DALLAS, Sept. 19, 2012 /PRNewswire/ -- Southridge
Minerals, Inc. (Pinksheets: SRGE) ("Southridge" or the "Company")
is pleased to announce high-grade gold-silver results from their
2012 diamond drill program at their Cinco Minas, in Jalisco, Mexico. Assay results from the first
six drill holes at Cinco Minas have indicated bonanza-grade silver
with an average of 648 g/t (Ag) and high-grade gold of 268 g/t (Au)
intercepts.
"These results prove to be great indications for the Company, as
we are working diligently to expand the existing mineral resource
at Cinco Minas," said Michael
Davies, President & CEO of Southridge.
The Company also announces it is continuing their share Buyback
with plans to increase the overall program. To date, Southridge has
bought back a total of 443,576,000 shares and is in process of
retiring them to the treasury. The total outstanding shares will be
545,874,868 with a Public Float of 215,957,230 and Restricted
shares 329,917,638.
"At this point in Southridge's development, it makes sense for
us to continue to buy-back shares of the Company. In our opinion,
the current share price and market capitalization of the Company
does not reflect our recent corporate developments," said Davies,
"which is why we feel the program offers value to our
shareholders."
Acquisitions of stock under the repurchase plan will be made
from time to time as permitted by securities laws and corporate
legal requirements and subject to market conditions and other
factors. Share purchases will be funded by the Company's cash and
through debt financing. The repurchase plan will continue as long
as periodic management reviews deem it to be fiscally feasible and
the plan may be discontinued at any time.
The Buyback program is intended to increase future earnings per
share by reducing the number of shares outstanding and allow our
share price to more accurately represent the quality and profit
potential of our assets and operations to the investment
community.
In other recent developments, the Company has 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.
Southridge Enterprises Inc.
Investor Relations
Tel. (214) 699-6255
Email: info@southridgeminerals.com
http://www.southridgeminerals.com
SOURCE Southridge Minerals, Inc.