Riverside Signs Gold Project Agreement with Geologix

24 August 2009 (Last Updated August 24th, 2009 18:30)

Riverside Resources has signed an option agreement for its wholly-owned Libertad Gold project in Sonora, Mexico, with mineral producer Geologix Explorations. Geologix can earn up to 60% interest in the gold project by investing $3m in exploration and paying another $400,000 to Riversid

Riverside Resources has signed an option agreement for its wholly-owned Libertad Gold project in Sonora, Mexico, with mineral producer Geologix Explorations.

Geologix can earn up to 60% interest in the gold project by investing $3m in exploration and paying another $400,000 to Riverside over four years.

During the option, Gologix will take over all underlying property payments and claim maintenance fees, Riverside said.

Geologix can gain a further 25% by investing another $2m in the project and making an additional $500,000 within two years.