Riverside Resources Inc.
TSX VENTURE : RRI

Riverside Resources Inc.

June 22, 2009 09:00 ET

Riverside Signs Letter of Intent to Option Libertad Gold Project, Mexico to Geologix Explorations Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 22, 2009) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI) is pleased to announce that Geologix Explorations Inc. ("Geologix") (TSX VENTURE:GIX) and Riverside Resources Inc. have signed a binding Letter of Intent (LOI) where by Geologix can earn up to 60% interest in Riverside's 100% owned Libertad Gold Project, located in Sonora, Mexico by investing $3,000,000 and making payments totaling $400,000 over four years. During the option Geologix will take over all underlying property payments and claim maintenance fees. Once the initial option is complete Geologix has a second option to earn an additional 25% by spending another $2,000,000 on the Libertad property and making payments totaling $500,000 to Riverside within an additional two years.

"Riverside has demonstrated once again its commitment to the prospect generator business model. By identifying high quality properties, adding value through field exploration then partnering with other mineral exploration companies to progress the projects toward development, Riverside aims to increase shareholder value while mitigating development risk. The Libertad property has tremendous potential, and we look forward to working with Geologix in order to progress the project," stated Dr. John-Mark Staude, President & CEO Riverside Resources. "The Riverside team is eager to review new opportunities as well as find partners for other properties in Riverside's portfolio. This summer we plan to drill the Sugarloaf Peak Gold Project in order to better understand the historic non NI 43-101 1.2 million ounce historic gold resource in Arizona."

Property Details:

The Libertad Property is located 20km south of the La Fortuna Del Cobre porphyry copper district and 15km south west of the Gulf of California deep water port town of Puerto Libertad. Access and infrastructure are excellent as the property is traversed by a major paved road and power lines. The city of Hermosillo is located 250km to the southeast of the property and is a base for the Riverside exploration team.

The property is comprised of the 160km2 Libertad concessions and the central 485 hectare Destierro property. The Destierro property has encountered numerous geochemical surface samples with analytical results of up to 8.0 grams per tonne (g/t) gold (Au) and up to 198 g/t silver (Ag). The property has never been drill tested. Mineralization throughout the property shows evidence of a low sulphidation system with bladed quartz textures and banded adularia-quartz veins overprinting earlier shear zone mineralization. The targets of exploration activities will be low sulphidation stockwork and shear zone related gold-silver mineralization as well as porphyry related disseminated copper and molybdenum mineralization.

Previous detailed geological mapping and sampling programs on the Libertad Project appear to have identified a potential strike length of exposed anomalous gold values of over 1.8km. Quartz veining in stockwork and sheeted zones greater than 6 metres 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 Ag in the same structures show that the mineralized zones have a multi-precious element character.

Option Agreement Details:

1. For Geologix to earn an initial 60% interest:



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Due Dates Payments Exploration Expenditures
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Upon execution of LOI by Riverside $50,000 -
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12 months $50,000 $250,000
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24 months $50,000 $650,000
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36 months $100,000 $900,000
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48 months $150,000 $1,200,000
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Total: $400,000 $3,000,000
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a. Year 1 Exploration Expenditures of $250,000 are committed;

b. Payments can be in the form of GIX shares at 110% cash value or straight cash.

c. Commitment to complete drill program within first two years of option.

2. Additional Option: For Geologix to earn an additional 25% interest:

a. Subsequent to the exercise of the Initial Option, within 24 months, an additional $2.0 million exploration expense and $500,000 in cash or shares.

3. If Riverside dilutes to less than 10%, the Company's interest is converted to a 2% NSR on gold and silver and a 1% NSR on copper and molybdenum. GIX may elect to buy 0.5% of the 2% gold-silver NSR for $1.0
million anytime between years one and six.

Completion of the acquisition is subject to the completion of a definitive agreement and exchange approval.

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 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.

About Riverside Resources:

Riverside Resources Inc. is well financed with over $4,000,000 in the treasury and 21,805,080 shares outstanding. The Company operates under a joint-venture, shared-risk business model that capitalizes on the company's technical knowledge and vast experience in the field. The company acquires quality projects that have unrecognized upside and solid potential for discoveries then mitigates risk by working with partners to advance the project. By undertaking this high-return exploration and evaluation work Riverside is exposed to high growth potential. With a dedicated team of proven resource discoverers the company generates a high quality property portfolio and then partners with others to conduct the extraction of mineral assets. Riverside is currently operating an Exploration Alliance with Kinross Gold Corporation and has optioned two of its properties to Arcus Development Group Inc. Riverside is predominantly active in Mexico and Arizona where a drill program is expected to begin this summer on the large gold system at the Sugarloaf Peak Gold Project. Additional property information and diagrams that have been completed by Riverside's in-house exploration team can be found on the Riverside Resources Inc. website at www.rivres.com.

ON BEHALF OF RIVERSIDE RESOURCES INC.

Dr. John-Mark Staude, President & CEO

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","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.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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