News for 'SRGE' - (Southridge To Confirm Ore Stockpiles at Cinco Minas Through Rock Sampling Program)
DALLAS, Feb. 21, 2012 /PRNewswire via COMTEX/ -- 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.
