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Riverside Resources Inc Signs $1,800,000 Three Year Strategic Alliance With Antofagasta Plc For Copper Exploration's Subsidiary In Eastern Sonora, Mexico


Monday, 22 Jul 2013 09:00am EDT 

Riverside Resources Inc (Riverside) announced the signing of a three year, $1.8 Million strategic exploration alliance (the Alliance) with a wholly-owned subsidiary of Antofagasta Plc (Antofagasta) for generative exploration in the copper belt of northwestern Mexico in the eastern part of the state of Sonora. The Alliance will focus on finding and developing new copper deposits using Riverside's technical knowledge of copper systems and generative exploration team strategically based in Hermosillo, Sonora, Mexico. Antofagasta will fund $600,000 on an annual basis for three (3) years of generative grass-roots exploration within a defined exploration area covering eastern Sonora and parts of western Chihuahua and northern Sinaloa. The exploration area being explored by Antofagasta and Riverside is a continuation of the same belt that hosts more than 25 known deposits and mines north of the border in Arizona (and lowest cash cost) copper producers in Grupo Mexico.(1) Properties that are identified and deemed to be of interest will become Designated Properties whereby Antofagasta will have the opportunity to earn a 65% interest by completing a four year, $5,000,000 work program. Once earn-in on a Designated Project (DP) is completed, a one-time payment of $3,000,000 will be made to Riverside and the property will then be advanced under a joint venture agreement (65%-35%). 

Company Quote

814.0
4.5 +0.56%
10:02am EDT