Riverstone Resources Inc.

Riverstone Resources Inc.

March 23, 2011 09:30 ET

Riverstone Intersects High Grade Gold at Karma

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 23, 2011) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) reports results of three diamond drill holes from the Goulagou II deposit, part of the company's Karma Project in Burkina Faso, West Africa. Significant results include intercepts of 30 metres grading 3.70 g/t gold in Hole DD-10-002 and 60 metres grading 2.42 g/t gold in Hole DD-10-007. The holes were drilled in 2010 for geotechnical purposes and the results illustrate the high grade nature of the mineralized shoots that comprise the Goulagou II deposit. A diamond drill has been mobilized to Goulagou II to test these shoots at depth.

Hole number Interval (m) Intercept Average
  From To (metres) Grade (g/t Au)
GLG-DD-10-002 96 98 2 1.29
and 102 132 30 3.70
incl 102 110 8 6.61
and incl 120 128 8 4.80
GLG-DD-10-005 60 94 34 0.74
incl 62 68 6 1.09
and incl 78 88 10 1.11
and 116 118 2 1.97
GLG-DD-10-007 64 68 4 1.12
and 88 148 60 2.42
incl 102 114 12 3.91
and incl 128 136 8 4.71
and incl 140 148 8 3.27
Note: The "true thickness" of the high grade zone at the level cut by holes 002 and 007 appears to be about 30 metres.

"We are pleased with these high grade results," commented M.D. McInnis, President and CEO of Riverstone. "They support the geological model developed during the work on our recent resource estimate which shows a number of high grade shoots within the overall Goulagou mineralized zone. These shoots warrant aggressive drilling down plunge. With $6.0 million in our treasury we are well financed to carry out this drill program."

These three holes were drilled to collect geotechnical information for mine planning purposes within the known mineralized zone. A fourth hole, Hole DD-10-004, was drilled outside the zone to collect geotechnical information for pit wall stability purposes.

The Goulagou II deposit is part of the company's Karma Project which hosts a NI 43-101 compliant gold resource of 810,000 ounces of gold in the indicated category and 1,119,100 ounces in the inferred category (see news release dated February 28, 2011). The Goulagou property is subject to an Option to Purchase agreement with Golden Star Resources Ltd.

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 core samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over one gram 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"
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