VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jan. 13, 2016) – Riverside Resources Inc. (“Riverside” or the “Company”) (TSX VENTURE:RRI)(OTC PINK:RVSDF)(FRANKFURT:R99) is pleased to provide an overview of the Company’s growth plans for the coming year and recap the accomplishments achieved during 2015. This past year has been challenging for resource companies with continued downward pressure on commodity prices and share price depreciation hitting the junior mineral exploration sector particularly hard. Riverside has not been immune to the market forces that have driven down share prices, but the Company has taken advantage with its Prospect Generator business model and has been successful in delivering a number of milestones without company share dilution, while still maintaining a strong corporate treasury.
The list below outlines some of the key outcomes from 2015:
Riverside enters 2016 with more than $3,500,000 CAD in cash and less than 37,500,000 shares outstanding. The Company will strategically build on the successes achieved during 2015. Drilling is expected to commence in Q1 of 2016 at the Thor Copper Project, with Alliance partner Antofagasta Minerals Plc. funding the program. Exploration results are expected from the ongoing work at Tajitos with partner Centerra Gold Inc. funding the work as part of option to earn 70% interest by spending $6,000,000 USD within four years. An initial drill program is a likely next step as exploration work progresses at Tajitos. The Company’s partner at the Penoles Project will need to complete $750,000 CAD in drilling and exploration in 2016 and Riverside has a free carry on JV expenditures until the Company’s partner has spent ~$2,500,000 USD in further exploration. Having numerous partners funding programs and multiple drill programs expected during the first half of 2016 puts Riverside in a strong position for results, potential new discoveries and growth.
In addition to the existing partner-funded activity and growth catalysts, Riverside will progress its wholly owned assets and aim to secure new partnerships. The Company is actively reviewing growth opportunities in Mexico, USA and Canada. The Company holds the Lennac and Flute projects near Smithers BC and will look to strengthen its Canadian portfolio through strategic acquisitions. Projects with initial resources and exploration upside, or projects with near-term cash flow potential are of particular interest as Riverside focuses on building future value and sustainable growth.
Summary of Riverside’s anticipated corporate growth plans and 2016 catalysts are listed below:
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On January 7, 2016 the Company granted 955,000 incentive stock options (the “Options”) to certain Directors, Officers and Consultants of the Company. The Options are exercisable at $0.145 per share for a period of five years from the date of grant. Options granted to individuals in their capacity as a Director vest in three equal installments over 18 months and Options granted to Officers and Consultants vest in four equal installments over 12 months. The Options were granted pursuant to the Company’s shareholder-approved stock option plan. On November 30, 2015, the Company issued 300,000 shares at a deemed price of $0.15 to certain Directors and Officers of the Company in accordance with the Company’s shareholder approved bonus share plan. Both shares and options are subject to the policies of the TSX Venture Exchange and any applicable regulatory hold periods.
ON BEHALF OF RIVERSIDE RESOURCES INC.
Dr. John-Mark Staude, President & CEO
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.