Dec. 26, 2012
/PRNewswire/ -- Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the "Company") is excited to announce a new Joint Partner, Kinross (NYSE: KGC), a Major listed Mining Company for its Cinco Minas and Gran Cabrera properties. Southridge's joint partnership with Kinross, a major NYSE listed gold mining company, is valued at roughly
$550,000,000 to $600,000,000
. Due to numerous shareholder inquiries Southridge and its Board of Directors felt the need to update the market on its recent announcement named, "Southridge Announces Signed Agreement with Major NYSE Listed Mining Company on Cinco Minas and Gran Cabrera Gold & Silver Mines in
Southridge and its advisers are currently working hand in hand with Kinross to finalize the remaining documents and agreements in order to execute this new joint partnership for its Cinco Minas and Gran Cabrera properties with Kinross. Due to the size and complexity of this transaction we expect to execute this joint partnership with Kinross by Mid-January.
, Exploration Manager at Kinross Gold Corporation stated, "We have made great and good progress regarding Cinco Minas property. Southridge controls the best area at the Gran Cabrera and there will no problem regarding the influence
area, also, because in case everything will be growing, possible adjacent claims could be incorporated or added to the project."
Alfonso Sanchez Navarro
, Board of Director of Southridge commented, "Southridge is implementing a plan to profoundly position itself for both rapid growth and expansion in an emerging gold and silver market. By forming a Joint Partnership with Kinross, a global mining leader and major NYSE listed company; this allows us to aggressively mine the Cinco Minas and Gran Cabrera properties.
A company spokesperson stated, "Southridge feels it's more beneficial for its shareholders and the Company to sign a Joint Partnership with Kinross, a major NYSE mining company, instead of selling its Cinco Minas and Gran Cabrera properties. By joint partnering with a NYSE major producer it will allow Southridge to aggressively explore and mine the Cinco Minas and Gran Cabrera properties at a much faster degree therefore leveraging the price of Gold at today's market value.