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

Riverstone Resources Inc.

July 30, 2012 08:30 ET

Riverstone Provides Details of Potential Kao Deposit Expansion

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 30, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to provide details of the potential expansion of its Kao Deposit ("Kao") since the most recent resource estimate. The 100% owned Kao 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).

Subsequent to the resource estimate, to date an additional 54,616 metres of drilling in 293 holes has been completed at Kao. This includes 32,993 metres in 147 diamond core ("DD") holes and 21,623 metres in 146 reverse circulation ("RC") holes.

The post-resource drilling at Kao has included several different phases, as detailed below:

  1. Within the present resource area, a number of deeper holes, dominantly DD holes, have been drilled to further extend the mineralization below the limits of the previous drilling included in the January 9th resource model;
  1. Several DD holes have extended the deeper zones down-dip to the east;
  1. Based on reported results and visual examination of the drilling the mineralization has been extended approximately 350 metres to the north along strike;
  1. Based on reported results and visual examination of the drilling the mineralization has been extended between 200 to 350 m along strike to the south. Of special interest is where recent drilling has occurrences of visible gold in drill cuttings, suggesting the emergence of a new zone of mineralization;
  1. In addition, there are several widely scattered RC holes to the north and west of the deposit, both historical and recent. Some of these holes have significant gold mineralized intersections. Follow-up of these drill intersections is within the long-term drill plan for Kao.

A map (http://www.riverstoneresources.com/i/maps/120726-120713_Kao_PortPlan-PostRes.jpg) posted on the Company's website shows details of the potential expansion of the mineralization of the Kao Deposit. These drill holes completed at Kao and also the drilling completed at GGI and GGII (+85,000 metres in total) will be included in an up-dated resource estimate which is scheduled to be completed in September 2012.

"We are most encouraged by the drill results that have been released to date and the potential for the overall expansion of the Kao deposit," commented Dwayne L. Melrose, President and CEO of Riverstone. "We still have not found the limits of the Kao Deposit along strike in both directions and also down-dip and our on-going work continues to expand the deposit. Results of recent drilling will be included in the upcoming resource estimate scheduled for September 2012. The Preliminary Economic Assessment for the entire Karma Project is progressing on schedule and is expected to be released in August 2012."

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
    info@riverstoneresources.com
    www.riverstoneresources.com

    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