Riverstone Resources Inc.

Riverstone Resources Inc.

May 29, 2012 08:30 ET

Riverstone Receives Higher Grade Drill Results at Goulagou II

VANCOUVER, BRITISH COLUMBA--(Marketwire - May 29, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to report results from ten diamond core drill holes on the 100% owned Goulagou II ("GGII") Deposit, which forms part of the Company's flagship Karma Gold Project in Burkina Faso, West Africa. These holes are part of a program of drilling designed to extend and confirm the deposit to depth, and to collect material for metallurgical testing. (See Map on Website for location of the holes: http://www.riverstoneresources.com/i/maps/120525-100504_GGII_Plan.jpg).

Significant assay intervals in these core holes are as follows:

  • 4.56 g/t Au over 16 m in DD-11-045
  • 3.80 g/t Au over 22 m in DD-11-044
  • 2.73 g/t Au over 12 m in DD-11-042
  • 2.62 g/t Au over 12 m and 2.39 g/t Au over 10 m in DD-11-041
  • 2.38 g/t Au over 10 m in DD-11-104
  • 1.85 g/t Au over 18 m in DD-11-039

Mineralization at GGII extends over 2,500 metres east-west and to as much as 250 metres down-dip in areas of deeper drilling. The deposit remains open in both directions along strike, as well as to depth.

"We are pleased with these higher grade assay results from core drilling at GGII," commented Dwayne L. Melrose, President and CEO of Riverstone. "These results show that our drilling has been successful in extending and confirming the vertical extent of the deposit."

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-11-013 154 156 2 1.04
and 246 262 16 0.84
including 252 256 4 1.83
and 296 312 16 1.18
including 296 298 2 3.04
and 328 340 12 0.85
GLG-DD-11-014 240 250 10 2.38
and 274 334 60 0.91
including 278 288 10 1.23
and including 316 334 18 1.41
GLG-DD-11-038 94 116 22 0.72
GLG-DD-11-039 60 64 4 1.36
and 96 114 18 1.85
GLG-DD-11-040 96 110 14 1.04
and 126 148 22 1.40
and 158 164 6 1.24
GLG-DD-11-041 146 158 12 1.41
and 164 196 32 1.30
and 196 208 12 2.62
and 208 232 24 0.69
and 232 242 10 2.39
GLG-DD-11-042 80 82 2 2.31
and 122 134 12 2.73
and 158 160 2 1.01
GLG-DD-11-043 64 66 2 1.17
and 102 122 20 1.36
and 130 144 14 1.74
and 154 166 12 1.34
GLG-DD-11-044 114 136 22 3.80
and 136 144 8 1.06
GLG-DD-11-045 112 128 16 4.56
Notes: Interpreted true thicknesses for these intercepts are between 60 and 80 percent.
Holes 038 to 045 were drilled to recover samples for metallurgical testing.

The 100% 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 completed in excess of an additional 79,000 metres of drilling on the Karma Project, and it is expected that the results of this drilling will add to the overall resource 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 core samples were prepared 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, at the independent Abilab Burkina SARL laboratory in Ouagadougou, Burkina Faso, which is part of the ALS Chemex Group.

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.


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

    Riverstone Resources Inc.
    Don Mosher
    Corporate Development

    Riverstone Resources Inc.
    Raju Wani
    Investor Relations

    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations