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

Riverstone Resources Inc.

July 09, 2012 08:30 ET

Riverstone Intersects 4.06 g/t Gold Over 22 Metres at GGII

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to report results from seven 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 two 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/GGIIlocationmap_July5.jpg).

Significant assay intervals in these core holes include:

  • 2.83 g/t Au over 84 m including 4.06 g/t over 22 m and including 3.82 over 28 m in DD-12-077
  • 3.97 g/t Au over 20 m and 7.18 g/t over 4 m in DD-12-073
  • 2.41 g/t Au over 40 m and 2.83 over 10 m in DD-12-058
  • 2.78 g/t Au over 20 m and 1.65 g/t Au over 18 m in DD-12-080
  • 2.41 g/t Au over 46.75 m including 3.43 g/t over 24.75 m in DD-12-081

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 drill holes have extended the high grade mineralization from previously drilled holes down dip from 40 to 140 metres and along strike from 50 to 100 metres. These high grade mineralized shoots are open along strike in both directions and to depth as is the entire deposit. Previously drilled holes in these high grade mineralized shoots returned several good grade intersections, including 4.3 g/t Au over 41 m, 3.6 g/t Au over 18 m, and 2.45 g/t Au over 26 m. These holes are listed in the 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.

"We are very encouraged with these assays from drilling at GGII as the property consistently continues to intersect high grade gold intersections," commented Dwayne L. Melrose, President and CEO of Riverstone. "We are continuing to expand the size of these higher grade gold mineralized shoots which will be included in the upcoming resource estimate schedule for September 2012. The Preliminary Economic Assessment 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-DD-12-047 90 96 6 0.82
and 170 210 40 1.29
GLG-DD-12-058 150 160 10 2.83
and 160 166 6 0.69
and 176 216 40 2.41
and 234 238 4 1.28
and 246 250 4 1.44
GLG-DD-12-059 104 106 2 1.18
and 130 146 16 1.35
GLG-DD-12-073 178 182 4 7.18
and 208 228 20 3.97
GLG-DD-12-077 222 306 84 2.83
including 222 250 28 3.82
and including 260 268 8 3.29
and including 276 298 22 4.06
GLG-DD-12-080 100 120 20 2.78
and 120 146 26 0.74
and 190 194 4 2.26
and 244 262 18 1.65
GLG-DD-12-081 156 160 4 1.36
and 166 170 4 1.62
and 208 218 18 2.00
and 256 302.75 46.75 2.41
including 278 302.75 24.75 3.43
Notes: Interpreted true thicknesses for these intercepts are between 60 and 70 percent.

The 90% owned GGII 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 data cut-off for the resource estimation, the Company has already completed +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, (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.

ON BEHALF OF THE BOARD

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
    604-801-5020

    Riverstone Resources Inc.
    Don Mosher
    Corporate Development
    604-685-6465

    Riverstone Resources Inc.
    Raju Wani
    Investor Relations
    403-240-0555

    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations
    604-986-0112
    info@riverstoneresources.com
    www.riverstoneresources.com