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Riverside Resources Signs US$2,000,000 Strategic Funding Agreement With BHP in Sonora, Mexico
VANCOUVER, British Columbia, May 16, 2019 (GLOBE NEWSWIRE) -- Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI) (OTCQB: RVSDF) (FSE: R99), is
About this update from Riverside Resources Inc
[{"type":"text","content":" VANCOUVER, British Columbia, May 16, 2019 (GLOBE NEWSWIRE) -- Riverside Resources Inc. (“Riverside” or the “Company”) (TSX-V: RRI) (OTCQB: RVSDF) (FSE: R99), is pleased to announce the signing of a two-year, US$2,000,000 Exploration Financing Agreement with BHP Exploration Chile SpA (“BHP”) for the funding of generative exploration in the copper producing belt of Mexico (the “Program”). The Program will focus on identifying and developing exploration opportunities leading to the discovery of new large copper deposits within an Area of Interest (“AOI”) using Riverside’s technical knowledge base of copper systems and strong generative exploration team strategically based in Hermosillo, Sonora. BHP and Riverside will pool their data, including decades of historical work into an integrated database. Riverside can now leverage geophysical, geochemical and geological technical platforms into a new targeting synthesis to complete tenure acquisitions. BHP will fund US$1,000,000 on an annual basis for a minimum of two (2) years for generative grass-roots exploration within northeastern Sonora in the region of many copper deposits and some very large copper operations (Figure 1). The exploration area being explored is in the central part of the Laramide Copper Belt that continues northward into Arizona and New Mexico, hosting numerous large, Tier 1 copper deposits. For example, the third largest copper mine in the world, the Buenavista del Cobre Operations in Cananea, is located within the AOI. Properties that are identified and deemed to be of interest will become Defined Projects (“DPs”), which will move to a second phase of the Program whereby BHP would fund up to an additional US$5,000,000 of exploration work and make success fee payments to Riverside on a per project basis (see “Exploration Funding Agreement” below). Riverside’s President and CEO, John-Mark Staude, stated: “We are delighted to combine the financing support of a major world copper leader with our in-country Mexico expertise to pursue exploration activities and advance promising projects. The two-year Program helps Riverside expand our copper exposure, while still conserving capital for our other self-funded initiatives.” Exploration Funding Agreement Overview:The two-year, US$2,000,000 Exploration Financing Agreement was signed on May 15, 2019. The Program will targe...