Riverside Resources and Alliance Partner Commence Drilling at the Naranjo Project in Jalisco, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 12/17/12 -- Riverside Resources Inc. (TSX VENTURE: RRI)(PINKSHEETS: RVSDF)(FRANKFURT: R99) ("Riverside" or the "Company") is pleased to announce that Riverside and its partner, Cliffs Natural Resources ("Cliffs"), have commenced drilling at the Naranjo project located in Jalisco, Mexico. The planned five-hole, 1,400 metre reverse-circulation drill program is now underway. The Naranjo project is the second project to be drilled under the Iron Oxide Copper Gold (IOCG) Strategic Alliance between Riverside and Cliffs.
Drilling at the Naranjo Project will test several kilometer-scale magnetic anomalies derived from an aeromagnetic survey, magnetic inversion processing, and detailed 3D modeling. Detailed modeling (two pass inversions) of the airborne magnetic data by Mira Geoscience shows large, clear, and discrete anomalies that appear to correspond on surface to historic small-scale iron workings. The anomalies at Naranjo are slightly lower amplitude than those at the nearby El Encino mine (approximately 51 M tons @ 62.5 % Fe); however, they are larger in scale and thus excite the Company as strong targets for drill testing.
John-Mark Staude, President and CEO of Riverside Resources Inc., stated, "We are pleased to be drilling a second property in Jalisco and look forward to results from the program at Naranjo in early 2013." Staude added, "Riverside will continue generating and presenting further IOCG targets and hope to be drilling a third project with Cliffs in the New Year."
Qualified Person:
The scientific and technical data contained in this news release pertaining to the Naranjo project was reviewed by Riverside's Chief Geologist, David S. Smith, MS, MBA, CPG, 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 $7,000,000 in the treasury and 35,200,000 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 on the Company's projects can be found on the Riverside Resources Inc. website at www.rivres.com.
Options Granted:
Pursuant to the Company's stock option plan, and subject to TSX-V approval, Riverside has granted 875,000 options to purchase common shares of the Company at a price of CDN $0.65, for a five year period to certain Directors, Officers and Consultants of the Company.
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.
Joness Lang
Manager, Corporate Development
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com
Riverside Resources Inc.
Michael Konnert
Corporate Communications
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com