Southridge Minerals Signs Definitive Agreement and Acquires La Canita Gold Mine in Durango, Mexico
DALLAS, Oct. 15, 2012 /PRNewswire/ -- Southridge Enterprises Inc. (PINKSHEETS : SRGE) ("Southridge" or the "Company") is pleased to announce today that Southridge Minerals, Inc., its wholly owned subsidiary, has signed a definitive agreement with San Dimas Mineria S.A. to acquire a 100% interest in the "La Canita" Gold property, in the state of Durango, Mexico. The Purchase Price for the assets comprising the mineral concessions "La Canita" shall be USD$3,550,000. La Canita is located in the San Dimas mining municipality of Durango, in close proximity to the Sinaloa border.
The La Canita property consists of 7,932 acres and, along with the concessions; the Company has received an appraisal estimating potential resources of 185,000 oz. of gold, having a current market value in excess of $320,000,000 USD. Southridge plans to carry out additional mapping, trenching, sampling and follow-up geophysics to define future drill targets.
Currently within the region, Primero Mining operates the San Dimas Mine, a producing gold and silver asset that was purchased from Goldcorp in 2010. The San Dimas Mine has probable reserves of over half a million ounces of gold and 31.8 million ounces of silver.
Part of the prolific Sierra Madre Occidental gold belt, the world's largest epithermal precious metals belt, San Dimas is home to several world-class mining operations. Historical production in the San Dimas mining region is estimated to be over 11 million ounces gold and 582 million ounces of silver.
Southridge Minerals currently holds five other mineral properties in Mexico, the past producing and flagship property Cinco Minas , Gran Cabrera, Los Compadres and La Esperanza.
With metal prices forecasted to remain buoyant, properties that offer significant potential for Gold and Silver occurrence, a diverse management team, and a strong cash position, Southridge Minerals is well positioned to develop its opportunities and build shareholder value.
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. (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.
Southridge Enterprises Inc.
Tel. (214) 699-6255
SOURCE Southridge Enterprises Inc.
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