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Riverstone provides early report on Rambo exploration

2004-01-26 10:02 ET - News Release

Mr. Michael McInnis reports

EXPLORATION STARTS AT RAMBO GOLD PROPERTY

Riverstone Resources has started exploration and provides a brief report on the company's Rambo gold property in Burkina Faso. The company closed its previously announced agreement to acquire a 100-per-cent interest in the property on Dec. 23, 2003, and also completed a $2.2-million financing to finance further exploration.

Interpretation of data collected from previous operators suggests that the main area of interest is underlain by an east-west-trending mineralized zone, which is 18 to 20 metres in apparent width. This zone has been traced by drilling and vertical shafts for at least 100 metres along strike and 150 metres down dip. Grades within the zone range from three to 20 grams per tonne gold. The zone is open in all directions.

The company's exploration permit encompasses an area of about 150 square kilometres in northcentral Burkina Faso. A number of artisanal workings have been located within the permit boundaries, the main one of which is the Rambo occurrence. The Rambo pit consists of a 60-metre by 40-metre oval pit about 15 metres deep. A number of two-metre by two-metre hand-dug vertical shafts are located immediately adjacent to the pit, at least one of which is known to have extended to a depth of 37 metres.

Previous exploration work in the mid-1990s by a previous operator consisted of soil sampling, trenching, geophysical surveying and diamond drilling. Most of this work was carried out in the area of the Rambo artisanal pit, although two other artisanal workings had cursory evaluation.

Twenty-two drill holes were drilled in the area of the Rambo pit by the previous operator. The holes were drilled in a 1.4-kilometre-long corridor to test a suspected northerly trending structure. The only holes that intersected significant gold mineralization were three holes that were collared immediately adjacent to the Rambo pit. A reinterpretation of the drilling results coupled with the soil geochemical data suggest that the mineralized zone strikes east-west rather than northerly and is open for extension both east and west. The results of these three drill holes are as follows:

 
 Hole No.  From    To   Interval   Grade 
           (m)    (m)     (m)    (Au g/t) 
  
 RA-97-01  114.7  130.5   15.8     20.03 
  
 RA-97-11  123.5  141.5   18.0      4.29 
  
 RA-97-17  37.0    52.0   15.0      2.90 
 

Three of the vertical shafts adjacent to the Rambo pit were panel sampled on one-metre intervals down the shaft. All of the pits bottomed in gold mineralization. The results of this sampling are as follows:

 
 Shaft    From    To   Interval   Grade 
 No.      (m)    (m)     (m)    (Au g/t) 
              
 15      18.0    37.0    19.0    11.04 
  
 35         0    41.0    41.0     2.89 
  
 MPA      4.0     9.5     5.5     4.14 
 

In addition to the Rambo pit, at least six other artisanal workings have been located on the permit block but detailed evaluation of these occurrences was not previously undertaken or was limited in extent. Their presence suggests that further gold mineralization could be discovered at the property.

The company has commenced a three-month initial program of geological sampling, geochemical soil sampling and a minimum of 1,000 metres of drilling. Results will be announced as they become available.

Michael D. McInnis, PEng, is a qualified person for RVS and has reviewed and approved the contents of this news release.