PROJECTS
| Kinross Exploration Alliance |
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Riverside signed a Precious Metals Exploration Alliance focused on the Mesa Central Region of Mexico. The general terms of the Alliance recognize Riverside's historic work in Mexico, as well as its proprietary database and on-going generative field programs. Under the terms of the Alliance, Kinross will invest US$800,000 and Riverside will invest US$300,000 to fund exploration in the Mesa Central Region over the next two years.
Riverside and Kinross have entered into this Alliance with the objective of identifying potential high quality precious metal deposits in the Mesa Central Region of Mexico. The agreement is not a private placement, but rather a direct investment into the identification and exploration programs for mineral properties in Mexico. As per the terms of the agreement, Kinross will contribute US$400,000 per year and Riverside will contribute US $150,000 per year, each over a two year period. The agreement also states that the Alliance can be extended upon mutual agreement. Projects identified and acquired through the Alliance will be progressed as joint ventures between Kinross and Riverside with varying initial ownership percentages depending on the nature of project.
The Mesa Central Region of Mexico, where this Alliance is to focus, is rich in precious metals. Much of Mexico's silver production which has made it the world's number one producer for over 500 years comes from this region. Additionally, gold has been produced and recent discoveries indicate that the Mesa Central has vast untapped potential for new gold discoveries. During the 1800's, Nevada was known as the "Silver State". Then, during the later half of the 1900's, Nevada became a world leader in gold production. The Mesa Central has the potential to undergo a similar transformation and the Alliance is a key step for Riverside to move ahead in identifying and progressing key prospects. Recent discoveries by Penoles and MAG Silver at Fresnillo, Goldcorp bringing the Penasquito Mine into production, and many other gold-silver mines now operating, demonstrate a major potential for growth in precious metal production over the coming years. With this growth in production, Riverside anticipates precious metal production in the region to increase and the Alliance aims to be a leader in finding new areas and gaining exposure to high quality projects in the coming months.
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