Riverside Resources' Partner Mexigold Corp. Commences Exploration Targeting Work Programs at the Catrina and Pedernal Gold Projects in Durango, Mexico
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/28/11 -- Riverside Resources Inc. ('Riverside' or the 'Company') (TSX VENTURE: RRI)(PINK SHEETS: RVSDF)(FRANKFURT: R99) is pleased to announce that partner Mexigold Corp. ('Mexigold') has commenced drill targeting work programs at the Catrina and Pedernal Gold Projects in Durango, Mexico. The systematic exploration programs will build on previous work completed during the Kinross-Riverside Alliance, and will aim to increase discovery potential while adding value to both properties. The programs will include further soil and rock chip sampling, as well as ground magnetics, inverse-polarity geophysics surveys and trenching to refine targeting for the first phase of drilling on each property. Following the work programs at Catrina and Pedernal a sampling program is expected to begin at the Escondida. All three of these properties are located within the highly productive Mesa Central Region of Mexico.
'Riverside continues to unlock value by leveraging the strength of its partnership network to advance projects toward discovery. The work programs developed with Mexigold have been designed to increase discovery potential and forward the projects toward near-term drill testing,' stated John-Mark Staude, president and CEO of Riverside Resources Inc.
Catrina Project
A total of 827 soil samples have already been collected and will now be sent to the lab for assaying. Further rock sampling along with a comprehensive trenching program are designed to test the extents of alteration and mineralization in areas of shallow cover, and further refine the drill targets in the main Catrina target zone. Final drill planning, environmental permitting and mobilization are expected to follow the initial phases of this work program with drill testing expected to start in the fall.
Pedernal Project
An induced polarization (IP) program will be completed at Pedernal in addition to the systematic geochemistry sampling, mapping and trenching. The IP program will consist of 16 line-km to cross cut the veins controlling mineralization and test the potential depth of the system and refine drill locations. Drill testing is anticipated to follow field work, permitting and analysis this fall.
Escondida Project
The planned work on the Escondida property will include a targeting program designed to further delineate the proposed drill program on the property. This will include assaying 1,685 soil samples that have already been collected, further rock chip sampling, ground magnetics, and a continuation of the inverse-polarity geophysics survey that has identified a clear east-west striking trend through the main drill target zone. The planned drill testing at Escondida will be carried to the second year of the work program.
Agreement Details:
Mexigold can acquire a 75% interest in the Durango properties by issuing Riverside an aggregate 2.6 million Mexigold shares, making total cash payments of $500,000 to Riverside, and incurring an aggregate $4-million in exploration expenditures on the Durango properties within 36 months of the agreement. Included in the exploration expenditure requirements is a commitment to drill a minimum of 3,000 metres on the Durango properties within 12 months from the date of the agreement.
The scientific and technical data contained in this news release were prepared under the supervision of Mark J Pryor, Pr.Sci.Nat., 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 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 35,000,000 shares issued. Riverside'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.
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