DALLAS, Aug. 6, 2012 /PRNewswire/ -- Southridge Enterprises Inc. (SRGE.PK) ("Southridge" or the "Company") is pleased to announce it has commenced drilling on the Cinco Minas Property, located in Jalisco, Mexico. The diamond-drilling program is a fundamental part of the 2012 exploration set out to broaden the gold & silver resources at Cinco Minas.
The greater part of the historic work on the Cinco Minas Property has been focused on three main zones: the La Abra, the San Juan and the Famosa. A recently released resource estimate showed an Indicated Resource of 2.27 million tonnes of 171.9 gram silver containing 12.5 million oz. of silver and 1.22 gram gold containing 89,100 oz. of gold and an Inferred Resource of 400,000 tonnes of 137.9 gram silver containing 1.8 million oz. of silver and 1.07 gram gold containing 13,800 oz. of gold.
For the 2012 drill program, a professional geological crew based in Guadalajara will be used to log and sample all core. Samples will be split using a diamond saw and will be shipped to a certified laboratory in Guadalajara, Mexico. Subsequently, the drill core will be stored in a secure facility in Cinco Minas, Mexico.
Southridge's Cinco Minas mine is located in the Mexican state of Jalisco, approximately 75 miles from the major city of Guadalajara. Cinco Minas is a historical producing mine that has been the subject of substantial previous exploration and production.
The mine currently has a mineral resource of 23.33 million oz. Ag, and 235,000 oz. Au. Previous exploration at Cinco Minas has only tested 20% of the known vein system, and the recently announced exploration program is designed to explore the untested 80% portion of the known vein system. Southridge Minerals is committed to aggressively exploring the property, and expand the current mineral resource at Cinco Minas. Today's market value of the confirmed resource at Cinco Minas is well over $1 Billion USD, prior to the completion of further planned exploration to expand the resource.
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.
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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.
SOURCE Southridge Enterprises Inc.