DALLAS, TX--(Marketwire -05/14/12)- Southridge Enterprises Inc. (SRGE.PK) ("Southridge" or the "Company") is pleased to announce that the Company has signed a Letter of Intent (LOI) with San Dimas Mineria S.A. to acquire a 100% interest in the El Horconcito Gold Mine, in the state of Durango, Mexico. El Horconcito is located in the San Dimas mining municipality of Durango, close to the Sinaloa border.
"Southridge's goal is to continue to establish our footprint within the Sierra Madre gold belt and to acquire world class precious metals assets. We feel that El Horconcito is an excellent opportunity and has the potential to be a significant gold and silver deposit in the San Dimas region," stated Michael Davies, President and CEO of Southridge Minerals Inc..
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.
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. 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.
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:
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.
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.
- San Dimas