Southridge Announces Record Mineral Production and Revenues for Fourth Quarter of 2012
September 05 2012 - 9:31AM
Marketwired
Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the
"Company") is pleased to announce that it has recorded milestone
mineral production and revenues for the fourth quarter and year
ending August 31, 2012, from its 60 ton per day (tpd) mill site at
Cinco Minas in Jalisco, Mexico. In fiscal 2012, the Company
processed over 9,000 tons of ore and recorded revenues of $3.14
Million.
Cinco Minas is the Company's flagship mineral property with a 60
tpd mill and 2 year supply of ore production currently on surface.
In 2012, the Company confirmed the surface stockpile grades cited
in the 2007 Behre Dolbear Report and released the planned expansion
to increase the mill capacity to 500 tpd. Additionally, the Cinco
Minas 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 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.
"We are excited to announce our initial mineral production and
revenues. It has been a challenging couple of years for both
management and shareholders, since we first began our new Mexican
gold and silver exploration and production initiative. Today's
announcement of our record revenues clearly shows our undeniable
success in making the Company's goals a reality," expressed
Southridge President & CEO, Michael Davies.
In other recent Company developments, the anticipated and
long-awaited public update at the Mexican Mining Registry of the
Cinco Minas mineral concession ownership being duly reflected in
Southridge's name is now complete. Also, the Company had now
engaged the necessary professional services to migrate and up-list
the Company's reporting status back to the Over-The-Counter
Bulletin Board. It is anticipated that this process will be
complete before the end of 2012.
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: Michael Davies Investor Relations Tel. (214) 699-6255
Email: info@southridgeminerals.com
http://www.southridgeminerals.com
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