TORONTO, March 4, 2013 /PRNewswire/ - Riva Gold Corporation (TSX-V: RIV) ("Riva" or the "Company") announces today that it has entered into a letter of intent with Wildcat Silver Corporation ("Wildcat") providing for the acquisition by Wildcat of all of the outstanding common shares of Riva in consideration for 4.7 common shares of Riva for one common share of Wildcat. This represents a price of C$0.17 per Riva common share, which is based on the volume weighted average price of the Wildcat common shares for the 20 trading days ending March 1, 2013. "We are pleased to be able to bring this transaction to our shareholders," commented Richard Warke, chairman and CEO of Riva Gold. "Riva has been assessing strategic alternatives for the last year and we believe this represents the best opportunity for the Company's investors to participate in the significant potential of the Hermosa project, one of the largest undeveloped silver deposits in the USA." Wildcat has an 80%-interest in the Hermosa silver project located in Santa Cruz, Arizona. The project has a preliminary economic assessment which estimates average annual production of over 15 million ounces of silver for the first five years and a 16 year mine life. Metallurgical testwork is currently focused on optimizing silver recoveries and the economic recovery of the remaining by-product metals is underway. This work will be included in the pre-feasibility study expected to be completed by mid-2013. Riva has a cash balance of approximately C$8.1 million and currently does not hold any mineral properties. In connection with the acquisition, Riva also agreed to provide a C$1 million secured term loan to Wildcat, subject to any applicable regulatory approvals. Interest payable on the loan is equal to the prime rate plus 4% and the loan matures on December 31, 2013. The proposed acquisition remains subject to, among other things, the negotiation and execution of a definitive agreement and applicable shareholder and regulatory approvals.