December 6, 2016 – Vancouver, BC: Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI), is pleased to announce that it has signed an option agreement (the “Agreement”) with Silver Viper Minerals Corp. (“Silver Viper”) for the Clemente Project (the “Project”) in Sonora, Mexico. Silver Viper can earn an undivided 100% interest in the Project by paying $750,000 in cash, 2,000,000 Silver Viper common shares and incurring $4,000,000 in exploration expenditures within five (5) years. Riverside will retain a 2% net smelter returns royalty (NSR).
Riverside’s President and CEO, John-Mark Staude stated, “Riverside is pleased to advance the Clemente Project with a reputable group that has a track record of making discoveries in Mexico including La Preciosa with Orko Silver Corp. and Coneto and Sandra Escobar with Orex Minerals Inc. The Clemente area of Sonora has good surface access, is readily workable year-round, and is in close proximity to open pit gold mines in Sonora. Initial partner-funded exploration is anticipated to commence in the first half of 2017 and we look forward to potential drilling at Clemente in the near future.”
Option Agreement Details:
|Signing LOI||$15,000 (paid)||Nil||Nil|
|Signing Definitive Agreement||$25,000 (paid)||1,000,000 (paid)||Nil|
*All amounts in Canadian dollars
**Silver Viper must complete a minimum of 2,500 metres of drilling before the 2nd anniversary of the closing date.
Riverside will retain a 2% NSR, with Silver Viper having the right to purchase 100% of the NSR for $4,000,000 within 5 years of the closing date of this Agreement. Silver Viper will also have the right to purchase 50% of the NSR for $3,000,000 within 8 years of the closing date.
Additional Agreement details can be found by viewing the Company’s SEDAR filings.
About the Clemente Project:
The Clemente Project was originally identified and acquired using Riverside's mineral location database for Mexico. The Project is located in the heart of the Sonora Megashear and only 7 km from the past producing Cerro Colorado Mine. Previous field work completed by Riverside discovered high-grade silver exceeding 2 kg/t in outcrops.
Previous work consisted of rock chip samples and returned silver assay values from <5 g/t up to 2,900 g/t Ag and gold values from <5 ppb up to 5.4 g/t Au. Numerous rock chip samples returned values over 50 g/t silver, which is uncommon for this region of Mexico and warrants further follow-up work to refine initial target concepts and develop a proposed plan for potential drilling on the silver areas. The Project has excellent infrastructure with power, water and road access making the targets easily accessible and cost effective for future exploration and development.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Clemente Project was reviewed by 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.
About Silver Viper Minerals Corp:
Silver Viper is a private company operated by Belcarra Group Management Ltd., the same group managing Barsele Minerals Corp. (“Barsele”) and Orex Minerals Inc. (“Orex”). Barsele has a JV with Agnico Eagle on its Barsele Gold Project and is valued at more than $100,000,000. Orex recently made a new discovery in Mexico at the Sandra Escobar Project in Durango, Mexico.
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
For additional information contact:
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.