DALLAS, Feb. 13, 2012 /PRNewswire/ -- Southridge Enterprises Inc. (Pinksheets: SRGE.PK - News) ("Southridge" or the "Company") announced that it has initiated plans for further exploration at Cinco Minas to increase the Company's current mineral resource calculation. The exploration program will be led by Company geologist and advisory board member Juan Eduardo Lopez Romero. Mr. Lopez Romero will also be responsible for the qualification and selection of a consulting firm to assist in the design, implementation and fulfillment of the work program, which will focus on the known vein system and identify high grade gold and silver targets to further supply the Company's ore processing mill at Cinco Minas.
Mr. Juan Eduardo Lopez Romero graduated in 1981 as a geologist from the University of Sonora in Hermosillo, Sonora, Mexico. With over 28 years of professional experience, Mr. Lopez Romero has specialized in geological mapping, mineral exploration, geological hazard studies and environmental impact, hydrology, geotechnical, geochemical, geophysical and drilling techniques. Most notably, Mr. Lopez Romero was the Senior Geologist for 17 years at Cyprus Minerals Company, a U.S. based company, which later merged with AMAX to form Cyprus Amax Minerals Company the world's leading producer of molybdenum and lithium, and a leading producer of copper and coal. As the Senior Geologist at Cyprus Minerals, Mr. Lopez Romero was responsible for creating and implementing programs and various techniques of exploration and evaluation of mining projects with high potential in most of Mexico, Ecuador, Costa Rica, Chile, Honduras, Panama and Peru.
Cinco Minas is a historical past producing mine, which has been the subject of substantial previous exploration, and currently has a known mineral resource of 23.33 million oz. Ag, and 235,000 oz Au. Past exploration at Cinco Minas has only test 20% of the properties known vein system, and Southridge plans to aggressively explore the untested portion of the vein in order to increase the current mineral resource.
"Cinco Minas is a world-class precious metals property, and Southridge is committed to increasing shareholder value through the expansion of the current mineral resource. We feel strongly that aggressive exploration of the untested portion of the known vein system at Cinco Minas provides the most strategic and efficient opportunity to add significant asset value to the Company for the benefit of our current and future shareholders," commented Michael Davies, the President and CEO of Southridge Enterprises.
Southridge's Cinco Minas mine is located in the Mexican state of Jalisco, approximately 75 miles from the major city of Guadalajara. To the north of Cinco Minas is First Majestic Silver Corp.'s San Martin Mine, which hosts a major production operation in a 900tpd cyanide mill with a Proven & Probable reserve of 6,790,782 Ag, a Measured and Indicated resource of 7,435,823 oz. Ag and a further 48,900,000 oz. Ag Inferred 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. (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.
SOURCE Southridge Minerals, Inc.