Riverstone Resources Inc.

Riverstone Resources Inc.

August 03, 2012 20:57 ET

Riverstone Intersects 1.43 g/t Gold Over 40 m at Goulagou I

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to report results from 51 reverse circulation ("RC") drill holes on the 90% owned Goulagou I ("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 the overall program to extend the GGI deposit along strike and to depth for inclusion in the upcoming resource estimate on the Karma Project, which is scheduled to be available in September 2012 (See Map on the Riverstone Website for the location of the holes: http://www.riverstoneresources.com/i/maps/120802-100504_GGI_Plan-b.jpg).

Significant assay intervals in these drill holes include:

  • 1.43 g/t Au over 40 m in 12-RC-339
  • 1.21 g/t Au over 20 m including 3.48 g/t over 4 m in 11-RC-321
  • 4.53 g/t Au over 4 m in 11-RC-328
  • 1.08 g/t Au over 14 m in 11-RC-330
  • 2.32 g/t Au over 2 m and 4.21 g/t Au over 2 m in 12-RC-236

Mineralization at GGI now extends over 2,200 metres east-west and locally at least 200 metres down-dip. Drilling at GGI is generally testing shallow targets, to about 100 to 150 metres vertical depth and also deeper drilling that test higher-grade shoots that remain open to depth and along strike.

"The results of this drilling will be included in the upcoming resource estimate scheduled for September 2012," commented Dwayne L. Melrose, President and CEO of Riverstone. "The Preliminary Economic Assessment for the Karma Project that is currently being conducted is progressing on schedule and is expected to be released in August 2012."

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-11-RC-290 174 184 10 0.94
GLG-11-RC-291 144 148 4 0.79
GLG-11-RC-292 46 48 2 1.71
GLG-11-RC-294 4 6 2 1.91
GLG-11-RC-300 26 34 8 0.87
GLG-11-RC-310 100 108 8 0.63
GLG-11-RC-314 92 94 2 1.13
GLG-11-RC-317 120 138 18 0.58
GLG-11-RC-320 56 66 10 0.56
and 90 92 2 1.45
GLG-11-RC-321 50 70 20 1.21
including 62 66 4 3.48
GLG-11-RC-323 104 130 26 0.73
and 130 150 20 0.65
GLG-11-RC-327 134 142 8 1.09
GLG-11-RC-328 108 112 4 4.53
GLG-11-RC-329 136 152 16 0.91
GLG-11-RC-330 70 78 8 0.50
and 78 92 14 1.08
GLG-11-RC-331 104 120 16 0.76
and 138 146 8 0.67
GLG-11-RC-335 158 164 6 0.69
GLG-11-RC-336 18 28 10 0.58
and 50 52 2 2.32
and 136 138 2 4.21
GLG-11-RC-338 78 110 32 0.70
GLG-11-RC-339 20 60 40 1.43
GLG-11-RC-340 138 142 4 0.98
GLG-11-RC-341 180 184 4 0.80
Notes: Interpreted true thicknesses for these intercepts are between 60 and 70 percent.
Holes 293, 295-299, 301-309, 311-313, 315, 316, 318, 319, 322, 324, 325, 332-334 and 337 returned no significant intersections.

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 cut-off date for the January 9th, 2012 resource estimation, the Company has completed an additional +85,000 metres of drilling on the Karma Project. It is expected that the results of this drilling will add to the overall resources 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 samples were prepared at the independent Abilab Burkina SARL laboratory in Ouagadougou, Burkina Faso, West Africa (part of the ALS Chemex Group), 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, either in Burkina Faso or at the ALS Chemex facility in North Vancouver, British Columbia, Canada.

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