Southridge Signs Letter of Intent to Purchase El Horconcito Gold Mine
May 14 2012 - 8:03AM
Marketwired
Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the
"Company") is pleased to announce that the Company has signed a
Letter of Intent (LOI) with San Dimas Mineria S.A. to acquire a
100% interest in the El Horconcito Gold Mine, in the state of
Durango, Mexico. El Horconcito is located in the San Dimas mining
municipality of Durango, close to the Sinaloa border.
"Southridge's goal is to continue to establish our footprint
within the Sierra Madre gold belt and to acquire world class
precious metals assets. We feel that El Horconcito is an excellent
opportunity and has the potential to be a significant gold and
silver deposit in the San Dimas region," stated Michael Davies,
President and CEO of Southridge Minerals Inc..
Part of the prolific Sierra Madre Occidental gold belt, the
world's largest epithermal precious metals belt, San Dimas is home
to several world-class mining operations. Historical production in
the San Dimas mining region is estimated to be over 11 million
ounces gold and 582 million ounces of silver.
Currently within the region, Primero Mining operates the San
Dimas Mine, a producing gold and silver asset that was purchased
from Goldcorp in 2010. The San Dimas Mine has probable reserves of
over half a million ounces of gold and 31.8 million ounces of
silver. Southridge Minerals currently holds four other mineral
properties in Mexico, the past producing and flagship property
Cinco Minas, Gran Cabrera, Los Compadres and La Esperanza.
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.
Contact: Karen Mills Investor Relations Tel. (214) 699-6255
Email: info@southridgeminerals.com
http://www.southridgeminerals.com
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