Riverside Resources Reports Positive Results from Gold Projects in Mexico And Usa
September 8, 2008 - Vancouver, British Columbia: Riverside Resources Inc. (TSX-V: RRI) is pleased to report initial results from exploration programs on the Sugarloaf Peak Gold Project in Arizona, the Libertad Gold Project located in Sonora, Mexico and the El Capitan Gold Project in Durango, Mexico. Over the last three months the Company has completed detailed geological mapping and sampling programs on the Sugarloaf Peak and Libertad properties with multi-element analytical results returning assays up to 6 and 8 g/t Au respectively. In addition, the Company has completed a five hole core drilling program at the El Capitan Project with all five holes successfully intersecting the targeted stratigraphic horizon at shallow, potential open-pit depths. Cores have been logged, split and sent to Inspectorate Laboratories for multi-element analyses.
"We are encouraged by the initial results and expansion of the targets coming from our exploration programs on the Sugarloaf, Libertad and El Capitan projects," said Dr. John-Mark Staude, President and CEO, Riverside Resources. "Our exploration programs are adding to our property information which allows us to better identify prospective drill targets. We look forward to continue to execute on our prospect generator business plan of advancing mineral properties with great potential."
The Sugarloaf Peak Gold Project, located west of Quartzsite, Arizona, has been the object of at least four intermittent drilling campaigns and small scale lode and placer gold mining during the 1950's through 1990's resulting in a historic, non 43-101 compliant, estimated resource of more than 1.2 million ounces of 0.6 g/t gold average grade. The geological mapping and sampling program completed this summer has established continuity with historic data and has expanded the size and identified gold grades of the known surface anomaly. It has also outlined a large 1,200 meters by 600 meters area of quartz veining with sericite-clay alteration which appears to be only a portion of the surface expression of a hydrothermal alteration foot-print of the target. The surface sampling program returned gold assays of up to 6.8 g/t Au and has expanded the known areal extent of anomalous gold values. Riverside's technical team has been combining historic drill data with the new detailed mapping and sampling to improve the understanding of the property's mineralization. The information will be used for a NI 43-101 Technical Report which is nearing completion.
A five hole drill program has been completed on the El Capitan, a hot-spring type epithermal gold property located in Durango, Mexico focused on extending the results from gold-bearing surface samples and previous drilling that intersected gold mineralization. The surface exposure of gold mineralization in silicified stratigraphic contact zone has strike length of more than a kilometer. The property is located near recent discoveries at San Augustin (Geologix, TSX-V:GIX) and Camino Rojo (Canplats,TSX-V: CPQ) in the same Durango-Zacatecas metalliferous belt.
The detailed geological mapping and sampling programs on the Libertad Project in western Sonora, Mexico appear to have identified a potential strike length of exposed anomalous gold values of over 1.8 km along strike. Quartz veining in stockwork and sheeted zones greater than 6 meters wide as well as sheared volcanics have returned gold values ranging up to 8.5 g/t Au in grab samples. Silver values of 30 to 198 g/t in the same structures show that the mineralized zones have a multi-precious element character. Other elements, such as antimony and lead indicate a metal zoning which may help to identify the potentially high grade areas of the structures. The geologic characteristics and the overall geology are similar to the San Felipe Mine in Baja California (625,000 oz Au produced). An Aster remote sensing study is underway on the project and additional field work is being conducted.
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. Samples for the Sugarloaf Peak Project were processed at Jacob's Skyline Laboratory in Tucson and then shipped to ALS Chemex in Vancouver for analyses. Samples for the Libertad project 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. All labs are ISO certified.
At the end of July 2008 Riverside had approximately $4 million in cash on hand.
Riverside Resources follows a prospect generator business model focused on capitalizing on the technical team's strong experience and on the ground local approach of mineral exploration. Partnering with other companies on the majority of the projects ensures a few projects each year will be drill tested. The generative program is based on the team's more than 60 years of collective exploration experience and participation in over a half dozen orebody discoveries.
More information on Riverside as well at its active joint ventures can be found on its website 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.
For additional information contact:
President & CEO, Director
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.