Riverside Resources Inc. (TSXV:RRI) announced that they have signed a strategic exploration licence with a wholly-owned subsidiary of Antofagasta Plc for exploration in northwestern Mexico.
As quoted in the press release:
Antofagasta will fund US$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 is also host to one of the world’s top 10 (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, US$5,000,000 work program. Once earn-in on a Designated Project (DP) is completed, a one-time payment of US$3,000,000 will be made to Riverside and the property will then be advanced under a joint venture agreement (65%-35%).
Riverside’s President and CEO, John-Mark Staude, said:
Riverside and Antofagasta have built a strong relationship during our work together in British Columbia, and we now look forward to applying a similar partnership framework to our joint exploration efforts within the prolific Laramide copper belt of northwestern Mexico, which is the continuation of the many large copper mines in Arizona and extends southward into Sonora where this Alliance will focus.