Riverside Resources Outlines Corporate Growth Plans For 2016
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 13, 2016) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) is pleased to provide an overview of the Company's growth plans for the coming year and recap the accomplishments achieved during 2015. This past year has been challenging for resource companies with continued downward pressure on commodity prices and share price depreciation hitting the junior mineral exploration sector particularly hard. Riverside has not been immune to the market forces that have driven down share prices, but the Company has taken advantage with its Prospect Generator business model and has been successful in delivering a number of milestones without company share dilution, while still maintaining a strong corporate treasury.
The list below outlines some of the key outcomes from 2015:
- Acquired and worked up drill targets on the Thor Copper Project in Sonora, Mexico (Antofagasta Alliance)
- Acquired the La Silla Gold Project in Sinaloa, Mexico (won rights through lottery)
- Sold the Sugarloaf Peak Project for cash, shares and a 2% NSR royalty
- Delivered initial NI 43-101 Resource Estimate (partner funded) at Penoles Project in Durango, Mexico
- Acquired the Glor Gold Project in Sonora, Mexico (Hochschild Alliance)
- Completed underground sampling at Tajitos Project in Sonora, Mexico, and subsequently optioned the project to Centerra Gold Inc. ($6M USD in exploration for 70%)
- Reviewed and evaluated significant number of additional acquisition opportunities in North America, with discussions carrying over into 2016
Riverside enters 2016 with more than $3,500,000 CAD in cash and less than 37,500,000 shares outstanding. The Company will strategically build on the successes achieved during 2015. Drilling is expected to commence in Q1 of 2016 at the Thor Copper Project, with Alliance partner Antofagasta Minerals Plc. funding the program. Exploration results are expected from the ongoing work at Tajitos with partner Centerra Gold Inc. funding the work as part of option to earn 70% interest by spending $6,000,000 USD within four years. An initial drill program is a likely next step as exploration work progresses at Tajitos. The Company's partner at the Penoles Project will need to complete $750,000 CAD in drilling and exploration in 2016 and Riverside has a free carry on JV expenditures until the Company's partner has spent ~$2,500,000 USD in further exploration. Having numerous partners funding programs and multiple drill programs expected during the first half of 2016 puts Riverside in a strong position for results, potential new discoveries and growth.
In addition to the existing partner-funded activity and growth catalysts, Riverside will progress its wholly owned assets and aim to secure new partnerships. The Company is actively reviewing growth opportunities in Mexico, USA and Canada. The Company holds the Lennac and Flute projects near Smithers BC and will look to strengthen its Canadian portfolio through strategic acquisitions. Projects with initial resources and exploration upside, or projects with near-term cash flow potential are of particular interest as Riverside focuses on building future value and sustainable growth.
Summary of Riverside's anticipated corporate growth plans and 2016 catalysts are listed below:
- Drilling at the Thor Project (Antofagasta Mexico Alliance), Sonora, Mexico
- Exploration geochemistry, geologic and geophysics results and potential drilling to follow at Tajitos Project (funding partner: Centerra Gold Inc.), Sonora, Mexico
- Follow-up drill campaign at historic Jesus Maria mine area, Penoles Project, Mexico (funding partner: Morro Bay Resources required to spend minimum of $750,000)
- Grow Canadian portfolio through acquisition of resource projects
- Exploration results from Riverside's 100% owned projects in Sonora, Mexico
- Explore consolidation potential at La Silla, Sinaloa, Mexico
- Secure new strategic partnerships
- Acquire quality distressed assets and grow portfolio in Mexico
Please visit www.rivres.com to sign up to receive press releases and corporate updates directly to your inbox and to view the Company's latest corporate presentation, project pages and more.
Corporate Note:
On January 7, 2016 the Company granted 955,000 incentive stock options (the "Options") to certain Directors, Officers and Consultants of the Company. The Options are exercisable at $0.145 per share for a period of five years from the date of grant. Options granted to individuals in their capacity as a Director vest in three equal installments over 18 months and Options granted to Officers and Consultants vest in four equal installments over 12 months. The Options were granted pursuant to the Company's shareholder-approved stock option plan. On November 30, 2015, the Company issued 300,000 shares at a deemed price of $0.15 to certain Directors and Officers of the Company in accordance with the Company's shareholder approved bonus share plan. Both shares and options are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.
ON BEHALF OF Riverside Resources Inc.
Dr. John-Mark Staude, President & CEO
Certain statements in this press release may be considered forward-looking information. These statements can be identified by the use of forward looking terminology (e.g., "expect"," estimates", "intends", "anticipates", "believes", "plans"). Such information involves known and unknown risks -- including the availability of funds, the results of financing and exploration activities, the interpretation of exploration results and other geological data, or unanticipated costs and expenses and other risks identified by Riverside in its public securities filings that may cause actual events to differ materially from current expectations. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contact
Riverside Resources Inc.
John-Mark Staude
President, CEO
(778) 327-6671
(778) 327-6675
info@rivres.com
www.rivres.com
Riverside Resources Inc.
Joness Lang
VP, Corporate Development
(778) 686-6836
(778) 327-6675
info@rivres.com
www.rivres.com