Riverstone Resources Inc.

Riverstone Resources Inc.

February 23, 2010 10:03 ET

Riverstone Reports Additional High Grade Gold Results at Nami Gold Discovery Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is very pleased to report the results from the first batch of samples collected during the current sampling program presently underway over the major new Nami artisanal site on the Company's Karma Gold Project in Burkina Faso, West Africa. A total of 182 samples were collected in the first batch of samples. These samples were collected from artisanal shafts located in the southern portion of the workings.

Highlights of the initial batch of samples are as follows:

  • 9 of the samples returned values greater than 10 g/t gold with a maximum value of 89.2 g/t gold
  • 41 samples are greater than 1.0 g/t gold and 17 of the samples returned values greater than 5 g/t gold
  • 64 of the samples returned values greater than 0.30 g/t gold and the average of these samples is 5.67 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 (See news release dated May 11, 2009).

Sample results greater than 2.0 g/t gold are presented in the following Table. All samples are collected from artisanal shafts. The Company is preparing a sample location map for posting to the website.

Shaft Sample Au (g/t)   Shaft Sample Au (g/t)
  RNP14 2.090   RNP60 3.350
  RNP02 2.330   RNP12 3.460
  RNP55 2.490   RNP48 3.660
  RNP08 2.560   RNP29 4.150
  RNP26 2.600   RNP15 4.400
  RNP02 2.670   RNP10 4.980
  RNP38 2.690   RNP50 5.120
  RNP40 2.910   RNP06 5.330
  RNP38 3.010   RNP08 6.820
  RNP41 3.020   RNP57 7.810
  RNP48 8.350   RNP24 13.050
  RNP47 8.940   RNP10 14.250
  RNP44 9.130   RNP25 18.400
  RNP36 9.690   RNP46 21.100
  RNP04 11.500   RNP41 34.200
  RNP28 11.950   RNP32 89.200
  RNP59 12.900      

"We are very pleased with these initial results," commented M.D. McInnis, President and CEO of Riverstone. "The results are consistent with our preliminary sampling results carried out in December and strongly suggest that the mineralization is widespread."

The initial sampling program of the Nami site was carried out in December, 2009, and collected 51 samples throughout the area of the artisanal workings. The average of all samples collected was 10.4 g/t gold. Fourteen of the samples contained more than 14 g/t gold with a maximum of 98 g/t gold. (See News Release January 18, 2010).

The follow-up sampling is designed as a more comprehensive program over the area of the artisanal workings. Approximately 200 additional artisanal shafts and about 200 "waste" dumps from the shafts will be sampled. Where possible, samples are taken at regular levels within each shaft. A panel sample approximately 30 cm in height is collected around the entire circumference of the shaft at each level. All of the sample results should be available by the end of February at which time the Company will initiate a 3,000 metre RC drill progam as an initial test of the zone.

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: http://www.riverstoneresources.com/s/PhotoGallery.asp).

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 six 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.

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