As part of the deal, Guerrero will own 100 percent interests in the Cerro Azul and Chapalota projects in Mexico, with Riverside receiving $2 million in Guerrero shares.
In a statement, both companies said the agreement will facilitate exploration progress and allow Riverside and Guerrero to take strides toward an initial drill program at the Cerro Azul copper-gold project and follow-up on remaining drill targets at Chapalota.
Cerro Azul is located near the highly productive southwestern Mexico, Guerrero Gold Belt. The 2011 work program on the 261 square km 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 square km 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.