Riverside Provides Update on BHP Exploration Program
VANCOUVER, British Columbia, Oct. 16, 2019 (GLOBE NEWSWIRE) — Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI) (OTCQB: RVSDF) (FSE: R99), is pleased to provide a progress update on the Company’s minimum two-year, US$2,000,000 Exploration Financing Agreement with BHP for generative copper exploration within the Laramide copper belt of Sonora, Mexico (the “Program”) (see press release May 16, 2019). In September, Riverside and BHP completed their first 3-month (quarterly) Technical Committee (TC) Meeting, which comprised of field visits and a formal in-person meeting to go over all exploration plans and potential acquisition targets.
The first two to three quarters of the Program will be centred on regional prospect generation, with Riverside leveraging its in-country knowledge, databases and ongoing field work combined with assimilation of BHP’s historic data and scientific prospective targeting approaches to generate potential acquisition targets for the strategic Program’s consideration. Riverside’s aim is to establish a significant target list and complete initial field work to define clear next phases of exploration and drilling to begin testing targets with excellent discovery potential.Riverside’s President and CEO, John-Mark Staude, stated: “We are encouraged by the collaboration with BHP to-date and our technical team continues to progress on new prospect generation in northeastern Sonora, Mexico. Our group has taken a high-level initial view observing the entire belt and now focus on combining data from the integration of our recently acquired Millrock databases along with BHP’s data to efficiently work through a series of high-level project evaluations during Q4 in advance of our next technical committee meeting near year-end. We look forward to progressing with BHP and drill-testing large porphyry copper targets together in 2020.”As per the Program’s details, upon projects advancing from the generation phase to a Project Operation Phase (Phase II), BHP has the option to fund up to US$5,000,000 for drilling and other exploration expenditures on each defined project. Success fee payments of US$200,000 to Riverside would also be triggered once projects enter Phase II of the Program.About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company has no debt and less than 63M shares outstanding with a strong portfolio of gold-silver and copper assets in North America. Riverside has extensive experience and knowledge operating in Mexico and leverages its large database to generate a portfolio of prospective mineral properties. In addition to Riverside’s own exploration spending, the Company also strives to diversify risk by securing joint-venture and spin-out partnerships to advance multiple assets simultaneously and create more chances for 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.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.