|By Marketwired .||
|December 20, 2013 10:03 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 12/20/13 -- Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE: RRI)(PINKSHEETS: RVSDF)(FRANKFURT: R99) is pleased to announce that through its wholly owned subsidiary, Riverside Resources Mexico, S.A. de C.V., the Company has signed an agreement with Paget Southern Resources S. de R.L. de C.V. ("Paget"), a wholly owned subsidiary of Pembrook Mining Corp., granting Paget the option to earn up to a 100% interest in the Coatan Gold Project (the "Project"). In order to earn an initial 70% interest, (the "Initial Option"), Paget will have to incur $1,800,000 in exploration expenditures over four (4) years and make $27,460 in cash payments to Riverside. Upon exercising the Initial Option, Paget will have the option to acquire the remaining 30% by paying $1,500,000 in cash to Riverside within one (1) year (the "Additional Option"). In the event that Paget acquires a 100% interest in the Project, Riverside would retain a 2% Net Smelter Return (NSR) royalty, or if either party's interest falls below 10% it will be converted to a 2% NSR.
The 131 km2 Coatan Project is located in Chiapas, the southernmost state in Mexico. Riverside staked the property and completed initial reconnaissance exploration work in 2011. Mineralization on the Project displays vuggy quartz, alteration minerals, and trace elements that suggest high-sulfidation epithermal precious-metals systems. There are three main zones of interest on the Project so far; Naranjo, Mirador and Vereda. These anomalous zones were identified by anomalous stream sediment samples, whose drainage basins are about 5 kilometres long by 3 kilometres wide. Initial field exploration on the Project has returned several noteworthy float samples of greater than 1 g/t and up to 5.2 g/t gold with textures indicative of high-sulfidation style mineralization in these samples.
Riverside President and CEO, John-Mark Staude, commented: "We are pleased to have the Coatan Gold Project move ahead with partner-funded exploration focused on delineating the highest priority drill targets for future testing and to carry the exploration and concession costs. Riverside continues to focus its efforts in north and central Mexico where the Company maintains its Mexico head office (Hermosillo, Sonora) and has major funding support from its alliance partners Antofagasta and Hochschild."
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Coatan Gold 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 the Company 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 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.
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.