Riverstone Resources Inc.

Riverstone Resources Inc.

October 06, 2010 09:30 ET

Riverstone Intersects 15.0 g/t Gold Over 6 Metres in New Discovery at Goulagou

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 6, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to report further results from the reverse circulation drilling program at the Goulagou I gold deposit in Burkina Faso, West Africa (to see map please click on: http://www.riverstoneresources.com/i/misc/NR100504_GG1.jpg). The highlight of the drilling results is Hole 105 which intersected 15.17 g/t gold over 6.0 metres. Hole 105 is located approximately 200 metres south of the main Goulagou I gold zone and was drilled to test a RAB drill gold anomaly. The intersection is open to the east and north and additional drilling of this promising discovery will be undertaken in our Q4 drilling program.

"We are very pleased with the results of our Q3 drilling program at Goulagou I," commented M.D. McInnis, President and CEO of Riverstone. "We have discovered a new high-grade gold zone that is open for expansion and we have added substantially to the size of the main Goulagou I gold zone. The Goulagou main zone has now been expanded to a minimum strike length of 1.5 kilometres and a width of 200 metres. The main zone is still open to the west and we are confident that the resource in Goulagou I has increased substantially since the last resource estimate was done in May 2009."

Significant mineralized intercepts are reported in the following table. For results of previously released holes, please refer to News Releases dated May 25, June 29, July 7, July 20, and September 1, 2010.

Hole number Interval (m) Intercept Gold Grade
  From To (metres) (g/t Au)
GLG-10-RC-095 44 52 8 1.474
and 62 70 8 1.237
and 82 86 4 1.470
GLG-10-RC-097 68 70 2 1.285
GLG-10-RC-099 108 118 10 0.829
GLG-10-RC-100 38 56 18 0.767
GLG-10-RC-102 48 56 8 0.758
and 70 78 8 0.518
and 86 106 20 0.595
including 100 106 6 1.064
GLG-10-RC-105 36 42 6 15.165
including 36 38 2 44.80
GLG-10-RC-108 98 102 4 0.712
GLG-10-RC-118 8 26 18 0.791
including 16 20 4 1.335

The Goulagou I deposit is one of four deposits that comprise the company's Karma project. The Karma project includes the Goulagou I and II, the Rambo and the Kao deposits. Collectively, the project has a NI 43-101 resource of 820,000 ounces of indicated and 322,300 ounces of inferred resource. The Goulagou permit is subject to an option to purchase agreement with Golden Star Resources.

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 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

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
    Riverstone Resources Inc.
    Raju Wani
    Investor Relations
    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations