VANCOUVER, BRITISH COLUMBIA, Mar 04, 2013 (MARKETWIRE via COMTEX) — Riverside Resources Inc. (“Riverside” or the “Company”) (tsx venture:RRI) /quotes/zigman/478676/quotes/nls/rvsdf RVSDF +0.53% (frankfurt:R99) is pleased to announce that the Company has completed final earn-in requirements to the underlying concession holder for the Penoles Project, located in Durango, Mexico. In making the final cash and share payments Riverside has satisfied all terms of the option with its Mexican partner to earn its 100% interest in the Penoles Project.
John-Mark Staude, Riverside’s President and CEO, stated, “We are thrilled to obtain 100% ownership of a significant land package in the heart of the historic Penoles mining district.”
In related news, Riverside and partner Sierra Madre Developments (“Sierra Madre”) have agreed to amendments pertaining to the option agreement that provides Sierra Madre an opportunity to earn a 51% interest in the Penoles Project by completing the following:
— Issue 8,000,000 shares of Sierra Madre by April 15, 2013 at a deemed
price of $0.05 of which 5,250,000 will be issued upon TSX approval of
the amended Agreement and 2,750,000 will be issued upon shareholder
approval
— Incur $465,000 in exploration expenditures before June 30, 2013
— Incur an additional $750,000 in exploration expenditures by December 31,
2013
— Make cash/share payments totaling $2,850,000 to Riverside by December
31, 2013
Payments payable in shares would be based on the 20 day VWAP. The amended Option Agreement is subject to TSX Venture Exchange approval.
Riverside expects Sierra Madre to complete systematic drill testing (minimum six drill holes) below the historical Jesus Maria and San Rafael silver mines and continue evaluation work on the Capitan gold target. On completion of the drill program at Jesus Maria, down-hole induced polarization and electromagnetic surveys are expected to delineate priority target areas for continued drilling.
Staude added, “We now look forward to receiving further cash/share payments and partner-funded drill testing at in 2013, as Riverside continues to advance its portfolio while conserving its own capital.”
Qualified Person:
The scientific and technical data contained in this news release pertaining to the Penoles 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 Inc.:
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 37,000,000 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 can be found on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
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)
[email protected]
www.rivres.com
Riverside Resources Inc.
Joness Lang
Manager, Corporate Development
(800) RIV-RES1
(778) 327-6675 (FAX)
[email protected]
www.rivres.com
