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Foreign mining executives reportedly found dead in river

February 11, 2013

Two men believed to be foreign mining executives were reportedly found dead in the Rio Santa Rosa which divides the states of Jalisco and Nayarit on Saturday.

According to several local media outlets, their bodies were found floating down the river by local farmers, on the border between the municipalities of Ixtlan del Rio, Nayarit and Hostotipaquillo, Jalisco.

A briefcase discovered nearby contained documents pertaining to Michael Davies and Derald Johnston, the respective CEO and treasurer of U.S. mining firm Southridge Minerals Inc.

Spanish-language newspapers El Informador and El Occidental reported that authorities in Nayarit were investigating the case and awaiting the results of an autopsy at a morgue in Tepic.

However, the Nayarit Attorney General’s Office told the Reporter on Monday that it is not in possession of the bodies and could not confirm any details of the case. The U.S. Consulate in Guadalajara also said it could not confirm the story at this time.

Based in Dallas, Texas, Southridge Minerals Inc. states on its website that it is focused on gold and silver mining and “is currently focused on projects in Jalisco and Nayarit States of Mexico.”

The firm says that in 2010 it paid 7.5 million dollars for exclusive concessions to mine the Cinco Minas and Gran Cabrera mines respectively located 100 and 135 kilometers northwest of Guadalajara, but this is disputed by Canadian mining firm Bandera Gold Ltd., which claims ownership of both mines and displays the concession certificates on its website.

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.”

Southridge Minerals did not answer when contacted by the Reporter on Monday.

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8 Comments leave one →
  1. American_Guy permalink
    February 12, 2013 18:41

    Duncan,
    Could you do us one tiny little favor? Have someone go up to the little town of Cinco Minas and let us know if there is any mining activity ongoing at the Cinco Minas Mine. I know SEVERAL who would like to know, but we don’t have the means to travel to that part of Mexico any time soon. Thanks!

  2. February 12, 2013 18:47

    I’m afraid we really don’t have the staff or the budget to send anyone at the moment. I do know that an independent report cited by Bandera Gold said there has been no activity there for some time, but i cannot verify how reliable that report is. I’m still trying to get to the bottom of this story as I think there’s a lot more to it than meets the eye so far.

  3. American_Guy permalink
    February 12, 2013 18:53

    Thank you. Does nobody in all of Cinco Minas own a phone? Maybe someone could just call someone there and ask. I have not been able to figure out how to do that, but that’s because I do not speak Spanish.
    -Thank you for the quick reply.

    • Rob permalink
      February 19, 2013 04:40

      Im from mexico, srge holder, i just know that is quite dangerous to go there, better stat at sideways. I heard two sides of the stories and when its gold in beteween people will do anything for it

  4. February 19, 2013 04:49

    Thanks for the advice Rob. I can assure you I have no intention of venturing into remote areas of rural Mexico unless I have very good reason to do so.

Trackbacks

  1. Dallas Mining Company Executives Found Dead in Rio Santa Rio | Diplomat Armored Rentals
  2. Death of mining executives faked in ‘pump and dump’ scam? « The Tequila Files
  3. How the ‘death’ of mining execs was planted in Mexican press « The Tequila Files

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