Riverstone Resources Inc.

Riverstone Resources Inc.

June 18, 2012 08:30 ET

Riverstone Continues to Extend Higher Than Average Gold Grade Mineralization at GGI

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 18, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to report results from nineteen diamond core drill holes on the 90% owned GGI Deposit, which forms part of the Company's flagship Karma gold project in Burkina Faso, West Africa (the "Karma Project"). These holes are part of a program of drilling designed to extend and confirm the deposit to depth, and to collect material for metallurgical testing. (See Map on Website for the location of the holes: http://www.riverstoneresources.com/i/maps/120614-100504_GGI_Plan.jpg).

Significant assay intervals in these core holes are as follows:

  • 2.15 g/t Au over 40 m in DD-11-060
  • 2.34 g/t Au over 26 m and 1.73 g/t Au over 14 m in DD-11-062
  • 2.15 g/t Au over 18 m in DD-11-049
  • 1.88 g/t Au over 16 m in DD-11-031
  • 1.66 g/t Au over 12 m in DD-11-036
  • 1.37 g/t Au over 24 m in DD-11-025
  • 1.32 g/t Au over 24 m and 1.40 g/t Au over 16 m in DD-11-033

Mineralization at GGI extends over 2,100 metres east-west and to as much as 200 metres down-dip in areas of deeper drilling. The deposit remains open in both directions along strike, as well as to depth; there is only very limited drilling below 200 metres vertical depth.

"We are very encouraged with these assays from drilling at GGI as the property continues to produce good gold intersections," commented Dwayne L. Melrose, President and CEO of Riverstone. "Not only have we continued to intersect good grade gold mineralization here at GGI but we have also continued to intersect above average grade gold intersections at our GGII (May 29, 2012) and Kao (June 12, 2012) deposits. Riverstone has also completed +85,000 metres of drilling since the cut-off date of the last resource estimation."

A more complete summary of significant results in these drill holes is presented in the following table:

Hole number Interval (metres) Intercept Average
From To (metres) Grade
(g/t Au)
GLG-DD-11-025 26 34 8 1.13
and 68 92 24 1.37
GLG-DD-11-026 48 58 10 0.74
and 62 70 8 0.85
and 82 102 20 1.11
including 82 84 2 6.13
GLG-DD-11-027 94 150 56 0.61
including 132 142 10 1.20
and 150 174 24 1.10
GLG-DD-11-028 92 102 10 0.93
GLG-DD-11-029 98 112 14 0.78
and 148 154 6 1.96
and 176 182 6 0.93
GLG-DD-11-030 102 114 12 0.92
GLG-DD-11-031 46 62 16 1.88
GLG-DD-11-032 156 160 4 1.16
GLG-DD-11-033 122 146 24 1.32
and 156 172 16 1.40
and 186 192 6 1.50
GLG-DD-11-034 120 130 10 0.98
GLG-DD-11-036 44 56 12 1.66
GLG-DD-11-037 18 28 10 1.03
GLG-DD-11-046 204 222 18 0.64
GLG-DD-12-049 132 142 10 1.13
and 148 156 8 1.43
and 162 170 8 1.32
and 184 190 6 1.68
and 196 214 18 2.15
And 214 220 6 1.09
GLG-DD-12-060 122 162 40 2.15
GLG-DD-12-061 70 86 16 0.92
and 96 102 6 1.12
GLG-DD-12-062 88 92 4 1.12
and 128 154 26 2.34
and 178 192 14 1.73
and 208 210 2 1.45
Notes: Interpreted true thicknesses for these intercepts are between 60 and 80 percent.
Holes 035 and 048 returned no significant values.
Holes 038 to 045, 047, and 050 to 059 were drilled at the nearby GGII deposit.

The 90% owned GGI deposit is part of the Company's Karma Project which comprises a NI 43-101 compliant in-pit Whittle indicated resource of 1.6 million ounces of gold in 47.3 million tonnes grading 1.1 g/t gold and an inferred resource of 0.6 million ounces of gold in 18.9 million tonnes grading 0.93 g/t gold (see news release dated January 9. 2012 and NI 43-101 Technical Report titled "Technical Report and Resource Estimate on the Karma Project, Burkina Faso, West Africa" filed on Sedar (www.sedar.com) February 23, 2012.) Since the data cut-off for the resource estimation, the Company has completed in excess of an additional +85,000 metres of drilling on the Karma Project, and it is expected that the results of this drilling will add to the overall resource of the Karma Project deposits.

Riverstone maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. All core samples were prepared and assayed using standard fire assay with an atomic absorption finish, with samples grading over one gram per tonne gold re-assayed with a gravimetric finish, at the independent Abilab Burkina SARL laboratory in Ouagadougou, Burkina Faso, which is part of the ALS Chemex Group.

Riverstone is active in Burkina Faso, West Africa, where it holds a portfolio of four high quality exploration projects covering in excess of 2,000 square kilometres. Addition information about the Company and its activities may be found on the Company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.


Dwayne L. Melrose, President & CEO

Giles R. Peatfield, Ph. D., P.Eng. is the 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 Canadian securities legislation. Forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the updated resources estimate, the assumptions set forth in this news release and in the Company's news release of January 9, 2012, and 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, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. 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
    Dwayne L. Melrose

    Riverstone Resources Inc.
    Don Mosher
    Corporate Development

    Riverstone Resources Inc.
    Raju Wani
    Investor Relations

    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations