Southridge Announces Signed Agreement with Major NYSE Listed Mining Company on Cinco Minas and Gran Cabrera Gold & Silver Min...
DALLAS, Dec. 13, 2012 /PRNewswire/ --?Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the "Company") is please to announce that it has signed a Confidentiality Agreement (CA) with a major NYSE listed gold mining company regarding both the Cinco Minas and Gran Cabrera properties. Due to terms contained within the CA, the Company is unable to announce either details of the CA or the parties involved.
"Obviously we are very excited to be involved with a global mining leader, this is a new phase of development for Southridge, and it is a confirmation of our efforts over the past several years. Our goal from beginning for both Cinco Minas and Gran Cabrera has been to secure a world-class partner that is capable of moving these projects forward, and today is a major step that direction," said Michael Davies, President & CEO of Southridge. "While a CA is early in the process, I feel it is important to note that Southridge who was sought out by multiple offers and that both Cinco Minas and Gran Cabrera are the subject of intense interest. We are confident that these two projects warrant further development and we will be successful in executing our goal of building a world-class gold and silver mining facility at Cinco."
The Company stated, it felt a duty to report the latest development to shareholders due to previous news announcements. But it is important to note that due to legal obligations and the sensitive nature of this process; Southridge will issue no further comments regarding the Agreement until such time it is warranted. "This is a crucial point in the development of Southridge and it is vital we do not jeopardize the future of the company. We need to be focused on executing our long-term strategy by continuing to develop our mining assets in the Sierra Madre Gold Belt," said Davies.
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