Riverstone Intersects 20 Metres Grading 3.27 g/t Gold at Nami
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/10/11 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(FRANKFURT: 3RV) is pleased to report results from the first four holes from the on-going diamond drill program on the Company's Nami Artisanal gold prospect in Burkina Faso, West Africa. Results include an intercept of 20 metres of 3.27 g/t gold which included 9 metres of 6.50 g/t gold at shallow depths in Hole RADD-10-33. The holes were drilled on north-south fences to test an interpreted westerly-trending mineralized zone which traverses the middle of the artisanal site (to see map click on: www.riverstoneresources.com/i/maps/101216-100922_NamiDrill_LtrLand.jpg). The results from the four holes support the interpreted geologic model and are considered to be very encouraging.
Interval (m) Intercept Gold Grade Average
Hole number From To (metres) (g/t Au) Recovery
RADD-10-30 72.0 92.0 20.0 0.72 97%
incl 76.0 78.0 2.0 2.97 91%
RADD-10-31 116.0 126.0 10.0 0.60 99%
RADD-10-32 16.0 21.3 5.3 1.19 51%
and 21.3 26.1 4.8 - No recovery
and 26.1 30.0 3.9 1.30 75%
and 40.3 78.0 37.7 1.00 72%
RADD-10-33 38.0 58.0 20.0 3.27 67%
incl 43.0 52.0 9.0 6.50 54%
Holes 30 and 31 tested the edges of the zone and returned lower values. Holes 32 and 33 tested the interpreted core of the zone and returned high grade values over significant lengths. Holes 32 and 33 were drilled in areas of widespread artisanal mining activity and encountered multiple voids in the top portion of each hole. These voids are interpreted to be due to artisanal workings of gold-bearing zones. As a consequence, recoveries in the upper portions of these holes were poor (see table) which could have reduced the grades in these areas.
'We are very encouraged by the results of the first four holes of this on-going drilling program,' commented M.D. McInnis, President and CEO of Riverstone. 'We appear to be validating the geologic model which will give us good guidance for planning future holes and expanding the deposit.'
The drilling program at Karma has re-commenced after the Christmas break. The diamond drill will continue drilling at the Nami and Kao prospects and the RC rig will continue the evaluation of the GGI deposit. Approximately 20,000 metres of drilling are planned for Q1 2011.
The Nami Zone is part of the Company's Karma project, which 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 Nami 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 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 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.
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