SANTIAGO, Chile, June 3, 2009 (GLOBE NEWSWIRE) -- Southern Energy Company, Inc. (Pink Sheets:SOCI), a publicly traded resource exploration company, is pleased to announce that it has entered into a Joint Venture Agreement to put into production the Condoryacu Gold, Copper, and Silver Property located in Salta Province, Argentina.
Under the terms of the Joint Venture Agreement, the Company will earn a 50% interest in the Joint Venture in exchange for a payment of $500,000 plus a funding commitment of up to $4,500,000 for the Property`s production work program. Per the Agreement, the Company will be responsible for the cost of putting the Property into production. In exchange, the Company shall be granted 80% of all proceeds of net revenue until it has recovered 115% of the total costs of putting the Property into production. Thereafter, the Company shall receive 50% of the net proceeds of the Joint Venture.
About the Condoryacu Gold, Copper and Silver Property
The Condoryacu Gold, Copper, and Silver Property is located in Salta Province, Argentina. The Property is production ready, and the Company will be releasing comprehensive news as the Company reviews all of the data that it has obtained with the signing of this Agreement. The Company is preparing an executive summary of the project, and will have it available on its website within the next 30 days.
About Southern Energy Company, Inc.
Southern Energy Company, Inc. is a publicly traded resource exploration company. From 2007 to the present the company has been active in seeking out resource opportunities in North and South America to explore, develop, and produce. The Company is currently focused on the acquisition, exploration and development of coal, gold and silver properties throughout South America. Currently, Southern Energy owns the Catalina Silver and Gold Property northwest of Santiago, Chile, and the two Lota Bay Coal Concessions in Lota, Chile. The Company has entered into a joint venture agreement on the Condoryacu Gold, Copper and Silver Property located in Salta Province, Argentina.
Please visit http://www.southernenergycompany.com for more information.
Forward-Looking Statements
You should not place undue reliance on forward-looking statements in this press release. This press release contains forward-looking statements that involve risks and uncertainties. Words such as "will," "anticipates," "believes," "plans," "goal," "expects," "future," "intends," and similar expressions are used to identify these forward-looking statements. Actual results could differ materially from those anticipated in these forward-looking statements for many reasons, including the risks we face as described in this press release. For further information about Southern Energy Company, Inc. please refer to its Web site at http://www.southernenergycompany.com.