Riverside Resources (RRI:TSXV), the North American focused prospect generator, announced their plans for 2014 this morning. The company highlights the strategic partnerships created in 2013 and how they intend to build on them in 2014 and beyond. During 2013, the company secured two new strategic alliances with Antofagasta and Hochschild for gold and copper prospects in Mexico where the companies are intending to spend at least $4 million over the next three years. Riverside is also focused in BC on the Flute and Lennac projects where Antofagasta and Riverside discovered a new massive sulphide zone.
In 2014, the company plans to follow-up on drilling of the high-grade Penoles silver project, located near the historic Jesus Maria mine in Mexico. Riverside recently announced an update to their partnership on the Penoles project whereby they will get $750,000 spent on the project by March 31, 2014 and get $1.5 million in stock and $1.35 million cash by the end of June 2014 from Morro Bay Capital. The company is targeting a maiden modern resource here in 2014.
Riverside is also intent on generating new gold targets in Mexico with Hochschild. Riverside expects to receive results back from their target definition drilling at he Clemente silver-gold project under option with Hochschild in Mexico.
In Canada, Riverside will also drill the Swift Katie Copper Project with Antofagasta as well as continue exploration at the Flute and Lennac projects in BC. The company hopes to generate a substantial new copper-porphyry discovery in BC.
John-Mark Staude, President and CEO, stated: "We now have three active strategic alliances with major metal producers and are confident that our team will deliver new high-quality projects into each alliance within the first half of 2014. We are in position to deliver discovery exposure through several partner-funded drill programs this year and look forward to strengthening Riverside's core assets."
The company continues to be diligent with their capital. They are sitting on $5 million cash (roughly the same balance as they came into 2013 with) and they received roughly $6.5 million worth of work expenditures on their projects last year. With the success of 2013, the company expects their partnerships to continue to fund existing projects and for project generation. In an email this morning, the company said they are expecting greater than $6 million in funding in 2014. The company strongly believes they will be able to deliver additional strategic alliances and find new prospects for option or joint venture.
Below is an interview Riverside's President and CEO, John-Mark Staude did with Beacon Research:
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