09:57 AM EST - Sierra Madre Developments Inc : provided an update regarding amendments to the Option Agreement between the Company and Riverside Resources Inc. on the Penoles Property in Durango State, Mexico. As announced September 6, 2012, to earn a 51% interest in the Penoles Property (under the existing option agreement) the Company was required to make a cash payment of $250,000 U.S. to Riverside on September 30, 2012, a cash payment of $1,650,000 U.S. to Riverside on or before December 31, 2012, incur a total of $3,000,000 in exploration expenditures before May 31, 2013 (the Company estimates that a total of $2,500,000 in exploration expenditures has been incurred to date), make a $100,000 cash payment to Riverside on May 31, 2013 and also make a last $1,500,000 payment on or before May 31, 2013. Sierra Madre Developments Inc
shares V.SMG are trading unchanged at $0.06.
