Riverside and Choice Gold Begin $2M Work Program on Sugarloaf Peak Gold Project
March 30, 2011 – Vancouver, BC: Riverside Resources Inc. ("Riverside" or the "Company") (TSX-V: RRI) is pleased to announce that Riverside and its partner Choice Gold Corp. (CNSX: CHF) (formerly CLI Resources Inc.) (“Choice Gold”) has commenced its work program on Riverside’s Sugarloaf Peak Gold Project (“Sugarloaf” or “Project”) in Quartzsite, Arizona. The anticipated $2,000,000 first year work program starts with an aeromagnetic survey, new geologic and geochemical analysis, and Quantec Geoscience’s cutting edge “Titian 24 Deep Earth Imaging” (“Titan 24”) technology for Induced Polarization testing, which will image Sugarloaf’s surface and deeper physical features. The system does not analyze mineralization or grade of metals but will be helpful to visualize the depth and the extent of the anomaly beyond the historic drilling. The scheduled aeromagnetic survey and Titan 24 programs are focused to better define the larger extent of the 4 km² surface gold anomaly which was outlined in previous exploration and drilling by Riverside. The gold geochemical anomaly is still open with potential of being a much larger system in multiple directions. The new program is designed to evaluate the broader potential, and locate high grade feeder zones.
About Titan 24 Deep Earth Imaging
The Titan 24 is a geological surveying tool used in mineral exploration to image: conductive mineralization, disseminated mineralization, alteration, structure and geology from surface to 700 m depth. This allows targeting of drill holes to more than three times the depth of previous drilling by Riverside at Sugarloaf Peak. By imaging to depth first, a focused and more effective drilling campaign can provide key results faster and more economically. This geophysical system utilizes three primary data parameters: DC resistivity, Tensor MT resistivity and IP. The technology employs a vast network of sensors running simultaneously to collect and deliver a vast array of data more effectively than traditional methods have proven.
About Sugarloaf Peak Gold Project
The Sugarloaf Peak Gold Project covers an area of 12 km² and is located west of Quartzsite, Arizona, USA. In 2009, Riverside completed a diamond core drill program that showed mineralization to a true depth of 200 meters. Riverside substantiated a portion of the historic data, while testing the geologic model to twice the depth of previous gold exploration. Riverside produced surface assay results from <0.005 g/t to more than 6 g/t gold, indicating the possibility of high grade gold in feeder structures throughout the anomaly. The new work program, funded through an option earn-in agreement with Choice Gold, will look to enhance and better define the mineralization. It will expand surface work with the aim of finding more high grade zones, followed by geophysical surveying to image geology at depth. A follow up drill program will commence later this year.
Option Agreement with Choice Gold Corp.
In February 2011 Riverside Resources, following its prospect generator business model signed an option agreement with Choice Gold Corp. whereby Choice Gold can acquire a 100% interest in the Company’s Sugarloaf Peak Project in Arizona (News Release, February 28, 2011). In order to exercise the option Choice Gold must issue Riverside an aggregate 13,600,000 Choice Gold shares, make total cash payments of $1,750,000 to Riverside, and incur $5,500,000 in exploration expenditures on the Property within 36 months of the agreement. The issuance schedule of Choice Gold Corp.’s common shares will be such that Riverside will maintain a significant ownership interest in Choice Gold’s issued and outstanding shares.
About Riverside Resources
Riverside’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. The Company currently has over $9,000,000 in the treasury and just over 33,000,000 shares issued. Additional property information on the Company’s projects can be found on the Riverside Resources Inc. website at www.rivres.com. Riverside will have at least five partners conducting exploration on eight Riverside owned properties in the next three months, in addition to continuing its Exploration Alliance with Cliffs Natural Resources.
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.
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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