Riverstone Resources Inc.

Riverstone Resources Inc.

July 11, 2011 09:20 ET

Riverstone Reports Thick Gold Intercepts at Goulagou I

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2011) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) has received further results from the drill program on the Company's Karma Project in Burkina Faso, West Africa (see map on website: www.riverstoneresources.com/i/maps/110706v2-100504_GGI.jpg). The ten holes are part of an on-going RC drill program on the Goulagou I zone. The program is designed to both fill-in and expand the known mineralization at Goulagou I, which remains open in all directions, especially to the west and at depth. Highlights include:

  • 12.0 metres grading 1.65 g/t Au in Hole 200;
  • 36.0 metres grading 1.05 g/t Au in Hole 201; and
  • 36.0 metres grading 1.14 g/t Au in Hole 202.

"We are very pleased with the results we have been receiving from the drill program at Goulagou I," commented M.D. McInnis, President and CEO of Riverstone. "The deposit continues to expand in size and new mineralization is being discovered as the drilling progresses."

Results have been received from Holes 192 to 202. Significant intervals are reported in the table below:

Hole number Interval (m) Intercept Average
From To (metres) Grade (g/t Au)
GLG-10-RC-192 44 66 22 0.66
and 106 108 2 1.35
and 118 124 6 0.96
and 130 138 8 0.53
GLG-10-RC-193 36 62 26 0.74
GLG-10-RC-194 30 48 18 0.79
GLG-10-RC-195 54 58 4 0.95
and 80 82 2 0.87
GLG-10-RC-196 0 8 8 0.52
and 20 28 8 0.64
and 46 50 4 0.90
GLG-10-RC-197 76 80 4 0.66
GLG-10-RC-198 34 68 34 0.69
including 36 42 6 1.32
and 108 112 4 1.27
and 116 120 4 0.77
GLG-10-RC-199 52 64 12 0.56
and 114 136 22 0.78
and 148 182 34 0.78
including 150 154 4 1.75
GLG-10-RC-200 86 92 6 2.29
including 88 90 2 5.78
and 114 126 12 1.65
including 122 124 2 5.20
GLG-10-RC-201 96 112 16 0.79
and 120 156 36 1.05
including 136 142 6 2.26
and 172 178 6 0.88
GLG-10-RC-202 10 46 36 1.14
including 20 30 10 2.80

"True thicknesses" are not known with certainty, but are estimated to be about 70% of drilled lengths.

The Goulagou I zone is part of the Company's Karma deposit which hosts a NI 43-101 compliant gold resource of 810,000 ounces of gold in 22,845,000 tonnes grading 1.10 g/t gold in the indicated category and 1,119,100 ounces in 44,100,000 tonnes grading 0.79 g/t gold 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 RC 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, 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

    Riverstone Resources Inc.
    Don Mosher
    Corporate Development