Morro Bay Resources Ltd. Summer Exploration Program Commenced at Penoles
25.07.2014 | FSCwire
Calgary, Alberta (FSCwire) - Morro Bay Resources Ltd. (TSXV: MRB), (“Morro Bay”), announces that, further to the news release dated July 7, 2014, the $500,000 summer exploration program at the Peñoles property has commenced (the “Summer Exploration Program”). Riverside Resources Inc. ("Riverside") and Morro Bay have agreed that the Summer Exploration program will be focused on targets in the prospective areas at Peñoles beyond the previously confirmed deposits at the El Capitan and Jesus Maria targets. This summer exploration program consists of sampling, trenching, and drilling on some of these identified potential targets on the property.John Zang, CEO of Morro Bay stated, “Following on the recent success at the El Capitan and the Jesus Maria targets, we are very encouraged by the potential prospectivity of the balance of the Peñoles property. Our goal is to showcase further value creation for our shareholders following this drilling campaign.”
In addition, Morro Bay announces that it has delivered 10,135,135 common shares to Riverside in satisfaction of the $750,000 advance payment required under the Amended Option Agreement (see News Release dated July 7, 2014). 7,094,595 of these shares are held in escrow until December 31, 2014 as agreed by Morro Bay and Riverside. Morro Bay currently has 63,445,223 common shares issued and outstanding.
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.
For further information please contact:
Morro Bay Resources Ltd.
John C. Zang, President and Chief Executive Officer
403 680 9264
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Information in this news release may contain forward looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the company.
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