Riverside Resources Receives US$2,500,000 in Cash and Retains 2% NSR Royalty for the Sale of the Tajitos Gold Project to Fresnillo PLC
Riverside Resources Receives US$2,500,000 in
Cash and Retains 2% NSR Royalty for the Sale
of the Tajitos Gold Project to Fresnillo PLC
Vancouver, British Columbia--(Newsfile Corp. - November 30, 2022) -
Riverside Resources Inc.
(TSXV: RRI) (OTCQB: RVSDF) (FSE: 5YY) ("Riverside" or the "Company"),
is pleased to report it
has signed a definitive sale and royalty agreement with Minera Fresnillo, S.A. de C.V. ("Fresnillo") a
wholly owned subsidiary of Fresnillo PLC
for the sale of Riverside's Tajitos Gold Project ("Tajitos")
located in Sonora, Mexico. Riverside will receive a US$2,500,000 cash payment and retain a 2.0% NSR
("Royalty").
The Tajitos Gold Project is located less than 30 kilometers from Fresnillo's Noche Buena mining
operations. Riverside's Tajitos Gold Project includes the Tejo and Tajitos mineral concessions covering
45 km² of prospective ground next to Fresnillo's property (also named Tajitos).
Riverside's President and CEO, John-Mark Staude, stated:
"This transaction adds another quality
NSR to our growing royalty portfolio and brings our cash position to more than C$8,000,000, which puts
us in a great position to grow our business during 2023-2024. We are pleased to deliver another deal
with a high caliber international mining company, which is a testament to the quality of projects our team
has generated and Riverside maintains in our property portfolio."
Transaction Details:
Riverside will receive a payment of US$2,500,000 from Fresnillo and retain a 2.0% NSR. Fresnillo will
have, for a four-year term, the option to buy back half of the 2.0% NSR for a payment of US$1.5M. If
enacted, then Fresnillo would have an additional three years to buy back the remining 1% NSR for
another US$1.5M. If Fresnillo does not exercise its first buy back option during the first four-year term,
the Royalty will no longer be subject to any buy back provisions.
The NSR covers the entire Riverside
land package and a full NSR Agreement has been agreed upon and included in the signed contract
between the companies. If Fresnillo wishes to reduce mineral claims, then the Company has the first
right to retain those mineral tenures before they are dropped.
Riverside remains focused on its 100% owned projects, within its portfolio in Canada and Mexico, and
its alliance with BHP. The Company is also always working towards potential incoming additional
alliances and partnerships.
About Riverside Resources Inc.:
Riverside is a well-funded exploration company driven by value generation and discovery. The Company
has over $8M in cash, no debt and less than 80M shares outstanding with a strong portfolio of gold-silver
and copper assets and royalties in North America. Riverside has extensive experience and knowledge
operating in Mexico and Canada 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 properties available for option,
with information available on the Company's website at
www.rivres.com
.
ON BEHALF OF RIVERSIDE RESOURCES INC.
"John-Mark Staude"
Dr. John-Mark Staude, President & CEO
For additional information contact:
John-Mark Staude
President, CEO
Riverside Resources Inc.
Phone: (778) 327-6671
Fax: (778) 327-6675
Web:
www.rivres.com
Mehran Bagherzadeh
Corporate Communications
Riverside Resources Inc.
Phone: (778) 327-6671
TF: (877) RIV-RES1
Web:
www.rivres.com
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.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/146185