Riverstone Resources Inc.

Riverstone Resources Inc.

March 06, 2012 09:00 ET

Riverstone Provides Update on Liguidi Malguem Permit, Burkina Faso

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to announce, that further to an agreement with Orex Resources Sarl ("Orex"), pursuant to which Orex agreed to file the necessary documents to transfer the Liguidi Malguem exploration permit (the "Liguidi Permit") to Riverstone (see News Release dated November 28, 2011), Orex has now completed the payment of permit renewal fees, as required by the Burkina Faso, Ministry of Mines, Quarries and Energy, for the Liguidi Permit.

"The payment of the renewal fees is the next step in acquiring the Liguidi Permit for Riverstone and represents a major milestone," commented Dwayne L. Melrose, President and COO of Riverstone. "The Liguidi Permit is a highly prospective exploration property with a significant gold in soil anomaly which is +15 kilometres in length which corresponds with numerous artisanal gold sites and mapped structural zones. Riverstone plans to spend a minimum of one million dollars on exploration on the property in 2012."

When the transfer is complete, the Liguidi Permit will add tremendous exploration potential to the Company's portfolio of properties. The Company's flagship Karma Project has a recently updated NI 43-101 compliant resource estimate prepared by P&E Mining Consultants Ltd. ("P&E") of Brampton, Ontario, which increased, by 42%, the overall global mineral inventory (approximately 800,000 Oz Au) on the Karma Project (see News Release dated January 9, 2012). The estimate was completed on the five deposits that make up the Karma Project Goulagou I, Goulagou II, Kao, Rambo and Nami, which are all in close proximity to each other.

HIGHLIGHTS (resources are contained within five Whittle open pit shells)

  • Global Mineral Inventory (inside and outside of Whittle pit shells) consists of Indicated gold mineralization totaling 1,773,000 ounces of gold in 54.1 Mt at an average grade of 1.02 g/t Au and Inferred gold mineralization totaling 959,000 ounces of gold in 37.4 Mt at an average grade of 0.8 g/t Au.
  • Total Indicated gold resources within five Whittle pits are 1,634,000 ounces of gold in 47.34 Mt at an average grade of 1.07 g/t Au.
  • Total Inferred gold resources within five Whittle pits are 566,000 ounces of gold in 18.93 Mt at an average grade of 0.93 g/t Au.
  • 74% of the resources within the Whittle pit shells are classified as Indicated gold resources.
  • This resource will be used as the basis for proceeding with a Preliminary Economic Assessment (PEA) commencing in Q1, 2012.

Mineral resources which are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues.

The quantity and grade of reported Inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these Inferred resources as an Indicated or Measured mineral resource and it is uncertain if further exploration will result in upgrading them to an Indicated or Measured mineral resource category.


Dwayne L. Melrose, President & COO

Paul G. Anderson, P. Geo. is a Qualified Person for Riverstone and has reviewed and approved the technical 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

    Riverstone Resources Inc. - Vancouver Office
    Don Mosher
    Corporate Development

    Riverstone Resources Inc. - Vancouver Office
    Ron Cooper
    Investor Relations

    Riverstone Resources Inc.
    Raju Wani
    Investor Relations