Southridge Announces Rock Sampling of Ore Stockpiles at Cinco Minas
DALLAS, Feb. 17, 2012 /PRNewswire/ -- Southridge Enterprises Inc. (Pinksheets: SRGE.PK) ("Southridge" or the "Company") announced that it will conduct additional rock sampling of the ore stockpiles at Cinco Minas to confirm the grades and tonnage cited in the 2007 Behre Dolbear Report, as part of the recently announced exploration program.
Behre Dolbear is an internationally recognized and respected mining consultancy firm with offices around the globe. Behre Dolbear was commissioned in 2007 to perform a review of the Cinco Minas property, previous exploration activities and existing stockpiles & waste dumps located on surface. The review was published in a report by Behre Dolbear and outlined a series of observations and recommendations regarding exploration, short-term production and further expansion at the mine.
The report concluded that while further sampling is required to attain an accurate estimation of both the grade and volume of material at Cinco Minas, Behre Dolbear stated that the short-term feed for the 60 tons per day (tpd) processing plant could be supplied by the existing stockpiles and wastedumps. Furthermore, the report cites that an estimated 35,000 tons of ore is available, which accounts for nearly 2 years of production.
Southridge Mineral's geologist Juan Eduardo Lopez Romero, who is directing the Company's recently announced exploration program, will oversee the rock sampling and measurement of existing stockpiles and waste dumps.
"This is an important step for Southridge, as the Behre Dolbear report provides the ground work for a production and exploration plan at Cinco Minas for both the short and mid-term," stated Southridge President Michael Davies. The Company plans to follow the recommendations of the report and begin the rock sampling program of the ore stock piles. The sampling activities are a key component of the Mill Production Plan and initial production operations that will utilize the reactivated 60 tpd mill and the 2 year supply of ore stock piles on site.
The rock-sampling program will allow the Company to confirm the estimate of the stockpiled ore's gold and silver grade and rely on the measurement and density calculations that are vital for precise estimate of the overall tonnage. These two factors will provide for the forecasting of potential revenues for the first two years of production at Cinco Minas.
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 at http://mathersresearch.com/srge-report.
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)
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.
SOURCE Southridge Enterprises Inc.