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RRI Riverside Resources Inc

0.13
0.00 (0.00%)
26 Jun 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Riverside Resources Inc TSXV:RRI TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.13 0.12 0.135 0 01:00:00

Riverside and Alliance Partner, Hochschild Mining Plc., Acquire Option to Earn 100 Percent Interest in the Cajon Gold Project...

03/02/2014 1:00pm

Marketwired Canada


Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)
(PINKSHEETS:RVSDF) (FRANKFURT:R99), is pleased to announce that it has signed a
Definitive Agreement with a private Mexican company to acquire an undivided 100%
interest in the Cajon Gold Project (the "Project"). The 94 km2 Project is
located approximately 7 km east of the Cerro Colorado Mine and approximately 55
km west of the San Francisco Mine, within the Sonora Megashear Gold Belt, and in
the source area of the Boludo placer gold fields, one of northern Mexico's most
productive placer districts. Recent exploration work completed by the private
company, and its past option partner, demonstrates excellent potential with a
number of historically sampled high-grade mineralized systems covering 10
separate target areas. 


San Blas is an open-pit style gold target, comprising a N-S-trending zone of
numerous high-grade samples over an area approx. 600 m x approx. 3 km in extent.
Previous exploration work in this area consisted of 336 rock chip and float
samples with 96 samples in the range of 0.3 - 175 g/t Au, including 47 samples
of 1 - 175 g/t Au. Initial Alliance sampling of the target during due diligence
consisted of 39 rock samples, which returned assays up to 9.29 g/t Au.
Additional sampling and geologic mapping are now underway. The San Blas target
is remarkable for its grade, for the wide extent of high-grade samples over a
large area, and for the presence of numerous potentially ore-grade samples in
altered wall rock. The target shows excellent potential for discovery of both
high-grade and bulk-mineable deposits.


Riverside and its alliance partner (the "Alliance") can acquire a 100% interest
in the Project for:   




1.  $15,000 payment upon signing a Definitive Agreement; 
2.  Paying 2013 mineral concession taxes within 30 days of signing the
    Definitive Agreement; 
3.  $20,000 in cash or Riverside shares within three (3) years of signing
    Definitive Agreement; 
4.  $25,000 in cash or Riverside shares within four (4) years of signing the
    Definitive Agreement 



Once the Option has been exercised, the underlying private owner will hold a
1.5% Net Smelter Return (NSR) royalty, with each 0.5% increment purchasable for
$500,000 at any time. All cash figures are in US dollars. Riverside's alliance
partner, Hochschild Mining Plc., will have the opportunity to earn a 65%
interest in the Project by incurring $5,000,000 in exploration expenditures over
four (4) years. An active and well-funded exploration program is expected at
Cajon and other alliance targets during 2014. 


President and CEO of Riverside Resources, John-Mark Staude, commented: "We are
pleased to have made quick progress in evaluating and acquiring quality,
high-potential prospects in the Megashear Gold Belt of Sonora. We believe the
strategic alliance with Hochschild Mining provides shareholders with great
potential for new precious metal discoveries, as the companies continue to
collaborate and uncover opportunity."


Qualified Person and QA/QC:

The scientific and technical data contained in this news release pertaining to
the newly acquired Cajon Project was reviewed and prepared under the supervision
of 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.


Stock Option Re-pricing:

The Company currently has stock options outstanding on a total of 1,575,000
common shares, with exercise prices ranging from $0.94 to $0.98. As the market
price for the Company's shares is well below the exercise price of any of these
stock options, the options no longer provide the incentive and compensation to
the Company's directors and officers that was intended when the options were
originally granted. The Company has proposed to re-price the exercise price of
the outstanding options to $0.50. The re-pricing of the Options is subject to
shareholder and TSX Venture Exchange approvals.


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 more than $5,000,000 in the treasury and approximately 37,000,000
shares outstanding. The Company's model of growth through partnerships and
exploration uses the prospect generation business approach to own resources,
while partners share in de-risking projects on route to discovery. Riverside has
additional properties available for option with more information available 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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
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
(778) 327-6671 or Toll Free: (877) RIV-RES1
jlang@rivres.com
www.rivres.com

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