|From: bingobangobongo (Rep: 91)||Date: 02/17/2012 08:29|
|Forum: Pinks and BB - Msg #65859 - List SRGE.PK msgs ||Thread #673362175 (Rec: 0) |
|Southridge Announces Rock Sampling of Ore Stockpiles at Cinco MinasLast update: 2/17/2012 7:00:00 AMDALLAS, Feb. 17, 2012 /PRNewswire via COMTEX/ -- Southridge Enterprises Inc. (pinksheets:SRGE.PK) ("Southridge" or the "Company") announced that it will conduct additional rock sampling of the ore stockpiles at Cinco Minas to confirm the grades and tonnage cited in the 2007 Behre Dolbear Report, as part of the recently announced exploration program. Behre Dolbear is an internationally recognized and respected mining consultancy firm with offices around the globe. Behre Dolbear was commissioned in 2007 to perform a review of the Cinco Minas property, previous exploration activities and existing stockpiles & waste dumps located on surface. The review was published in a report by Behre Dolbear and outlined a series of observations and recommendations regarding exploration, short-term production and further expansion at the mine. The report concluded that while further sampling is required to attain an accurate estimation of both the grade and volume of material at Cinco Minas, Behre Dolbear stated that the short-term feed for the 60 tons per day (tpd) processing plant could be supplied by the existing stockpiles and wastedumps. Furthermore, the report cites that an estimated 35,000 tons of ore is available, which accounts for nearly 2 years of production. Southridge Mineral's geologist Juan Eduardo Lopez Romero, who is directing the Company's recently announced exploration program, will oversee the rock sampling and measurement of existing stockpiles and waste dumps. "This is an important step for Southridge, as the Behre Dolbear report provides the ground work for a production and exploration plan at Cinco Minas for both the short and mid-term," stated Southridge President Michael Davies. The Company plans to follow the recommendations of the report and begin the rock sampling program of the ore stock piles. The sampling activities are a key component of the Mill Production Plan and initial production operations that will utilize the reactivated 60 tpd mill and the 2 year supply of ore stock piles on site. The rock-sampling program will allow the Company to confirm the estimate of the stockpiled ore's gold and silver grade and rely on the measurement and density calculations that are vital for precise estimate of the overall tonnage. These two factors will provide for the forecasting of potential revenues for the first two years of production at Cinco Minas. 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. |
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