Riverside Acquires 3 IOCG Properties in Jalisco, Mexico with Alliance Partners Cliffs Natural Resource Exploration Inc.
September 19, 2011
RIVERSIDE RESOURCES HAS ACQUIRED THREE IOCG PROPERTIES IN JALISCO, MEXICO WITH ALLIANCE PARTNER CLIFFS NATURAL RESOURCE EXPLORATION INC, AND HAS COMMENCED AEROMAGNETIC SURVEY
September 19, 2011 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) is pleased to announce the acquisition of three Iron Oxide Copper Gold (IOCG) exploration projects in Jalisco, Mexico. Riverside has now started an intensive exploration program with airborne magnetic surveys and field programs to evaluate the potential of these prospects under the Company’s existing strategic alliance with Cliffs Natural Resources Exploration Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) (“Cliffs”) (News Release June 17, 2010). The aeromagnetic surveys are being flown over the Jalisco properties of La Huerta, El Naranjo and La Robleda, located near active iron mines and form part of Mexico’s richest iron production region. Results from these surveys are expected to be interpreted for large, shallow IOCG systems and iron ore bodies to target for immediate follow up and advancement towards drill testing. Riverside completed regional stream sampling, remote sensing, and geologic mapping which has given positive indications for IOCG deposits in this area.
“Riverside is delighted with the team’s exploration progress working safely and focused on strong targets that can make a potential giant mine. The three properties are giving favorable indicators such as alteration, geophysical signature, and are in positive exploration areas, such that Riverside is able to advance quickly.”
–John-Mark Staude, President & CEO of Riverside Resources Inc.
The properties La Huerta, El Naranjo and La Robleda cover a combined 430 km² and are located in the primary IOCG belt that hosts mine production by large multinational companies such as Arcelor Mittal and Hercules Mining. The aeromagnetic and radiometric survey consists of 2,300 line kilometers, distributed according to the size of the properties, and includes radiometric readings in conjunction with the magnetic lectures. The three properties have island arc volcanosedimentary rocks and platform limestone affected by Tertiary intrusive rocks; the same assemblage found in large iron deposits in the southwest coast of Mexico, like the nearby Peña Colorada Mine.
The full details of the Riverside-Cliffs IOCG Alliance agreement can be viewed on the Company’s websitewww.rivres.com or in the June 17, 2010 press release.
Assaying and Qualified Person:
The scientific and technical data contained in this news release were prepared under the supervision of Mark J.Pryor, Pr.Sc.Nat., 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.
Pursuant to the Company’s stock option plan, and subject to TSX-V approval, Riverside has granted 880,000 options to purchase common shares of the Company at a price of CDN$0.94, for a five year period to certain Directors, Officers and Consultants of the Company.
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 can be found on the Riverside Resources Inc. website at www.rivres.com.
For additional information contact:
Manager, Corporate Communications
Riverside Resources Inc.
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.
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