Business & Finance
Business and Finance
Business and Finance
Mon, July 19, 2010 New Gold Discovery at Riverside's Libertad Gold Project in Sonora, Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 19, 2010) - Riverside Resources Inc. ("Riverside" or the "Company") (TSX VENTURE:RRI)(PINK SHEETS:RVSDF)(FRANKFURT:R99) is pleased to announce that its partner Geologix Explorations Inc. ("Geologix") has intersected gold in the first two drill holes of a proposed 2,000 metre ("m") program on Riverside's Libertad Gold Project in Sonora, Mexico. Geologix, who has the Project under option from the Company, announced initial drill assay results from the first two diamond drill holes of the first ever drill program on the property (Geologix News Release July 19, 2010). As reported by Geologix, assay results include intercepts of 26.05 m of 1.02 grams/tonne (g/t) gold and 65.10 g/t silver starting at 45.65 m depth in the first hole, and 50.80 m of 0.51 g/t gold and 32.30 g/t silver starting at 48.6 m depth in the second hole. Drill holes 001 and 002 were collared along the northern extent of the 1.6 kilometre exposed gold and silver surface structure.
John-Mark Staude, President & CEO of Riverside, stated, "These are the first drill results from the Libertad Gold Project and we are excited to see thick intervals of shallow gold mineralization with significant upside along strike, width and depth. If the subsequent drilling successfully identifies consistent results there is potential for the identification of a mineable open pit oxide ore body. The project has excellent infrastructure, which could make exploration and drill out delineation rapid and cost effective. We look forward to further results from the project as Geologix continues to drill the structure along strike to the south."
On July 19, 2010 Geologix stated that the drill program will continue to trace the structure along strike, "the drill program at Libertad includes a proposed 2,000 metres of diamond drilling. Initial holes have been designed to test the northern portion of the structure to determine the style and character of the mineralization, while subsequent holes will seek to trace the structure along strike to the south with additional shallow holes. Based on initial results, drilling will then test the structure at depth where geophysical surveys indicate the presence of a geophysical (IP) anomaly that widens to 700 metres at a depth of 125 metres."
Assay results from the highlight intercepts from the first two holes include:
| Hole No. | From | To | Intercept | Gold | Silver | Gold Equivalent* |
| (metres) | (metres) | (metres) | grams/tonne | grams/tonne | grams/tonne | |
| LIB-10-001 | 45.65 | 71.70 | 26.05 | 1.02 | 65.10 | 2.03 |
| including | 55.25 | 67.50 | 12.25 | 1.83 | 88.40 | 3.20 |
| LIB-10-002 | 48.6 | 99.4 | 50.80 | 0.51 | 32.30 | 1.01 |
| including | 77.3 | 89.3 | 12.00 | 0.65 | 57.00 | 1.54 |
| * Gold Equivalent calculated using $900/oz gold and $14/oz silver * Metallurgical recoveries and net smelter returns are assumed to be 100% | ||||||
*Chart from Geologix Explorations News Release July 19, 2010
About the Project:
The Libertad project is located 250 km north-west of Hermosillo, Mexico. The project represents an early stage exploration project hosting a gold-silver mineralized vein system that has seen no prior systematic advanced exploration or drill testing, and only limited previous rock grab and chip sampling. Riverside acquired the property, staked more ground and developed targets then, as a Prospect-Generator company, brought in Geologix as a partner to move forward with the exploration program.
Geologix has completed its first year commitment of the first option on the Libertad Project and is accelerating its work on the project due to positive results. By spending $3,000,000 and paying Riverside $400,000 over four years Geologix can earn 60% of the project. Once the initial option is complete, Geologix has a second option to earn an additional 25% by spending another $2,000,000 on the Libertad property and making payments totaling $500,000 to Riverside within an additional two years.
Geologix named Resource Geologist, Andrew Hamilton, B.Sc., P. Geo., as their 'qualified person' for the purposes of National Instrument 43-101 Standards of Disclosure for Mineral Properties of the Canadian Securities Administrators for the information in their news release dated July 19, 2010. For Riverside the 'qualified person' for this project is Locke Goldsmith, P. Eng., P. Geo., an independent qualified person to Riverside Resources Inc.
About Riverside Resources:
Riverside is a well funded prospect generation exploration team of focused, proactive gold discoverers with the breadth of knowledge to dig much deeper. The company currently has approximately $2,000,000 in the treasury and fewer than 22,000,000 shares issued. The company has an experienced exploration team that leverages its in-house technical knowledge and vast experience in the field to make discoveries. The Company is currently working towards finalizing several important events that fit within the Company's model of growth through partnerships and exploration. Additional property information on the Company's projects can be found on the Riverside Resources Inc. website at [ www.rivres.com ].
ON BEHALF OF RIVERSIDE RESOURCES INC.
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.
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.
