Riverside Resources' Partner Guerrero Exploration Commences Drill Targeting Work Program at the Cerro Azul Gold-Copper Project, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/07/11 -- Riverside Resources Inc. ('Riverside' or the 'Company') (TSX VENTURE: RRI)(PINK SHEETS: RVSDF)(FRANKFURT: R99) is pleased to report that its prospect generation business model is growing with the recently IPO listed Guerrero Exploration Inc (TSX VENTURE: GEX) now beginning work on Riverside's Cerro Azul Gold-Copper Project in Guerrero, Mexico. Guerrero Exploration Inc. hopes to commence drilling at Cerro Azul upon the successful completion of an initial $200,000 work program with Riverside acting as the operator. The Cerro Azul program will continue the generative exploration work already completed by Riverside, which identified multiple high grade copper-gold zones. These zones will now be tested further through prospect scale geological mapping, hand trenching, ground geophysics, and rock chip and soil sampling.
This joint-venture program is another positive step for Riverside as the Company continues to advance its portfolio with a shared-risk business strategy that exposes shareholders to upside and discovery, while not adversely draining its financial resources. During 2011 the Company expects to see a flow of new technical programs conducted on Riverside projects and new joint venture deals.
Agreement Details:
Guerrero Exploration Inc may earn a 60% interest in the property by incurring $300,000 in exploration expenditures, paying Riverside $90,000 in cash and issuing the Company a total of 1,600,000 shares within 24 months of signing the option agreement.
Previously released property details highlighted a mapping and sampling program that defined more than seven target areas including several epithermal gold targets and at least two porphyry copper-type target zones (Press Release March 4, 2009: http://www.rivres.com/2009/111-riverside-resources-finds-high-grade-copper-at-cerro-azul-mexico.html). Riverside's earlier work outlined various high grade copper targets, particularly in the southern region of the property which will be a focus for further exploration work at the Cerro Azul Project.
For more information and photos from the Cerro Azul Property please visit www.rivres.com.
The scientific and technical data contained in this news release was prepared under the supervision of Locke Goldsmith, P. Eng., P. Geo., an 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 exploration team of focused, proactive resource discoverers with the breadth of knowledge to dig much deeper. The Company currently has approximately $3,000,000 in the treasury and fewer than 25,000,000 shares issued. The Company is currently working towards finalizing several important events that fit within the Company's model of growth through partnerships and exploration.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President, CEO and Director
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
Corporate Communications
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com
Riverside Resources Inc.
Kaley Reid
Corporate Communications
(778) 327-6671
(778) 327-6675 (FAX)
info@rivres.com
www.rivres.com