Riverstone Resources Inc.

Riverstone Resources Inc.

October 21, 2010 12:33 ET

Riverstone Dramatically Expands Goulagou I Deposit at Karma

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 21, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to announce that an interpretation of the results from the recently completed drill program on the Goulagou I gold deposit has significantly increased the size of the mineralized footprint. Based on the recently completed Reverse Circulation (RC) drill program, the deposit is now in excess of 1.7 kilometres long and reaches a width of at least 300 metres over the western 900 metres of the zone. The zone remains open to the west and to depth. The Company is currently updating the gold resource estimate on this zone and on the other three deposits which comprise the Karma resource, and anticipates completing a new resource estimate by the end of this year. The Karma project currently comprises a NI 43-101 compliant gold resource of 820,500 ounces of gold in the indicated category and 322,300 ounces of gold in the inferred category in the Rambo Main, Kao, Goulagou I and Goulagou II deposits.

The attached maps illustrate how the Goulagou I deposit has expanded in comparison to Goulagou II, which lies approximately 2 kilometres to the southeast. Goulagou II is in excess of 2.0 kilometres long and hosts a NI 43-101 compliant gold resource of 390,500 ounces of gold in the indicated category and 48,600 ounces of gold in the inferred category. Recent RC drilling has extended this zone a further 150 metres to the west.

Map 1 (http://www.riverstoneresources.com/i/misc/NR100504_GG1.jpg) illustrates the NI 43-101 compliant gold resource of 140,400 ounces of gold in the inferred category as calculated in 2009, within a 1.3 kilometre long deposit. This resource was placed in the inferred category because the majority of the drilling up to 2009 had been widely spaced, often on 200 metre wide lines.

Map 2 (http://www.riverstoneresources.com/i/maps/101018-100504-GG1-Cartoon.jpg) illustrates the new interpretation of the gold zones at Goulagou I, and it is evident that the footprint of Goulagou I is now larger than Goulagou II. The long linear gold zone in the east becomes a series of very wide zones west of an interpreted fault. All gold zones are open, especially to the west and at depth. The deposit has been drilled to an average vertical depth of 100 metres, at which point the deep oxide zone has transitioned into fresh rock.

In addition, a newly discovered zone is present 200 metres south of GGI (see News Release dated October 6, 2010: http://www.riverstoneresources.com/s/NewsReleases.asp?ReportID=422198&_Type=News-Releases&_Title=Riverstone-Intersects-15.0-gt-Gold-Over-6-Metres-in-New-Discovery-at-Goulag...) which assayed 15.17 g/t gold over 6 metres. This raises the possibility that more zones may be present in the 2 kilometres between the Goulagou I and Goulagou II deposits.

The Company has just begun a new a 25,000 metre drill program on Karma which will consist of at least 15,000 metres of Reverse Circulation (RC) and 10,000 metres of diamond drilling. The bulk of the RC drilling will be infill lines at Goulagou I in an effort to both expand the resource and to move it into the Indicated category. The Goulagou property is subject to an Option to Purchase agreement with Golden Star Resources Ltd. The majority of the diamond drilling will be carried out at the Company's prospective Nami gold zone.

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 projects 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