Tuesday, February 05, 2013 11:26:53 AM
The funny thing is that they just confirmed that Southridge has the mine and they are still butt hurt over it.
Bandera believes press releases issued by Southridge Enterprises, Inc. (“SRGE” or “Southridge”) contain false and misleading statements about current mining activity and SRGE’s alleged ownership of the Cinco Minas project. Southridge claimed in a press release on December 26, 2012, that it had entered into a “joint partnership” with Kinross Gold Corporation with respect to the Cinco Minas property, a claim that Kinross denied in a press release dated December 27, 2012. Southridge was issued a trading suspension by the Securities and Exchange Commission in the US on December 28, 2012.
The independent report concluded: “There is absolutely no evidence to suggest that the Cinco Minas mill has been operational for quite some time. In fact, the condition of the equipment suggests many years of neglect. It must be noted that there was an indication of another party having entered the mill site. On one of the mill tanks, located where the power generators used to be, there was a large decal with the writing “Southridge Minerals”. Although it cannot be determined when the decal was put in place, it is obvious that the neglected state of the tanks is evidence to the fact that no one has been using the mill equipment; this includes local individuals, third parties or Southridge Minerals.
It seems the scam is falling apart very quickly now and no ione can support SRGE at this time - other than paid promoters.
IG
