VANCOUVER, BRITISH COLUMBIA — (Marketwired) — 03/03/14 — Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(PINKSHEETS:RVSDF)(FRANKFURT:R99) is pleased to announce that the Company has staked and is in the process of acquiring title to the Compuerta Copper Project (the “Project”) in Sonora, Mexico. The Project will now be advanced under the terms of the Company’s copper porphyry exploration alliance (the “Alliance”) with a wholly owned subsidiary of Antofagasta plc. (“Antofagasta”). The Project is located 6 km south of the Washington Cu-Mo deposit and 75 km SW of the La Caridad Cu-Mo Mine, part of the most productive portion of the NW Mexico Laramide Copper Belt. Early results from initial rock chip sampling conducted by Riverside have returned up to 0.7% copper (Cu) from outcrops and the Company has received initial approvals from Antofagasta for additional funding to carry out further exploration and target definition at Compuerta, subject to execution of an earn-in and option agreement.
Exploration plans are anticipated to include further geological mapping and geochemistry, with an airborne geophysical survey and proof-of-concept drilling as potential next steps. As per the Alliance terms, Antofagasta will have the opportunity to earn a 65% interest in the Compuerta Project by completing $5,000,000 in exploration over the next four (4) years (see news release July 22, 2013).
Riverside’s President and CEO, John-Mark Staude, commented: “We are very pleased with the progress within both of our strategic alliances with Antofagasta, and look forward to exploration results in northwest Mexico at Compuerta and in British Columbia, Canada at Swift Katie in the months ahead.”
The 200 km2 Compuerta Project is located 6 km south of the high grade Washington Cu-Mo deposit (1.2Mt @ 1.8% Cu, 0.106% Mo)(1) in the Cumobabi District of north central Sonora. This District is positioned close to the productive Laramide Copper Belt, with the La Caridad Mine (1200Mt @ 0.6 % Cu)(2) located 75 km to the NE.
(1) 1 Simmons, S.F, Sawkins, F.J., 1983, Mineralogic and fluid inclusion studies of the Washington Cu-Mo-W-Bearing breccia pipe, Sonora, Mexico: Economic Geology 78, 521-526
(2) USGS Scientific Investigation Report 2010-5090-A
Riverside staked the Compuerta property based on successful generative efforts and follow-up field surveys, which identified Laramide age intrusive rocks with previously unrecorded copper mineralization and zoned alteration consistent with a Cu porphyry system. These surface expressions of a system are located at the edge of cover and aeromagnetic data and alteration zoning suggest the target extends under cover to the west. Riverside has collected rock chip and stream-sediment samples during follow up visits which now confirm visual indications of a copper system with multiple samples returning greater than 0.1% Cu and up to 0.7% Cu.
Qualified Person and QA/QC:
The scientific and technical data contained in this news release pertaining to the Compuerta Project was reviewed and prepared under the supervision of Riverside’s Copper Exploration Manager, Allan Montgomery, P.Geo, PhD., a non-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 Riverside Resources Inc.:
Riverside is a well-funded prospect generation team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The Company currently has more than $5,000,000 in the treasury and approximately 37,000,000 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
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.
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.