Riverstone Intersects 9.50 g/t Gold Over 12 Metres at Kao Deposit
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/17/12 -- Riverstone Resources Inc. (TSX VENTURE: RVS) (OTCQX: RVREF) (FRANKFURT: 3RV) ("Riverstone" or the "Company") is pleased to report results from twenty-one diamond drill holes on the 100% owned Kao ("Kao") Deposit, which forms part of the company's flagship Karma Gold Project in Burkina Faso, West Africa (the "Karma Project"). These holes are part of a program of drilling within the Kao deposit confirming the higher grade oxide core and immediately south of the Kao resource, and were designed to enhance the quality of data for the up-coming resource estimate by increasing the density of drilling in this area. (See map on the Riverstone website for location of the holes: http://www.riverstoneresources.com/i/pdf/120914-120713_Kao_PortPlan.pdf).
Significant assay intervals in these core holes include:
-- 9.50 g/t Au over 12 m including 33.60 g/t Au over 2 m in DD-12-169
-- 2.97 g/t Au over 14 m in DD-12-167
-- 2.02 g/t Au over 30 m, including 2.54 g/t Au over 18 m in DD-12-182
-- 6.14 g/t Au over 2 m and 3.21 g/t Au over 6 m in DD-12-168
-- 3.19 g/t Au over 4 m and 1.49 g/t Au over 6 m in DD-12-179
-- 2.71 g/t Au over 6 m in DD-12-181
-- 13.45 g/t Au over 2 m in DD-12-132
-- 1.73 g/t Au over 12 m and 1.2 g/t Au over 10 m in DD-12-178
Mineralization at Kao extends over 1,400 metres northeast-southwest and at least 900 metres down-dip to the east. These latest drill holes confirm and enhance the oxide intersections received in previous drilling in these areas. Of particular significance is the fact that many of the intersections are near surface, in oxide material.
"The Company continues to enhance the quality of the Kao Deposit" commented Dwayne L. Melrose, President and CEO of Riverstone. "Of particular significance, is the potential increase in oxide resources, expected to be included in the next resource update. The Company is on track to release a new resource update in September 2012, to enhance the robust PEA recently announced on the Karma project".
A more complete summary of significant results in these drill holes is presented in the following table:
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Hole number Interval (metres) Intercept Average
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Grade
From To (metres) (g/t Au)
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KAO-DD-12-132 32 34 2 13.45
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KAO-DD-12-133 216 220 4 1.51
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KAO-DD-12-134 254 260 6 1.38
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KAO-DD-12-135 128 130 2 2.45
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and 214 226 12 0.93
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KAO-DD-12-167 40 54 14 2.97
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KAO-DD-12-168 8 10 2 6.14
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and 36 42 6 3.21
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KAO-DD-12-169 22 34 12 9.50
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including 22 24 2 33.60
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KAO-DD-12-170 0 14 14 0.58
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KAO-DD-12-171 32 36 4 0.70
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KAO-DD-12-172 18 26 8 0.68
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and 44 52 8 0.78
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and 98 108 10 0.73
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KAO-DD-12-173 0 30 30 0.51
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KAO-DD-12-174 6 14 8 1.34
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and 14 36 22 0.51
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KAO-DD-12-175 18 30 12 0.55
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KAO-DD-12-176 0 16 16 0.65
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KAO-DD-12-177 110 116 6 0.55
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KAO-DD-12-178 10 12 2 1.20
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and 36 48 12 1.73
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and 90 100 10 1.20
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KAO-DD-12-179 8 12 4 3.19
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and 26 28 2 1.26
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and 32 34 2 1.56
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and 38 52 14 0.86
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and 76 82 6 1.49
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KAO-DD-12-180 50 66 16 0.82
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KAO-DD-12-181 34 40 6 0.63
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and 40 46 6 2.71
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and 46 52 6 0.52
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KAO-DD-12-182 22 52 30 2.02
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including 34 52 18 2.54
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KAO-DD-12-183 16 20 4 1.43
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and 36 40 4 1.98
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Notes: Interpreted true thicknesses for these intercepts are between 90 and
100 percent.
The 100% owned Kao Deposit is part of the Company's Karma Project which comprises 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. The results of a Preliminary Economic Assessment have recently been released (see Company news release dated August 20, 2012), highlighting the Karma Project to be a robust project with an after-tax NPV of $192 M and an IRR of 37%. A new resource estimate is expected to be released later this month. It is expected that the results of this drilling will add to the overall resources of the 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 samples were prepared at the independent Abilab Burkina SARL laboratory in Ouagadougou, Burkina Faso, West Africa (part of the ALS Chemex Group), and assayed using standard fire assay with an atomic absorption finish, with samples grading over one gram per tonne gold re-assayed with a gravimetric finish, either in Burkina Faso or at the ALS Chemex facility in North Vancouver, British Columbia, Canada.
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
Paul G. Anderson, P. Geo. VP of Exploration is the Company's Qualified Person for the purposes of National Instrument 43-101 and has reviewed and approved the technical 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, anticipated timing and completion of a definitive feasibility study, mine development schedule, the granting of exploitation permits, the anticipated timing an completion of a NI 43-101 compliant technical report supporting the PEA, the assumptions set forth in this news release and in the Company's news release of January 9, 2012, August 20, 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 and permitting activities, the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, political risk 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.
This news release may use the terms "measured", "indicated" and "inferred" as these terms are defined under Canada's National Instrument 43.101. U.S. Investors are advised that, while such terms are recognized and required by Canadian regulations, they are not recognized by the United States Securities and Exchange Commission ("SEC") and may not be comparable to similar information for United States mining or exploration companies. As such, certain information contained on this news release concerning descriptions of mineralization and resources under Canadian standards is not comparable to similar information made public by United States companies subject to the reporting and disclosure requirements of the SEC. U.S. investors are cautioned not to assume that any part or all of the mineral deposits described in these categories will ever be converted into proven or probable reserves, as defined in the SEC's Industry Guide No. 7.
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
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
