DALLAS, Jan. 23, 2013 (GLOBE NEWSWIRE) -- Southridge Enterprises Inc. (OTC Markets:SRGE) ("Southridge" or the "Company") is pleased to announce today that Southridge Minerals, Inc., its wholly owned subsidiary, has issued a corporate update for shareholders of the Company to address questions arising from a recently announced joint partnership with respect to Cinco Minas. Southridge would like to inform shareholders that the joint partnership is no longer valid, and the Company is pursuing other joint partnership opportunities at this time. Although there have been a number of questions that have arisen from the events that followed our joint partnership announcement, the Company maintains that it has signed agreements and communications to verify all of its claims. The Company is currently working with its legal representation and has no further comment at this time.
"Obviously, we are disappointed with recent events, and it has forced us to re-evaluate some of our goals as a company, and where our focus needs to be directed. The fact remains that Southridge maintains several world-class mining assets in Mexico, notably Cinco Minas and Gran Cabrera, that has neither changed nor has it been effected," said Michael Davies, the President and CEO of Southridge Enterprises. "Our goal moving forward is to be focused on developing our considerable mining assets, while we continue to negotiate with other suitable joint venture partners on expanding these assets. Shareholders of Southridge own a very attractive and valuable precious metals mining asset, in a politically stable region that is favorable towards new mining initiatives. Taking this into consideration, it is our assertion that the Company is well positioned for both continued growth and development, and is an attractive acquisition or joint venture partnership target for a senior mining company."
Southridge announced the strategic focus of the Company is to:
- Continue to explore opportunities with potential joint venture partners who have expressed interest in both Cinco Minas and Gran Cabrera.
- Increase the profitability of the Company by completing the expansion plans for the Cinco Minas mill. In addition, the Company plans to evaluate and implement solutions at the Mill to increase efficiency.
- Expand current gold & silver assets in the Jalisco region with the continued development of Cinco Minas and Gran Cabrera, to increase the current mineral resource. In addition, explore opportunities to expand the Company's current footprint in the region through acquisition and claim registration.
- Amend the management team, with specific focus on expertise to facilitate developing the Jalisco properties and completing the mill expansion plans.
Lastly, due to recent circumstances and the holiday season, the Company would like to clarify that the December cash dividend has not been completed and has been postponed. Those shareholders that did not receive the dividend yet will be added to the distribution in the Company's upcoming quarterly cash dividend.
For further information on the Company's Gold and Silver projects, visit our website: http://www.southridgeminerals.com.
Southridge Investors can access the following Southridge Minerals social media channels:
YouTube Cinco Minas Mexico Project:
About Southridge Minerals, Inc. (SRGE)
Southridge Minerals, Inc. is a U.S.-based mineral exploration company dedicated to acquiring and developing mineral resources in geologically permissible and politically stable areas of the world. The Company seeks out early stage opportunities with good mineralization indicators that exhibit significant blue-sky potential. Southridge pursues and advances these projects that are or will be of interest to mid-size and major producers. By forming alliances on individual projects, the Company expects to develop its interests in mines operated by its partners, allowing it to continue to build value through continued exploration. Southridge is currently focused on projects in Mexico.
What sets Southridge apart is its vast experience in Mexico and the knowledge of the geological conditions and formations pertaining to known large gold deposits that have received very little attention to date. This comparative advantage, combined with a specific geographical and mineral focus, will allow for more efficient asset and income growth in the future for the benefit of shareholders' investments.
Although the Company believes that the forward-looking statement of beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance those beliefs, plans, expectations or intentions will prove to be accurate. Investors should consider all of the information set forth herein and should also refer to the risk factors disclosed in the Company's published current and periodic reports.