VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 23, 2016) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) is pleased to provide an overview of the Company's accomplishments achieved during 2016. This past year has been an up and down year for the junior resource sector with the underlying metals prices fluctuating significantly. Riverside has been successful in delivering a number of milestones without company share dilution, while still maintaining a strong corporate treasury.
The list below outlines some of the key outcomes from 2016:
- Completed two-phase partner-funded exploration program at the Company's Thor Copper Project in Sonora, Mexico (partner: Antofagasta Minerals Plc.).
- Drilled ~1,200 metres at the Thor Project, with results expected in early 2017.
- Drilled multiple 6 g/t Au intercepts at the Tajitos Gold Project (available for option).
- Signed an Option Agreement with Centerra Gold Inc. to advance the Company's Glor Gold Project in Sonora, Mexico.
- Completed significant partner-funded exploration work at Glor including: soil geochemistry, ground magnetics surveys, rock-chip sampling and trenching. Exploration results will be released in early 2017 with drilling expected to follow.
- Sold 3,000,000 Croesus Gold Corp shares for $650,000 in cash proceeds, while still retaining a strong share position and NSR on the Sugarloaf Peak Gold Project.
- Signed an option agreement with Silver Viper Minerals Corp. to advance the Company's Clemente Project in Sonora, Mexico.
- Staked and acquired the Ariel Copper Project in Sonora, Mexico (available for option).
- Re-acquired a 100% interest in the Company's Penoles Project, which was advanced with ~10,000 metres of drilling and an initial 43-101 inferred resource estimate while under partnership (available for option).
- Staked and acquired additional concessions in Mexico (titles pending).
- Sampled up to 7.24 g/t Au during initial exploration efforts at the Company's La Silla Project in Sinaloa, Mexico.
- Appointed two new directors (Carol Ellis and Walter Henry) and appointed new VP, Exploration (Ron Burk).
Riverside delivered multiple exploration programs, drill campaigns and new partnerships and will conclude the 2016 calendar year with roughly the same cash position ($3.5M) and same share count (less than 37.5M outstanding) that the Company started the year with.
President and CEO, John-Mark Staude, stated: "We are pleased with the progress of our Prospect Generator business and excited at the prospects for a new discovery and further value creation and portfolio strengthening in 2017. The Thor, Glor and Clemente projects will all deliver partner funded activity, with results from at least two drill programs in the year ahead. We will layout our goals early in 2017 and have the team in place pushing for transformational mineral discoveries. Riverside is in a much better place entering 2017 than a year ago and we are keen to capitalize on the momentum with several catalysts early in 2017."
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On December 16, 2016 the Company granted 1,070,000 incentive stock options (the "Options") to certain Directors, Officers and Consultants of the Company. The Options are exercisable at $0.42 per share for a period of five years from the date of grant. Options granted to individuals in their capacity as a Director vest in three equal installments over 18 months and Options granted to Officers and Consultants vest in four equal installments over 12 months. The Options were granted pursuant to the Company's shareholder-approved stock option plan. The Options are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.
About Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers. The Company currently has approximately $3,500,000 in the treasury and less than 37,500,000 shares outstanding. The Company's model of growth through partnerships and exploration uses the prospect generation business approach to own resources, while partners share in de-risking projects on route to discovery. Riverside has additional properties available for option with more information available on the Company's 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. 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.
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.