January 2, 2015 – Calgary, AB: Morro Bay Resources Ltd. ("Morro Bay" or the "Company") (TSX-V: MRB) announces the option on the Peñoles Project under the Option Agreement between Morro Bay and Riverside Resources Ltd. ("Riverside") has been extended from December 31, 2014 to January 9, 2015.
The extension has been granted by Riverside so that new terms can be negotiated. Under the current agreement the Company needed to make cash payments to Riverside in the amount of USD$100,000 and USD$1,250,000 on or before December 31, 2014; and make an additional payment of $750,000 also before December 31, 2014 payable in either cash or Morro Bay shares to acquire a 51% interest.
John Zang, CEO of Morro Bay stated "We did much work in 2014 on the Peñoles Project and were encouraged by the drilling results. We are in negotiations with our partner Riverside to arrive at mutually acceptable terms given the current challenging financial market conditions."
About Morro Bay
Morro Bay is a junior mineral exploration company based in Calgary, Alberta, Canada, focused on the exploration for precious metals in Mexico. Morro Bay's business strategy is to build shareholder value by rapidly advancing the Peñoles Project in Mexico through the resource delineation stage.
Further Information
For further information please contact:
Morro Bay Resources Ltd.
| John C. Zang | Patrick Piette |
| President and Chief Executive Officer | Investor Relations |
| [email protected] | [email protected] |
| 403 680 9264 | 416 526 9911 |
Original Article: http://www.fscwire.com/sites/default/files/news_release_pdf/MorroBayJan22015.pdf
