SANTIAGO, Chile, June 4, 2009 (GLOBE NEWSWIRE) -- Southern Energy Company, Inc. (Pink Sheets:SOCI), a publicly traded resource exploration company, is pleased to provide the following additional disclosure with respect to the Condoryacu Gold, Copper, and Silver Property in Salta Province, Argentina. As previously announced, the Company has entered into a Joint Venture Agreement to put this property into production.
Southern Energy has received a review by a senior consulting engineer of previously written geological reports on the Condoryacu property in Salta Province, Argentina. These previous reports were all prepared by qualified independent geologists and professional engineers and indicate various numbers of potential mineable resources.
The minimum potential mineable resource would be 121,000 tons with a recoverable resource of 50,000 ounces of gold equivalent. Other reports show a potential mineable resource of 250,000 tons with a recoverable resource of 120,000 ounces of gold equivalent. Based upon projected mining and milling costs, the Company should recover its full investment within a 12 month period.
Southern Energy has commissioned a resource engineer to prepare a report of actual recoverable tonnage and ounces of gold equivalent. This will allow the Company to develop a realistic mine plan and optimum recovery system.
The Condoryacu project fits within the Company's criteria of small but very profitable mining projects.
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, copper 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.