Rome Grants Riverside Option to Acquire up to 75% of the Inguaran Property, Mexico
In order to exercise its initial option (the "Initial Option") to acquire a 51% interest in the Property, Riverside Mexico must complete at least $3,000,000 worth of exploration expenditures on the Property by March 2, 2015.
- (1888PressRelease) April 14, 2012 - Rome Resources Ltd. (the "Company") is pleased to announce that it, through its wholly-owned subsidiary Roma Recursos de Mexico, S.A. de C.V. ("Roma") has entered into an agreement with Riverside Resources Mexico, S.A. de C.V. ("Riverside Mexico"), the subsidiary of Riverside Resources Inc. (TSX-V: RRI, "Riverside"), whereby Riverside Mexico can earn up to a 75% interest in six mineral concessions comprising 6,539 hectares located in the Inguaran Project, Michoacan, Mexico (the "Property"). In order to exercise its initial option (the "Initial Option") to acquire a 51% interest in the Property, Riverside Mexico must complete at least $3,000,000 worth of exploration expenditures on the Property by March 2, 2015. If this first option is exercised, Riverside Mexico will then have a second option to increase its interest to 75% by incurring an extra $2,000,000 in exploration expenditures by the second anniversary of the date the Initial Option was exercised.
Rome's Inguaran Copper Porphyry Project (6,928 Ha) in Michoacan has 100+ million tonne potential at about 0.4% copper. This potential quantity is conceptual in nature. There has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource. Diamond drilling in December 2004 of 12 holes, totaled 2,681 meters, and eleven trenches totaled 350 meters. The best hole in the Anali Zone intersected 34.0 meters with a weighted average of 0.91% copper, and the best trenches intersected 58.0 meters of 0.91% copper and 58 meters of 0.73% copper. In the Dos Cerritos Zone the best hole intersected 42.0 meters with a weighted average of 1.18% copper, and the best trench intersected 20.0 meters (open at both ends) of 1.10% copper. Average of diamond drill hole check samples above a cut-off of 0.4 percent copper was: 284 meters of copper mineralization averaging 0.83% copper, 0.0004 percent molybdenum, 0.113 g/t gold, 3.63 gpt silver and 3.73 gpt tungsten.
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