Riverstone Resources Inc.
TSX VENTURE : RVS
FRANKFURT : 3RV

Riverstone Resources Inc.

February 28, 2011 15:17 ET

Riverstone Resources Inc.: Roxgold Drills Six Meters Grading 24.62 Grams Per Tonne Gold at Yaramoko Gold Concession, Burkina Faso, West Africa-New Discovery Triggers Gold Rush on Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2011) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) -

AS PREVIOUSLY RELEASED FROM ROXGOLD:

HIGHLIGHTS

  • 6 METERS OF 24.62 GPT GOLD INCLUDING 2 METERS of 70.5 GPT AT BAGASSI CENTRAL
  • 62 METERS OF .62 GPT GOLD AT BAGASSI SOUTH CONFIRMS BULK TONNAGE-TYPE TARGET
  • ASSAYS PENDING FOR A FURTHER 19 DRILL HOLE S ON THE YARAMOKO CONCESSION
  • PHASE ONE DRILLING (25 HOLES AND 2500 METRES) NEARS COMPLETION AT BISSA WEST CONCESSIONS WITH ASSAYS PENDING FOR 16 HOLES

Roxgold Inc. ("the company") (TSX VENTURE:ROG) is pleased to announce that it has received initial assays from drilling activities on its optioned Yaramoko gold concession in western Burkina Faso, West Africa. Assays include data from 14 of the 33 reverse circulation holes (1255 out of 2723 meters) drilled in December 2010 and January 2011 (YRM-10-RC023 through YRM-11-RC055).

NEW GOLD DISCOVERY IN 'BAGASSI CENTRAL'

Drill holes YMR-10-RC035 and RC036 were directed at an untested soil sample anomaly with hole YRM-10-RC036 encountering intensely silicified and pyritized intrusive rocks below the surface anomaly.

Hole # Az Dip TD Intercept Width Grade
YMR-10-RC036 220 55 90m 80-86m 6.0m 24.62 gpt gold
  Including     82-84m 2.0m 70.5 gpt gold

In December 2010, upon commencement of this drilling, the area became the site of intense artisanal mining activity. The Company is taking appropriate measures to ensure the integrity of the site.

In January two additional drill holes were targeted at this zone and YRM-11-RC055 (the final drill hole in the Yaramoko Phase 1 program) encountered similar zones as observed in YRM-10-RC036 with abundant visible gold in the drill return pannings. Assays are pending for these holes. A nearby drill hole YRM-10-RC035 encountered mechanical difficulties at 51 meters and did not reach target depth.

Based on the results received to date the Bagassi Central discovery will be the focus of additional drilling during Phase 2 work at Yaramoko in the upcoming months pending drill rig availability.

BAGASSI SOUTH DRILLING

Drilling was also directed to follow up Riverstone Resources Ltd. Initial 2007 drill program that reported significant gold intercepts in the Bagassi South area of the concession with holes YRM-07-RC001 through RC022. Intervals from this program included 11.88 grams per tonne (gpt) gold over six meters, 14.82 gpt gold over two meters and 2.04 gpt gold over 14 meters. The current Roxgold holes were directed at determining the gold tenor of the host granodiorite and granitic intrusive rocks in the area.

Significant results included:

Hole # Az Dip TD Intercept Width Grade
YRM-10-RC029 40 55 85m 4-66m 62.0m 0.62 gpt gold
  Including     10-26m 16.0m 1.0 gpt gold
  And     54-60m 6.0m 2.29 gpt gold
YRM-10-RC025 220 55 96m 8-12m 4.0m 2.28 gpt gold
YRM-10-RC030 220 55 85m 66-72m 6.0m 1.15 gpt gold
YRM-10-RC028 220 55 77m 26-28m 2.0m 2.05 gpt gold
  And     74-77m 3.0m 1.13 gpt gold

Drill holes YRM-10-RC032 and 33 were drilled entirely in post-mineralization barren dikes. Drill holes YRM-10-RC024, 026,027, 031 and 034 returned only geochemically anomalous gold values. The host intrusives have now been shown to carry gold grades over significant widths and are considered targets for mineable bulk gold mineralization. There are five additional drill holes in this area with assays pending.

OTHER YARAMOKO TARGETS

There are 12 other drill holes completed and pending assays which were directed at other soil and rock anomalies on the Yaramoko Property.

The Yaramoko permit is south of and contiguous to Semafo's Mana gold production facility where gold is being produced from a series of high-grade gold veins, similar to those at Yaramoko. Semafo recently announced that it was planning to invest an additional $25 million to further expand operations at this mine. Semafo estimates 2011 production between 170,000 and 190,000 ounces of gold and the southernmost deposit is within 5 kilometers of the Yaramoko boundary.

BISSA WEST AND SOLNA CONCESSIONS

The reverse circulation drill has almost completed Phase 1 drilling (25 holes and 2500 meters) on the Bissa West concession in central Burkina Faso (rock samples up to 19 gpt gold and widespread artisanal workings). In March, Phase One is scheduled for completion with an additional 2500 meter drill program on Solna (trench results include 7.34 gpt gold ore 7.5 meters).

"We are pleased with the progress and results to date," said Roxgold President and CEO, Robert Sibthorpe. "The work is proceeding steadily and efficiently and the new discovery at Bagassi central is exciting."

The Company's first year work commitment of $1,050,000 will be completed through a Phase Two of follow up drill programs based on the results from Phase One and testing of gold anomalies not drilled in Phase One. The terms of the Option Agreement between the Company and Riverstone Resources Inc. were fully disclosed in the February 16, 2011 Press Release. Additional project information and maps may be viewed at www.roxgold.com.

All holes referenced in this press release were drilled at an angle of 55 degrees and mineralized structures appeared to be subvertical suggesting that true widths of mineralized zones approximate 75% of reported widths.

SIGNS INVESTOR RELATIONS AGREEMENT

The company has also hired the investor relations services of Kaye Wynn Consulting. Kaye Wynn Consulting will be paid $5,000 plus HST per month. The consulting agreement also allows Kaye Wynn Consulting to purchase 200,000 shares of the company at $0.25 cents for a period of one year. The contract may be cancelled by either party with 30 days notice. The agreement is subject to TSX approval.

QUALITY ASSURANCE/QUALITY CONTROL

Riverstone Resources Inc. is the operator of the current program and 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 Yaramoko 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.

In addition to the normal gold assaying procedures for each drill sample submitted, all 2 meter drill samples from Yaramoko in which visible gold was noted after panning (approximately 40), were assayed for gold using a 2 kg sample and cyanide leaching and these results are pending. A high level of exploration and development activity in the gold sector in Burkina Faso has resulted in an increase in the turnaround time for receiving all gold assays.

Paul Anderson, PGeo, is a qualified person for Riverstone and has reviewed and approved the contents of this release.

Robert Sibthorpe, President and CEO

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. The Goulagou permit is subject to an option to purchase agreement with Golden Star Resources. 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.

ON BEHALF OF THE BOARD

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

Giles. R. Peatfield, Ph.D., P.Eng. 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
    President
    604-801-5020
    or
    Riverstone Resources Inc.
    Raju Wani
    Investor Relations
    403-240-0555
    or
    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations
    604-986-0112
    info@riverstoneresources.com
    www.riverstoneresources.com