DALLAS, Aug. 6, 2012 /PRNewswire/ -- Southridge
Enterprises Inc. (SRGE.PK) ("Southridge" or the "Company") is
pleased to announce it has commenced drilling on the Cinco Minas
Property, located in Jalisco,
Mexico. The diamond-drilling program is a fundamental part
of the 2012 exploration set out to broaden the gold & silver
resources at Cinco Minas.
The greater part of the historic work on the Cinco Minas
Property has been focused on three main zones: the La Abra, the
San Juan and the Famosa. A
recently released resource estimate showed an Indicated Resource of
2.27 million tonnes of 171.9 gram silver containing 12.5 million
oz. of silver and 1.22 gram gold containing 89,100 oz. of gold and
an Inferred Resource of 400,000 tonnes of 137.9 gram silver
containing 1.8 million oz. of silver and 1.07 gram gold containing
13,800 oz. of gold.
For the 2012 drill program, a professional geological crew based
in Guadalajara will be used to log
and sample all core. Samples will be split using a diamond saw and
will be shipped to a certified laboratory in Guadalajara, Mexico. Subsequently, the drill
core will be stored in a secure facility in Cinco Minas,
Mexico.
Southridge's Cinco Minas mine is located in the Mexican state of
Jalisco, approximately 75 miles
from the major city of Guadalajara. Cinco Minas is a historical
producing mine that has been the subject of substantial previous
exploration and production.
The mine currently has a mineral resource of 23.33 million oz.
Ag, and 235,000 oz. Au. Previous exploration at Cinco Minas has
only tested 20% of the known vein system, and the recently
announced exploration program is designed to explore the untested
80% portion of the known vein system. Southridge Minerals is
committed to aggressively exploring the property, and expand the
current mineral resource at Cinco Minas. 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.
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. (SRGE.PK)
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:
Southridge Enterprises Inc.
Investor Relations
Tel. (214) 699-6255
Email: info@southridgeminerals.com
http://www.southridgeminerals.com
SOURCE Southridge Enterprises Inc.