Riverside Resources and Centerra Gold, Inc. signed an option agreement for Tajitos Gold Project in Sonora, Mexico, on Oct. 20.
Riverside Resources will act at the project manager, while Centerra Gold will focus on exploration expenditures over the next four years. After incurring $6 million in expenditures, Centerra Gold can acquire a 70 percent interest in the Tajitos Project.
"Riverside Resources believes in the potential for finding new large gold discoveries in Sonora like the Herradura Mine of Fresnillo, San Francisco Mine of Timmins Gold and Chanate Mine of Alamos Gold," Riverside President and CEO John-Mark Staude said. "Our Tajitos project has the geologic features and near surface gold indicators similar to those found at and around these nearby gold mining operations. We are delighted to have a strong mine production partner like Centerra Gold, Inc. stepping into a new jurisdiction and working with Riverside on this high quality gold property."
Staude then spoke to what he sees as Riverside Resources' effective business model as well as the company's future plans.
"Riverside looks forward to rapid exploration progress including trenching, detailed channel sampling and moving through preparations ahead of drill testing in 2016," he said. "We continue to have a strong cash position, no debt and partners funding projects that Riverside controls thus progressing and de-risking the assets for our stakeholders."
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