[Marinir] {Disarmed} Riverside Resources to Acquire Major Control Block in Guerrero Exploration
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Tue Jun 19 17:04:25 CEST 2012
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Riverside Resources to Acquire Major Control Block in Guerrero
Exploration Inc.
Guerrero Exploration Inc. (TSX VENTURE: GEX
http://www.stockwatch.com/Quote/Detail.aspx?action=go&symbol=GEX®ion=C&lookup=symbol&snapshot=default
) and its partner, Riverside Resources Inc. ("Riverside"), have agreed
to terms on a transaction (the "Transaction") that will result in
Guerrero owning 100% interests in the Cerro Azul and Chapalota projects
(the "Projects") with Riverside receiving $2,000,000 in Guerrero shares.
After the Transaction is complete, Riverside will become the largest
single shareholder of Guerrero.
The Transaction will strengthen the partnership between the two
companies, with Riverside having an opportunity to increase its
management presence and support through representation on the Board of
Directors and Advisory Board. This agreement will facilitate exploration
progress and allow Riverside and Guerrero to take strides towards an
initial drill program at the Cerro Azul copper-gold project and
follow-up on remaining drill targets at Chapalota. Further, Riverside's
on-the-ground team in Mexico will assess and advance other properties
for Guerrero's portfolio. Both companies already enjoy a strong working
relationship and believe that this Transaction will leverage the
knowledge and resources required to identify valuable opportunities
moving forward.
John-Mark Staude, President and CEO of Riverside Resources Inc.,
commented: "This agreement will provide Riverside shareholders with
strong upside given that Riverside will now hold such a substantial
share position in Guerrero." Staude added, "We look forward to working
towards drill testing and advancing high quality prospects that will
generate value for both Guerrero and Riverside shareholders at a time
when it is vital for companies to consolidate ownership and focus on the
best chances for discovery."
David Stadnyk, President and CEO of Guerrero Exploration Inc.,
commented: "Having Riverside acquire a major control block and adding
three of their key executives to Guerrero's Board of Directors and
Advisory Board is a major step forward for the company. Given our
successful past working relationship and Riverside's ability to acquire
properties and partnerships, this new development will propel Guerrero
to the next level. We will leverage off Riverside's past, present, and
future success to better solidify Guerrero's ultimate goal in finding a
resource."
Property Details:
Cerro Azul is located near the highly productive southwestern Mexico,
Guerrero Gold Belt. The 2011 work program on the 261 km² property
consisted primarily of rock chip and soil samples.
Chapalota is located along the western side of the Sierra Madre
Occidental Region of Mexico. The 91 km² property is 50 km to the south
of Silvermex's Rosario deposit and 70 km to the north of Oro Mining's La
Trinidad deposit. Riverside and Guerrero completed IP and soil surveys
defining six target areas on the Project.
Further Transaction Details:
Riverside has agreed to transfer its 40% interest in the Cerro Azul
Project and its 100% interest in the Chapalota Project in exchange for
$2,000,000, payable in shares of Guerrero. The $2,000,000 in shares will
be issued at the issue price of a strategic financing of at least
$700,000 that Guerrero will conduct at or around time of closing. David
Stadnyk will continue to serve as President and CEO and, in addition to
having two members of Riverside's Senior Management (Robert Scott and
Howard Davies) appointed to Guerrero's Board of Directors, John-Mark
Staude will be appointed to Guerrero's Advisory Board. The Transaction
will qualify as a change of control, as defined under the rules of the
TSX Venture Exchange, and as such will require Guerrero shareholder
approval, as well as Exchange approval.
David Stadnyk, President and CEO
Guerrero Exploration Inc.
For more information on Guerrero Exploration Inc., please visit our
website at www.grxpl.com
http://www.grxpl.com
.
Advisory
Certain statements and information contained in this press release,
including but not limited to management's assessment of Guerrero's
future plans and operations, geological results and proposed exploration
plans contain forward-looking statements. In particular, this press
release contains statements concerning the anticipated receipt of
government claims approval. All statements other than statements of
historical fact may be forward-looking statements. These statements, by
their nature, are subject to numerous risks and uncertainties, some of
which are beyond Guerrero's control including the effect of general
economic conditions, industry conditions, changes in regulatory and
taxation regimes, government approvals, volatility of commodity prices,
escalation of operating and capital costs, currency fluctuations, the
availability of services, imprecision of reserve estimates, geological,
technical, drilling and processing risks, environmental risks, weather,
the lack of availability of qualified personnel or management, stock
market volatility, the ability to access sufficient capital from
internal and external sources and competition from other industry
participants for, among other things, capital, services, acquisitions of
reserves, undeveloped lands and skilled personnel that may cause actual
results or events to differ materially from those anticipated in the
forward-looking statements. Such forward-looking statements, although
considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated in the statements made and should not unduly be relied
on. These statements speak only as of the date of this press release.
Guerrero does not intend and does not assume any obligation to update
these forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
applicable law. Guerrero's business is subject to various risks that are
discussed in its filings on the System for Electronic Document Analysis
and RetriXevalX(SEDAR).
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Guerrero Exploration Inc.
David Stadnyk
President and CEO
Direct: (604) 685-0088 Ext. 229
Guerrero Exploration Inc.
Corporate Communications
(604) 685-0088 Ext. 226
info at grxpl.com
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