Riverstone Resources Inc.

Riverstone Resources Inc.

January 18, 2010 11:11 ET

Riverstone Defines High Grade Gold Mineralized Trend

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 18, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is very pleased to report the results from an initial sampling program conducted over a major new gold artisanal site on the Company's Karma Gold Project in Burkina Faso, West Africa (See map here). A total of 51 samples were collected over a distance of about 600 metres long within the broader area of the artisanal workings which are between 150 metres to 350 metres wide (See map here). These samples average 10.4 g/t gold.

Highlights of the sampling program are as follows:

  • 14 of the samples returned values over 10 g/t gold with a maximum value of 98.5 g/t gold
  • 30 samples are over 1.0 g/t gold and 20 of the samples returned values over 5 g/t gold
  • Gold is associated with quartz veins and veinlets within a granodiorite host rock and a breccia body within the granodiorite
  • The significant number of artisanal sites suggest that gold mineralization is widespread throughout the granodiorite
  • The site is in close proximity to defined gold resources on the Karma project, which has a NI 43-101 resource of 820,500 ounces of gold indicated and 320,300 ounces inferred.

Sample results (See map here) greater than 1.0 g/t gold are presented in the following Table:

RMB-AO-001 Grab sample 6.53
RMB-AO-002 Grab sample 15.30
RMB-AO-003 Grab sample 1.15
RMB-AO-004 Grab sample of artisanal "ore" 5.59
RMB-AO-007 Chip sample at 45 m in shaft 27.30
RMB-AO-010 Chip sample at 55 m in shaft 11.90
RMB-AO-011 Chip sample at 40 m in shaft 2.55
RMB-AO-017 Chip sample at 54 m in shaft 78.20
RMB-AO-018 Chip sample at 54 m in shaft 8.32
RMB-AO-020 Grab sample 1.29
RMB-AO-021 Chip sample at 50 m in shaft 21.10
RMB-AO-020 Chip sample at 50 m in shaft 3.30
RMB-AO-021 Chip sample at 60 m in shaft 18.00
RMB-AO-022 Chip sample at 35 m in shaft 30.00
RMB-AO-023 Chip sample at 60 m in shaft 14.90
RMB-AO-024 Chip sample at 60 m in shaft 98.50
RMB-AO-027 Chip sample at 60 m in shaft 32.00
RMB-AO-028 Chip sample at 50 m in shaft 9.91
RMB-AO-030 Grab sample of artisanal "ore" 21.60
RMB-AO-032 Chip sample at 40 m in shaft 7.34
RMB-AO-033 Chip sample at 53 m in shaft 4.11
RMB-AO-034 Grab sample from waste pile 4.83
RMB-AO-036 Grab sample of artisanal "ore" 22.00
RMB-AO-037 Grab sample from waste pile 3.66
RMB-AO-038 Grab sample from waste pile 4.24
RMB-AO-039 Grab sample of artisanal "ore" 6.25
RMB-AO-041 Grab sample 33.70
RMB-AO-045 Chip sample at 60 m in shaft 26.50
RMB-AO-046 Grab sample from waste pile 1.12
RMB-AO-047 Grab sample from waste pile 4.04

"This is a very exciting development for us," commented M.D. McInnis, President and CEO of Riverstone. "Although it is still very early in the evaluation process of this discovery, it is obviously of major significance and we will be pursuing it aggressively."

The Nami artisanal site is located within the Company's Rambo permit, about 4 kilometres north of the Rambo deposit, one of four gold deposits that comprise the Company's Karma project. Artisanal activity commenced on the site in April, 2009 and activity has increased substantially since then. Artisanal workers excavate small, vertical shafts and collect material which they process through a crude sluice box system. Several hundred of these shafts have been excavated to date. The footprint of the artisanal workings is currently approximately 800 metres in length and 150 metres to 350 metres in width (See photo gallery of artisanal site).

The Company's samples were collected from the artisanal miner's shafts as well as the waste piles beside the shafts. Samples from the shafts were random chips across the wall or floor of the shaft, while the waste pile samples were composite grab samples collected at random across the pile. Samples had an average weight of 3 kilograms.

The Company maintains a rigorous quality control program involving the use of repeat assays, inserted blanks, and the use of certified standards from an accredited Canadian laboratory. All rock samples were assayed using standard fire assay with atomic absorption techniques, with samples grading in excess of 2.00 g/t gold re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratories in Ouagadougou, Burkina Faso, which is part of the ALS Chemex group.

Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the company holds an extensive portfolio of high quality exploration permits covering 2,300 square kilometres. For further information about the company and its activities, please refer to the company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.


Michael D. McInnis, P. Eng., President & CEO

Paul G. Anderson, P. Geo. is a Qualified Person for RVS and has reviewed and approved the contents of this release.

Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of the Ontario Securities Act. Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development results will not be consistent with the Company's expectations, accidents, equipment breakdowns, title matters and surface access, labour disputes, the potential for delays in exploration activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, failure to obtain adequate financing on a timely basis and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, the assumed long term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate equipment and sufficient labour and that the political environment within Burkina Faso will continue to support the development of environmentally safe mining projects. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Riverstone Resources Inc. - Vancouver Office
    Michael D. McInnis
    Riverstone Resources Inc.
    Raju Wani
    Investor Relations
    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations