Riverstone Resources Inc. (TSX VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV)
("Riverstone" or the "Company") reports that the Company has reached an
agreement (the "Agreement") with Orex Ressources S.A.R.L. ("Orex") to acquire
Orex's 14% non-participating interest (the "Interest") in the Liguidi Malguem
exploration permit (the "Liguidi EP") (the "Transaction"), representing all of
Orex's remaining interest in the Liguidi EP and area pertaining thereto (the
"Property").


As previously disclosed (See Company's news release dated November 28, 2011),
pursuant to a November 24, 2011, memorandum of agreement between the Company and
Orex regarding the transfer of the Liguidi EP, in the event a mining permit was
issued in respect of the Property, Orex retained a 14% non-participating
interest (the "Interest"). The Interest was applicable in relation to any future
Burkina Faso mining company formed for the purpose of gold production from the
Property pursuant to a mining permit, whereby the direct or indirect interest in
any such mining company so created would have been be allocated as follows:
Riverstone: 76% (participatory), Orex: 14% (non-participatory), Government of
Burkina Faso 10% (free-carried). On completion of the Interest acquisition,
Riverstone's indirect interest in any such mining company so created will be 90%
(participatory), with the Government of Burkina Faso retaining a statutory 10%
(free-carried) interest.


Pursuant to the terms of the Transaction, Riverstone will initially pay Orex
$400,000 cash and issue to Orex 100,000 common shares in the capital of
Riverstone ("Common Shares") upon the conclusion of the Agreement. Additionally,
Riverstone will, (a) upon receipt by Riverstone of a 3-year extension of the
Liguidi EP, pay Orex $100,000 cash and issue to Orex 100,000 Common Shares and
(b) within 60 days following the date of first commercial production (as defined
in the Agreement) pay to Orex $500,000 cash, and issue to Orex an additional
100,000 Common Shares.


The Transaction remains subject to TSX Venture Exchange acceptance. 

The Property occurs in highly prospective Birimian Greenstone Belts (see Map on
the Company website illustrating the geographical location of the Property,
http://www.riverstoneresources.com/i/maps/120912LM-110503BurkinaPlan.jpg).


Previous work on the Property delineated a strong gold in soil anomaly of
greater than 100 ppb gold, over a 13 kilometre strike length, which is up to 4
kilometres wide. The anomaly follows a pronounced regional shear zone at the
contact between volcanic and sedimentary rocks, and represents one of the
largest and strongest continuously mineralized gold anomalies in the country.
The anomaly is open along strike to the southwest (see Map on the Company
website for the soil anomaly of Liguidi EP,
http://www.riverstoneresources.com/i/maps/120913-120911LiguidiPlanLtrLand.jpg). 


Within the soil anomaly are numerous historic artisanal gold sites, namely
Wayalguin, Three Hills, and Legare's Zone. The first two artisanal sites occur
in volcano-sediments flanking a large dioritic intrusion which was tested with
limited trenching and RC drilling by the Company in 2005. Significant results
include 0.63 g/t gold over the entire 111 metre length of trench LM-TR-04,
including 18 metres of 1.45 g/t gold and 18 metres of 1.53 g/t gold. Follow up
drill results included 16.5 metres of 1.25 g/t gold, including 9 metres of 1.88
g/t gold in Hole LM-05-05 (see Company news releases dated April 26, 2005 and
October 11, 2005).


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. The Company's flagship project is the Karma Gold Project (the "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 Company's 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 completed in excess of an additional 85,000 metres of drilling on
the Karma Project, and it is expected that the results of this drilling will add
to the overall resource of the Karma Project deposits. The results of a
Preliminary Economic Assessment have recently been released (see Company news
release dated August 20, 2012 and NI 43-101 Technical Report titled,
"Preliminary Economic Assessment Report for the Karma Project, Burkina Faso,
West Africa", with an effective date of August 2, 2012, filed on SEDAR
(www.sedar.com) September 17, 2012), highlighting the Karma Project to be a
robust project, and a new resource estimate is expected to be released this
quarter.


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 Anderson, M.Sc., P. Geo., the Company's Vice-President, 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, the assumptions set forth in this news release
and in the Company's news releases 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.


True Gold Mining, Inc. (TSXV:RVS)
Gráfica de Acción Histórica
De May 2024 a Jun 2024 Haga Click aquí para más Gráficas True Gold Mining, Inc..
True Gold Mining, Inc. (TSXV:RVS)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024 Haga Click aquí para más Gráficas True Gold Mining, Inc..