Riverstone Resumes Drilling at Karma
VANCOUVER, BRITISH COLUMBIA–(Marketwire – June 16, 2008) – Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to report that an additional phase of reverse circulation (“RC”) drilling has commenced on its Karma Project in Burkina Faso, West Africa. The program will comprise approximately 5,000 metres of drilling on the Kao Main, Goulagou and Rambo deposits. Much of the drilling will target the Kao Main zone which was expanded to 800 metres in length by approximately 400 metres in width during the last drill program in January and February of 2008. The zone remains open for expansion in several directions, including at depth. The objective of this phase of drilling is to define the limits of the mineralization so that a resource estimation can commence.
The Kao Main, Rambo and Goulagou gold deposits are located within a few kilometres of each other. The most advanced of these is the Goulagou deposit where previous work has identified a NI 43-101 compliant indicated near surface resource of 280,000 ounces of gold at a grade of 1.70 g/t and a further inferred resource of 270,000 ounces of gold at a grade of 1.49 g/t within the Goulagou 1 and Goulagou 2 deposits (see News Release dated October 11, 2007).
The Company’s strategy is to develop sufficient gold resources within the Karma project area to support a mining operation utilizing a central processing plant. Riverstone has an initial target of developing at least 1,000,000 to 1,250,000 ounces of gold at Karma and expects to complete an updated NI 43-101 compliant resource for Goulagou as well as the first NI 43-101 compliant resource estimates for the Kao Main and Rambo deposits by late 2008 (see note below).
The Company maintains a rigorous quality control program involving the use of repeat assays, inserted blanks, and the use of verifiable standards from an accredited Canadian laboratory. All RC samples are assayed using standard fire assay with atomic absorption techniques, with samples grading in excess of 2.00 g/t gold 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 Resources Inc. is active in gold exploration in Burkina Faso, West Africa, where the company holds an extensive portfolio of high quality exploration permits. For further information about the company and its activities, please refer to the company’s website at www.riverstoneresources.com and under the Company’s profile at www.sedar.com.
ON BEHALF OF THE BOARD
Michael D. McInnis, P.Eng., CEO & President
Note: The target estimate of at least 1,000,000 to 1,250,000 ounces of gold is based on the potential for gold resources in all categories of some 20 to 25 million tonnes containing an estimated average of 1.5 g/t gold which in turn is based on a reasonable projection of the results to date from drilling the mineralized zones on the Goulagou, Kao and Rambo permits at Karma and from the existing NI 43-101 resource estimates for the Goulagou deposits. The figures are intended to provide an indication of management’s expectations and are conceptual in nature. To date, insufficient exploration has been undertaken to define this size of mineral resource and therefore it is uncertain whether the target will be delineated as a mineral resource or whether production will ensue.
Paul G. Anderson, P. Geo 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.
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