Southridge Enterprises Addresses Shareholders With Corporate Update
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Southridge would like to inform shareholders that the joint partnership is no
longer valid, and the Company is pursuing other joint partnership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
Southridge announced the strategic focus of the Company is to:
oContinue to explore opportunities with potential joint venture partners
who have expressed interest in both Cinco Minas and Gran Cabrera.
oIncrease 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.
oExpand 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
oAmend 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
For further information on the Company's Gold and Silver projects, visit our
Southridge Investors can access the following Southridge Minerals social media
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
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
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.
CONTACT: Southridge Enterprises Inc.
Tel. (214) 699-6255
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