Riverstone Commences 25,000 Metre Drill Program at Karma
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/12/10 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(FRANKFURT: 3RV) is pleased to announce the start of a 25,000 metre drill program on the Company's Karma project in Burkina Faso, West Africa. The program will consist of at least 15,000 metres of Reverse Circulation (RC) and 10,000 metres of diamond drilling. The results from this drilling along with the results from the drill holes completed since March of 2010 will be used to update the gold resource estimate completed in May 2009 on the Karma project.
The diamond drill will be dedicated almost exclusively to the Nami artisanal gold zone. The company will continue to test the newly interpreted gold zone (see NR dated Sept 27, 2010) which appears to occupy a curvilinear shear zone trending northerly in the southern half of the artisanal site and then curving to trend westerly. The zone is approximately 125 metres in width and is open to the south, to the west and to depth, and it has been traced for approximately 500 metres to date.
The RC program will commence at the Kao deposit to test strike extensions to the north and southwest of the defined gold deposit, which remain open. The RC drill will then move to Goulagou I where recent drilling has outlined a number of new zones of mineralization. The Goulagou I deposit is now in excess of 1.5 km long and the western portion reaches widths of at least 200 metres. The drilling will continue to test the Goulagou I zones which are open to the west and to infill the deposits at a 50 metre line spacing in preparation for updating the resource.
Since March of 2010 the Company has completed in excess of 18,000 metres of RC drilling, over 4,000 metres of diamond drilling and in excess of 7,000 metres of RAB drilling. The Karma project comprises a NI 43-101 compliant gold resource of 820,500 ounces of gold in the indicated category and 322,300 ounces of gold in the inferred category in the Rambo Main, Kao, Goulagou I and Goulagou II deposits. The Goulagou property is subject to an Option to Purchase agreement with Golden Star Resources Ltd. The promising Nami artisanal zone lies in close proximity to the Rambo gold deposit, and any resource developed at Nami will be accretive to the overall Karma project.
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. 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
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.
Contacts:
Riverstone Resources Inc. - Vancouver Office
Michael D. McInnis
President
604-801-5020
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
info@riverstoneresources.com
www.riverstoneresources.com