Partner-Funded Drilling has Commenced at Riverside's Peñoles Project in Durango, Mexico
07 March 2014 - 12:00AM
Marketwired
Partner-Funded Drilling has Commenced at Riverside's Peñoles
Project in Durango, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Mar 6, 2014) -
Riverside Resources Inc. ("Riverside" or the "Company")
(TSX-VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99) is pleased to
announce that drilling has commenced on the Peñoles project in
Durango, Mexico. The 3,000-metre drilling program is designed to
expand on the known silver and gold mineralized areas identified by
previous drilling campaigns. Initial drill holes are planned at
Jesus Maria to follow up on high-grade silver results from the
5-hole program that was completed the previous year, which included
320 g/t silver over 11.85 metres (see press release June 10, 2013).
Click the following link to view a short video clip of the drilling
at the Penoles Project captured three days ago:
www.rivres.com/penoles-video
The Peñoles project is located in the Durango silver-gold belt
in north-central Mexico and is currently owned 100% by Riverside.
The current drilling campaign under way on the property is being
conducted pursuant to a commitment by Morro Bay Resources Ltd.
("Morro Bay") to perform $750,000 of exploration work on the
property during the first part of 2014. Morro Bay can complete its
option to earn an initial 51-per-cent interest in the property by
paying USD$1.35-million in cash to Riverside and paying
USD$1.5-million worth of Morro Bay shares (or cash at Morro Bay's
option, provided that if the market value of the Morro Bay shares
is less than five cents based on a 30-day volume-weighted average
price, such payment must be made in cash) by June 30, 2014. For
more information see Riverside press release dated January 23,
2014.
Riverside's President and CEO, John-Mark Staude stated,
"Riverside is pleased to see partner-funded drilling begin at
the Peñoles project and looks forward to further results from the
historic Jesus Maria silver mine area, the San Rafael vein system,
and further drilling on the Capitan Hill zone. Field evaluation
exploration work is also being completed on a number of additional
targets on the property and Riverside continues to evaluate the big
scale potential as the Peñoles Project is advanced."
Property Details:
The 350 km² Peñoles Project includes concessions staked by
Riverside in 2008 and several smaller concessions covering historic
mine workings purchased by Riverside from the underlying owners all
such concessions being located in the Peñoles Mining District,
Durango, Mexico (the "Peñoles Project"). Peñoles is a historic
silver mining district in the Durango Silver Belt that has had
relatively little modern exploration. Published historical accounts
indicate that Compania Minera Industrias Peñoles operated several
vein-type, underground silver mines at Peñoles from 1887 to 1908,
however production records are limited and potential extensions of
the mines have not been systematically explored. The Peñoles
Project includes two historic silver mines (Jesus Maria and San
Rafael), an oxide gold prospect (referred to as El Capitan) and
numerous exploration targets. Please click the following link for
more information on the Peñoles Project: www.rivres.com/penoles
Qualified Person and QA/QC:
The scientific and technical data contained in this news release
pertaining to the Peñoles Project was reviewed by Riverside's Chief
Geologist, David S. Smith, MS, MBA, CPG, a non-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 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.comwww.rivres.comRiverside
Resources Inc.Joness LangManager, Corporate Development(877)
RIV-RES1(778) 327-6675jlang@rivres.comwww.rivres.com
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