Southridge Minerals Signs Definitive Agreement and Acquires El Horconcito Gold Mine in Durango, Mexico
June 13 2012 - 7:56AM
Marketwired
Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the
"Company") is pleased to announce today that Southridge Minerals,
Inc., its wholly owned subsidiary, announces today it has signed a
definitive agreement with San Dimas Mineria S.A. to acquire a 100%
interest in the "El Horconcito" Gold property, in the state of
Durango, Mexico. The Purchase Price for the assets comprising the
mineral concessions "El Horconcito" shall be USD$2,250,000. El
Horconcito is located in the San Dimas mining municipality of
Durango, close to the Sinaloa border.
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.
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.
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.
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.
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.
Southridge Enterprises Inc. Investor Relations Tel. (214)
699-6255 Email: info@southridgeminerals.com
http://www.southridgeminerals.com
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