Riverside Resources (RRI.V) has entered into a binding agreement with Millrock Resources (MRO.V) to acquire five projects from the latter for a total consideration of C$35,000 in cash and 150,000 shares of Riverside Resources. According to Riverside, it had been eyeing some of the properties for quite a while, and the company appears to be happy with the purchase. Looking at the map, three of the projects seem to be located in the gold and silver zones of Sonora (the gold-silver belt and the orogenic belt) while two projects are part of the Laramide porphyry copper belt, where Riverside Resources recently announced an agreement with BHP (BHP) to explore for large copper porphyry systems.
Riverside’s update contains a quick preview on the acquired projects, and we are looking forward to see RRI’s exploration plans for these additions to its portfolio.
Both companies expect to close the transaction by August 31st.