Riverstone Commences Airborne Geophysical Survey
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/14/10 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(FRANKFURT: 3RV) is pleased to announce the start of a high resolution airborne geophysical survey of all the Company's exploration projects in Burkina Faso, West Africa. The survey will provide in excess of 31,000 line kilometres of magnetic and radiometric coverage and will commence over the Karma project, before advancing to the other properties, including the properties recently optioned to Roxgold Inc. The entire survey is expected to take approximately two months to complete.
Excalibur Airborne Geophysics (Pty) Ltd. of South Africa have been contracted to conduct this fixed wing, low altitude survey, based on their recent successful work for several other mining companies operating in Burkina Faso and Mali. The survey will be conducted at a spacing of 50 meters over most of the permits, and will enable the Company to trace structures and geological contacts, especially between the four known gold deposits and the many artisanal gold sites on Karma.
'Many current explorers and operators in Burkina have successfully used airborne geophysical surveys to discover new gold deposits,' commented M.D. McInnis, President and CEO of Riverstone Resources. 'We are anticipating that our survey will provide a significant number of compelling new drill targets on our permits.'
The Company continues to advance the Karma project, where it 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 since March of 2010. 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
info@riverstoneresources.com
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
www.riverstoneresources.com