Riverside Resources Inc. entered agreements with Gunpoint Exploration Ltd. and Millrock Resources Inc. to consolidate Gunpoint's three La Cecilia-Margarita concessions with Millrock's Violeta concession into one Cecilia gold project in Sonora, Mexico.
Riverside signed an option agreement with Gunpoint to earn a 100% interest in its Cecilia-Margarita concessions by paying a total of C$250,000 in cash and issuing an aggregate 1.0 million shares in increasing installments over a three-year period.
The Gunpoint property is also subject to a 1% net smelter royalty in favor of the Geologic Survey of Mexico.
Riverside purchased the Violeta concession from Millrock for C$10,000 in cash and 100,000 shares, with Millrock to retain a 0.5% NSR. Both deals are subject to approval from the TSX Venture Exchange.
The company is targeting epithermal gold-silver mineralization in a bid to develop an open pit mining operation. A compilation of historical sampling and drill data is underway to define drill targets, with field work expected to begin shortly.