Riverside Outlines Growth for 2011 and Reviews 2010 Highlights
In 2011, Riverside Resources Inc. will be drilling high priority targets in Mexico and advancing projects with near surface high-grade veins and open pit potential. The upcoming year will build upon 2010 where Riverside successfully delivered on its goals to raise shareholder value through strategic Exploration Alliances, property acquisitions and joint-venture partnerships. Riverside has built a strong and broad portfolio of gold and silver projects, many of which are now drill-ready. Riverside’s share price appreciated approximately 74 percent last year, and the Company’s portfolio growth in 2010 was accomplished while sustaining its tight share structure of under 25,000,000 shares issued, with over $3 million cash on hand. An overview of Riverside’s 2010 accomplishments is listed below followed by Prospects for 2011:
Riverside joint ventured its Libertad Gold project to Geologix Exploration Inc. (TSX: GIX) (News Release March 16, 2010), whose drill program returned encouraging assay results including an intercept of 94 m of 0.74 g/t gold equivalent (News Release November 8, 2010). In addition, Riverside will maintain a 40% interest in the optioned Cerro Azul Copper-Gold Project after earn in work commitments are completed by Guerrero Exploration Inc. in 2011 (News Release June 7, 2010).
Riverside acquired and advanced the 146 km² Tajitos Gold Project, located on the gold-rich Mojave-Sonora Megashear gold belt (News Release January 5, 2010). The property returned encouraging rock chip sample assay results up to 34 g/t gold. Further work by the Riverside team has identified 3 target drill zones, each of which has the potential to be advanced towards a discovery and gold resource through future drilling (News Release April 7, 2010). Riverside also acquired theClemente Silver-Gold Project in Sonora, Mexico discovering high grade silver exceeding 2 kg/t in shear zone vein structures, with numerous samples returning silver grades over 500 g/t (News Release September 28, 2010).
Durango Gold Properties:
Riverside completed the development of a strategic portfolio of 5 drill-ready, gold-silver projects in the Mesa Central Region of Durango-Zacatecas, Mexico. These projects add substantial value to Riverside’s property portfolio and were developed at a relatively low cost through a completed Exploration Alliance with Kinross Gold Corporation (News Release December 9, 2010). The Catrina and Escondida properties along with Pedernal and Maravillas make up a suite of drill ready properties that Riverside will look to advance through partnership.
Cliffs IOCG Exploration Alliance:
Cliffs is contributing US$750,000 to the Riverside-Cliffs Alliance on an annual basis, for a minimum of $1,500,000 to fund the exploration program over a two-year period (News Release June 17, 2010).
In 2011, Riverside will unlock value by advancing its drill ready gold-silver assets through joint ventures and targeted drill programs by Riverside. The Company’s technical team continues to work with Cliffs Natural Resources on the development of high potential IOCG targets, and will deliver a progress report in the coming months. The culmination of more than two years of generative exploration work in central Mexico has created the potential for a bundled asset deal, or spin out opportunity for Riverside’s Durango Gold Properties. Further, the Company’s assets in Arizona, USA: Sugarloaf Peak; and Sonora, Mexico: Tajitos and Clemente are attractive joint venture targets that should generate deal flow in 2011. Riverside plans to grow its property portfolio by continuing to progress exploration initiatives in Mexico through targeted acquisition, while also exploring diversification opportunities in new jurisdictions. An overview of Riverside’s anticipated corporate plans for 2011 are summarized below:
- Targeted drill program by Riverside
- Completion of multiple JV deals
- New IPO with Cerro Azul project – Guerrero Exploration Inc. with Riverside retaining substantial interest in the new company and operating the on-ground technical program without diluting fees from Riverside
- Property acquisition and exploration development with Cliffs Natural Resources
- Potential spin out or JV deals on Durango silver-gold assets (portfolio of 5 properties)
- Sonora gold belt exploration – acquisition of high quality targets near active mines along with work on Riverside’s other drill ready properties
- Diversify portfolio by expanding into a new jurisdiction
- Explore new strategic alliance opportunities
Please visit www.rivres.com to view the most recent corporate brochure, presentation, and project details.
Pursuant to the Company’s stock option plan, and subject to the TSX-V approval, Riverside has granted 1,020,000 common shares of the Company at a price of CDN$0.98, for a five year period to certain Directors, Officers and Consultants of the Company.
The scientific and technical data contained in this news release were prepared under the supervision of Mark J Pryor, Pri.Sci.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.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
For additional information contact:
Manager, Corporate Development
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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