Riverstone Resources Inc.

Riverstone Resources Inc.

November 27, 2012 07:00 ET

Riverstone Starts Drilling on Liguidi Permit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 27, 2012) - Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the "Company") is pleased to announce the start of a Reverse Circulation ("RC") drilling program on its 100% owned Liguidi Malguem Exploration Permit ("Liguidi") in Burkina Faso, West Africa. The RC drill program is intended to follow up on a recently completed Rotary Air Blast ("RAB") drilling program that tested portions of a 13 km long by up to 4 km wide soil geochemical anomaly. This soil anomaly represents one of the largest and strongest continuously mineralized gold anomalies in Burkina Faso.

The Liguidi property contains several distinct artisanal sites within the soil anomaly, which is characterized by highly anomalous gold values in excess of 100 ppb gold, and which is open to the southwest. It is approximately 4 kilometres to the property boundary. The soil anomaly closely follows a strong deformation zone, thought to represent a splay off of the Markoye Fault Zone. The Markoye Fault Zone and associated structures hosts in excess of 15 million ounces of gold in Burkina Faso alone.

From northeast to southwest, the artisanal sites are Wayalguin, Three Hills, the Quartz Zone and Legare's Zone. The Quartz Zone is a strong 1000 m by 150 m zone of anomalous quartz-sulphide boulders that graded greater than 1.0 g/t gold that was confirmed with RAB drilling. Legare's Zone is a 6 km long trend of gold mineralization, with a parallel 2 km long zones to the southeast, which were also confirmed with RAB drilling. Previous results include (see Riverstone news releases dated September 18, 2012 and September 20, 2012):

Trench ("TR") or Interval Average Gold Location
Drill Hole (m) Grade (g/t)
TR-01 8 2.18 Wayalguin
RC-07 4.5 1.66 Wayalguin
TR-04 111 0.63 Three Hills
including 18 1.45
and 18 1.53
RAB-042 15.5 1.24 Quartz Zone
including 3 5.07
RAB-232 11 1 Quartz Zone
including 3 3.27
LMG-12-RAB-436 11 1.69 Legare's Zone
LMG-12-RAB-499 18 1.02 Legare's Zone
LMG-12-RAB-523 24 1.43 Legare's Zone
including 12 2.78
LMG-12-RAB-538 12 1.46 Legare's Zone
LMG-12-RAB-590 3 4.14 Legare's Zone
LMG-12-RAB-613 3 2.8 Legare's Zone
LMG-12-RAB-864 6 1.98 Legare's Zone
LMG-12-RAB-869 12 1.28 Legare's Zone

"We are excited about the start of the RC drill program. The recently completed RAB drilling program confirms that the 13 km long soil geochemical anomaly hosts significant gold grades throughout its strike length", commented Dwayne L. Melrose, President and CEO of Riverstone. "The RC drilling program is expected to build on the previous RAB results along the Markoye Fault Zone that hosts the greatest concentration of gold resources delineated to date in Burkina Faso".

About Riverstone

Riverstone is active in Burkina Faso, West Africa, where it holds a portfolio of four high quality exploration projects covering in excess of 2,000 km. Riverstone's flagship project is the Karma Gold Project in Burkina Faso, West Africa (the "Karma Project"), which comprises a NI 43-101 compliant in-pit Whittle total indicated resources of approximately 1.9 million ounces of gold in 56.5 million tonnes with an average grade of 1.07 g/t gold and total inferred resources of approximately 492 thousand ounces of gold in 15.4 million tonnes with an average grade of 1.0 g/t gold (see Riverstone's news release dated October 3, 2012 and independent NI 43-101 compliant Technical Report titled, "Technical Report and Updated Resource Estimate on the Karma Project, Burkina Faso, West Africa", dated effective October 1, 2012, filed on SEDAR (www.sedar.com) November 7, 2012). The results of an independent Preliminary Economic Assessment ("PEA") (see Riverstone news release dated August 20, 2012 and independent NI 43-101 compliant Technical Report titled, "Preliminary Economic Assessment Report for the Karma Project, Burkina Faso, West Africa", dated effective August 2, 2012, filed on SEDAR (www.sedar.com) September 17, 2012), highlights the Karma Project to have robust economics. The PEA is based on Riverstone's previous January 9, 2012 resource estimate and while relevant and valid in regards of the January 9, 2012 estimate cannot necessarily be extrapolated to the updated resource estimate announced on October 3, 2012.

The PEA is considered preliminary in nature and includes Inferred Mineral Resources that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be categorized as Mineral Reserves and there is no certainty that the production profile concluded in the PEA will be realized. Mineral Resources that are not Mineral Reserves have not yet demonstrated economic viability.

Paul Anderson, M.Sc., P. Geo., the Company's Vice-President, Exploration, is the Company's Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the technical contents of this release.

Additional information about Riverstone and its activities may be found on Riverstone's website at www.riverstoneresources.com and under Riverstone's profile at www.sedar.com.


Dwayne L. Melrose, President & CEO

Certain statements made and information contained in this news release and elsewhere constitutes "forward-looking information" within the meaning of Canadian securities legislation. Such forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the updated resources estimate, the assumptions set forth in this news release and in the Company's news releases of January 9, 2012, August 20, 2012, October 3, 2012 and 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, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. 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.

This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43-101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.

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
    Dwayne L. Melrose
    President & CEO

    Riverstone Resources Inc.
    Don Mosher
    Corporate Development

    Riverstone Resources Inc.
    Raju Wani
    Investor Relations

    Riverstone Resources Inc.
    Ron Cooper
    Investor Relations