Riverstone Resources Inc.

Riverstone Resources Inc.

August 28, 2012 07:30 ET

Riverstone Intersects 4.00 g/t Gold Over 46 Metres GGII

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 28, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to report results from sixteen diamond core drill holes on the 90% owned Goulagou II Deposit (the "GGII"), which forms part of the Company's flagship Karma Gold Project in Burkina Faso, West Africa (the "Karma Project"). These holes are part of a program of drilling designed to extend previously intersected high-grade "shoots" of mineralization along strike and to depth. (See Map on the Riverstone Website for the location of the holes: http://www.riverstoneresources.com/i/maps/120827-100504_GGII_Plan.jpg).

Significant assay intervals in these core holes include:

  • 4.00 g/t Au over 46 m including 7.96 g/t over 12 m and 3.37 g/t Au over 40 m including 4.19 g/t over 22 m in DD-12-091
  • 4.04 g/t Au over 26 m in DD-12-082
  • 3.24 g/t Au over 18 m and 5.83 g/t over 14 m in DD-12-092
  • 3.60 g/t Au over 16 m in DD-12-083
  • 2.65 g/t Au over 24 m including 3.67 g/t over 14 m in DD-12-063
  • 2.24 g/t Au over 12 m in DD-12-079

Mineralization at GGII extends over 2,500 metres east-west and to as much as 250 metres in depth in localized areas of deeper drilling. These intercepts reported in this release have extended high grade mineralization 30 to 50 metres down dip from previous drill holes and in other instances have confirmed the higher-grade mineralized shoots. The high grade mineralized shoots remain open to depth and locally along strike, and they occur all along the entire strike length of the GGII.

"Drilling at GGII continues to return high grade gold intersections and is consistently extending the overall higher grade zones down dip and along strike," commented Dwayne L. Melrose, President and CEO of Riverstone. "The recently released PEA results demonstrate the potential of a robust project which could be enhanced by the current drill results. The Company is on track for completing an updated resource estimate in September 2012. Riverstone has completed an additional 85,000 metres of drilling since the cut-off date of the last resource estimation."

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-DD-12-063 204 228 24 2.65
including 206 220 14 3.67
and 238 250 12 2.82
and 268 280 12 2.21
and 290 294 4 2.10
and 312 318 6 1.27
GLG-DD-12-079 98 104 6 2.72
and 126 138 12 2.24
GLG-DD-12-082 62 80 18 1.09
and 128 134 6 1.15
and 158 160 2 1.26
and 188 214 26 4.04
and 222 226 4 1.07
GLG-DD-12-083 200 216 16 3.60
and 232 236 4 2.19
GLG-DD-12-088 150 160 10 1.08
and 176 184 8 1.45
GLG-DD-12-090 164 166 2 1.88
GLG-DD-12-091 126 166 40 3.37
including 126 148 22 4.19
and including 152 166 14 3.01
and 222 268 46 4.00
including 240 252 12 7.96
and 276 278 2 1.62
GLG-DD-12-092 122 140 18 3.24
and 156 160 4 1.08
and 172 186 14 1.13
and 236 250 14 5.83
including 238 248 10 6.98
GLG-DD-12-095 68 84 16 1.04
and 160 162 2 1.67
and 174 186 12 1.10
and 186 200 14 1.58
GLG-DD-12-096 194 200 6 1.83
and 316 322 6 2.00
GLG-DD-12-097 254 260 6 1.12
and 270 282 12 1.00
GLG-DD-12-099 198 204 6 1.19
GLG-DD-12-101 84 90 6 1.14
and 224 230 6 1.67
GLG-DD-12-102 268 274 6 1.22
and 282 286 4 1.30
GLG-DD-12-103 214 224 10 1.82
Notes: Interpreted true thicknesses for these intercepts are between 60 and 70 percent or the reported intersection.
Hole GLG-DD-12-093 was abandoned at 41 metres in bad ground and did not intersect the planned target.

The 90% owned GGII 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 data cut-off for the previous January 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. Additional 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 anticipated timing and completion of an updated resources estimate, the assumptions set forth in this news release and in the Company's news releases of January 9, 2012 and August 20, 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 and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk 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.

This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43.101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.

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
    President & CEO

    Riverstone Resources Inc.
    Don Mosher
    Corporate Development

    Riverstone Resources Inc.
    Raju Wani
    Investor Relations

    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations