Riverstone Intersects 52 m Averaging 1.78 g/t Gold at Kao Deposit
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/26/12 -- Riverstone Resources Inc. (TSX VENTURE: RVS)(OTCQX: RVREF)(FRANKFURT: 3RV) ("Riverstone" or the "Company") is pleased to report results from nineteen diamond core drill holes on the 100% owned KAO Deposit, which forms part of the company's flagship Karma Gold Project in Burkina Faso, West Africa. These holes are part of an overall program of drilling designed to expand the gold mineralization in all dimensions and to upgrade the resource quality of the central portion of the deposit (see Map on the Riverstone Website for the location of holes: ).
Significant assay intervals in these core holes include:
"The Kao deposit continues to expand in size as the deposit remains open in both strike directions and down-dip," commented Dwayne L. Melrose, President and CEO of Riverstone. "We have not found the limits of the Kao deposit to date and we have consistently continued to intersect gold results which are twice the average grade of the overall deposit."
Mineralization at Kao now extends over 1,100 metres north-south and at least 900 metres down-dip to the east. These results indicate that the deposit remains open to the north and south, as well as down-dip. The holes detailed in this release were designed to extend the down-dip gold mineralization to the east and to upgrade the higher grade gold zone in the central part of the deposit (an interpretive cross-section on the Website shows the geometry of the east-ward dipping mineralized body: ).
Since the data cut-off point for the previous resource estimation (released January 9, 2012), the Company has completed +85,000 metres of drilling on the Karma Project, including approximately 54,000 metres of drilling which have been completed at the Kao deposit. It is expected that the results of this drilling will add to the overall resources of the Karma Project deposits.
A more complete summary of significant results in these drill holes is presented in the following table:
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 () February 23, 2012).
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 (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.
Further to the Company's news release of January 13, 2012, the Company is pleased to announce that it has now repaid in full the $5 million secured credit facility, which it received from Sprott Resource Lending Partnership.
Further to the Company's news release of April 4, 2012, the Company is also pleased to announce that with the expiry of the applicable lock-up period thereon, it has completed the sale of its remaining 11,500,000 common shares of Roxgold Inc. through the facilities of the TSX Venture Exchange, receiving gross proceeds of approximately $8.14 million.
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 and under the Company's profile at .
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 . 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
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
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Datum: 26.06.2012 - 12:30 Uhr
Sprache: Deutsch
News-ID 159960
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VANCOUVER, BRITISH COLUMBIA
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Mining & Metals
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