Riverside Resources Signs Agreement to Option the Coatan Gold Project to Paget Southern Resources for Payments and Work Program
December 20 2013 - 10:03AM
Marketwired
Riverside Resources Signs Agreement to Option the Coatan Gold
Project to Paget Southern Resources for Payments and Work Program
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 20, 2013) -
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.
Riverside Resources Inc.John-Mark StaudePresident & CEO(778)
327-6671(778) 327-6675info@rivres.comRiverside Resources Inc.Joness
LangManager, Corporate Development(877) RIV-RES1(778)
327-6675jlang@rivres.comwww.rivres.com
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