Calgary, Alberta (FSCwire) – MORRO BAY RESOURCES LTD. (TSXV: MRB), (“Morro Bay”), announces that, further to the news release dated July 7, 2014, the $500,000 summer exploration program at the Peñoles property has commenced (the “Summer Exploration Program”). Riverside Resources Inc. ("Riverside") and Morro Bay have agreed that the Summer Exploration program will be focused on targets in the prospective areas at Peñoles beyond the previously confirmed deposits at the El Capitan and Jesus Maria targets. This summer exploration program consists of sampling, trenching, and drilling on some of these identified potential targets on the property.
John Zang, CEO of Morro Bay stated, “Following on the recent success at the El Capitan and the Jesus Maria targets, we are very encouraged by the potential prospectivity of the balance of the Peñoles property. Our goal is to showcase further value creation for our shareholders following this drilling campaign.”
In addition, Morro Bay announces that it has delivered 10,135,135 common shares to Riverside in satisfaction of the $750,000 advance payment required under the Amended Option Agreement (see News Release dated July 7, 2014). 7,094,595 of these shares are held in escrow until December 31, 2014 as agreed by Morro Bay and Riverside. Morro Bay currently has 63,445,223 common shares issued and outstanding.
About Morro Bay
Morro Bay is a junior mineral exploration company based in Calgary, Alberta, Canada, focused on the exploration for precious metals in Mexico. Morro Bay's business strategy is to build shareholder value by rapidly advancing the Peñoles Project in Mexico through the resource delineation stage.
For further information please contact:
Morro Bay Resources Ltd.
John C. Zang
President and Chief Executive Officer
403 680 9264
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information in this news release may contain forward looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the company.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
The forward-looking information contained in this news release is as of the date hereof and Morro Bay does not undertake any obligation to update publicly or to revise any of the included forward looking statements contained herein, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
