VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 21, 2011) – Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(PINK SHEETS:RVSDF)(FRANKFURT:R99) is pleased to announce that partner Choice Gold Corp. (“Choice”) has commenced an initial 5,000 metre diamond drilling program at Riverside’s 24 km² Sugarloaf Peak Gold Project (“Sugarloaf” or the “Project”) outside of Quartz site, Arizona, USA. The first phase of drilling will target gold-bearing alteration zones and major structures recognized during the recent surface sampling campaign. The program is also designed to include deeper holes to test the 2.5 km long chargeability anomaly identified at depth during April’s Titan 24 ground survey.
“The 5,000 metre program at Sugarloaf Peak has the potential of hitting high-grade feeder structures near surface, while also testing a newly discovered and previously untested portion of the chargeability anomaly at depth. This is the third partner funded drill program now concurrently underway and Riverside shareholders can look forward to a steady stream of news flow and results ahead,” stated John-Mark Staude, president and CEO of Riverside Resources Inc.
Option Agreement with Choice Gold
In February 2011 Riverside Resources, following its prospect generator business model signed an option agreement with Choice Gold Corp. whereby Choice Gold can acquire a 100% interest in the Company’s Sugarloaf Peak Project in Arizona (News Release, February 28, 2011). In order to exercise the option Choice Gold must issue Riverside an aggregate 13,600,000 Choice Gold shares (of which Riverside has already received 8.6 million shares, News Release, May 5, 2011), make total cash payments of $1,750,000 to Riverside, and incur $5,500,000 in exploration expenditures on the Property within 36 months of the agreement. The issuance schedule of Choice Gold Corp.’s common shares will be such that Riverside will maintain a significant ownership interest in Choice Gold’s issued and outstanding shares.
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 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, including those available for option, can be found on the Riverside Resources Inc. website at www.rivres.com.
The scientific and technical data contained in this news release were 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.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
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.
Contact Information
Riverside Resources Inc.
Joness Lang
Manager, Corporate Communications
(778) 327-6671
(778) 327-6675 (FAX)
Riverside Resources Inc.
Kaley Reid
Corporate Communications
(778) 327-6671
(778) 327-6675 (FAX)
Leave a Reply
Want to join the discussion?Feel free to contribute!