SOURCE: Southridge Enterprises Inc.
DALLAS, TX--(Marketwire - Sep 13, 2012) - Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the "Company") is pleased to announce that it has commenced a 50,000 meter exploration drill program at Gran Cabrera Gold & Silver Mining properties in Mexico, where previous underground workings stated grades from this area in the order of 200-500 gram Silver and 3.4 gram Gold based on average assays from chip and channel samples. Historical information stated that ore from the Gran Cabrera mines could obtain assays in the order of 9 kilograms (290 oz) silver and about 10.3 grams (0.3 oz) gold in bulk operations, all high-end bonanza grade values.
"We are thrilled to commence our 2012-2013 drill program at Gran Cabrera Gold & Silver Mining Properties in Mexico. This is an extraordinarily large and prospective property package. We believe Gran Cabrera will ultimately yield multiple high-end bonanza grade discoveries. Our goal is to implement our strategy to increase the company's footprint along the Sierra Madre Occidental gold belt," stated Michael Davies, President and CEO of the Company.
Southridge's professional geological crew based in Guadalajara has been conducting surface exploration since mid July of 2012, and has successfully identified a number of drill targets. The Company has focused its initial attention on a 1.3 km long zone centered on the Cabrera system of veins and stock-works. Numerous old adits have been mapped within this zone and more than 270 channel samples have been taken from the underground workings. One diamond core drills began operating in the first week of September with two additional drills scheduled to arrive in October.
The Gran Cabrera area is situated approximately 35 kilometers northwest of the Cinco Minas site on the south bank of the Rio Grande De Santiago. This river traces the main layout of the regional left lateral fault system joining the two sites. There are numerous parallel and sub parallel structures flanking the main system that provide pathways to several intrusive and extrusive features across the region.
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 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:
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.
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.