Riverstone Reports 62.8 g/t Gold over 16 metres at Yaramoko
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/07/11 -- Riverstone Resources Inc. ('the Company') (TSX VENTURE: RVS)(OTCQX: RVREF)(PINK SHEETS: RVREF)(FRANKFURT: 3RV) is pleased to report additional positive results from the drilling program on the Yaramoko gold permit in Burkina Faso, West Africa. Assays include data from 13 of the 44 diamond drill holes that were drilled on Bagassi Central in the period June through August. (See maps on Website). Assays are pending for the remaining 31 holes of which 21 holes contain visible gold, including eight of the ten holes drilled more than 175 metres west of the holes reported in this release. These eight holes may be a continuation of the structure evident at Bagassi Central.
HIGHLIGHTS INCLUDE:
-- 62.8 g/t gold over 16 metres, including 226.9 g/t over 3 metres in DDH-
022
-- 17.2 g/t gold over 12 metres, including 32.3 g/t gold over 6 metres in
DDH-009
-- 14.1 g/t gold over 9 metres, including 42.6 g/t over 2 metres in DDH-06
'We are very pleased with these results from the Yaramoko drilling program,' commented Michael D. McInnis, President and CEO of Riverstone Resources. 'These results confirm and expand the high grade intercepts that were previously reported for this zone in our news release dated April 8, 2011. This clearly is an important high-grade gold discovery that remains open for expansion.'
The Yaramoko property is one of three Riverstone properties that are subject to an Option Agreement with Roxgold Inc. Under the terms of the Option Agreement, Roxgold can earn a 60% interest in the Yaramoko property by incurring exploration expenditures of $1.5 million and issuing a total of 360,000 Roxgold shares and a total of $100,000 to Riverstone over the three year term of the agreement.
Significant results are reported in the table below:
Interval (m) Intercept Average
Hole number From To (metres) Grade (g/t Au)
DDH-005 48 50 2.0 39.0
DDH-006 73 82 9.0 14.1
incl 78 80 2.0 42.6
DDH-007 89 99 10.0 6.2
incl 89 91 2.0 18.1
DDH-008 48 51 3.0 17.3
DDH-009 68 80 12.0 17.2
incl 74 80 6.0 32.3
DDH-011 50 53 3.0 2.4
DDH-012 43 47 4.0 11.6
and 78 83 5.0 1.4
and 87 99 12.0 5.2
DDH-015 54 58 4.0 5.5
DDH-016 101 113 12.0 5.4
DDH-022 45 61 16.0 62.8
incl 46 49 3.0 226.9
Note: Drill holes DDH-010, DDH-013 and DDH-014 reported either low grade
values or no significant results. Interpreted true widths are
estimated to be between 60-75% of drill core length.
The holes reported in this release are all from the Bagassi Central target in an area referred to as the '55 Zone'. 55 Zone has been tested over a strike length of 300 metres with holes drilled on 25 metre fences. Assays are pending for an additional 17 holes drilled in 55 Zone. The zone is open to the west and to depth. A second zone, the 35 Zone, is located 175 metres to the west of the 55 Zone and has been tested with 10 drill holes. Assays are pending for this zone.
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. The Company's most advanced project is Karma, which comprises a NI 43-101 compliant gold resource of 810,600 ounces of gold in 22,845,000 tonnes grading 1.10 g/t gold in the indicated category and 1,119,100 ounces of gold in 44,100,000 tonnes grading 0.79 g/t gold in the inferred category. (See news release dated February 28, 2011). Since the resource was calculated in February 2011, the Company has drilled in excess of 40,000 additional metres, and it is expected that the result of this drilling will add to the resource.
QUALITY ASSURANCE/QUALITY CONTROL
Roxgold is the operator of this drill program and maintains a quality control program involving the use of repeat assays, inserted blanks and the use of certified standards from an accredited Canadian laboratory. In order to avoid delays associated with assaying facilities in Burkina Faso, all Yaramoko assays reported in this press release were assayed at TSL Laboratories in Saskatoon, Saskatchewan using metallic screening techniques with duplicate assays performed on every fortieth sample. These samples were selected based on the presence of visible gold and/or increased silicification and sampled at one metre intervals. The remainder of each drill hole has been sampled on two metre interval and samples grading over one gram gold per tonne in initial fire assay/atomic absorption assays will be 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. A high level of exploration and development activity in the gold sector in Burkina Faso has resulted in an increase in the turnaround time for receiving all gold assays.
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
Riverstone Resources Inc.
Don Mosher
Corporate Development
604-685-6465
info@riverstoneresources.com
www.riverstoneresources.com