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Southridge Minerals Announces Stock Buyback for up to $2.2 Million

Date : 11/08/2011 @ 10:12AM
Source : Marketwired
Stock : Southridge Enterprises, Inc. (GM CE) (SRGE)
Quote : 0.0001  0.0 (0.00%) @ 2:05AM
Southridge Enterprises, Inc. (GM CE) share price Chart

Southridge Minerals Announces Stock Buyback for up to $2.2 Million

Southridge Enterprises, Inc. (GM CE) (USOTC:SRGE)
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Southridge Minerals, Inc. (PINKSHEETS: SRGE) ("Southridge" or the "Company") is pleased to announce its Board of Directors has approved a stock repurchase plan. The repurchase of up to $2,200,000 of the Company's common stock was authorized.

Michael Davies, the Company's President, commented, "We are very pleased to announce this Stock Buyback program and believe it benefits shareholders at a time when our stock is undervalued. The Buyback program is intended to increase future earnings per share by reducing the number of shares outstanding and allow our share price to more accurately represent the quality and profit potential of our assets and operations to the investment community. Our shareholders have and continue to be our most important asset and rewarding them is a high priority.

"We have been dismayed by the sharp decline in our share price over the past two quarters. It is our opinion that the Company's share price has become significantly undervalued and we believe buying back the Company's shares, at the current price level, represents an exceptional investment opportunity."

Acquisitions of stock under the repurchase plan will be made from time to time as permitted by securities laws and corporate legal requirements and subject to market conditions and other factors. Share purchases will be funded by the Company's cash and through debt financing. The repurchase plan will continue as long as periodic management reviews deem it to be fiscally feasible and the plan may be discontinued at any time.

For further information on the Company's Gold and Silver projects, visit our website, http://www.southridgeminerals.com.

Southridge Investors can access the following Southridge Minerals social media channels:

Facebook: (http://www.facebook.com/pages/Southridge-Minerals-Inc/163457600376466)

Twitter: (http://twitter.com/SouthridgeSRGE)

YouTube Cinco Minas Mexico Project: (http://youtu.be/R6P8oght4Ik) (http://youtu.be/o2LfLaSu8ww)

About Southridge Minerals, Inc. (PINKSHEETS: 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.

Forward-Looking Statements 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.

Michael Davies President Tel. (214) 699-6255 Email: Email Contact http://www.southridgeminerals.com



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