Riva Gold Corp Provides Corporate Update
Riva Gold Corporation (RIV.V), which closed Wednesday near a year low of 32.5 cents, announced that the Board of Directors has approved the sale of the Company's subsidiaries, assets and properties thereby concluding its focus on mineral exploration in Guyana.
Subsequent to the completion of several exploration programs and evaluation of the data collected on certain of the Company's mineral properties in Guyana, Riva has concluded that there remain no obvious drill targets. The Board has therefore decided that it would no longer be prudent to continue active exploration on these mineral properties following the Company's staged exploration approach. The Company's current objective is to minimize cash outflow as it is aware that there are other exploration opportunities in other jurisdictions which could be a better use of Company resources.
Riva's four subsidiaries have been sold to the Pereira Group for US$50,000. In addition, the Company has identified opportunities to sell certain of its assets and properties locally in Guyana for approximately US$445,000, of which US$360,000 has been received with the majority of the remaining expected to be received by year end. Riva forecasts its cash position to be approximately C$8.8 million at December 31, 2011.
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