Riverside Resources Signs Agreement to Option the Coatan Gold Project to Paget Southern Resources for Payments and Work Program
Riverside Resources Inc. is pleased to announce that through its wholly owned subsidiary, Riverside Resources Mexico, S.A. de C.V., the Company has signed an agreement with Paget Southern Resources S. de R.L. de C.V., a wholly owned subsidiary of Pembrook Mining Corp., granting Paget the option to earn up to a 100% interest in the Coatan Gold Project. In order to earn an initial 70% interest, Paget will have to incur $1,800,000 in exploration expenditures over four years and make $27,460 in cash payments to Riverside. Upon exercising the Initial Option, Paget will have the option to acquire the remaining 30% by paying $1,500,000 in cash to Riverside within one year. In the event that Paget acquires a 100% interest in the Project, Riverside would retain a 2% Net Smelter Return royalty, or if either party’s interest falls below 10% it will be converted to a 2% NSR.
