Borderland Beat
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Two men, reportedly the CEO and CFO of U.S.-based exploration firm Southridge Minerals found dead.
According to several local media outlets, their bodies were found dead floating down Rio Santa Rosa river by local farmers, on the border between the municipalities of Ixtlan del Rio, Nayarit and Hostotipaquillo, Jalisco., local press reports
The bodies, corresponding to two men in their late 30s, were found by farmers of Ixtlan del Rio who were working their land near Hostotipaquillo, Jalisco. They also recovered a briefcase with documents revealing the names of Michel Davies and Derald Johnston, which are the names of Southridge Minerals’s CEO and CFO. The farmers said however, were forensic experts of Nayarit took bodies because they were in state territory.
The company has been involved in a recent controversy over its rights over the Cinco Minas project. The conflict worsened early this month, after a Canadian junior released an independent report revealing that Southridge’s Cinco Minas property has been non-operational for the past several years.
On February 5, Bandera Gold CEO Stephen Roehrig released a statement claiming “press releases issued by Southridge Enterprises, Inc. (‘SRGE’ or ‘Southridge’) contain false and misleading statements about current mining activity and SRGE’s alleged ownership of the Cinco Minas project.”This followed the U.S. Securities and Exchange Commission’s announcement on December 28 that it had “temporarily suspended trading in the securities of Southridge because of questions regarding the accuracy of statements made by Southridge in press releases to investors concerning, among other things, the company’s business operations and arrangements.
Despite the U.S. company allegedly claiming the contrary, Canada’s Bandera Gold (TSXV:BGL) published a detailed report with photos and videos showing evidence the site and machinery have been “completely non-operational for some time.”
The Dallas-based firm, however, says in its website that it paid $7.5 million for exclusive concessions to mine the Cinco Minas and Gran Cabrera sites respectively located 100 and 135 kilometers northwest of Guadalajara in 2010. This fact is disputed by Bandera Gold, which claims ownership of both mines and displays the concession certificates on its website.
Sources: Mining.com, Periodico Express, Afmedios, Tequila Files, Photo: Cinco Minas