SANTIAGO, Chile, June 11, 2009 (GLOBE NEWSWIRE) -- Southern Energy Company, Inc. (Pink Sheets:SOCI), a publicly traded resource exploration company, is pleased to provide the following corporate update with respect to its various projects and properties.
Southern Energy has to date acquired the Catalina Silver, Copper, and Gold project in North Central Chile. The project has had previous small scale production and some exploration. The widely dispersed higher grade mineralization over a large area leads the Company to believe that this project could develop some large exploration targets.
The acquisition of the Lota Bay Coal Concessions has given Southern Energy the opportunity to develop a coal project for a relatively small investment to take the project into production. The expected returns on investment appear significant over a time period of two to four years.
The Condoryacu joint venture project in Northwest Argentina has given Southern Energy the opportunity to become a gold producer very quickly and for a relatively small investment. The Company believes this project, much like the Lota Bay Coal Concessions, should allow the Company to develop significant cash flows and profits over a short time period.
The Company believes that with the addition and assistance of its new director, Robert Partarrieu, its progress in developing these projects will greatly speed up and that the costs for these projects under his direction will be kept to budgets now in place or being developed.
The Company has been approached by several financing groups and is currently negotiating on production finance for both the Lota Bay Coal Concessions and the Condoryacu gold project.
The Company will be updating its website in the coming weeks to reflect the many developments that have take place within the Company.
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.