Riverstone Resources Inc.

Riverstone Resources Inc.

February 02, 2006 19:00 ET

Riverstone Resources Inc.: C$465,000 Private Placement Completed

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Feb. 2, 2006) -


Riverstone Resources Inc. (the "Company") (TSX VENTURE:RVS) announces that it has closed its previously announced non-brokered private placement. The Company received gross proceeds of $465,000 through the sale of 2,325,000 units at a price of $0.20 per unit. Each unit is comprised of one common share and one-half of one common share purchase warrant, each whole warrant exercisable into one additional common share at a price of $0.30 per share until February 2, 2007.

The securities are subject to a hold period and may not be traded until June 3, 2005, except as permitted by Canadian securities legislation and the TSX Venture Exchange.

The net proceeds of the private placement will be used for further exploration of the Company's gold properties in Burkina Faso and for general corporate purposes.

The independent directors of the Company approved the participation by two directors of the Company in the private placement on the same terms as arm's length investors in the amount of 550,000 units. Shareholdings of insiders in the Company have increased as a result of such participation.

On behalf of the Board,

Michael D. McInnis, P.Eng., President & CEO

Some statements in this press release contain forward-looking information. These statements include, but are not limited to, statements with respect to the use of proceeds and future expenditures. These statements address future events and conditions and, as such, involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the statements. Such factors include, among others, the timing and amount of expenditures.

The TSX Venture Exchange does not accept responsibility for the adequacy or the accuracy of this release.

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