Southridge Enterprises Inc. (OTC: SRGE) stock closed its latest trading session at $0.0032, up 33.33 percent from its previous close. Its latest trading volume has been recorded at 152 million shares, in contrast to the average daily trading volume of 15.16 million shares. The companys market capitalization stands at $2.70 million. SRGE has 843.08 million shares outstanding in the market. The company stocks beta is -14.22.
SRGE reported its operational and financial numbers for the fourth quarter of the financial year 2012. The company recorded record revenue and mineral production during the quarter. It produced 60 ton per day at Cinco Minas in Mexico during the quarter ending on August 31, 2012. The company reported its revenue for the quarter at $3.14 million. It also processed more than 9,000 tons during the quarter. Cinco Minas is the Companys flagship mineral property.
Michael Davies, President and CEO of SRGE said, Todays announcement of our record revenues clearly shows our undeniable success in making the Companys goals a reality. The company also reported that Mexican Mining Registry of the Cinco Minas mineral concession ownership has been update to duly reflect in the companys name. SRGE is also looking to get its reporting status back to the Over the Counter bulletin board.
SRGE also recently commenced drilling program at its Cinco Minas property. The property is expected to have diamond reserves. The company is in the process of logging and sampling cores. The mine is reported to have 23.33 million oz. of mineral resources. SRGE is focusing on three main zones viz. the San Juan, the Famosa and the La Abra.
SRGE is involved in the business of acquiring, exploring and developing gold and silver mines. The company is mainly operational in Mexico and operates through its subsidiaries Southridge Minerals Inc. the company also has 100 percent stake in the Cinco Minas property. This property is spread over an area of 10,750 hectares and is located in the city of Guadalajara. SRGE also holds an option to acquire 40 percent interest in Esperanza property in Jalisco. The company is based out of Dallas in Texas and was established in 2004.
