Home > News > Riverside Resources...

Riverside Resources Operational Update During Current Market Conditions

Mar 19, 2020

Vancouver, British Columbia-- (March 19, 2020) - Riverside Resources Inc. (TSXV: RRI) (OTCQB: RVSDF) (FSE: R99) ("Riverside" or the "Company") provides a brief update to its shareholders and followers during this unprecedented time with the COVID-19 outbreak, evolving government recommendations and current market uncertainty. The Company remains in a strong overall position with high-value properties and partnerships which also help to reduce capital expenditures. The Company currently has local teams on the ground carrying out partner-funded work programs on Riverside owned assets. Riverside continues to maintain a tight share structure, with no debt and cash in the bank.

The bulleted list below outlines the Company's current capital structure and plans the Company is focused on during this time:

  • Cash position: Riverside has more than C$2,000,000 in cash, no debt and a tight share structure with ~63,000,000 shares outstanding. 
  • Joint-Venture funding: In May 2020, Riverside is set to receive another US$1,000,000 through its strategic funding agreement with BHP for generative copper exploration in northeastern Sonora, Mexico. The current cash position of Riverside is in addition to BHP funding.
  • Other Assets and Revenue Streams: Riverside holds marketable securities worth over $1,000,000 CDN and has retained NSR's on previously partnered projects.
  • Riverside Shareholder Vote & TSX-V Approval: Spin-out of the Peñoles Project into Capitan Mining Corp. vote to take place on March 31, 2020 (see press release, February 25, 2020). 
  • Exploration Expenditures: Exploration efforts will be advanced using the Prospect Generator partner-funding model with minimal expenditures through Riverside's treasury while this crisis persists. 
  • Progressing new JV deals: Over the past few months Riverside has been working on a JV partnership and is progressing to close an option agreement for exploration funding on high-grade Au-Ag projects in Mexico as well as working on JV initiatives for our Canadian assets which are low cost to hold, ready to drill and 100% owned.

Riverside's President and CEO, John-Mark Staude, stated: "Riverside is in a strong position with a focused and dedicated team, good infrastructure, communications, and no requirements for significant capital outlays for the foreseeable future. We are fortunate to have a strong cash position, a proven Exploration Funding Agreement in place with BHP and other 100% owned assets that don't require significant underlying payments to maintain. We will continue to evaluate this rapidly evolving situation and make adjustments where necessary. We believe there will be better days ahead for junior precious metal companies and given the Company's current financial flexibility we remain confident that we are well-positioned to create shareholder value. Finally, Riverside is deeply concerned for the staff in the countries we work in and have directed them to put themselves and their families safety first during these unprecedented times."

Riverside is following the regulations and guidelines set forth in the countries where the Company operates and is taking all safety precautions and government recommendations very seriously.

Tags: Northern Ontario / Exploration / Gold / All Articles