors has authorized the evaluation of
strategic alternatives for its Cinco Minas property located in
Jalisco Mexico, including the
exploration of a joint venture, complete sale or other
transaction.
Cinco Minas, the Company's flag-ship mineral property, 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 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.
"Southridge is implementing a plan to fundamentally position
itself for further growth in an emerging gold and silver market. By
forming ventures on individual projects, the Company expects to
grow and maintain an interest in gold and silver mines operated by
its partners allowing it to continue to build value through
continued exploration. We believe that the exploration of
alternatives for the Cinco Minas property will help the company
accomplish its strategic goals with additional profitable growth
and enhanced shareholder value," expressed Southridge President and
CEO, Michael Davies.
Next steps
The Company and its advisers are currently evaluating
alternatives and are in advanced discussions with two major NYSE
listed metal producers regarding their Jalisco mineral concessions and properties.
One of the firms has already signed preliminary documents for the
full acquisition of the Cinco Minas property.
Additionally, a major gold producer with a satellite office
located in Guadalajara has
contacted Southridge with a joint partnership interest in Cinco
Minas and the companies are engaged in serious discussions at this
time. Southridge expects that the process could be completed within
approximately 4 weeks.
There can be no assurance that any transaction regarding the
Cinco Minas property will be completed. The company does not intend
to disclose developments with respect to the progress of its
strategic alternatives review process until such time as the
Southridge board of directors approves or completes a transaction
or otherwise determines that further disclosure is appropriate.
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.
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
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 Minerals, Inc.