Riverstone Resources Inc.
TSX VENTURE : RVS
FRANKFURT : 3RV

Riverstone Resources Inc.

June 23, 2008 11:45 ET

Riverstone Closes 1.75 Million Unit Private Placement at $0.60

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 23, 2008) -

NOT FOR DISSEMINATION IN THE USA OR THROUGH US NEWSWIRE SERVICES

Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) has now closed the first tranche of the 3.5 million unit private placement under its previously announced Memorandum of Understanding with Teck Cominco Limited. 1.75 million units of the Company ("Units") have been issued for proceeds of $1,050,000 at the price of $0.60 per Unit, each Unit consisting of one common share and one non-transferable share purchase warrant exercisable to acquire one additional share at a price of $1.20 per share for a period of two years. The shares, warrants and any shares issued upon exercise of the warrants are subject to a four month hold period during which the securities may not be traded except as permitted by the Securities Act and the Rules made thereunder and the TSX Venture Exchange. The remaining tranche of 1.75 million Units will be completed upon final transfer of the license for the Company's Ligidi permit to Riverstone's Burkinabe subsidiary. (See news releases dated June 10, 2008 and April 29, 2008).

The net proceeds of the financing, which was at a significant premium to the trading price of the shares of Riverstone, will be used as to 25% for exploration of the Company's Ligidi property and 75% to provide working capital for the Company and funds for further exploration of the Company's other gold projects in Burkina Faso.

Teck Cominco has the right to elect to earn an interest of up to 51% in the Company's interest in the Ligidi permit by funding up to $8 million in exploration expenditures on the permit prior to the fifth anniversary of the date of its election.

In addition to the Ligidi permit, Riverstone holds 6 additional gold projects in Burkina Faso covering a total area of some 3,500 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.

ON BEHALF OF THE BOARD

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

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

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