Morro Bay Announces Notice of Default Provided by Riverside Resources Inc.

http://www.fscwire.com/newsrelease/morro-bay-announces-notice-default-provided-riverside-resources-inc

Calgary, Alberta (FSCwire)Morro Bay Resources Ltd. (“Morro Bay” or the “Company”) (TSX-V: MRB; OTCQX: MRRBF) announces that it has received a Notice of Default from Riverside Resources Inc. (“Riverside”) in regard to the Joint Venture between Morro Bay and Riverside. Riverside alleges in its Notice of Default that Morro Bay has failed to incur $750,000‎ Joint Venture Expenditures at the Peñoles Joint Venture Property (the “Peñoles Project”). Riverside alleges in its Notice of Default that the failure of Morro Bay to incur these expenses constitutes a default pursuant to the Agreement between Morro Bay and Riverside. Morro Bay acknowledges that it has not incurred the full $750,000 of expenditures on the Peñoles Project by on or before May 16, 2016 as required.

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