Aug 6 2012
Southridge Enterprises Inc. (SRGE.PK) is pleased to announce it has commenced drilling on the Cinco Minas Property, located in Jalisco, Mexico. The diamond-drilling program is a fundamental part of the 2012 exploration set out to broaden the gold & silver resources at Cinco Minas.
The greater part of the historic work on the Cinco Minas Property has been focused on three main zones: the La Abra, the San Juan and the Famosa. A recently released resource estimate showed an Indicated Resource of 2.27 million tonnes of 171.9 gram silver containing 12.5 million oz. of silver and 1.22 gram gold containing 89,100 oz. of gold and an Inferred Resource of 400,000 tonnes of 137.9 gram silver containing 1.8 million oz. of silver and 1.07 gram gold containing 13,800 oz. of gold.
For the 2012 drill program, a professional geological crew based in Guadalajara will be used to log and sample all core. Samples will be split using a diamond saw and will be shipped to a certified laboratory inGuadalajara, Mexico. Subsequently, the drill core will be stored in a secure facility in Cinco Minas, Mexico.
Southridge's Cinco Minas mine is located in the Mexican state of Jalisco, approximately 75 miles from the major city of Guadalajara. Cinco Minas is a historical producing mine that has been the subject of substantial previous exploration and production.
The mine currently has a mineral resource of 23.33 million oz. Ag, and 235,000 oz. Au. Previous exploration at Cinco Minas has only tested 20% of the known vein system, and the recently announced exploration program is designed to explore the untested 80% portion of the known vein system. Southridge Minerals is committed to aggressively exploring the property, and expand the current mineral resource at Cinco Minas. 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.
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.
For further information on the Company's Gold and Silver projects, visit our website: http://www.southridgeminerals.com.