DALLAS, TX--(Marketwire -09/05/12)- Southridge Enterprises Inc. (SRGE) ("Southridge" or the "Company") is pleased to announce that it has recorded milestone mineral production and revenues for the fourth quarter and year ending August 31, 2012, from its 60 ton per day (tpd) mill site at Cinco Minas in Jalisco, Mexico. In fiscal 2012, the Company processed over 9,000 tons of ore and recorded revenues of $3.14 Million.
Cinco Minas is the Company's flagship mineral property with a 60 tpd mill and 2 year supply of ore production currently on surface. In 2012, the Company confirmed the surface stockpile grades cited in the 2007 Behre Dolbear Report and released the planned expansion to increase the mill capacity to 500 tpd. Additionally, the Cinco Minas property has a world-class confirmed gold and silver resource of 235,000 oz. gold, and 23.3 million oz. silver with 80% of the known vein system at Cinco Minas has yet to be tested. Today's market value of the confirmed resource at Cinco Minas is well over $1 Billion USD, prior to the completion of further planned exploration to expand the resource.
"We are excited to announce our initial mineral production and revenues. It has been a challenging couple of years for both management and shareholders, since we first began our new Mexican gold and silver exploration and production initiative. Today's announcement of our record revenues clearly shows our undeniable success in making the Company's goals a reality," expressed Southridge President & CEO, Michael Davies.
In other recent Company developments, the anticipated and long-awaited public update at the Mexican Mining Registry of the Cinco Minas mineral concession ownership being duly reflected in Southridge's name is now complete. Also, the Company had now engaged the necessary professional services to migrate and up-list the Company's reporting status back to the Over-The-Counter Bulletin Board. It is anticipated that this process will be complete before the end of 2012.
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
Wow...that is because that report is over 7 years old!!! lmao. SRGE bought Cinco Minas in 2010! BGL's 60% JV with MSJ was terminated due to BGL gross negligence!!!
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