Riverside Signs Definitive Agreement To Option
Libertad Gold Project, Mexico
To Geologix Explorations Inc.
August 24, 2009 - Vancouver, British Columbia:
Riverside Resources Inc. ("Riverside" or the "Company")
(TSX-V: RRI) is pleased to announce that
Geologix Explorations Inc. ("Geologix") (TSX-V: GIX) and
Riverside Resources Inc. have signed a Definitive Agreement to option the
Libertad Gold Project in Sonora, Mexico (previously announced Letter Of Intent on June 22,
2009).
As mentioned in the June 22, 2009 news release (www.rivres.com/s/NewsReleases.asp), Geologix can earn an interest of up to 60% in
Riverside's 100% owned Libertad Gold Project, located in Sonora, Mexico by
incurring $3,000,000 in exploration expenditures and making payments
totaling $400,000 over four years. During the option Geologix will take
over all underlying property payments and claim maintenance fees. Once the
initial option is complete Geologix has an additional option to earn a
further 25% by spending another $2,000,000 on the Libertad property and
making payments totaling $500,000 to Riverside
within an additional two years.
About Riverside Resources:
Riverside is
well financed with over $3,800,000 in the treasury and 21,855,080 shares
outstanding. The Company operates under a joint-venture, shared-risk
business model that capitalizes on the Company's technical knowledge,
Proprietary Mexico mineral database, and vast experience in the field. Riverside is currently operating an Exploration
Alliance with Kinross Gold Corporation, and has optioned three of its
properties in Mexico.
Riverside is predominantly active in Mexico and Arizona where a drill program is
expected to begin this fall at the Sugarloaf Peak Gold Project. Additional
property information and diagrams that have been completed by Riverside's in-house
exploration team can be found on the Riverside Resources Inc. website at
www.rivres.com.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
Certain statements in this press
release may be considered forward-looking information, which 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.
For additional information contact:
John-Mark Staude,
President & CEO
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
Alex Mason
Corporate Communications Manager
Riverside Resources Inc.
info@rivres.com
Phone: (778) 327-6671
Fax: (778) 327-6675
Web: www.rivres.com
The TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
You can also view this News Release on our website
at:
http://www.rivres.com/s/NewsReleases.asp?ReportID=360804
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