Riverstone Resources Inc.

Riverstone Resources Inc.

August 03, 2011 09:30 ET

Riverstone Reports Thick Gold Intercepts at Goulagou I

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 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: http://www.riverstoneresources.com/i/maps/110802-100504_GGIPlan.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. The company is awaiting assay results from in excess of forty holes recently drilled on this zone.

Highlights include:

  • 26.0 metres grading 1.09 g/t Au in Hole 206
  • 40.0 metres grading 0.83 g/t Au including 6 metres grading 1.32 g/t in Hole 210
  • 64.0 metres grading 0.98 g/t Au including 32 metres grading 1.44 g/t in Hole 211

Results have been received from Holes 205 to 214. Significant intervals are reported in the table below, Holes 208 and 209 did not return any material values.

Hole number Interval (m) Intercept Average
From To (metres) Grade (g/t Au)
GLG-10-RC-205 104 124 20 0.66
incl 106 112 6 1.05
GLG-10-RC-206 64 90 26 1.09
incl 78 88 10 1.62
GLG-10-RC-207 88 94 6 1.08
and 116 122 6 0.95
GLG-10-RC-210 70 110 40 0.83
incl 76 82 6 1.32
GLG-10-RC-211 68 132 64 0.98
incl 78 110 32 1.44
or incl 80 90 10 2.09
GLG-10-RC-212 106 126 20 0.80
incl 108 114 6 1.36
GLG-10-RC-213 136 144 8 0.68
GLG-10-RC-214 90 112 22 0.92
incl 102 108 6 2.21
Note: "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"
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