Southridge Declares Cash Dividend and Discusses Future Operations
DALLAS, Nov. 5, 2012 /PRNewswire/ -- Southridge Enterprises Inc. (PINKSHEETS: SRGE) ("Southridge" or the "Company") is pleased to announce today that Southridge Minerals, Inc., its wholly owned subsidiary, today announced a cash dividend of $0.00003 per common share, payable on November 22, 2012 to shareholders of record at the close of business November 15, 2012. The dividend represents a payout of just over 5% of the recently reported quarterly net income.
"While it is unusual for a Company like Southridge to declare a cash dividend at this stage of development, we felt that it was the right thing to do for our shareholders given the Company's current cash position and outlook," said Michael Davies, the President & CEO of SRGE. "The Company is currently in production at our Cinco Minas mine and is conducting an aggressive exploration program at our Gran Cabrera gold & silver property. We thought it was important to reward our shareholders with a cash dividend, as they have been very patient while Southridge has evolved into a precious metals producer. Southridge is in an excellent position now generating positive cash flows. Consequently, the Company is moving forward weighing its business direction options and is exploring and discussing partnership opportunities."
For further information on the Company's Gold and Silver projects, visit our website: http://www.southridgeminerals.com.
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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.
SOURCE Southridge Enterprises Inc.