Riverstone Resources Inc.

Riverstone Resources Inc.

June 10, 2010 12:58 ET

Riverstone Updates Drill Program at Karma Gold Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2010) - Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to provide an update on the ongoing drilling program at the Karma gold project in Burkina Faso. The drilling is progressing well with two drills, a RC rig and a diamond drill rig, in operation. Mineralized intervals, as defined by the presence of quartz and iron oxide (or pyrite) have been identified in many of the drill holes. Approximately 6,970 drill samples are currently in the analytical laboratory awaiting analysis with initial results expected shortly. Since March 2010, the company has drilled over 15,000 metres of RC on Nami, Goulagou and Rambo Main, plus over 2,000 metres of diamond drilling at Nami, Rambo Main and Goulagou and over 7,000 metres of RAB at Nami.

A summary of the recently completed drilling is presented below.

Nami Site

A total of five diamond drill holes have been completed on the Nami site (See Map). Four of the diamond drill holes were twins of previously drilled RC holes and were designed to collect detailed geological information and to compare gold grades between the two drilling methods. A fifth diamond drill hole was drilled to test the deeper down-dip extension of the westerly dipping breccia body. In addition, 14 RC holes were drilled to test the breccia body for down-dip extensions of the mineralized zone.

The artisanal miners have recently expanded the Nami site for an additional 150 metres beyond the original site. To test for a potential northwesterly extension of the zone, the Company has drilled 132 RAB (Rotary Air Blast) holes at 50 metre centers along lines spaced 100 metres apart. The RAB drilling tests an area 700 metres beyond the edge of the original Nami site.

Rambo Deposit

Six diamond drill holes have been completed on the Rambo deposit to test for extensions of the high-grade gold zone. These holes were drilled to follow up on intercepts of 24 metres grading 3.45 g/t (including 10 metres grading 5.93 g/t) in Hole 031, 10 metres grading 13.83 g/t (including 4 metres grading 34.2 g/t) in Hole 018, 14 metres grading 6.06 g/t in Hole 030, 34 metres grading 1.78 g/t (including 8 metres grading 5.34 g/t) in Hole 025, 28 metres grading 3.11 g/t (including 14 metres grading 5.88 g/t) in Hole 069, and 26 metres grading 2.84 g/t (including 6 metres grading 3.44 g/t and 6 metres grading 7.73 g/t) in Hole 068 (see NR dated April 28, 2010 and May 3, 2010).

Goulagou I and II

Based on favorable results from the recent RC drilling (see NR dated May 25, 2010), additional RC drilling is underway on both the Goulagou I and Goulagou II deposits. Fences of RC drill holes are testing for westerly extensions on both of the deposits as well as doing in-fill drilling on areas with limited previous drilling.

The Company's Karma project is comprised of four separate gold deposits; the Rambo Main, Kao, Goulagou I and Goulagou II, which collectively contain 820,500 ounces of gold in the indicated category and 320,300 ounces of gold in the inferred category. Any ounces delineated at the Nami deposit will be accretive to the current resource.

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 rock samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over two grams per tonne gold reassayed 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 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"
 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