Riverside Resources Acquires Significant Gold Project at Puerto Libertad, Sonora, Mexico
VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 14, 2008) – Riverside Resources Inc. (“Riverside”) (TSX VENTURE:RRI) is pleased to announce it has signed an option agreement to acquire a 100% interest in the privately owned Destierro Gold Property in western Sonora, Mexico. The 485 hectare property has produced numerous gold surface samples many of which were greater than 2 g/t, but it has yet to be drill tested. Riverside has also staked more than 110 km2 surrounding the Destierro Property. This large claim is 100% owned by Riverside and is known as the Libertad Property and covers at least two Mesquite Gold Mine and Herradura Gold Mine-style shear zone gold targets.
“The Destiero and Libertad properties represent our sixth project in Mexico and we feel that the large land position, easy access, abundance of gold showings and the relative lack of exploration are favorable indicators of this project’s potential for success,” said John-Mark Staude, President and CEO, Riverside Resources. “This is a strong addition to Riverside’s growing portfolio of Mexican mineral properties and we are very pleased to have optioned the Destiero property with such favorable terms. Our exploration team is currently mapping and sampling the properties and the known extents of mineralization are increasing as satellite areas are being identified for untested mineral potential.”
The 485 hectare Destierro property is located in Sonora which has excellent access yet has seen minimal exploration. Geochemical samples containing up to 8.0 g/t gold and up to 198 g/t silver have been discovered on the property though it has never been drill tested. Mineralization throughout the property shows evidence of low sulfidation systems with bladed quartz textures and banded adularia- quartz veins overprinting earlier shear zone mineralization. Sonora is a hotbed of mineral exploration activity and this property was generated through Riverside’s prospect generation exploration team as they continue to apply cutting edge exploration targeting techniques along with boot leather and dedication to field prospecting.
Pursuant to the option agreement Riverside Resources has the right to acquire a 100% interest with no royalties or specific work commitments on the property for a total of US$400,000 in cash payments payable to the optionors as follows:
1. US$10,000 at the signature of the agreement;
2. US$15,000 after the first year;
3. US$25,000 after the second year;
4. US$50,000 after the third year;
5. US$300,000 after the fourth year to reach 100% ownership.
The Libertad Property with the inlier Destierro Property is located 20 km south of the La Fortuna Del Cobre porphyry copper district and 15 kilometers by paved road from the Gulf of California port city of Puerto Libertad. The Libertad concession has several strong aeromagnetic anomalies and the major fault structures can be traced from exposed mineralization out under cover suggesting potential for substantial upside for further exploration potential. Remote sensing Aster processing and regional stream sediment sampling provide exploration anomalies that are the focus of the current field evaluation efforts as mapping and sampling is turning up positive results.
The scientific and technical information 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. Samples were prepared by Inspectorate Labs of Hermosillo, Sonora, Mexico and then analyzed by Inspectorate Labs of Reno, Nevada, USA using aqua regia digestion on a 15-gram sample followed by ICP-MS analysis.
Riverside Resources operates a prospect generator business model leveraging an experienced management team, a proprietary geological database and local knowledge to identify and acquire high-quality exploration opportunities. In its first year, Riverside has acquired the Sugarloaf Peak Gold Deposit located in Arizona, USA and six properties including the El Capitan Gold Project that is currently being drill tested by Riverside in Mexico. For more information please visit: www.rivres.com.
Certain statements in this press release may be considered forward-looking information, which statements can be identified by the use of forward looking terminology (e.g., “expect” or “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 disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
(c) 2008 Marketwire. Provided by ProQuest Information and Learning. All rights Reserved.