Southridge Minerals Signs Definitive Agreement and Acquires La Canita Gold Mine in Durango, Mexico PR Newswire "Press Releases US - English"
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.
