Riverside Resources Expands the Sugarloaf Peak Gold Project by 30% With Partner Choice Gold Corp. in Arizona, USA
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 05/16/11 -- Riverside Resources Inc. ('Riverside' or the 'Company') (TSX VENTURE: RRI)(PINK SHEETS: RVSDF)(FRANKFURT: R99) is pleased to announce that the Company, in conjunction with Choice Gold Corp. ('Choice'), has staked an additional 111 claims adjacent to the Riverside-owned Sugarloaf Peak Gold Project ('Sugarloaf') in southwestern Arizona, USA. The new claims cover the southeastern extension of the Sugarloaf property boundary, an area identified in last month's aeromagnetic survey (News Release, March 30, 2011) as having potential for further gold mineralization. The new land claims bring Sugarloaf's land position to a total of 297 mineral claims covering an area of approximately 24 km2. The estimated 30% expansion in property size is part of a firm first year commitment of $2,000,000 in exploration expenditures being carried out by Choice Gold over the coming months.
'The staking initiative was a result of data analysis from our recent geologic mapping, and Titan geophysical and aeromagnetic surveying that indicate the potential for the gold mineralization trend to extend further to the southeast of the previous Sugarloaf claim boundary,' said John-Mark Staude, President & CEO of Riverside Resources, 'we acted quickly to expand the potential area that Riverside has hypothesized on, adding value to the project.'
Option Agreement with Choice Gold
In February 2011 Riverside Resources, following its prospect generator business model signed an option agreement with Choice Gold Corp. whereby Choice Gold can acquire a 100% interest in the Company's Sugarloaf Peak Project in Arizona (News Release, February 28, 2011). In order to exercise the option Choice Gold must issue Riverside an aggregate 13,600,000 Choice Gold shares (of which Riverside has already received 8.6 million shares, News Release, May 5, 2011), make total cash payments of $1,750,000 to Riverside, and incur $5,500,000 in exploration expenditures on the Property within 36 months of the agreement. The issuance schedule of Choice Gold Corp.'s common shares will be such that Riverside will maintain a significant ownership interest in Choice Gold's issued and outstanding shares.
About Riverside Resources:
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 $10,000,000 in the treasury and fewer than 34,000,000 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 on the Company's projects can be found on the Riverside Resources Inc. website at www.rivres.com.
The scientific and technical data contained in this news release were 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.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
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
Manager, 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