Riverstone Engages Senet to Conduct Karma Gold Project Feasibility Study
November 19 2012 - 7:00AM
Marketwired
Riverstone Resources Inc. (TSX
VENTURE:RVS)(OTCQX:RVREF)(FRANKFURT:3RV) ("Riverstone" or the
"Company") is pleased to announce that Senet (Pty) Ltd. ("SENET")
of Johannesburg, South Africa has been engaged to conduct the
independent definitive Feasibility Study for the Company's flagship
Karma Gold Project (the "Karma Project") in Burkina Faso, West
Africa. The Feasibility Study will entail development of a
comprehensive operating plan and cost estimate for a 3 to 4 million
tonne per annum ("Mtpa") open pit, heap leach gold mine similar to
that described in the independent Preliminary Economic Assessment
("PEA") (see Riverstone news release dated August 20, 2012 and in
dependent NI 43-101 compliant 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
www.sedar.com ("SEDAR") September 17, 2012) on the Karma Project.
The Feasibility Study will be based on a total indicated, in-pit,
resource of free-leaching material containing 1.03 million ounces
of gold (see Riverstone news release dated October 3, 2012, and
independent NI 43-101 compliant technical report titled, "Technical
Report and Updated Resource Estimate on the Karma Project, Burkina
Faso, West Africa", dated effective October 1, 2012, filed on SEDAR
November 7, 2012) and will focus on mining and processing of the
free-leaching portions of the deposit only. The Feasibility Study
is scheduled to commence November 2012 and is expected to be
completed in mid-2013.
SENET has a wealth of experience engineering and building mining
projects in Africa. They have demonstrated expertise in heap leach
and were engaged in the construction of the Kalsaka Mine, a 1.6
Mtpa heap leach operation located in Burkina Faso, 50 km south of
the Karma Project site. SENET proposes to subcontract the mining
and heap leach pad and hydrology design portions of the Feasibility
Study to SRK Consulting and Knight-Piesold (Pty) Ltd.,
respectively, also of South Africa.
About Riverstone
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 km. Riverstone's flagship project is
the Karma Project, which as reported in the PEA, comprises a NI
43-101 compliant in-pit Whittle total indicated resources of
approximately 1.9 million ounces of gold in 56.5 million tonnes
with an average grade of 1.07 g/t gold and total inferred resources
of approximately 492 thousand ounces of gold in 15.4 million tonnes
with an average grade of 1.0 g/t gold. The results of the PEA,
which highlights the Karma Project to have robust economics, is
based on Riverstone's previous January 9, 2012 resource estimate
and while relevant and valid in regards of the January 9, 2012
estimate cannot necessarily be extrapolated to the updated resource
estimate announced on October 3, 2012.
The PEA is considered preliminary in nature and includes
Inferred Mineral Resources that are considered too speculative
geologically to have the economic considerations applied to them
that would enable them to be categorized as Mineral Reserves and
there is no certainty that the production profile concluded in the
PEA will be realized. Mineral Resources that are not Mineral
Reserves have not yet demonstrated economic viability.
Paul G. 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.
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
Certain statements made and information contained in this news
release and elsewhere constitutes "forward-looking information"
within the meaning of Canadian securities legislation. Such
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 PEA, updated resource estimate and
Feasibility Study, the assumptions set forth in this news release
and in the Company's news release of January 9, 2012, August 20,
2012 and October 3, 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,
completion date of the Feasibility Study, SENET engagement of
subcontractors 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.
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: Vancouver Office: Riverstone Resources Inc. Dwayne L.
Melrose 604-801-5020info@riverstoneresources.com 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 www.riverstoneresources.com