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

Riverstone Resources Inc.

December 07, 2010 10:30 ET

Riverstone Expands Footprint of Kao Deposit at Karma

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 7, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to announce that ongoing Reverse Circulation ("RC") drilling at the Kao gold deposit in Burkina Faso, West Africa, has extended the gold bearing zone over 100 metres to the northeast (To see a map of the area please go to http://www.riverstoneresources.com/i/maps/101202-091112_Kao_Cartoon.jpg). The deposit still remains open in this direction towards a series of widely-spaced gold intercepts approximately 500 metres away that were drilled in 2009. The Kao deposit is one of four that collectively comprise the Company's advanced stage Karma gold project.

The recent RC drilling at Kao tested the zone on a series of fences to the north and northeast of the current NI 43-101 compliant gold resource, which covers an area approximately 800 metres by 400 metres. Several holes were also drilled to the southwest, down dip to the east below the level of oxidation, and on several nearby regional targets. Twenty six holes were drilled, totalling 3,346 metres. This release reports on the results of the first 12 holes. Significant intercepts are reported in the table below:

  Interval (m )        
Hole number From To   Intercept(metres ) Average(g/t Au )
KAO-10-RC-194 16 64   48   0.59  
  including 40 55   15   1.05  
  and 76 78   2   1.16  
               
KAO-10-RC-195 20 38   18   0.53  
  including 24 32   8   0.82  
  and 50 54   4   1.35  
               
KAO-10-RC-196 24 28   4   0.81  
  and 40 42   2   0.57  
  and 72 84   12   0.74  
  including 72 76   4   1.69  
  and 94 108   14   0.88  
               
KAO-10-RC-197 64 66   2   0.48  
  and 74 76   2   1.21  
  and 82 100   18   0.86  
  including 88 96   8   1.51  
               
KAO-10-RC-198 60 62   2   0.68  
  and 88 90   2   0.87  
  and 100 106   6   0.51  
  and 130 134   4   0.87  
               
KAO-10-RC-199 28 30   2   0.63  
  and 74 76   2   1.26  
  and 96 98   2   0.72  
  and 104 106   2   0.52  
  and 130 146   16   1.08  
               
KAO-10-RC-200 22 24   2   0.56  
  and 142 150   8   1.28  
        Ended in Mineralization  
               
KAO-10-RC-201 108 116   8   0.49  
               
KAO-10-RC-202 16 18   2   0.64  
  and 60 62   2   2.57  
  and 76 86   10   0.77  
  and 92 96   4   0.85  
  and 106 108   2   0.46  
               
KAO-10-RC-204 26 28   2   0.82  
  and 84 88   4   0.43  
               
KAO-10-RC-205 100 110   10   0.64  

The Company has recently begun 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. Drilling completed in August of 2010 demonstrated that the Goulagou I deposit has grown to 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 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 Nami gold zone where artisanal miners are actively working an area of approximately one kilometer by 500 metres. 

The Company is currently updating the gold resource estimate on the Kao gold deposit and on the other three deposits, Goulagou I, Goulagou II and Rambo Main, 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. 

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.

ON BEHALF OF THE BOARD

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
    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