Southridge Hits Bonanza-Grade Intercept at Cinco Minas and Increases Stock Buyback Program
DALLAS, Sept. 19, 2012 /PRNewswire/ -- Southridge Minerals, Inc. (Pinksheets: SRGE) ("Southridge" or the "Company") is pleased to announce high-grade gold-silver results from their 2012 diamond drill program at their Cinco Minas, in Jalisco, Mexico. Assay results from the first six drill holes at Cinco Minas have indicated bonanza-grade silver with an average of 648 g/t (Ag) and high-grade gold of 268 g/t (Au) intercepts.
"These results prove to be great indications for the Company, as we are working diligently to expand the existing mineral resource at Cinco Minas," said Michael Davies, President & CEO of Southridge.
The Company also announces it is continuing their share Buyback with plans to increase the overall program. To date, Southridge has bought back a total of 443,576,000 shares and is in process of retiring them to the treasury. The total outstanding shares will be 545,874,868 with a Public Float of 215,957,230 and Restricted shares 329,917,638.
"At this point in Southridge's development, it makes sense for us to continue to buy-back shares of the Company. In our opinion, the current share price and market capitalization of the Company does not reflect our recent corporate developments," said Davies, "which is why we feel the program offers value to our shareholders."
Acquisitions of stock under the repurchase plan will be made from time to time as permitted by securities laws and corporate legal requirements and subject to market conditions and other factors. Share purchases will be funded by the Company's cash and through debt financing. The repurchase plan will continue as long as periodic management reviews deem it to be fiscally feasible and the plan may be discontinued at any time.
The Buyback program is intended to increase future earnings per share by reducing the number of shares outstanding and allow our share price to more accurately represent the quality and profit potential of our assets and operations to the investment community.
In other recent developments, the Company has now engaged the necessary professional services to migrate and up-list the Company's reporting status back to the Over-The-Counter Bulletin Board. It is anticipated that this process will be complete before the end of 2012.
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:
YouTube Cinco Minas Mexico Project:
About Southridge Minerals, Inc. ( PINKSHEETS : SRGE )
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 Minerals, Inc.