Riverstone Extends Goulagou I Deposit Strike Length With 74 Metres Averaging 1.27 g/t Au Intersection
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 03/28/12 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) ("Riverstone" or the "Company") is pleased to report results from 34 reverse circulation ("RC") drill holes on the 100% owned Goulagou I Deposit ("GGI"), which forms part of the Company's flagship Karma Gold Project in Burkina Faso, West Africa. These holes are part of a program of drilling designed to confirm and extend the known GGI Deposit mineralization along strike and at depth, and upgrade the inferred resources to the indicated category (see Map on Website for the location of the holes: http://www.riverstoneresources.com/i/pdf/120320RC-100504_GGI_Plan.pdf).
Significant assay intervals in these RC holes are as follows:
-- 1.27 g/t Au over 74 m (including 2.69 g/t Au over 6 m) in RC-267
-- 1.24 g/t Au over 46 m (including 2.95 g/t Au over 12 m) in RC-260
-- 1.18 g/t Au over 28 m in RC-266
-- 1.32 g/t Au over 22 m; 1.62 g/t Au over 10 m and 1.42 g/t Au over 10 m
in RC-281
-- 1.06 g/t Au over 26 m in RC256
Mineralization at GGI has now been extended by 100 metres along strike to the west to an overall strike length in excess of 2,100 metres east-west and as much as 200 metres down-dip in areas of deeper drilling. The deposit remains open in both directions along strike, as well as to depth.
"The GGI deposit continues to be expanded along strike and at depth, and the Company has not defined the end of the mineralization along strike to the west," commented Dwayne L. Melrose, President and COO of Riverstone. "It is very positive to continue to extend the near surface oxide mineralization with above average grade gold results. This should have a favourable impact on the next resource estimation."
A more complete summary of significant results is presented in the following table:
----------------------------------------------------------------------------
Hole number Interval (metres) Intercept Average
----------------------------------------------------------------------------
From To (metres) Grade (g/t Au)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-255 36 44 8 1.77
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-256 48 62 14 0.57
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-257 102 128 26 1.06
----------------------------------------------------------------------------
and 142 146 4 0.59
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-260 20 66 46 1.24
----------------------------------------------------------------------------
including 24 36 12 2.95
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-261 76 88 12 0.78
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-262 4 8 4 0.55
----------------------------------------------------------------------------
and 18 20 2 0.94
----------------------------------------------------------------------------
and 24 28 4 0.52
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-263 40 42 2 2.24
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-264 42 48 6 0.51
----------------------------------------------------------------------------
and 62 74 12 0.64
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-265 90 92 2 1.53
----------------------------------------------------------------------------
and 106 112 6 0.59
----------------------------------------------------------------------------
and 132 138 6 1.11
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-266 28 56 28 1.18
----------------------------------------------------------------------------
and 200 204 4 0.76
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-267 32 106 74 1.27
----------------------------------------------------------------------------
including 32 38 6 2.69
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-281 30 52 22 1.32
----------------------------------------------------------------------------
and 96 106 10 1.62
----------------------------------------------------------------------------
and 146 156 10 1.42
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-282 72 80 8 1.13
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-283 64 70 6 1.11
----------------------------------------------------------------------------
----------------------------------------------------------------------------
GLG-11-RC-284 76 84 8 0.70
----------------------------------------------------------------------------
and 102 108 6 1.53
----------------------------------------------------------------------------
Notes: Interpreted true thicknesses for these intercepts are between 75 and
90 percent.
Holes 258, 259, 268, 269, 271-280 incl. and 285-289 incl. returned no
significant intercepts.
Holes 270 and 290 have assays pending.
The 100% owned GGI Deposit is part of the Company's Karma Project which comprises a NI 43-101 compliant in-pit Whittle gold indicated gold resource of 1.6 million ounces of gold in 47.3 million tonnes grading 1.1 g/t gold and an inferred gold 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 completed in excess of an additional 52,000 metres of drilling on the Karma Project, and it is expected that the results of this drilling will add to the overall resource of the five Karma Project deposits.
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 RC samples were assayed using standard fire assay with atomic absorption techniques, with samples grading over one gram 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 is active in gold exploration 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 & COO
Giles R. Peatfield Ph. D., P. Eng. is the Qualified Person for the Company 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
604-801-5020
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
info@riverstoneresources.com
www.riverstoneresources.com
