DALLAS, TX--(Marketwire -10/06/11)- Southridge Enterprises Inc. (Pinksheets: SRGE.PK - News) ("Southridge" or the "Company") is pleased to announce the initial results of a trenching and sampling program that was conducted on its Los Compadres Project in Santa Maria del Oro in Nayarit, Mexico.
The trenching and mapping results strengthen our commitment to this exceptional property. A new zone of porphyry copper-gold hydrothermal mineralization and a high-grade vein system with abundant visible gold were uncovered at Los Compadres. A composite grab sample of this 0.25 meter wide vein assayed 64.8 g/t Au. The vein was exposed for a length of 16 meters before it was mantled by Calc-alkaline volcanic rock. A channel sample cut above this vein and across another new zone in the immediate area assayed 18.31 g/t Au over 5.0 meters. A series of other excavations have been completed and sampled; however, as of today, assay results are yet to be received and will be announced immediately as they become available. The 2011 drill program has been delayed because of drill rig availability and it is now anticipated that this work will commence in January 2012.
In a management strategy to address the Company's low share price, increased attention has been given to finalizing the details of a Stock Buy-Back Program in order to assist in the building of a stronger share trading price point in the marketplace that more accurately reflects the asset value and potential of the Company.
Regarding other recent developments and processes, Southridge management is continuing its efforts to retire some of the restricted shares outstanding to improve the capital structure of the Company. Also, due to the success of Southridge's mining efforts in Mexico over the past six months, the Company has attracted the attention of a number of Canadian public companies that has led to discussions regarding joint venture and financing proposals. The Company is currently reviewing the proposals to decide which transactions fit the Company's future development plans in order to move forward with their completion. Details will be announced as they occur over the next quarter. Additionally, the Company's annual report and year-end financial statements are expected to be filed in the next several weeks with OTC Markets.
Southridge President, Michael Davies, commented, "Southridge is highly encouraged by the minerals results from our Los Compadres property. We strongly believe that ore from this property location could add significantly to the production values we expect to achieve from our mill on the Cinco Minas site. The results from Los Compadres will add to our negotiating position in any future joint venture efforts completed with other mining companies. On the Company equity side, management is adamant to improve the Company's share price by purchasing shares in the market and is committed to streamlining the capital structure with the reduction of the number of shares outstanding."
With metal prices forecasted to remain buoyant, properties that offer significant potential for Gold and Silver occurrence, a diverse management team, and a strong cash position, Southridge Minerals is well positioned to develop its opportunity to build shareholder value.
For further information on the Company's Gold and Silver projects, visit our website, www.southridgeminerals.com.
Investors can access the following Southridge Minerals social media channels:
YouTube Cinco Minas Mexico Project
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 Minerals is currently focused on projects in Mexico.
What sets Southridge Enterprises Inc. 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.
This news release contains "forward-looking statements," as that term is defined in Section 27A of the Act and Section 21E of the Securities Exchange Act of 1934. Statements in this press release, which are not purely historical, are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future.
Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with the development of an early stage company in the alternative energy industry, its products, and the entry into new markets for such products. These forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although the Company believes that the 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 current and periodic reports filed from time to time with the Securities and Exchange Commission.