Riverstone Resources Inc.

Riverstone Resources Inc.

December 15, 2010 09:30 ET

Riverstone Extends Depth of Kao Deposit at Karma

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 15, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to announce that additional results from the Reverse Circulation ("RC") drilling at the Kao gold deposit in Burkina Faso, West Africa, has extended the gold bearing zone further along strike and at depth (See map: http://www.riverstoneresources.com/i/maps/101213-091112_Kao_Cartoon.jpg). The deposit remains open to the north, to the east-northeast and at depth to the east along the shallowly plunging mineralized zone. The Kao deposit is one of four that collectively comprise the Company's advanced stage Karma gold project.

Significant results were received from the holes drilled at depth to the east, which were designed to intersect the down-dip extension of the mineralized zone at a vertical depth of 100 metres below surface. Drill hole RC-207 intersected 0.77 g/t gold over 44 metres, including 0.96 g/t gold over 28 metres. Drill hole RC-208 to the south intercepted two zones grading 1.24 g/t gold over 12 metres and 1.08 g/t gold over 6 metres respectively. The Kao deposit is an approximately 40 metre thick tabular zone which dips 25 degrees to the east. The shallow dip potentially means that the deposit could be traced at greater depths than presently outlined and still be amenable to open pit mining.

On the north-eastern edge of the deposit, drill hole RC-206 intersected 1.30 g/t gold over 26 metres, including 2.39 g/t gold over 10 metres. The deposit is open to the northeast and to the east beyond this intercept, and it also remains open to the north, based on previously reported results (see News Release dated Dec 6, 2010).

The RC drilling at Kao which commenced in October totalled 3,346 metres, mainly on a series of fences to the north and northeast of the current NI 43-101 compliant gold resource. The majority of the results from this program were reported in a news release dated Dec 6, 2010, and significant intercepts from the balance of the holes are reported in the table below:

    Interval (m)   Intercept   Gold Grade
Hole number    From   To   (metres)   (g/t Au)
KAO-10-RC-206   108   114   6   1.718
and   122   148   26   1.302
including   132   142   10   2.386
KAO-10-RC-207   38   46   8   0.442
and   78   82   4   0.500
and   88   132   44   0.765
including   100   128   28   0.960
KAO-10-RC-208   38   42   4   0.697
and   64   76   12   1.236
and   96   122   26   0.601
including   108   114   6   1.076
KAO-10-RC-210   48   58   10   0.532
KAO-10-RC-214   16   20   4   0.704
and   72   80   8   0.578
and   118   120   2   0.656

The drilling on Kao is part of a 25,000 metre drill program on Karma, which commenced in October and will continue until March 2011. The program consists of at least 15,000 metres of Reverse Circulation (RC) and 10,000 metres of diamond drilling. In addition to the RC drilling on Kao, RC drilling will be carried out on Goulagou I in an effort to expand the strike length of the mineralized zone. 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 that a new resource estimate will be completed in Jan 2011. 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.


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