Riva Gold Corporation

Riva Gold Corporation

August 30, 2010 17:43 ET

Riva Gold Corporation Receives Approval for Early Adoption of International Financial Reporting Standards

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 30, 2010) - Riva Gold Corporation ("Riva" or "the Company") is pleased to announce its application for an exemption from the requirement under National Instrument 52-107 to prepare financial statements in accordance with Canadian Generally Accepted Accounting Principles ("GAAP"), in order to facilitate early adoption by the Company of International Financial Reporting Standards ("IFRS"), has been approved by the applicable Canadian securities regulators. As Riva was incorporated on March 31, 2010, the Company has chosen to adopt IFRS early and will commence reporting under these standards beginning June 30, 2010, with a date of transition being the date of incorporation of the Company.

Riva expects the use of a single accounting standard will reduce costs and streamline financial reporting by developing common reporting systems and consistency across subsidiaries. In addition, the Company anticipates its investors who are resident outside Canada in jurisdictions that already permit financial statements to be prepared in accordance with IFRS will benefit from the Company's early adoption of IFRS.

Riva's consolidated financial statements for the period ending June 30, 2010 will be the first financial statements filed for the Company and will therefore outline its accounting policies. Given that Riva is newly incorporated, the Company's reporting process for IFRS includes a plan which addresses its accounting policies, organization, internal controls, and any required changes to business processes. The Company's accounting personnel has a thorough understanding of IFRS.

About Riva
Riva is a Canadian mineral exploration company that controls 56,341 acres of land in the highly prospective and under-explored Warapati/Noseno and Arawapai areas of Guyana. Sampling programs to date on the properties show veins grading from 30 to 110 grams per tonne gold, although no modern exploration work has been done. The Company is planning a first phase drill program for the second half of 2010.

Riva was formed in March 2010 as a subsidiary of Wildcat Silver Corporation (TSX VENTURE:WS) and is currently seeking a listing on the TSX Venture Exchange.

This news release contains forward-looking statements relating to the proposed listing of Riva on the TSX Venture Exchange and other statements that are not historical facts. Such forward-looking statements are subject to known and unknown risks, uncertainties and assumptions that could cause actual results to vary materially from targeted results the results or events predicted in these forward-looking statements. As a result, investors are cautioned not to place undue reliance on these forward-looking statements.

There is no assurance that Riva will be able to achieve a listing on the TSX Venture Exchange or any other stock exchange.

The forward-looking statements contained in this news release are made as of the date of this release. Except as required by applicable law, Riva disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Riva Gold Corporation

On behalf of the Board of Directors for Riva:

Michael Cawood, President

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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