Southridge Minerals Announces Appointment of Engineer to Its Mill Assessment Committee
DALLAS, TX--(Marketwire -10/13/11)- Southridge Minerals, Inc. (Pinksheets: SRGE.PK - News) ("Southridge" or the "Company") is pleased to announce the appointment of Mr. Juan Renteria Gutierrez, Ing. and Director, to the Mill Assessment Committee (MAC). Mr. Renteria Gutierrez is currently finalizing an assessment report for the Cinco Minas Mill Production Plan (MPP). The Mill Assessment Committee is responsible for acting upon the assessment report's recommendations and implementing the MPP.
Southridge Minerals announced on Sept. 6, 2011 their intention to initiate operations of the 60-ton/day mill processing facility at Cinco Minas. The current plan timeline for the Company is to begin production at Cinco Minas during the first quarter of 2012. Cinco Minas is a past producing gold and silver mine in the Jalisco State of Mexico.
Southridge is also currently completing negotiations with a number of local mining companies to secure high-grade gold and silver ore for processing at the new Cinco Minas Mill. The Company intends to use ore from mines in close proximity to Cinco Minas to supplement production at the processing facility. Additionally, the Company will be processing its own ore through the mill from its 71,734 tonne stockpile onsite with an average grade of 1.66 g/t Au (gold) and 203 g/t Ag (silver), estimated by the Guadalajara, Mexico office of the international consulting firm to the mining industry of Behre Dolbear.
Cinco Minas Tonnage and Grade Estimate by Behre Dolbear
STOCKPILE TONNES AU g/t AG g/t
Las Amarillas 21,557 2.43 282
Magdalena 8,158 0.72 108
El Kilo 1,956 1.21 134
El Troce 17,643 0.51 119
San Pedro 3,550 3.37 383
El Abra 907 4.36 186
El Abra (Tumbe) 432 6.19 247
Destajos 7,653 3.01 313
La Abrita 9,878 0.77 120
TOTAL 71,734 1.66 203
Southridge President Michael Davies commented, "The professionalism, experience and diligence possessed by Mr. Renteria Gutierrez will ensure the successful implementation of our mill production plan and launch Southridge into its production phase. We are very pleased to have such high caliber management involved in this project to drive the operations. This element will allow our corporate management to focus its attention more exclusively on financing and joint ventures, as well as the improvement of our capital structure and share price going forward."
For further information on the Company's Gold and Silver projects, visit our website, http://www.southridgeminerals.com
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About Southridge Minerals, Inc. (Pinksheets: SRGE.PK - News)
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.
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