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

Riverstone Resources Inc.

July 07, 2010 13:10 ET

Riverstone Drilling Extends Gold Mineralization at Goulagou Deposits on its Karma Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 7, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to report more positive results from the infill and resource expansion drill program at its Goulagou gold deposits in Burkina Faso, West Africa (See Map on Website: http://www.riverstoneresources.com/i/maps/100706_GGI_Plan.jpg). The goal of the on-going drill program is to upgrade and expand the current near surface oxide resource at the Goulagou deposits, as well as the other two deposits that comprise the Company's Karma gold project.

"These latest results from the Goulagou I deposit continue to improve and expand the resource," said M.D. McInnis, President & CEO of Riverstone. "Our target here is a large, open pittable deposit and these new results add support to that model."

Recent drilling highlights include:

  • 2 metres of 7.710 g/t Au
  • 40 metres of 1.323 g/t Au; including 22 metres of 1.808 g/t Au
  • 18 metres of 1.038 g/t Au; including 10 metres of 1.494 g/t Au

Significant mineralized intercepts are reported in the following table. For results of the holes previously released see News Releases dated June 29, 2010 and May 25, 2010).

 
Hole number Interval (m) Intercept Average
  From To (metres) (g/t Au)
GLG-10-RC-055 8 14 6 0.838
  and 42 46 4 0.609
         
GLG-10-RC-056 6 8 2 7.710
         
GLG-10-RC-059 44 50 6 0.631
  and 118 140 22 0.805
  including 130 138 8 1.389
         
GLG-10-RC-060 0 6 6 0.713
  and 122 140 18 1.038
  including 128 138 10 1.494
         
GLG-10-RC-071 0 10 10 0.697
         
GLG-10-RC-072 0 26 26 1.088
  and 54 70 16 0.601
  and 140 180 40 1.323
  including 144 166 22 1.808
         
GLG-10-RC-078 40 48 8 0.520
  and 76 102 26 0.666
  including 80 92 12 1.085

The Goulagou deposits are part of the Company's Karma project which, in addition to the Goulagou deposits, comprises the Rambo, Kao and the promising new Nami site. Since March 2010, the Company has drilled over 15,000 metres of RC drilling and over 2,000 metres of diamond drilling, in addition to over 7,000 metres of RAB drilling at Nami. A large number of drill samples are currently still in the analytical laboratory with results expected to be reported over the next few weeks.

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 rock samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over two grams gold per tonne 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.

ON BEHALF OF THE BOARD

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

Dr. Giles R. Peatfield, P.Eng., 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
    President
    604-801-5020
    info@riverstoneresources.com
    or
    Riverstone Resources Inc.
    Raju Wani
    Investor Relations
    403-240-0555
    or
    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations
    604-986-0112
    www.riverstoneresources.com