Riverstone Initiates Resource Estimate for Karma Project
VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 10, 2008) – Riverstone Resources Inc. (TSX VENTURE:RVS)(FRANKFURT:3RV) is pleased to announce that the Company has entered into an agreement with Wardrop Engineering Inc. to provide certain engineering services respecting the Company’s Karma Project in Burkina Faso, West Africa. Wardrop’s scope of work will include the preparation of a resource estimate for the Karma Project as well as the design and supervision of a metallurgical test work program. The results of the project work will be prepared as a NI 43-101 compliant technical report.
The Karma Project is the Company’s most advanced exploration project in Burkina Faso. The Kao Main, Rambo and Goulagou gold deposits are all within the project boundaries and are within eight 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). Wardrop’s scope of work will include updating the resource estimate on Goulagou as well as preparing an initial estimate on the Kao and Rambo deposits.
Goulagou and Rambo have been drilled by Riverstone and by previous operators, while Kao is a Riverstone discovery. Drilling to date on Goulagou totals 7,188 m of reverse circulation in 92 drill holes and a further 22,706.1 m of diamond drilling in 221 drill holes. Drilling at Kao totals 15,017 m in 149 reverse circulation drill holes. Drilling at Rambo totals 5,347.6 m in 33 diamond drill holes and a further 2,088.5 m in 16 reverse circulation drill holes.
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 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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