Riverstone Announces Significant Increase of Gold Mineralization at Karma Project
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/12 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) announces an updated independent NI 43-101 compliant Mineral Resource estimate, that shows an increase of 42% for the global mineral inventory compared to the February, 2011 resource estimate at its flagship Karma gold project in Burkina Faso, West Africa (See RVS news release dated February 28, 2011). The NI 43-101 compliant resource estimate has been completed by P&E Mining Consultants Ltd. ("P&E") of Brampton, ON. The estimate was completed on the Goulagou I, Goulagou II, Kao, Rambo and Nami deposits which are all in close proximity to each other.
HIGHLIGHTS (resources are contained within five Whittle open pit shells)
- Global Mineral Inventory (inside and outside of Whittle pit shells) consists of indicated gold mineralization totaling 1,773,000 ounces of gold in 54.1 Mt at an average grade of 1.02 g/t Au and inferred gold mineralization totaling 959,000 ounces of gold in 37.4 Mt at an average grade of 0.8 g/t Au.
- A significant portion of the gold resources are at shallows depth (less than 200 metres vertical depth) and over 80% of the global mineral inventory is contained with the five Whittle pit shells (see map: ).
- Total Indicated gold resources within five Whittle pits are 1,634,000 ounces of gold in 47.34 Mt at an average grade of 1.07 g/t Au.
- Total Inferred gold resources within five Whittle pits are 566,000 ounces of gold in 18.93 Mt at an average grade of 0.93 g/t Au.
- 74% of the resources within the Whittle pit shells are classified as Indicated gold resources.
- Mineralization remains open at depth and along strike in at least one direction for all deposits.
- This resource will be used as the basis for proceeding with a Preliminary Economic Assessment (PEA) commencing in Q1, 2012.
"We are extremely pleased with the material increase of Indicated resources at Karma" commented Dwayne L. Melrose, President and COO of Riverstone Resources Inc. "This will provide a solid base for going forward with engineering and economic studies in 2012 to establish Karma as one of the premier gold projects in West Africa. There is also significant potential to continue to increase the gold resource. We have completed 25,229 metres of drilling that are not included in the resource estimate and are presently drilling with five rigs".
The Karma project consists of five separate deposits, which are located in close proximity to each other. A summary of the resource estimates within a Whittle pit shell for each deposit is presented in the table below:
Riverstone Resources Inc. (TSX VENTURE: RVS) will be hosting a webcast and conference call subsequent to the release of the updated Karma Gold Project Resource Estimation. The call will be hosted by Dwayne Melrose, President, and Michael McInnis, CEO & Chairman of Riverstone Resources. Mr. Melrose and Mr. McInnis will be available to respond to questions following a brief presentation.
An Operator will direct participants to the call.
Webcast Link:
Instant Replay of the Call:
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 core and reverse circulation samples are 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.
The resource estimation is based on a total of 815 diamond and reverse circulation drill holes for 104,881 metres. Subsequent to the February 2011 resource estimation, a total of 251 new diamond and reverse circulation holes for 41,224 metres are credited to the resource update. A total of 136 holes for 25,229 metres of drilling have been completed for which assays have not been received to date, and are not included into this resource update.
Riverstone will continue with the on-going drill program to further extend and upgrade the resource quality of the 5 deposits and also to test regional targets throughout 2012.
All reported resources fell within the limits of the mineralized wire frames. All interpolated grade blocks or partial blocks within the resource wire frames need to have at least three composites from two holes within 50 metres to be classified as Indicated Resource. Inferred Resources were determined from the remaining blocks, or partial blocks that lie within the wire frames.
Assay data used as a basis in these resource estimates have been independently verified from original assay lab certificates.
The mineral resource estimates in this press release were prepared by Eugene Puritch, P.Eng. and Antoine Yassa, P.Geo., of P&E Mining Consultants Inc. ("P&E") of Brampton, Ontario, independent qualified persons, as defined by National Instrument 43-101.
An NI 43-101 compliant technical report supporting this mineral resource estimate will be completed by P&E Mining Consultants and filed on SEDAR within 45 days of the date of this press release. Mr. Puritch and Mr. Yassa have reviewed and approved the contents of this news release. Giles Peatfield Ph.D. P.Eng., is the Riverstone Qualified Person for the purposes of NI 43-101 and has approved the technical content of this news release.
Riverstone Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the company holds an extensive portfolio of three high quality exploration projects covering +1,400 square kilometres. The Goulagou permit is subject to an option to purchase agreement with Golden Star Resources. Riverstone has given formal notice of Exercise of the Option Agreement on December 23, 2011 to Golden Star Resources. For further information about the company and its activities, please refer to the company's website at and under the Company's profile at .
ON BEHALF OF THE BOARD
Michael D. McInnis, P. Eng., Chairman & CEO
Giles. R. Peatfield, Ph.D., P.Eng. 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
Dwayne L. Melrose
President
604-801-5020
Riverstone Resources Inc. - Vancouver Office
Don Mosher
Corp. Development
604-617-5448
Riverstone Resources Inc. - Vancouver Office
Raju Wani
Investor Relations
403-240-0555
Riverstone Resources Inc. - Vancouver Office
Ron Cooper
Investor Relations
604-986-0112
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Datum: 09.01.2012 - 14:20 Uhr
Sprache: Deutsch
News-ID 102141
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