Riverside Resources and Mexigold Corp. Announce Termination of Option Agreement: Projects Now Available for New Exploration Partnerships
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/21/12 -- Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE: RRI)(PINKSHEETS: RVSDF)(FRANKFURT: R99) reports that the option agreement whereby Mexigold Corp. ("Mexigold") could earn an interest in the Catrina, Pedernal and Escondida projects (the "Durango Properties") is being terminated and Riverside will retain 100% interest in the projects. Riverside is pleased to move ahead with the Durango Properties, while Mexigold has elected to pursue other business opportunities during these difficult market conditions. Two of the properties, Catrina and Pedernal, have been drilled with an aggregate $1.83 million in exploration funding from Mexigold, which builds upon the earlier exploration investment made by Kinross and Riverside.
Pedernal is located east of Silver Standard's Pitarilla Mine and north of Argonaut's open pit gold production at the Castillo Mine. Drilling at the Pedernal Project intersected the upper levels of a low-sulfidation epithermal system and demonstrated the potential for improved mineralization down-dip and along strike. Pedernal can be further drill tested based on the extensive trenching, sampling, and IP completed over the past year. All permits are in place and the property is easily accessible for low cost, efficient drilling to carry the next exploration discovery step with Riverside's experienced team available to assist in the exploration process.
The Catrina Project is located east of the Santo Domingo Mining district and immediately west of the Km 66 silver gold resource and former mining area in the topographically flat Altiplano region of northern Durango. Only two of the seven drill targets at Catrina were drilled by Mexigold, and other high priority targets on the project are ready for a partner who wishes easy, cost effective, drive up exploration with all the access agreements in place, mineral title and extensive work completed to begin drilling within weeks of completing an option agreement.
The third property in the agreement, Escondida, has access permits, positive geology and a planned exploration and drill program ready for implementation. Due to Mexigold's shareprice and the market conditions, Mexigold chose to not pursue the program, although the project has been worked up and is ready to go. Escondida is all set for a new partner interested in a turn-key discovery opportunity west of the Fresnillo mining district along a major mineralized geologic corridor. This property has strong IP conductors, surface gold and silver mineralization, former small prospects and magnetic highs typical of other precious metal systems in Mexico's world class Silver Belt.
President and CEO of Riverside Resources, John-Mark Staude, commented: "We are pleased to have worked over the past year with Mexigold and now welcome these projects back into our portfolio as they have been advanced through this recent exploration. Collectively the targets have been refined, and mineralization characterized through field focused, cost effective exploration efforts." Staude added, "Permits are in place to move ahead and there are a number of quality drill targets on these three properties. This is one of the more readily accessible and prolific mining terranes in North America. We look forward to unlocking the potential of this portfolio through new exploration partnerships."
The scientific and technical data contained in this news release relating to the Durango Properties was prepared and reviewed by Riverside's VP of Exploration, Howard Davies, MAIG, a non-independent qualified person to Riverside Resources, who is responsible for ensuring that the geologic information provided in this news release is accurate and acts as a "qualified person" under National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Riverside Resources:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has approximately $9,000,000 in the treasury and 35,000,000 shares issued. The Company's model of growth through partnerships and exploration looks to use the prospect generation business approach to own resources, while partners share in de-risking projects on route to discovery. Additional property information about Sugarloaf and other assets that are available for partnership can be found on the Riverside Resources Inc. website at www.rivres.com.
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.
Contacts:
Riverside Resources Inc.
John-Mark Staude
President & CEO
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com
Riverside Resources Inc.
Joness Lang
Manager, Corporate Development
(800) RIV-RES1
(778) 327-6675 (FAX)
jlang@rivres.com
www.rivres.com