Riverside Provides Results and Exploration Updates from Two Alliance-Funded Properties in Mexico
February 25, 2013 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI) is pleased to provide exploration results and program updates for recent work completed at the Company’s Naranjo and Huacana projects in Mexico. Both projects are being advanced under the iron-oxide copper gold (IOCG) Strategic Alliance with partner Cliffs Natural Resources Exploration Inc., a wholly-owned subsidiary of Cliffs Natural Resources Inc. (NYSE: CLF) (Paris: CLF) (“Cliffs”). Riverside is currently managing a fully funded USD$450,000 work program now underway at the Huacana Project. The exploration work program consists of geologic mapping and rock-chip sampling, soil and stream-sediment sampling, re-examination of previous drill core, analytical studies, and an aeromagnetic-radiometric survey. Soil and stream-sediment sampling data have been received and are being interpreted; initial results are confirming and expanding the previously known positive results for a porphyry copper system.
The aeromagnetic-radiometric geophysical survey was recently completed at Huacana and data is being processed and interpreted. Geologic mapping is now underway. The exploration work program at the Huacana Project is intended to obtain detailed information to help refine the upcoming drill targeting to fill in and extend from previous drilling on the project with the hope of discovering the next major porphyry copper deposit in the Michoacan copper belt.
The drilling of three magnetic high anomalies was completed by Riverside at the Naranjo Project in Jalisco, Mexico, an iron-oxide copper gold (IOCG) target. The drill results intersected formational magnetite and did not discover a large iron body as had been hoped, following positive indications from airborne geophysics. With this target successfully tested, the Alliance has shifted focus to the more advanced Huacana Project.
The Huacana Project is located in the known porphyry copper district of Inguaran, Michoacan, in the southwestern Mexico copper-gold belt, host to other notable porphyry copper projects including the La Verde project being developed by Catalyst Copper and Teck, located 45 km northwest of Huacana. The Huacana Project was recently acquired by Riverside through an Option Agreement with Rome Resources Ltd. (Agreement details below), and is now being advanced under the IOCG Exploration Alliance with Cliffs.
John-Mark Staude, President and CEO, stated “We are pleased to have completed drilling at Naranjo, and although disappointed not to make a new grassroots discovery, we were able to give our stakeholders a shot at a big success while limiting the share dilution and direct costs through our Prospect Generator business model.” Staude added, “We now look forward to moving ahead rapidly with the Huacana Project where we see significant upside for Riverside shareholders and advance towards drill testing in a historically productive copper district of Mexico.”
In March of 2012, Riverside Resources Inc. entered into an Option Agreement with Rome Resources Ltd. (“Rome”) (as announced by Rome on March 21, 2012 and amended on October 15, 2012) for the Inguaran Project (now called “Huacana”), located in Michoacan, Mexico. Under the Agreement, Riverside can earn a 75% interest in the Huacana Project by incurring an aggregate $5M in exploration expenditures on the property by July 2, 2017. If Rome’s interest is diluted to less than 10%, Rome’s interest will be converted to a 1.5% NSR, of which 0.5% can be purchased for $1,000,000.
The scientific and technical data contained in this news release pertaining to the Naranjo and Huacana projects was reviewed by Riverside’s Chief Geologist, David S. Smith, MS, MBA, CPG, a non-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.
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 $7,000,000 in the treasury and 37,000,000 shares issued. The Company’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 can be found on the Company’s website at www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
For additional information contact:
Manager of Corporate Developement
778-327-6671 x 333
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.