Riverstone Resources Inc.

Riverstone Resources Inc.

November 24, 2009 10:58 ET

Riverstone Resources Inc.: Karma Drilling Extends Goulagou and Rambo Gold Deposits

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 24, 2009) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to announce additional results from the Rotary Air Blast (RAB) drill program recently completed on the Company's Karma gold project in Burkina Faso, West Africa. The Karma project comprises four gold deposits in close proximity to each other – the GG1, GG2, Rambo and Kao deposits. Results from the recent RAB drilling in the vicinity of the GG1 deposit were previously reported (see news release dated Nov 3, 2009). The results reported herein are from the RAB drilling carried out on targets adjacent to the GG2 and Rambo deposits. The results received from the RAB drilling near the GG2 deposit have potentially extended the deposit by up to 350 metres to the northwest. The results from the RAB drilling near the Rambo deposit have defined two new gold zones along strike from the deposit. All of the GG1 and Rambo zones indicated by the RAB drilling are open for extension along strike.

The GG2 deposit hosts NI43-101 compliant resources of 390,500 ounces of gold in the indicated category and a further 48,600 ounces of gold in the inferred category (see news release dated May 11, 2009). The RAB holes were drilled to test several gold-in-soil geochemical anomalies in the vicinity of GG2 with the objective of locating new mineralized areas. The best hole of this program returned 0.71 g/t gold over the entire 51 metre length, including 1.43 g/t gold over 18 metres. This intercept potentially extends the GG2 deposit to the northwest an additional 200 metres. This zone may also continue a further 150 metres to the northwest, where a historical RAB drill hole assayed 0.82 g/t gold over 4 metres at the very end of the drill hole. This zone remains open to the northwest, and a map showing the zone is available on the Riverstone website: http://media3.marketwire.com/r/RiverstoneGG1GG2.jpg.

The nearby GG1 deposit hosts a NI43-101 compliant resource of 140,400 ounces of gold in the inferred category (see news release dated May 11, 2009). The previously reported results from the RAB drilling define a new 700 metre long zone just south of the GG1 deposit, and an additional newly defined zone further south, both of which are open along strike. Maps showing these zones may be viewed on the Riverstone website: http://media3.marketwire.com/r/RiverstoneGG1GG2.jpg.

The Rambo drilling was concentrated in the vicinity of two separate intercepts west and east of the main Rambo NI43-101 compliant gold resource of 56,900 ounces of gold at a grade of 7.02 g/t in the inferred category (see news release dated May 11, 2009). Previous RAB drilling in 2008 intercepted 1.9 g/t gold over 36 metres, including 2.6 g/t gold over 21 metres, approximately 300 metres west of the Rambo gold resource. The RAB drilling just completed has defined a zone bracketing this intercept over a minimum 150 metres of strike length with intercepts of 0.54 g/t gold over 12 metres and 0.36 g/t gold over 15 metres.

The 300 metres between the western edge of the Rambo gold resource and this new zone remains untested by drilling. The favourable horizon has also been traced by geophysics approximately 250 metres further to the northwest, where an intercept of 0.74 g/t gold over 3 metres may mark the start of an additional mineralized zone. A map showing these zones has also been posted on the Riverstone website: http://media3.marketwire.com/r/RiverstoneRambo.jpg.

Several anomalous intercepts to the south of this new zone, including 0.57 g/t gold over 9 metres, may indicate one or more additional gold zones. These intercepts lie along strike of surface rock samples grading 22.1 g/t gold, 71.6 g/t gold and 134.1 g/t gold.

To the east of the Rambo gold resource, a vertical 2008 RAB drill hole intercepted 1.24 g/t gold over 9 metres, including 3.3 g/t gold over 3 metres. Of four RAB holes recently drilled around this intercept, one contained a zone of mineralization, but the assays were low. It appears that this zone may have a more northeasterly strike than originally interpreted, and it thus remains undefined by drilling.

"The recent RAB drilling targeted both untested gold-in-soils anomalies near the GG1 and GG2 deposits, plus the 2008 RAB intercepts at Rambo, in an effort to identify new mineralized zones in close proximity to the known deposits" commented M.D. McInnis, President of Riverstone. "This effort has been successful in delineating new targets for Reverse Circulation drilling that may add to the defined gold resource on the Karma project. We look forward to continuing to grow this already substantial gold resource".

The Karma project is comprised of four separate gold deposits containing a NI43-101 compliant global total of 820,500 ounces of gold in the indicated category, and 320,300 ounces of gold in the inferred category. The deposits are all open for further resource expansion, and are spatially close together, allowing them all to feed a potential central milling complex. Click here to view latest Karma Gold Project overview map: http://media3.marketwire.com/r/RiverstoneOverview.jpg.

The Company maintains a rigorous quality control program involving the use of repeat assays, inserted blanks, and the use of certified standards from an accredited Canadian laboratory. All RAB samples were assayed using standard fire assay with atomic absorption techniques, with samples grading in excess of 2.00 g/t gold 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 high quality exploration permits 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.

The TSX Venture Exchange does not accept responsibility for the adequacy or the 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