Riverstone Receives Positive Preliminary Metallurgical Test Results
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 07/17/12 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) ("Riverstone" or the "Company") is pleased to report preliminary metallurgical results for column leach tests performed on oxidized mineralized material representing the three major deposits on the Company's flagship Karma Gold Project in Burkina Faso, West Africa (the "Karma Project"). The results are as follows:
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KCA Sample Crush Size Calculated Extracted Duration
Number Description (1) (mm) Head (g/t) Gold (%) (days)
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63437 Kao Composite 25.0 1.470 95% 62
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63492 GG1 Composite 25.0 1.189 93% 62
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63438 GG2 Composite 25.0 1.708 90% 62
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(1) Nominal crush size was 25 mm, however, due to the nature of the
material, P80 for Kao and GG2 was 16 mm and P80 for GG1 was 8 mm
The tests were conducted by Kappes Cassidy Associates (KCA) of Reno, Nevada, USA under laboratory conditions using 150 mm columns over a period of 62 days (including a 13 day rest period). The results which show gold recoveries of greater than 90% indicate that the oxidized portion of the Karma deposit is highly amenable to heap leach processing and suggests that the oxide resources hosted at Karma could be developed to support a profitable, low-cost mining operation. This possibility is currently being examined in the Company's Preliminary Economic Evaluation of the Karma Gold Project, due to be completed and released in August 2012.
"We are very encouraged by these high recoveries from the preliminary metallurgical testing from the oxide material from the three main deposits," commented Dwayne L. Melrose, President and CEO of Riverstone. "Not only does the oxide material have excellent recoveries but the gold recovery times were better than anticipated."
The Company's Karma Project has a NI 43-101 compliant in-pit Whittle indicated resource of 1.6 million ounces of gold in 47.3 million tonnes grading 1.1 g/t gold and an inferred resource of 0.6 million ounces of gold in 18.9 million tonnes grading 0.93 g/t gold (see news release dated January 9. 2012 and NI 43-101 Technical Report titled "Technical Report and Resource Estimate on the Karma Project, Burkina Faso, West Africa" filed on SEDAR (www.sedar.com) February 23, 2012.) Since the data cut-off for the resource estimation, the Company has already completed +85,000 metres of drilling on the Karma Project, including approximately 54,000 metres at the Kao Deposit. It is expected that the results of this drilling will add to the overall resources of the Karma Project deposits.
Riverstone is active in Burkina Faso, West Africa, where it holds a portfolio of four high quality exploration projects covering in excess of 2,000 square kilometres. Additional information about the Company and its activities may be found on the Company's website at www.riverstoneresources.com and under the Company's profile at www.sedar.com.
ON BEHALF OF THE BOARD
Dwayne L. Melrose, President & CEO
Giles R. Peatfield, Ph. D., P.Eng. is the 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 Canadian securities legislation. Forward-looking statements are based on certain assumptions and are subject to risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation, with respect to statements regarding the updated resources estimate, the assumptions set forth in this news release and in the Company's news release of January 9, 2012, and 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, risk of undiscovered, title defects and surface access, labour disputes, the potential for delays in exploration activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, and other risks and uncertainties, including those described under Risk Factors in each management discussion and analysis and in the Company's annual information form which are available under the Company's profile at www.sedar.com. 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
Dwayne L. Melrose
President & CEO
604-801-5020
info@riverstoneresources.com
Riverstone Resources Inc.
Don Mosher
Corporate Development
604-685-6465
Riverstone Resources Inc.
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc.
Ron Cooper
Investor Relations
604-986-0112
www.riverstoneresources.com