Morro Bay Resources Ltd. Announces Commencement of 3,000 Metre Drilling Program at Penoles Project
PR-Inside.com: 2014-03-03 15:15:26
Calgary, Alberta CANADA, March 03, 2014 /FSC/ - Morro Bay Resources Ltd. (MRB - TSX Venture), ("Morro Bay"), is pleased to announce drilling has commenced on the Penoles Project (the "Property"), an Epithermal Type Gold-Silver target in Mexico's prolific Durango Silver Belt. The current 3,000 meter drilling campaign is targeted on expanding the mineralization area identified by previous drilling campaigns.
Morro Bay also announces that it has invested US$1,250,000 in a United States currency GIC. John Zang, CEO of Morro Bay stated that "As a portion of the exercise price payable to exercise the option is in US dollars, the investment in the US dollar GIC essentially ensures that despite any decrease in the value of the Canadian dollar as against the US dollar, Morro Bay will have the sufficient funds to exercise the earn in option with Riverside."
The Penoles Project is located in the Durango Silver Belt in North-Central Mexico and is currently owned 100% by Riverside Resources Inc. ("Riverside") (TSXV: RRI). The current drilling campaign underway on the Property is being conducted pursuant to a commitment by Morro Bay to perform $750,000 of exploration work on the Property whereby giving Morro Bay an option to earn an initial 51% interest and up to 65% interest in the Property and pay to Riverside $1.35 million cash ($100,000 and USD$1,250,000) and $1.5 million worth of Morro Bay Shares (or cash at Morro Bay's option, provided that if the market value of the Morro Bay Shares is less than $0.05 based on a 30 day VWAP, such payment must be made in cash) by June 30, 2014.
Morro Bay also announces that it has released its first quarter Financial Statements which can be found on SEDAR.
About Morro Bay
Morro Bay is a junior mining company based in Calgary, Alberta, Canada. Morro Bay's business strategy is to build shareholder value by rapidly advancing its Penoles Project in Mexico through the resource delineation stage.
For further information please contact:
Morro Bay Resources Ltd.
President and Chief Executive Officer
403 680 9264
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Information in this news release may contain forward looking information. Statements containing forward looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the company.
There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.
The forward-looking information contained in this news release is as of the date hereof and Morro Bay does not undertake any obligation to update publicly or to revise any of the included forward looking statements contained herein, except as required by applicable law. The forward-looking statements contained herein are expressly qualified by this cautionary statement.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
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Source: Morro Bay Capital Ltd. (TSX-V: MRW.P)
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